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    Comment on Dear Mr Bankier by Allyjambo.

    easyJambo 15th December 2018 at 02:03

     

    Following me looking up the shareholdings in the club regarding the required TOP offer, I happened to look at the latest share price of Sebata Holdings (the new name of Micromega). The company had been trading at around 10 Rand a share about a year ago. It then dropped following the special dividend that was paid after the NOSA subsidiary was sold off, but has continued to fall in value since then. The latest share price quoted for Sebata Holdings was 3.5 Rand. At that level King's (family trust's) 63% investment in the company has dropped by almost two thirds in the last 12 months, leaving the value of his investment as just £14m at the current exchange rates. I'm sure that he still has a fair amount of cash stashed away in offshore trusts, but his primary (only?) SA investment has plummeted in value. He may have earned around £13m from his dividend back in April, but his wealth will have been reduced significantly with the latest share movements, which would put his ability to fund future investment in TRFC, and funding of the TOP offer, in jeopardy.

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    As ever EJ, your research is second to none, saving us all the mighty effort. You shame the SMSM.

     

    Unfortunately I don't think the ruling enforces King to issue a statement at this time, rather it states that King must instruct a cash confirmer by this date to do all such things as are required to provide a public statement, with the date for the public statement not stipulated. Hopefully I am wrong and this lack of a statement indicates his failure to comply – I'd imagine a cash confirmer would need sight of £19m of liquid funds, or, at least, proof that King could, without question, have that liquid amount available within the required timescale. I suspect that a cash confirmer is putting their reputation on the line whenever they accept this type of position and will want to be as definite as they can be. If, as EJ has discovered, King's SA based investments are somewhat diminished, and not liquid, he may well be having difficulty even at this first stage of compliance (actually stage 101indecision). 

     

    It could be some time before we know whether or not King has complied with yesterday's deadline as, if no statement is made by King/RIFC, we will have to await a court issued one.

     

     

    I, David Cunningham King, the Respondent, hereby undertake to the Court to take the following actions, or procure that they are taken, in each case by the time specified: 1. Take all such steps as are required to instruct a third party cash confirmer in the United Kingdom (the “Cash Confirmer”) that is considered appropriate by the Panel and confirmed as such by the Panel in writing, as soon as practicable and in any event by no later than 17:30GMT on 14 December 2018, being the date that is two weeks from the date of this undertaking, to do all such things as are required in order to provide a public cash confirmation statement for the purpose of assisting Laird Investments (Pty) Limited (“Laird”) to make an offer for the entire issued share capital of Rangers International Football Club Plc (“Rangers”) on a fully diluted basis (or on such other basis as is agreed in writing by the Panel and the Cash Confirmer) (“the Offer”) including, if required, transferring all such funds as are required into the United Kingdom.

    Allyjambo Also Commented

    Dear Mr Bankier
    John Clark 17th December 2018 at 13:44

     

    It's what, half-past one-ish p.m in Edinburgh? Lady Wolffe will presumably by now have been informed by whoever keeps the diary of 'deadline' dates as to whether King has obeyed her order to the satisfaction of the TOP. When will we, the 'public', hear whether the Court has been given the two fingers or whether King's legal bods have prevailed upon him to obey? I am agog with excitement!!!. No, really, I expect some fudge, some work-around, some 'arrangement' will have been reached under which King will have generously agreed to accommodate Lady Wolffe and the TOP in the interests of moving on, having made his point etc etc etc.

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    I'd suggest that if King has complied then we will hear nothing until the next deadline when Laird have to make the offer ie 11 January 2019, and that if he hasn't complied, it'll all depend on how quickly the court care to deal with the announcement which might be delayed by the court breaking up for Xmas holidays.


    Dear Mr Bankier
    easyJambo 14th December 2018 at 17:01

     

    So it could be that Club1872 have had to fork out more of their hard earned to bale King out. What a Real Rangers Man he is. And what mugs they are if this is the case.


    Dear Mr Bankier
    macfurgly 8th December 2018 at 18:41 15 0 Rate This easyJambo 8th December 2018 at 18:00 Allyjambo 8th December 2018 at 18:18 ————————- What strikes me about this is that it has taken so long for this apparent loophole in the Takeover Code to be exploited. We have been following the RIFC saga, but as far as I can make out, the Takeover Code has been regulating the whole of UK business since 1968 and with Statutory Powers since 2006. Has no-one tried this dodge before? King seems to have successfully undermined the fundamental principle of the Code, to protect the interests of small shareholders, simply by ignoring it completely until it suited him to comply. Every day is a school day right enough. I wonder how many other regulations governing the UK economy are being undermined as easily. I'm no lawyer, but if what King has done is OK by the TOP, then I can't see where the small shareholders could get a foothold in law to challenge it.

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    Still no more than my opinion, and an uneducated one at that, but I believe the directors of all companies have a duty to preserve the rights of all shareholders and not to take actions that might, in any way, remove the rights, or diminish the share value, of all shareholders.

     

    The RIFC plc directors were all fully aware of King's protracted losing battle with the TOP and the law of the land, yet they proceeded with a policy that might well protect the company chairman from his duty under the law while knowingly taking action that would very likely end in them depriving shareholders of their rights under the law – rights that were currently being protected in the courts.

     

    I'd be very surprised if those small shareholders don't have some grounds to sue RIFC, or maybe the individual directors, but would imagine that that would depend on the outcome of the offer and whether or not there is a take-up that would have taken King over the 50% prior to the rights issue.

     

    Wouldn't it be so Kingesq if this did result in King passing the cost of his misdeed to the club or his fellow directors? And I wouldn't be surprised if he knew/thought it might be the case from the very beginning.

     

     


    Recent Comments by Allyjambo

    Tangled Up In Blue by Stephen O’Donnell (Book Review)
    StevieBCStevieBC 26th August 2019 at 17:03

    naegreetin 26th August 2019 at 19:40

     

    A very good point there from Stevie about the media coverage of a major event and a huge disgrace to our game. But it comes as no surprise, and while it may be that the boardrooms of all clubs are somewhat complicit by not instructing the SFA and SPFL to take action (though we don't know that no efforts have been made by any or a number of clubs and slapped down), nothing, absolutely nothing, excuses the media for their failure to demand a statement and action from the governing bodies.

    As to them not doorstepping those silent governors, or seeking to get an inside story on this hugely significant event, remember how when Hearts were struggling to meet players' wages they didn't shy away from asking the awkward questions and finding a mole.

    Hearts were not the first football club to fall into financial distress, and won't be the last, but their story falls into insignificance against this first ever meaningful punishment meted out to a club that's been guilty of such a heinous offence for over 100 years.

    Such a story should have the media salivating and camped outside both Ibrox and Hampden while in the meantime getting quotes from all and sundry connected past and present with both Ibrox clubs. 

    It is their job (the media) after all.


    Tangled Up In Blue by Stephen O’Donnell (Book Review)
    My thanks to JC and EJ for again providing us with a much more trustworthy court report than we could ever get from the SMSM.

    I do wonder if any of Scotland's media reporters would ever think to caution their readers to defer from making judgements before the defenders case has been put, in the way JC did in his report! I could well imagine a mainstream report as detailed as the combined efforts of our guys leading to a flood of online comments condemning the police officers involved as though the evidence provided to date was conclusive.

    I have to admit that until reaching John's well made caution I was about to post something that could have been made to look rather stupid (not unusual in itself) by today's proceedings. So thanks for that, John.


    Tangled Up In Blue by Stephen O’Donnell (Book Review)
    LUGOSI & uth,

    I'll be very much surprised if we hear anything soon about whether or not the legal costs are paid, unless Big Mike has to slap an injunction on them. While I'm sure King would do everything in his power to delay payment, I very much doubt those directors who are on the line for this will, if the money is available, allow any delay, whatsoever. 

    And as uth says, the club must surely have the cash splashing around from their Euro progress, and I'm sure they will be using it like water to put out the fires that seem to continuously break out at Ibrox.


    Tangled Up In Blue by Stephen O’Donnell (Book Review)
    I know that to many, David Murray was a bit of a god, but his use of the word 'perhaps' somehow mitigating Rangers use of EBTs to something less than cheating…Naw, not even the thickest of bears could possibly imagine that. Surely?

    I mean, 'perhaps I pulled the trigger' doesn't quite work as suggesting the accused is in someway innocent of murder, does it?


    Tangled Up In Blue by Stephen O’Donnell (Book Review)
    Cluster One & Easyjambo

    I think CO's acquaintance/friend may be trying to infer that 'perhaps' Rangers didn't cheat the whole of Scottish football, while at the same time, cheating Her Majesty's Treasury.

    We here all know that, regardless of any nuances the supporters of a cheating club might try to use, Rangers Football Club cheated the f**k out of Scottish football, beyond any reasonable doubt. And the more they try to claim otherwise, the more each and every supporter of that dead, and deservedly dead, club deserves the fate that befell them.

    Liars and cheats will always continue to lie and cheat. It's in their DNA. They wouldn't do it in the first place if it wasn't.

    Allyjambo again climbs down off his soapbox…