Dave King and three fans, Park, Letham and Taylor, have bought 31% of newco Rangers this week, to add to some minor shareholding previously held. King and the others are not presenting themselves as acting in union, as that would force them to launch a formal takeover bid for all shares in the club. So get it right, this is not a takeover attempt (cough).
King’s shares were acquired from Artemis and Miton Group, who were not aligned with the Easdales, Mike Ashley, or any onerous contracts, they were shareholders hooked at the IPO in December 2012.
We’ve long urged those who are seeking regime change to buy shares in newco, instead of trying to force it into insolvency, an inappropriate course of action. The actions this week confirm the view that the current regime are entrenched and only 50% + one share will change anything.
The remaining significant shareholders: Blue Pitch, Margarita, Easdales and Ashley will all have their exit price. Any one, or all of them, will go if the new investors are prepared to offer enough money – and that is likely to be considerably more than was paid to Artemis and Miton Group. The figures paid this week are relatively small beer compared to the tens of millions required to keep the financially non-viable entity afloat over the next few years.
King, of course, was non-executive director of Rangers, charged with ensuring good governance at the club which was found to have operated an illegal Discount Option Scheme and illegally paid five players through Employee Benefit Trusts, with others subject to appeal. He remained a director of the club until a liquidator was appointed to wrap-up its business.
He was also called a “glib and shameless liar” by a judge in South Africa, where he was convicted of tax evasion, so he’s pretty much perfect to take an active role in newco.
Reports suggest that there is not enough money in the business to meet January payroll, so we’ll not have to wait long to see if those currently in control are intent on remaining in control, of if they are prepared to sel-up and walk away.
My hunch – Ashley will not be usurped by people who attempted to put one of his businesses under. He has the profitable parts of newco Rangers and he’ll do whatever necessary to keep them. He also strikes me as someone who would be unforgiving in the face of manipulation.
A walk down memory lane: Fergus McCann offered bought out each member of Celtic’s old regime in 1994, no matter the price, apart from the likes of Kevin Kelly, who declined his cash but offered to vote alongside him. It cost a lot of money, but it was the right thing to do.
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junglejim
Hope so.
Shameless reposts Who would need one of these :))))))
https://twitter.com/PaullieWalnuts/status/550997160377208833
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but this made me smile broadly earlier
weet weet weet(GBWO)
08:25 on
2 January, 2015
Just in
CQN 5 a sides
http://youtu.be/Spjx7L7Jpow
The LC semi final is a complete distraction.
The media will hype it up as the biggest game in years.
Utter nonsense. It is an irrelevance.
We will beat the lower league club by at least 5 goals.
Keep your eyes on the bigger picture folks.
leftclicktic
No we don’t – Celtic stores or Waterstones etc buy at wholesale prices as is normal practice. You can buy from us using debit or credit card or even cheque, postal order or even old fashioned money!
Wheres Roy Croppie when you need him :)))
Turkeybhoy
did you miss my Berget question ?
HH
winning captains
Again thank you :)))
Hun-obsessed blogging Celtic fans get exponentially more twitchy in relation to just how much the huns (dead or otherwise, since it’s all semantics) seem be getting their act together. Welcome to 2015.
On the back of these share sales,I doubt we will ever find out who Blue Pitch or Marguerita Holdings really are.
But it looks likely that they currently hold the balance of power at Ibrox.
Question is,did they pay 70p a share,or 1p a share?
If the currant-couldnae resist!-share grab is designed to ensure a majority holding,there may yet be one last sting in the tale.
At 1p a share,someone could be walking away with around £5m profit.
Tangled web,indeed.
No danger of the revamped Rangers not being in the SPL premiership next season. We have to get used to it, it is written ,and our club owners will allow it.
anyone disagree?
the shameful, no disgraceful part, is that our “custodians” have been complicit. I have no proof of this, just my opinion, but the evidence will be apparent soon enough.
Sort of makes me feel sick to the stomach.
mickbhoy1888
22:22 on
2 January, 2015
Will that be the season ticket holders who inhabit their own wee world at CQN corner
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Tell you what. it is a great and diverse wee Corner world that has been the meeting point for years to hand over badges etc and collect lots of money for many good causes. It has now developed into a meeting point for all those at CQN that have decided to clique together in this wee world, and contains a diverse bunch, some of which that love Celtic and some that love to complain Celtic.
Shame that you knock it without actually trying it.
HH
CRC
So the BBC saying McLeod fee to be used as working capital. As released by RFC to the stock exchange. If that in itself doesn’t strike you as odd, then your probably not recognising how dire things are in the South.
For Kev J
http://www.thecelticwiki.com/page/The+Jungle
The farce/charade/reincarnation:
CQNer’s attitude to the above is fairly insular and unrepresentative of the wider Celtic support, in my experience anyway.
The level of knowledge and time devoted to the machinations is part of the reason for the divergence.
Just my opinion, based on my experiences.
Have you tried discussing it with colleagues, friends or relatives, what’s their reaction ?
I’ve seen posts indicating that a lot have given up SB’s because of the cheating; I wish that were true for the vast numbers of missing or apathetic Tims.
I’ve been shocked at the number telling me they miss the fixture.
winning captains
22:23 on
2 January, 2015
neganon2
There will be no stonewalling now. There is a great deal now going on at our end – this is all coming to a head. Celtic will have to respond too – there is clearly no other option. All of the various strands that have occupied our minds online these past three years have now all come together. Celtic supporters should hold fire on hurting our club – our collective strength may well be required in the weeks ahead. Scottish football could look completely different by the time the semi final comes around
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Okay I give in , you’re gonnae have to be a lot more specific than that! Please elaborate !!!
EmbraMike / EddieinKirkmichael
re my earlier post and the automatic raising to 30%.
Of course you are correct in that if 4 people holding 15% all bought new shares they would not go to 30% — that is basic maths.
Perhaps, i did not make myself clear – brevity and fatigue is a cursed thing.
As I understand it, the Three bears were offering to pay in £6.5 Million AND underwrite the share issue.
Now, they have bought 15% of the shares and I guess offer to take up any slack that is left by existing shareholders not to purchase additional shares.
We know for a fact that many shareholders will simply not invest and that the bears could therefore substantially increase their percentage shareholding.
Now, if Mr King is in league and in concert with them, then he had to come to the table with a similar investment.
If Mr King is not in concert with them, then he has been forced to move to put himself in at least an equal share footing as the bears so that he too could achieve an equal shareholding after the share issue and be in a position to offer just as easily as they are.
There will be plenty who will not take up the share issue and who will see their share value diminsh in the event that Ashleigh, the bears or King now exercise their share rights.
What Margherita and others do remains to be seen.
What is for sure is that any change in shareholding does not in any way effect the contracts that are binding on the compay and which continue to cripple it.
On a completely separate note I have just been reading back some old notes and info and came across the contract of Employment for Nikica Jelavic which makes for interesting reading.
His employer is defined as Rangers Football Club which in turn is defined as Rangers PLC.
The contract is a standard pro forma contract issued by ………. The Scottish Premier League ltd and its officers — namely Neil Doncaster.
The contract stating these terms was registered with and accepted by The Scottish Premier League.
The position as to who the club was, who the employer was, what entity was registered to participate in the league, who was the member of the SFA and so on is perfectly clear.
It even says so on the Rangers PLC official notepaper which boasts that it was “founded in 1872”.
Benidorm on the banned list just seen a young lad with Celtic top on
Hail Hail
Lurgan57
Vogue Punter 21.56.
Exactly. This faux rebellious crap does my nut in.
Pick a letter any letter :))))))
http://www.thecelticwiki.com/page/Players+Pics
The reasons many season card holders are not at games is because very few this season have been at 3pm on a Saturday, never mind the problems that have not been addressed by the PLC.
I know of very few fans who chucked it because of cheating zombies, the apathy in our support has been mainly of the PLC’s making, to ignore this is folly, i am not convinced the board have a clue as to what to do re fan apathy.
gebhoy
Big Cup Winners
I’ve been shocked at the number telling me they miss the fixture.
I havent been shocked by it,Most fans I talk to miss it
Then again I live in Dublin so obviously its a different fan experience/dynamic than a glasgow /scottish based fan
I am glad they went bust and enjoy their new clubs wallowing around in the dirt but ask me honestly do I miss the adrenalin/tension/excitement of those fixtures
Of course I do
I have four adult season tickets. We all attended the league cup ties and so could have had semi final tickets.
I did not buy a single ticket for the semi final.
If sevco are promoted next season, I intend to ask celtic if I can keep our excellent seats we have had since 1995 but opt out of the two sevco games and have the amount deducted from cost of our tickets. At the moment, all four of us are agreed that if celtic will not accommodate us in this, we will not renew a single ticket.
just confirmed something, always good to know
Bada Big
Ah the small print…the blasted small print.
Champions League it is then.
leftclicktic
22:50 on
2 January, 2015
C
Ooops That should have read Big Bada :o)
What is the Stars
I should have expanded on the term “fixture”; they miss the full Bhuna………
A
Bertie Auld
http://www.thecelticwiki.com/page/Auld%2C+Bertie+-+Pics
16 roads – Celtic über alles…
“Teams rolling over to the Sheep”
Dear oh dear.Is this what we have become?.
Anyone waiting on this PLC to grow a set of baws will be waiting a long time, let off some pyro, or have a media led riot (ahem) at Dundee and statements galore are issued.
Not a one on the things that really matter to the support dont think for a second the PLC cant wait for the return of the zombie, bigot pound over rules all!
gebhoy
BRTH,
What Doncaster said doesn’t even tally up with what he said himself in 2012:
“Clubs can shed a huge amount of debt already,” Doncaster added. “Clubs can theoretically shed £100m of debt, agree a CVA at a penny in the pound and come back in with all that debt shed. Clubs can do that now within the rules.
Note the use of the word “clubs”.
He doesn’t even agree with himself!
Big Cup winners
Can you have one without the other (the fixture and all that goes with it)
Its one thing for the likes of me(flying in for the game,having a few beers,shouting roaring etc and then flying home) and another thing for people who live in Glasgow and environs and have live with all the crap/violence that goes with the fixture
I can understand why people never want that nonsense back of course.
For a lot of people outside of Scotland,Scottish football WAS the old firm,Celtic/Rangers,Sectarian rivalry etc.
L
Bobby Lennox
http://www.thecelticwiki.com/page/Lennox%2C+Bobby+-+Pics
maxbhoy
22:30 on
2 January, 2015
Christ Aberdeen above us, DU next ..all well saying we’ll win our games in hand but with this manager ??!!
FFS,if I had been in the trenches next to you,I would have shot you.
WITS
As someone who has endured countless
matches against them i can say without fear of
contradiction that it is not something that i miss.
The constant fear of attack or arrest.
Our loved ones hoping that we all get home safely.
All in the name of football.
Never again.
garygillespieshamstring
A prediction:
They’ll offer you season tickets in the areas the Rangers support will be corralled in.
Now you will be insulted at some clerk’s offer. The club employee will unlikely be aware of the background and reasoning of your request.
Hopefully my prediction won’t be true.
I wonder what data was collected in the surveys.
B
Tommy burns
player
http://www.thecelticwiki.com/page/Burns%2C+Tommy+-+Pics
Manager
http://www.thecelticwiki.com/page/Burns%2C+Tommy+-+Manager+Pics
Till tomorrow all
What is the Stars
It’s the same for many Celtic supporters, the geography is immaterial.