King share offer costs him £600k and Rangers £52k

Bonnyloyal

Well-Known Member
RANGERS chairman Dave King’s long battle to avoid paying out millions on a court-ordered shares offer is still expected to cost him more than £600,000 and the club £52,000.

Papers seen by our sister title The Herald show that despite managing to avoid forking out on the mandatory offer, required by the Takeover Code, the South Africa-based Laird Investments (Proprietary) Limited company he controls will have to foot the bill for financial and corporate broking advice and legal advice in connection with the bid.

Last week it was confirmed Mr King’s mandatory offer, which could have cost him as much as £19million, narrowly failed to get enough acceptances from shareholders to become valid.
It meant those who accepted the 20p-a-share offer including former football board chairman Sandy Easdale and his family will keep their shares, while Mr King keeps his money.
Under Takeover Code rules, Mr King and the Three Bears group of investors should have made a written offer to buy the shares of other shareholders at the time of the takeover four years ago having had control of over 30 per cent of Rangers International Football Club plc.
Mr King’s offer was finally made last month after a protracted legal battle with the Takeover Panel financial regulator, with the South Africa-based businessman trying to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.
According to financial papers connected to the offer, that includes £435,000 for financial and corporate broking advice, £75,000 for legal expenses and £96,000 in other costs.
A £52,000 expected bill incurred by Rangers International Football Club plc includes £40,000 for financial and corporate broking advice, £10,000 in legal expenses and £2,000 in other costs.
Mr King was obliged to make the bid by the Takeover Panel financial regulator.
 
So who has leaked those papers to the Herald? Sounds like the cops should be being pulled in on this.

More widely, assuming these costs should have been remaining confidential, it worries me that there are still people with slack jaws at best / designs to hurt us at worst in or around the club.
 
Yup mr king will be losing sleep over losing £600’000 ffs!!!
He’s propably made double that in the hour he’s been at work
 
It's a consolation prize to them. They are reporting it is a bitter disappointment DK's offer didn't become acceptable, but it's not all doom and gloom, we've still got these costs to celebrate. Tossers.

This 100%. They never got the big "haha Rangers" headline they desired to help feed their relentless negative agenda, but no doubt found some solace in this.

Any mention of our under 17s winning that tourney yet?
 
" despite managing to avoid forking out on the mandatory offer, required by the Takeover Code "
Which every man and his dug knew it wasn't going to happen,gerritrightupyeez ya shower a bitter bastards.
 
I think the slug somners knew this would be the likely outcome and was just being a prik intent on causing trouble.it would be ironic if Dave King and Rangers are able to write off these costs against tax.
Anyway I hope someone can keep an eye on somners and his ilk business dealings,it would be a terrible shame if something came to light that wasn't totally above board,wouldn't it David.
 
It was a big battle and Mr King won,Easdales etc value will be reduced over time and that will make it worth it.

The value of their holding will not reduce, it will increase.

They will still have the same number of shares and as their price increases the value of their investment will increase.

People are confusing their percentage holding with it's value.
 
Ha ha you’re going to have to make a share offer!
“Share offer criteria not met”
Ha ha your share offer failed and now you have to pay this bill.

Canny win.
 
It’s even stranger that people will believe it,
The rags know nothing
Those figures quoted look realistic. The Herald has managed to see costings for services to be provided or it has seen invoices. The amount of sensitive commercial information regarding Rangers making it into the public domain is shocking.
 
Yet more proof of the hate that has built up against Rangers and Dave King.

We live in a sad and bitter wee country.

Unbelievable that a once esteemed newspaper is lined up behind white collar 'criminals' like Somers and Ashley on this. Bigots.
 
Those figures quoted look realistic. The Herald has managed to see costings for services to be provided or it has seen invoices. The amount of sensitive commercial information regarding Rangers making it into the public domain is shocking.
All of the fee information is included in Appendix 4 of the offer document paragraphs 8.7 and 8.8. The info is freely available on the club website.
 
All of the fee information is included in Appendix 4 of the offer document paragraphs 8.7 and 8.8. The info is freely available on the club website.

Indeed it is. This info has been out there, freely available, for several weeks. Since 25 January in fact. This story about The Herald having 'seen papers' is a bloody joke. Any shareholder will be well aware of the costs that were involved. The details have been freely available on Rangers website since 25 January for anyone, shareholder or not, to view them.

https://media.rangers.co.uk/uploads/2018/03/RIFC-Mandatory-Offer-Announcement.pdf

https://www.heraldscotland.com/news...t-ordered-8m-club-share-purchase/?ref=mr&lp=3

No leaks mate:

So who has leaked those papers to the Herald? Sounds like the cops should be being pulled in on this.

More widely, assuming these costs should have been remaining confidential, it worries me that there are still people with slack jaws at best / designs to hurt us at worst in or around the club.
 
Last edited:
All of the fee information is included in Appendix 4 of the offer document paragraphs 8.7 and 8.8. The info is freely available on the club website.
Wow! I got the impression from the article the Herald had seen some private financial "papers". All they have done is visit the Rangers website and download the offer document that's available to anyone. What a bunch of w*nkers.
I had never read the offer myself as I'm not a share holder, and long financial documents are a hard read. So I just couldn't be bothered. The Herald are probably counting on most people having not read the offer themselves so they can fool their readers into thinking they did actual journalism.
 
If you don't think that Fat Mike was telling King he could make this TOP stuff all go away if only he signed off on a merch deal then I have a bridge to sell you...

Glad King held firm.
 
As has been noted above, the fee information is included in the offer document - which is a requirement under Rule 24.16 of the Takeover Code. The numbers don’t look at all surprising.
 
Indeed it is. This info has been out there, freely available, for several weeks. Since 25 January in fact. This story about The Herald having 'seen papers' is a bloody joke. Any shareholder will be well aware of the costs that were involved. The details have been freely available on Rangers website since 25 January for anyone, shareholder or not, to view them.

https://media.rangers.co.uk/uploads/2018/03/RIFC-Mandatory-Offer-Announcement.pdf

https://www.heraldscotland.com/news...t-ordered-8m-club-share-purchase/?ref=mr&lp=3
But but but someone from Rangers is leaking information :rolleyes:
 
Honestly, other than for-profit shareholders and the spivtacular wankers, I'm wondering who the 48~% were??

I can't think of many fans (unless they're truly stuck for funds), who would have taken up the offer?
 
The value of their holding will not reduce, it will increase.

They will still have the same number of shares and as their price increases the value of their investment will increase.

People are confusing their percentage holding with it's value.
Can they do that and own another Scottish club at the time?
 
The tactic of our enemies is to keep us tied up in court cases as long as possible in order to frustrate our access to income streams and external investment.
They know the moment that Rangers fans feel free to buy Rangers merchandise knowing the profits will go to the club that will make a huge difference.
They also know that Rangers become a much more attractive potential investment to external investors who will not get involved in the club at the moment while there are legal arguments to be fought over future potential revenues.
I am certain that one of the reasons for the continued negative media coverage is to try and devalue the brand because they are fearful there are people waiting in the wings ready to support a financially unburdened Rangers ready to give Steven Gerrard the resources he requires to win trophies and do well in Europe.
Our enemies know if we get released from the financial shackles they have on us at the moment then wevwill start to fly and they will be finished.
 
As has been noted above, the fee information is included in the offer document - which is a requirement under Rule 24.16 of the Takeover Code. The numbers don’t look at all surprising.

I don't understand why Rangers have had to pay £52k. It wasn't the club potentially buying the shares it was an individual so why should it cost the club anything at all.
 
I don't understand why Rangers have had to pay £52k. It wasn't the club potentially buying the shares it was an individual so why should it cost the club anything at all.

In this instance 'Rangers' refers to RIFC. RIFC, as the 'target' company, would have incurred costs for getting our own advice on the offer and how it should be handled.
 
In this instance 'Rangers' refers to RIFC. RIFC, as the 'target' company, would have incurred costs for getting our own advice on the offer and how it should be handled.

But why would RIFC need to take advice about Dave King making an offer to other shareholders. It seems like an unfair cost to the business which would not have actually been involved in the transactions.
 
But why would RIFC need to take advice about Dave King making an offer to other shareholders. It seems like an unfair cost to the business which would not have actually been involved in the transactions.

Not entirely sure how these things work but it is evident that we could not 'divorce' ourselves from it. As you will have seen on the official website, everything was conducted via Rangers channels and everything was published on our website. Legally, I assume, we had to make sure we were not involved in progressing anything that could have come back and bit RIFC on the arse.
 
Last edited:
It probably will be Tax Deductible under some obscure section of the Income Tax Act of which DK and his advisors are well aware. Hard luck Herald you can get back to doing your own Income Tax returns now. I hope you reporters out there aren't fudging your expenses as you might end up editing your kid's school newspaper.
 
Back
Top