When is the deadline for King to make his offer to other shareholders in the Clumpany?
I had a feeling it was today but nothing in the MSM.
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Thread: Dave King's share offer deadline
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11-04-2017 04:13 PM #1
Dave King's share offer deadline
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11-04-2017 04:23 PM #3
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I was checking that earlier. Definately 12th April but can't see what sanctions there are if he fails to meet it. The bad news for Disco Dave is that he needs a nominated advisor and it is likely to cost him £500k - £1m to do the "offer documentation". That's before stumping up the cash for those that accept the offer of 20p per share.
Last edited by Is It On....; 11-04-2017 at 04:27 PM.
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11-04-2017 04:28 PM #4This quote is hidden because you are ignoring this member. Show Quote
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11-04-2017 04:44 PM #5This quote is hidden because you are ignoring this member. Show Quote
Basically anybody connected with the FCA won't touch him with a barge-pole...not that you'd want to anywayLast edited by Jack Hackett; 11-04-2017 at 04:48 PM.
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11-04-2017 05:13 PM #6
That also includes their current bankers who will have to withdraw banking facilities. Sevco will have to revert to a cash only business.
That will be impossible in practice of course.
Interesting times.
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11-04-2017 05:19 PM #7
Thanks for your replies, guys.
So we should hopefully find out tomorrow if Disco Dave is going to comply with the ruling or just carry on regardless.
I didn't realise there were so few immediate penalties for non-compliance, though. Maybe a ban from European Competition would be in order? A removal of his FPP status at the SPFL/SFA?
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11-04-2017 05:31 PM #8This quote is hidden because you are ignoring this member. Show Quote
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11-04-2017 06:07 PM #10This quote is hidden because you are ignoring this member. Show Quote
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11-04-2017 06:07 PM #11This quote is hidden because you are ignoring this member. Show Quote
https://philmacgiollabhain.ie/2017/0...ased-at-ibrox/
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11-04-2017 07:20 PM #12This quote is hidden because you are ignoring this member. Show Quote
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11-04-2017 07:33 PM #13This quote is hidden because you are ignoring this member. Show Quote
Gonna need big wheelbarrows to move the dosh in and out !
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11-04-2017 07:56 PM #14This quote is hidden because you are ignoring this member. Show Quote
Based on the article discussion, it doesn't seem clear to me why Rangers would be cold shouldered? It also says the cold shouldering has only been applied twice? Also wondering if the regulations quoted apply to Scottish companies or if it is UK wide?
No banking facility would surely end Sevco, but Metro Bank won't relish being associated with that surely.
Be interesting to see how this develops.
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11-04-2017 08:03 PM #15This quote is hidden because you are ignoring this member. Show Quote
...and it isn't The Rangers who would be cold-shouldered, it's the company they belong to
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11-04-2017 08:22 PM #16
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11-04-2017 08:57 PM #17This quote is hidden because you are ignoring this member. Show Quote
This won't happen immediately unfortunately.
Probably be other consequences to happen first though but what they might be will be interesting.
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11-04-2017 09:00 PM #18
And you have to wonder when Ashley's going to play his cards too. Sevco are still an absolute shambles, and all those fans who think it's only going to take a couple of seasons before they challenge Celtic again? Absolutely no chance.
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11-04-2017 09:09 PM #19This quote is hidden because you are ignoring this member. Show Quote
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12-04-2017 05:52 AM #20This quote is hidden because you are ignoring this member. Show Quote
Accordingly, if there is any cold-shouldering to be applied, it should be against King.
Sent from my SM-A510F using TapatalkLast edited by CropleyWasGod; 12-04-2017 at 06:24 AM.
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12-04-2017 07:23 AM #21
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12-04-2017 07:34 AM #22
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Financial Times(FT) thinks it is a bit of a sideshow as Rangers shares delisted from Stock Exchange in 2015. Now trading privately with last transaction at 27.5p in November which is why King think it is pointless exercise as nobody will sell at 20p. FT thinks King will do nothing and Takeover Panel will take him to court. The outcome then is likely to a fine plus financial sanctions.
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12-04-2017 07:59 AM #23
RIFC shares did trade on JP Jenkins trading platform.
http://jpjenkins.com/companies/range...tball-club-plc
There is still a listing for them , but no one has bothered to upload their 2016 accounts to their company information page.
Seems to be a complete disinterest in shares in the world's most successful football team.
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12-04-2017 07:59 AM #24
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12-04-2017 08:18 AM #25
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12-04-2017 08:19 AM #26
So, no announcements so far in the MSM of King deciding to play by the rules and make the offer.
Funnily enough, I've seen no articles in the MSM even mentioning today's deadline. A suspicious person would think they're waiting to be told what to print, and what not to print, from within Ibrox.
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12-04-2017 08:19 AM #27This quote is hidden because you are ignoring this member. Show Quote
The shares are worth what anyone is prepared to pay for them. If DK offers 20p, and a holder is prepared to take that, that is what they're worth.
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12-04-2017 08:29 AM #28
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Someone was prepared to pay 27.5p in November but you could not find a buyer for all the shares that King needs to purchase at that level. Any seller will use the 27.5p as a benchmark but will accept a discount to get rid of a large holding but not a 27% discount. They will hold out for a better level. That is the mind set of investors. But in the end may have to take a lower level. Sellers always think tbe share price should be higher and buyers lower. Both end up chasing their tails and loose out. King does not want to pay up so will take a small fine and some sanctions as the lesser of two evils.
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12-04-2017 08:41 AM #29
Had a look around on the web and cold shouldering seems to just involve companies not getting involved in any more takeovers with him. Slap on the wrist stuff.
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12-04-2017 08:49 AM #30This quote is hidden because you are ignoring this member. Show Quote
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