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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An Exclusive from Beep Beep Metal Detecting Monthly
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Dave King believes metal detecting is the solution to their cash flow problems.
The Ibrokes Supremo said Scotland is full of untapped gold deposits and with the help of their 500 million fans and lorry loads of metal detectors he believes he can steal a march on his rivals who are limited to funding by boring old conventional means.
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*You have to imagine the Maryhill-meets-Mozambique drawl*
“…..various reports have come into us from certain sources that a couple of financial institutions have again blocked the Monetary Board Club Cash Interface with minor admin queries…..let me tell you directly how unimportant these are to the bigger picture of over-investment on…. (inaudible)…. part and the sterling work of the Global Football Interim Cask-Back Board who I meet with ( skype) regularly and, once again to confirm, that we have tabled somewhere north of ( inaudible)…. incredible funding and reports to the contrary have left me, Jim and the International Financial Football Investment Board totally dumbfounded….”
Morning Celts
Dave King of Africa, last spotted before his flight out, rag-dolling three Chief Constables in Byres Rd before heading to Speculative Society HQ in Edinburgh and shouting …”Yooze bampots owe me”, and then seemingly staggering roon Charlotte SQ smashin windaes before shouting through wee Nicola’s letterbox, “Ahm Dave King, lets see yer money hen….No Surrender”
Dave King….He does what he wants…..or else:)
Although, he might get a shock if he happens to bump into a certain Mr Green Man:)
Jail this nutcase now….hopefully in #Barlinnie:)
HH
I have read quite a few opinions on this matter but I would dearly like some factual information. S0…..
When/if the TPE contacts the FCA, are the FCA bound to ask its members apply the Cold Shoulder and are those members bound to apply the sanctions implied?
In other words, is opinion all that is available at the moment ?
JJ
TGM…why barlinnie? Do you have friends there?
Popped into swallow swallow (yuk) just to see how they’r viewing the current situation over there, it was like going into the tardus in the year 2012.
Bless um.
Liecester City fans involved in ugly scenes in Madrid.
The fairy-tale darlings of the english media attack Spanish police chanting “yo’ll never take Gibralter”
Seen tv footage this morning and it was pretty bad but the hooliganism didnt seem to make the BBC or Sky news.
Hot Smoked
To me there’s a lot of kite flying going on, and people firing blanks, I’m having a hard time finding is there an official result, or are they all making it up as they go along, very opaque to say the least in my opinion.
Bamboo
Of all the football supporters I have encountered,the Leicester City fans were among the worst .
JJ
CELTIC are interested in signing Sunderland striker Fabio Borini, according to reports in Italy.
Hoops boss Brendan Rodgers has previously worked with Borini at Chelsea, Swansea and Liverpool.
Rodgers made him his first Anfield signing in 2012 and speaking at the time said: “He is arguably the best physical player I’ve worked with in terms of his pace, power and fitness.
“Mentally, he’s very strong.
“I think the supporters will love him. He’s a multi-functional player who can play in a number of positions and someone I believe has got great growth.”
The link comes just days after Rodgers promised Hoops fans that big-money signings would arrive in the summer.
He said: “There is talent out there and we will always look to get it.
“As a Celtic supporter, I know what the fans want.
“They have always had someone with the magic. They have always had someone who gets them up off their feet. Always.
“So I know what they want, hence the reason I brought in Scott Sinclair because he gets them up off their seats.
“We’ll be looking for that. How many? A manager will always tell you three, but it really is a limited amount.
“The players I’d like to bring in could make a real impact and help the boys here. A game-changing player? Yeah.”
WEEBOBBYCOLLINS
Come to think of it….id be surprised if i didnt know more than a few of the inmates of Barlinnie, although i do hope you are attempting to crack a gag, rather than being patronising in that west-end type way.
Surely you wouldnt be trying to look down on people who are unfortunate enough to be in jail.
And…..It was a gag, dont know if you got that?
Tony Donnelly 67 ( (9:30)
It is always like this where THEY are concerned. If any event has even just potential for damaging THEM, the MSSM either gloss over it or ignore it completely. I rely on informed CQN posters for honest analysis.
JJ
Morning All,
Great explanation from Auldheid at 11:30pm last night on the rules and regulations governing fitba.
Re Dave the King and his Takeover Panel problems.
I have it on good authority that the Level 5 crew promised to get back to enquiring journalists about the consequences of there being no offer by close of play yesterday ……… but didn’t!
I also understand that one member of the concert party who normally always answers his phone when a certain journalist calls…… was unavailable……… completely unavailable.
As Tony Donnelly says the best thing to do here is just sit back and watch. There is a huge degree of uncertainty, and in 2017 uncertainty is not the football club’s friend – even in Scotland. There is a mood for transparency and forthright and clear correspondence and submissions when it comes to licences and the like and uncertainty and, if I may use the term, glib undertakings that everything will be ok in due course will not cut the muster as was eveidenced when certain documents were simply returned to Ibrox marked “Not good enough” recently.
We await developments because things have gone from bad to worse since them
Big Jimmy — I have your e-mail and will do my best to reply — sorry for the delay but my inbox is in meltdown and is being marked as full so all sorts of e-mails are only now coming through.
Bobby Murdoch’s Ankle — you will be in your bed at this time but not long to wait …………
Lisbon Latest.
I received a message from the Estadio Nacional yesterday about our trip to the stadium on the 25th of May. All systems go for the visit with details and times to be agreed by around first May.
For its a Grand old Team we play for ………
Anyone wanting details of the Lisbon visit and the dinner on the 24th should e-mail me at jjoe88@hotmail.co.uk
HH
BRTH
HOT SMOKED
I was trying to crack a gag in relation to how Dave King seems to be above any scrutiny….he just ignores it, and carries on regardless.
I can only conclude, that he must have some very destructive information on certain figures within certain circles.
How can anyone be so corrupt with impunity, its truly staggering.
He needs Jailed.
HH
Morningg Bhoys from a lovely spring morning in Central Scotand.I dont understand this shares thing with Dave King but as usual folks are saying its bad news for the teddy bears.However,we have been hearing bad new about them for years and they are still able to carry on . H.H.
Bom dia de Lisboa.
Unrelenting sunshine continues. Another hot day ahead. Factor 50 on and head up to the slightly cooler Sintra.
Tickets purchased for Benfica v Maritimo tomorrow night at Estadio da Luz. Looking forward to it.
HOT SMOKED on 12TH APRIL 2017 5:11 PM
If any other `Deid R Us ` points are made, I will have to look later. Must dash.
Cheerio for now,
JJ
*****
Any comments on those other points, if you’ve had a chance to look?
TGM
” I can only conclude, that he must have some very destructive information on certain figures within certain circles. ”
In most societies, I would maybe come to the same conclusion. In Scotland, though, I feel other forces are at play.
JJ
Re Barlinnie
Good morning from Glasgow Sheriff court where I am here in a professional basis
Honest guv☘️
Gary 67
Beautiful, interesting place, Sintra. Good to go while it’s still early, especially if you’re walking uphill in the heat to the castle and palace.
Long time ago I was there, so maybe other, easier ways to ascend now!
TGM…i was just being curious, nothing more. Personally, i have been in barlinnie a few times, though on each occasion i was back out within an hour or two…however, there was one particular occasion when i ………
I have also been in saughton, cornton vale, longriggend and polmont amongst others…
No stranger to the jail…and you are more of a west-endie than i ever could be :-)
Hot Smoked
I believe you are right, other forces are involved.
I remind you….that we have heard before, that Mr King knows the price of ‘information’
In America, its called Brownstoning…i wont go into it too much, suffice to say, its a tried and tested method.
Thats how people are corrupted.
HH
Beatbhoy
I have not scrolled all posts since my 5:11 post but I did note these four points :
1) Oldco players moved on but no transfer fees involved;
2 ) From whom and to whom was the License transferred ( ie Oldco to Newco);
3) Dundee got the Rangers License, Sevco got the Dundee Licence (to play in a lower division ,SPL to SFL );
4)Entered Cup in Round 2 even though Rangers finished second in SPL in the previous year.
Sorry I cannot be clearer but , once again, I am in a bit of a rush !
JJ
PS Still happy to receive any more points.
Cousins daughter came 10th in world championships for Irish dancing in Dublin last night
She was amongst the troop which danced at either the Kano race night or CQN 10
I can’t remember which…
Well done wee yin..☘️☘️☘️☘️
BT…sheriff court is much more interesting on a monday morning…
WEEBOBBYCOLLINS
Apologies…i picked you up wrong.
I know all about Barlinnie…..my brother works for MOJO.
He spends his time trying to free guys wrongly imprisoned.
I myself, have sat in the High Court watching a close friend get Ten Years for something he never done….luckily, it was proved he was innocent…he still did 2 Years though before he got out.
HH
Wee Booby Collins
I would imagine so..
http://www.sintra-portugal.com/Images/500/pena-palace-sintra-2.jpg
I am just waiting for someone to say: I`ll be frank. Sintra is etc
Ahh, no need to wait !
My planned cycle ride this morning is to Forfar where I will purchase one of Camerons ` wonderful bridies.
Cheerio for now.
JJ
TGM…did an overnight at shotts many years ago…all these guys up on the roof….
Hot Smoked
No problem. Remember, more haste, less speed!
WEEBOBBYCOLLINS
At that High Court trial…when my friend got ten years for nothing, the CID stood up in court and applauded.
I had to be dragged away from them outside.
Nasty, Nasty mob.
HH
Personally, i was always well treated at the high court…and got to know paul mcbride. Outstanding legal mind and very funny as well…
Slowly but surely i am outing myself…
HOT SMOKED @10.01
Why was there a bureacratic necessity to play 2 Friendlies ( Albion Rovers / Airdrie ) behind closed doors ?
Why the need to have a Temporary Licence before they were allowed to play a game v Brechin ?
WeeBobbyCollins
You were lucky to be treated decently.
Lets just say this…The ‘Judge’ who gave my friend ten years…came from a long line of ‘Judges’ from the same family.
People in Scotland….dont understand how corrupt the legal system is….historically and presently.
Of course, i will only mention in passing, the rumoured…er….’social club’ that exist within the High Court.
These people have a thing for basements and dungeons seemingly.
HH
—-
Dear,Oh,Dear….!
The Sooner We Brexit From This Sick Bolshevik Marxist EUSSR…
The Better….!
Just What Is The Background Of These Denizens..
Who Lurk In “The European Court Of ‘Uman Rights”(sic) ?
What Next…
Will They Fine Christian Ukraine For Its Role In The HOLDOMOR….?
http://www.independent.co.uk/news/world/europe/beslan-school-siege-russia-2004-massacre-european-court-eu-a7681511.html
——-
The Donald
Those ‘Bolsheviks’ must be a good age by now eh
HOT SMOKED on 13TH APRIL 2017 9:19 AM
JJ, from yesterday:
Could Shouldering: The effect of a cold-shoulder order is that no entity or professional adviser regulated by the Financial Conduct Authority may act for the individuals concerned on any transactions that are governed by the Code.
Metro bank is governed by the FCA (https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfnC7AAJ) so if the Take Over Panel issues a statement Cold Shouldering King (an by implication The Rangers) then this is the FCA Statement which indicates the way FCA compliant organisations must act: https://www.fca.org.uk/publication/corporate/statement-on-takeover-panel-cold-shouldering.pdf
Basically, Metro Bank cannot offer banking services to The Rangers holding company while King is Chairman. By association, the football club will also be affected.
In nutshell: nae banking facilities! Immediately!
King will have to resign or be pushed; what this will also mean for his Concert Party (https://www.youtube.com/watch?v=10dmK7O-KSY) is the next big question.
Having said that, I may be wrong and the share offer may be on it’s way – https://www.youtube.com/watch?v=KGSPUOaHYn4
KTF