davydumper
Well-Known Member
Is this not just a waste of time and money exercise, what happens if no one wants to sell and what happens if they do, my head is nipping with all this shite.
Panel On Takeovers and Mergers believes the Ibrox boss has not complied with the law.
Dave King: Accused of action 'in concert' with three wealthy fans. SNS Group
A judge has been urged to force Rangers chairman Dave King to make an £11m offer for the remaining shares in the club.
Advocate James McNeill QC told Lord Bannatyne the Panel On Takeovers and Mergers believes the Ibrox chief has not complied with the law.
The lawyer told the judge how the 2006 Companies Act dictates that entrepreneurs who hold a 30% stake in businesses are compelled to make an offer to buy remaining shares.
He said financial investigators believe they have established Mr King acted "in concert" with three wealthy fans nicknamed the Three Bears.
Mr McNeill said Mr King teamed up with George Letham, George Taylor and Douglas Park to acquire more than 30% of voting rights in Rangers in late 2014.
He told the Court of Session how financial investigators concluded Mr King was in control of the shares and should be liable to make an offer for the remaining shares.
The court heard how Mr King told the investigators he did not act with the three other businessmen.
He told the financial investigators 14% of the shares were controlled by a company called New Oasis Asset Management Limited, registered in the British Virgin Islands.
Mr King allegedly told investigators these shares were purchased using money from his family trust.
The businessman said the company was independent from him.
The court heard financial investigators had obtained emails showing Mr Letham had been in touch with him over the share purchase.
The investigators also concluded Mr King controlled New Oasis Asset Management Limited shares and was therefore liable to follow company law and make an offer at 20p per share.
Urging Lord Bannatyne to pass an order, Mr McNeil said: "Mr King is in fact in control of the voting rights.
"The court should be satisfied that it can make an order seeking compliance under the legislation."
Mr McNeill was speaking on the first day of a two-day session at the Court of Session.
The panel, which regulates deals in the UK, said it started proceedings in Edinburgh after Mr King ignored an order to make an offer for the remaining shares.
This is despite the fact that the club is no longer listed.
Under UK rules, any group of shareholders that builds up a 30% stake in a public company has to make a cash offer to buy the rest of the shares at the highest price they have paid over the past 12 months.
The court also heard Rangers shares are currently worth around 27p and Mr King would be expected to make an offer at 20p.
The hearing, before Lord Bannatyne, continues.
Won't it also cost a lot of money to make these offers, Money which would be far better spent on the club than an absolute pointless exercise and money down the drain.Kings played a blinder here. He will 've forced to make an offer for all shares and nobody will take it. Overall this is just a waste of time.
The tangent we went off on was to debate whether anyone would accept 2op a share, which is obviously pertinent to the court case.
I'm giving you reasonable reasons why I don't think anyone will as there are other avenues to possibly get a higher price. You're explaining nothing.
Maybe you're just not the best at multi tasking
The part in bold concerns me a bit and could be damaging to King's case. I wonder how they obtained these emails?
Respect a small % of our support dont know the meaning of the wordIrrespective of how this pans out it was a necessary evil that King & the 3 bears had to do to rescue the club.There's a good few supporters/posters who would do well to remember that and show some respect!
Exactly this.Irrespective of how this pans out it was a necessary evil that King & the 3 bears had to do to rescue the club.There's a good few supporters/posters who would do well to remember that and show some respect!
And a waste of money!Kings played a blinder here. He will 've forced to make an offer for all shares and nobody will take it. Overall this is just a waste of time.
Thankful for all Dave King & Co have done to save the club from the spivs but these kind of negative headlines don't help his "Dodgy Dave" persona portrayed in Scottish media.
The board on the whole seem stagnant.
Conspiracy theories?Why ? People are simply unhappy at the way he has conducted things with these shares, It's hard enough trying to understand the posters on here trying to explain things.
We really don't need anyone jumping in with the conspiracy theory's.
Nothing sinister as I recall. They were simply handed over as part of the process. Not sure about the obligatory nature of the handover mind you.The part in bold concerns me a bit and could be damaging to King's case. I wonder how they obtained these emails?
Lets make one thing clear here, if this goes against King (and it looks that way at this point) he will most probably be cold shouldered.
If he is then anyone that thinks that has no bearing on us is naïve in the extreme. It would probably lead to the end of King being at our helm.
Kings played a blinder here. He will 've forced to make an offer for all shares and nobody will take it. Overall this is just a waste of time.
Possibly.... Will go either of 2 ways:
- King wins. This is my gut feeling. Best ruling all round and we move on
-King loses. Seems unlikely and even if he does he has set things up so that there is no offer for shares made... Game over for King and paves the way for Murray to walk back in.
Why is it obvious?Whether anyone takes up his offer or not is irrelevant. He has to lodge somewhere in the region of 9 million in an escrow account on the assumption that his offer will be taken up.
It's pretty obvious he doesn't have it.
Lets make one thing clear here, if this goes against King (and it looks that way at this point) he will most probably be cold shouldered.
If he is then anyone that thinks that has no bearing on us is naïve in the extreme. It would probably lead to the end of King being at our helm.
Nothing sinister as I recall. They were simply handed over as part of the process. Not sure about the obligatory nature of the handover mind you.
Stop this delusional sh!te about Murray ffs!Possibly.... Will go either of 2 ways:
- King wins. This is my gut feeling. Best ruling all round and we move on
-King loses. Seems unlikely and even if he does he has set things up so that there is no offer for shares made... Game over for King and paves the way for Murray to walk back in.
Why is it obvious?
Respondent's position is that he does not have freed personal funds.
even with my eyes closedIs it just me or can anybody spot the alter bhoys among these pages?
Not Charles Green or Craig Whyte?
doesnt mean he doesnt ave teh money readily available rather than doesnt have it?Firstly, from todays hearing:
Secondly:
If he had it - he would have put this shit to bed when it first raised it's head instead of failing to comply and incurring fcuk knows what legal costs on top.
Am I right in saying that the current share price is actual higher that the 'perceived' offer price that Mr King would have to make.
Very good wee sacks
There's clearly stuff happening in the background
Is it just me or can anybody spot the alter bhoys among these pages?
even with my eyes closed
Won't it also cost a lot of money to make these offers, Money which would be far better spent on the club than an absolute pointless exercise and money down the drain.
doesnt mean he doesnt ave teh money readily available rather than doesnt have it?
"DK counsel: All relevant assets transferred from Glencoe trust to family trust. At time of SARS settlement, recognised he had no assets outside family trust. Suggests all DK's assets are family assets.
Therefore doesn't personally have the11-12m required to make offer."
IndeedI am quite sure DK knows exactly what he is doing
trying to send message, not sure if it works.Checks reported posts, none.
Double checks reported posts, still none.
Suggests opening eyes and using report button and desisting with sniff sniff posts unless a holiday is required.
Furthermore from todays hearing:
Time to take your head out of the sand.
Are you seriously suggesting that king doesn't have 9 million quid ? He's worth about 600 million ffs
Erm, no he's not
The problem for DK here is it is out of his hands. Lord Bannatyne will rule if he must make an offer.Indeed
People appear to forget he has ran rings round everyone set against him with regards to his takeover
Just ask fat Micky with his tanks
If you were a rancid mhank that would be your stance.Whether anyone takes up his offer or not is irrelevant. He has to lodge somewhere in the region of 9 million in an escrow account on the assumption that his offer will be taken up.
It's pretty obvious he doesn't have it.
Do you think think he might be able to secure the funds to lodge if he is forced to do so?Erm, no he's not
And given his record, regards the takeover, I'm not in the slightest concernedThe problem for DK here is it is out of his hands. Lord Bannatyne will rule if he must make an offer.
There are potentially very serious repercussions for DK and Rangers here. Refusing to acknowledge this fact won't make it go away.
Because they were legallly obliged to hand over all correspondence between them.The part in bold concerns me a bit and could be damaging to King's case. I wonder how they obtained these emails?
what are the very serious repercussions for DK and Rangers?The problem for DK here is it is out of his hands. Lord Bannatyne will rule if he must make an offer.
There are potentially very serious repercussions for DK and Rangers here. Refusing to acknowledge this fact won't make it go away.
What makes you say he doesn't have 9 million ??