King in breach of rules after defective takeover offer

Rangers International Football Club PLC (RIFC) – City Code on Takeovers and Mergers (Code) RIFC notes that the 28 day period following the mandatory cash offer announcement from Laird Investments (Pty) Limited (Laird) on 29 March 2018 has passed without the publication of a Codecompliant offer document. RIFC has been informed by the Takeover Panel that this is a breach of Rule 24.1 of the Code. RIFC understands that Laird has the funds to make the offer in an Attorney client account and is seeking the necessary South African Government approvals to permit the cash required for the offer to be transferred to the United Kingdom to enable an appropriate third party to provide the cash confirmation required by Rule 24.8 of the Code. Meantime, the Takeover Panel has asked RIFC to advise shareholders that the Panel will take all appropriate steps to seek to ensure that a Code-compliant offer is made as soon as possible
 
So the money is in RSA and not the U.K. Big deal.

Is there any point to moving it (with associated fees) when almost no cvnt will be accepting the offer?
 
Dorrans said:
Sounds like much ado about nothing.
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It is, the South African government have limits on the amount of a citizens own money they can take out of the country.
And if I understand correct it's less than £10,000 without getting relevant permissions.
These take time.
Just like UK laws impose time lmits in certain cases, I don't see why South Africa wouldn't have the right to do the same.
Of course we seem to think UK laws should supersede laws of countries we see as lesser nations.
 
FFS calm down! He never has and never will do what he is told! This is paramount to the folk who pay parking fines in 1p pieces! Every day the money he has stays with him it grows, so delay is always good for him.
 
So basically the complaint isn’t that he doesn’t have the cash anymore but now it isn’t ring fenced and in the U.K.

Talk about a complete non story. Still the bed wetters and mentally challengeds will go wild for this.

File under meh and move on.
 
There WAS a time when King was being prevented from moving funds out of SA by their Government. I thought that all ended when they reached a settlement?

Is this the SA Government playing silly buggers just to f*ck him around again I wonder?
 
So, if I’m reading that correctly, it’s a case of King waiting on the South African government to transfer the money and then the offer will be made?

Is that it?
 
DK is hard to fathom. Why did he let this happen. It's like he is determined to make himself look really bad.
 
Coza said:
So basically the complaint isn’t that he doesn’t have the cash anymore but now it isn’t ring fenced and in the U.K.

Talk about a complete non story. Still the bed wetters and mentally challengeds will go wild for this.

File under meh and move on.
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The story is DK has not complied with the court of session ruling. It's a big deal.
 
Sounds like the money is in SA but needs to be lodged in UK, RFC have asked permission from SA government to move funds. I'm not seeing a crises looming here
 
Marstonbear said:
Sounds like the money is in SA but needs to be lodged in UK, RFC have asked permission from SA government to move funds. I'm not seeing a crises looming here
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King and his advisers will know all of this and King will be sitting pissing himself at the thought of the spivs sweating while waiting on their dosh.

Every opportunity to piss them about will be taken.
 
Amazing timing eh? Rangers getting incredibly great press nationally all week,... lawwell on the phone to editors “release any old shit to stop them getting the limelight!”

Et voila! As if by magic!! A negative rangers story hits!

Anyone would think we had a game this weekend.
 
mart22 said:
The story is DK has not complied with the court of session ruling. It's a big deal.
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Devil will be in the detail.

He likes giving his critics ammo but taking this at face value it’s simply a failure to properly ring fence the money rather than anything nefarious.
 
Valley Bluenose said:
There WAS a time when King was being prevented from moving funds out of SA by their Government. I thought that all ended when they reached a settlement?

Is this the SA Government playing silly buggers just to f*ck him around again I wonder?
Click to expand...

Seeing as he now has a working relationship with them I doubt it.

Much ado about nothing.
 
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