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Takeover Panel, what’s at stake today

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By on CQN BLOG & Comments

When the Takeover Appeal Board gave Dave King 30 days to make an offer to buy Newco Rangers shares at 20p per share, I didn’t think too much of it. That was 30 days ago. So either King enjoys running things close, or he does not plan to comply with the Appeal Board. The latter would be curious, to say the least.

Making an offer to buy shares and actually buying them are two different things. If all relevant shareholders decided to sell to King, he would have to pay around £11m, but this is fanciful. It’s likely that very few would chose to sell, King is being asked to go through a paper exercise.

So why has this paper exercise it not happened? As I said, it may be that he’s about to rush through a last minute offer, but if he doesn’t, the proof of funds question jumps to mind. King would be obliged to show proof of funds to before any share offer could take place. If he cannot pull together proof of funds, you get an insight into why so many are keeping an eye on finances at Newco.

Then there is the ‘so what?’ question. If King fails to comply with the Appeal Panel he would be Cold Shouldered. This term refers to the prohibition on financial firms working in related fields with anyone who does not comply with their verdict. It is an incredibly rare punishment, which has been handed out less than a handful of times.

In this scenario, King would either have to resign from Newco, blaming everyone else, in his usual manner, and sell his shares. The latter is likely to be a painful exercise. Or, if he didn’t sell up, Newco would be unable to issue shares.

The club would therefore be unable to convert current directors’ loans into shares, leaving it in a position where it is unable to comply with Uefa Financial Fair Play rules. Before you get too excited about this matter, a breach of FFP rules would not inhibit Newco’s ability to enter European football for the first time this summer.

The process would see Uefa impose conditions that, if it complied, would see the club reduce its debt. It is only if Newco failed to adhere to these conditions that their licence to play European football would be withheld.

Failure to make a share offer, or for King to sell up and leave the stage, puts Newco in a horrible situation. It either jeopardises European football, or would lead to drastic cuts in budget – which would have the same effect on European ambitions.

I know many are exasperated at how King has been lauded without any appropriate scrutiny, never mind the microscopic type Celtic executives have had to face, but he and his acolytes are doing a wonderful job. One that no one outside of the Newco family could dream of inflicting on an opponent.

Since the hour King and his concert party of Bears failed to acquire Rangers assets in liquidation, they conspired to grab control of Newco, inflicting incalculable damage along the way. It has been the stupidest undertaking in sport.

There are a few potential scenarios covered above, but you and I know exactly how this will unfold.  You don’t need to be called Sherlock to figure this lot out.  Dave, you’re an inspiration, I hope you hang around forever.  Or at least until the inevitable….

We have two tickets to raffle for the Scottish Cup semi-final on Sunday 23 April at Hampden, courtesy of our good friends and club sponsor, Intelligent Car Leasing. Funds from the raffle go straight to our Mary’s Meals school kitchen appeal.

To enter, make a minimum donation of £5 at MyDonate here then email me to confirm your entry with the words “Scottish Cup” in the subject line. Your money will go instantly to Mary’s Meals.  Competition finishes at 12:00 on Good Friday, 14 April, so you only have TWO DAYS to enter!!!  Put your contact details on the email, just in case.

Two tickets, the Celtic end, fill your boots……… and thank you!

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  1. Gary67 on

    !!BADA BING!! on 12TH APRIL 2017 5:16 PM

     

    Willie Collum semi final

     

     

    Currently the best of a bad bunch. At least he’s only incompetent rather than incompetent and biased like some (Madden, McLean, Norris, Dallas)

  4. An Teach Solais on

    Presumably Glibby has now run out of time to issue a prospectus as per the Takeover Panel’s rulings.

     

    Does anyone know whether “The Cold Shoulder” now applies automatically or does its implementation require a further edict from the Panel ie does Metro Bank et al now cease to provide banking services to Sevco as of close of business today? HH

  7. tonydonnelly67 on

    Looks like Joes been on the crack pipe.

     

     

    Third-placed Rangers a better team than second-placed Aberdeen, says Joe Dodoo planetradio.co.uk/clyde/sport/fo…

  11. Turkeybhoy on

    Collum,the best we could have hoped for.Not the greatest referee in the world,but not a member of the Klan.

  12. bournesouprecipe on

    Who would win in a fight between Steven McLean Craig Thomshun Alan Beaton Andrew Dallas Boaby Madhun David Syme Boaby Tait Rev McCurrie Tiny Wharton Yada Yada Yada

     

     

    Simply Depressed csc

  14. !!Bada Bing!! on

    King Con will rally the hun hordes into the ‘have we not suffered enough’ mantra, whilst urging the goons into giving him their ST money….which proves you can fool all of ra peepil all of the time…

  24. beatbhoy on

    HOT SMOKED on 12TH APRIL 2017 5:02 PM

     

     

    Bada (4:55 )

     

     

     

    Could they respond that the company owned them, not the Club?

     

     

    *****

     

     

    No, because as they were incorporated in 1899, the club was indistinguishable from Its corporate identity. Noone argues that the company didn’t die, but that means the club did too.

     

     

    Ask Andrea Traverso, head of Club Licensing at UEFA.

  29. beatbhoy on

    This appeared on the Johnjamessite the other day.

     

     

    “The Association Football Club, Rangers FC, became an incorporated club in 1899. This company, which was renamed on two occasions, is being liquidated. It no longer engages in what was its principal source of income which was professional football”.

  30. bognorbhoy on

    Went in to mountain warehouse today , it’s really only a shop , and it doesn’t sell mountains. :-)

  32. beatbhoy on

    Hot Smoked

     

     

    You could always ask why a QC would state this in Court, if they are the same club.

     

     

     

    The Myth of Continuity

     

     

    Alan Dewar QC, representing Charles Green at the Inner House of the Court of Session, has stated that ” The Rangers football club does not exist, it is an idea in people’s minds, a myth of continuity. No-one knows what the Rangers football club is, but it has no legal personality.”

     

    Mr Dewar adds that ” you can only be the chairman of an entity that has a legal personality. Sevco Scotland, and it alone, bought the assets and carried on the business. The concept of the Rangers Institution continuing exists only in the minds of die hard supporters.”

  35. corkcelt on

    Not sure what Dortmund defender was complaining about. A real spectacular own goal.

     

    T’would have been a great goal if he did it at the other end.

  36. thetimreaper on

    !!BADA BING!! on 12TH APRIL 2017 5:16 PM

     

    Willie Collum semi final

     

    —-

     

     

    I’m happy with that, remarkable as it sounds.

  38. corkcelt on

    Half Time 2 nil to Monaco.

     

    In the light of yesterday’s events I was hoping Dortmund would win tonight but so far Monaco look a level above them.

  40. Gary67 on

    With Sunderland almost certain to be relegated at the end of the season, Fabio Borini could be starting the next chapter of his career elsewhere. Celtic’s new head of recruiting Lee Congerton is interested in signing the Italian striker after previously having him at Sunderland as well as in Chelsea’s youth system. It also appears that Celtic manager Brendan Rodgers is interested in being reunited with the player. Borini is looking for a fresh start after a season in which he scored one goal in seventeen matches, Celtic could be his next destination.

  41. iki on

    BOURNESOUPRECIPE on 12TH APRIL 2017 6:32 PM

     

    Who’ll resign first between Dave King and Oscar Munoz?

     

    *************

     

    I would love to see King removed in the style of United Airlines passenger.

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