Takeover Panel Case Back in Court

Valley Bluenose

Valley Bluenose

RTV? Completed it mate!
Rest of article is behind a paywall for me. Of course, it would be The Herald.:rolleyes: Anyone got any further news? Seems this is dragging on and on.

REGULATORS have brought fresh legal action over the failure by Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.

It has emerged that representatives of the Takeover Panel were in the Court of Session on Tuesday in a private session in front of Lord Doherty as the impasse over the issue continues.

http://www.heraldscotland.com/news/...ver_failure_to_make___11m_Rangers_shares_bid/
 
Dave King has said in an interview before I’m sure this will have absolutely no impact on the club whatsoever, so if that’s the case then it doesn’t worry me in the slightest.

If I’m wrong, please correct me!
 
The last I heard he didn't want to put the trust money into a solicitor's account, so it may be about this.
 
As he went to make the offer, the TO panel went to Court to stop him doing so through a Solicitor in South Africa, and were successful. The TO panel want the funds vouched for in UK Account. So King had to set up an account, but due to the size of the funds it has to go through a South African Government Sanctions checking process before the amount can leave the Country. This delayed the offer, the TO panel moved the goal posts late on. King has said once the SA authorities release the funds to the UK account he will fulfil their wishes. The TO panel this week went back for a private sitting with the Judge. Considering there was nobody invited to act for King it is most portably been to discuss what enforcement options are open and what timescales. But if King can demonstrate he is doing all within reason then the TO panel are going to have to wait for the SA Government completing their process.
 
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BrownBrogues said:
As he went to make the offer, the TO panel went to Court to stop him doing so through a Solicitor in South Africa, and were successful. The TO panel want the funds vouched for in UK Account. So King had to set up an account, but due to the size of the funds it has to go through a South African Government Sanctions checking process before the amount can leave the Country. This delayed the offer, the TO panel moved the goal posts late on. King has said once to SA authorities release the funds to the UK account he will fulfil their wishes. The TO panel this week went back for a private sitting with the Judge. Considering there was nobody invited to act for King it is most portably being to discuss what enforcement options are open and what timescales. But if King can demonstrate he is doing all within reason then the TO panel are going to have to wait for the SA Government completing their process.
Click to expand...

Thanks mate. The Scotsman reporting this as well now and have a bit more detail. More or less mirrors what you have said.

https://www.scotsman.com/news/dave-king-facing-court-action-over-11m-rangers-shares-bid-1-4757389
 
BrownBrogues said:
As he went to make the offer, the TO panel went to Court to stop him doing so through a Solicitor in South Africa, and were successful. The TO panel want the funds vouched for in UK Account. So King had to set up an account, but due to the size of the funds it has to go through a South African Government Sanctions checking process before the amount can leave the Country. This delayed the offer, the TO panel moved the goal posts late on. King has said once the SA authorities release the funds to the UK account he will fulfil their wishes. The TO panel this week went back for a private sitting with the Judge. Considering there was nobody invited to act for King it is most portably been to discuss what enforcement options are open and what timescales. But if King can demonstrate he is doing all within reason then the TO panel are going to have to wait for the SA Government completing their process.
Click to expand...
So it's the lawyers being seen to do something?
 
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BrownBrogues said:
As he went to make the offer, the TO panel went to Court to stop him doing so through a Solicitor in South Africa, and were successful. The TO panel want the funds vouched for in UK Account. So King had to set up an account, but due to the size of the funds it has to go through a South African Government Sanctions checking process before the amount can leave the Country. This delayed the offer, the TO panel moved the goal posts late on. King has said once the SA authorities release the funds to the UK account he will fulfil their wishes. The TO panel this week went back for a private sitting with the Judge. Considering there was nobody invited to act for King it is most portably been to discuss what enforcement options are open and what timescales. But if King can demonstrate he is doing all within reason then the TO panel are going to have to wait for the SA Government completing their process.
Click to expand...

Thanks for the explanation mate, it certainly clarifies the situation for me as usually the machinations of the financial wheelings and dealings leave me cold.:confused:

W.A.T.P.
 
I suspect King doesn't think he will have to pay anything as the uptake won't hit the 50% requirement of the conditional offer
 
Porto Loyal said:
I suspect King doesn't think he will have to pay anything as the uptake won't hit the 50% requirement of the conditional offer
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That is clearly his argument, and he’s probably correct. However, the TAB will still want him to go through the motions and have the necessary cash deposited in a U.K. account. It really is madness.
 
It's unclear if this will delay our share issue. Potentially up to 10m of the money generated from it is being put towards recruitment. It will definitely slow our progress if it can't go ahead as planned.
However, if there was going to be a delay I'm sure the Herald would have been celebrating in their report.
 
The only significant impact it could have on the club is if we have to wait for the TOP issue to be resolved (funds lodged in U.K., offer made,, shares purchased where applicable) before we can do the rights issue for Club 1872 and a few others. There's £6m worth of this season's cash flow dependant on the latter, but with the ST money in the bank it shouldn't cause any operational concerns for quite a while?
 
BrownBrogues said:
As he went to make the offer, the TO panel went to Court to stop him doing so through a Solicitor in South Africa, and were successful. The TO panel want the funds vouched for in UK Account. So King had to set up an account, but due to the size of the funds it has to go through a South African Government Sanctions checking process before the amount can leave the Country. This delayed the offer, the TO panel moved the goal posts late on. King has said once the SA authorities release the funds to the UK account he will fulfil their wishes. The TO panel this week went back for a private sitting with the Judge. Considering there was nobody invited to act for King it is most portably been to discuss what enforcement options are open and what timescales. But if King can demonstrate he is doing all within reason then the TO panel are going to have to wait for the SA Government completing their process.
Click to expand...

Thanks for the update, mate.
 
The other silly part is that it will be costing King to open a UK account, and have the diligence done by the respective authorities in SA and UK
 
Wae aw the spite o' envied heeds,their plan wis dark, and tae succeed,
tae tapple doon an institution,
Death their ainly sought solution,!
But though they rallied aw' their might,
An thoucht they'd wan their sleekit fight,
they reckoned nought wae bretheren men,
wha'd see The Rangers rise again,
wha's love o' culture stood,
I prefer men galvinise a spirit guid,
Sae! still the shooders broad they staun,
the proodest force in aw the lan'!
mair gleamin treasures still tae cam,
be still , the nations number wan !

Never forgive, Never forget.

WATP
 
bear for life132 said:
Wae aw the spite o' envied heeds,their plan wis dark, and tae succeed,
tae tapple doon an institution,
Death their ainly sought solution,!
But though they rallied aw' their might,
An thoucht they'd wan their sleekit fight,
they reckoned nought wae bretheren men,
wha'd see The Rangers rise again,
wha's love o' culture stood,
I prefer men galvinise a spirit guid,
Sae! still the shooders broad they staun,
the proodest force in aw the lan'!
mair gleamin treasures still tae cam,
be still , the nations number wan !

Never forgive, Never forget.

WATP
Click to expand...

Brilliant mate,just about says it all! So Rabbie is a member of Follow Follow!:p

W.A.T.P.
 
Mr King will decide when the next meeting is, the poet fúcks of the TOP will wait until Dave chooses when he is next available to discuss this matter.
 
You'd think things were going quite well at Rangers - so they have to find something even marginally negative to dredge up. It's of no significance.
 
Porto Loyal said:
The other silly part is that it will be costing King to open a UK account, and have the diligence done by the respective authorities in SA and UK
Click to expand...
All this takes time...especially the amount mentioned transferring from one country to another.
To the Panel...bit of advice...’Patience ...is a virtue’!
 
Valley Bluenose said:
That is clearly his argument, and he’s probably correct. However, the TAB will still want him to go through the motions and have the necessary cash deposited in a U.K. account. It really is madness.
Click to expand...
It's not even as complex as that.
I worked with South African investors 10 years ago and they needed government permission to send as little as 7,000 gbp worth of rand out the country for external/international investment purposes.
 
If there is a 50% uptake clause written in it then it will be better for King to hold out until after the Spivs shares have been watered down. If that is possible.
 
Dave570 said:
If there is a 50% uptake clause written in it then it will be better for King to hold out until after the Spivs shares have been watered down. If that is possible.
Click to expand...

I was womdering if King is using this as a stalling tactic until holdings are significantly watered down.
 
bear for life132 said:
Wae aw the spite o' envied heeds,their plan wis dark, and tae succeed,
tae tapple doon an institution,
Death their ainly sought solution,!
But though they rallied aw' their might,
An thoucht they'd wan their sleekit fight,
they reckoned nought wae bretheren men,
wha'd see The Rangers rise again,
wha's love o' culture stood,
I prefer men galvinise a spirit guid,
Sae! still the shooders broad they staun,
the proodest force in aw the lan'!
mair gleamin treasures still tae cam,
be still , the nations number wan !

Never forgive, Never forget.

WATP
Click to expand...
Nicely done Rabbie ! I thought you were deed .....Brilliant ! :D
 
Eddie Badabing said:
My take:

- King doesn't like cowtowing to orders he disagrees with and will take it to the brink. His rhetoric on the takeover panel is the same as he used with the SA tax authority, referring to them as "bullies".

- Getting the funds to a UK account will have a double problem, firstly the SA standards to be met for moving the money out of the country, and secondly the money laundering standards he will have to satisfy to get the money in to a UK account will be significant, and severely exacerbated by the fact it will be coming from an opaque and layered trust. From my experience this could take 12-18 months!!

- The takeover panel are grandstanding over what they see as an obtuse and stubborn man, but it will eventually be settled and I wouldn't be surprised to see a compromise.

- There should be no material impact on Rangers as long as King has his "Rangers kitty" liquid as I would expect him to.
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What do you think the implications are, if any, to the planned res 11 new share offer? All being well it should be concluded by the end of the month boosting Stevie G's recruitment budget by up to 10m. I've assumed if there was any chance problems with DK's offer could prevent the res 11 share issue our haters would be gloating and crowing at every opportunity. That they aren't suggests everything is still good to go. But it'd be good to know the opinions of posters who are more informed in share related matters, and I get the impression you are one of the more informed guys.
 
mart22 said:
What do you think the implications are, if any, to the planned res 11 new share offer? All being well it should be concluded by the end of the month boosting Stevie G's recruitment budget by up to 10m. I've assumed if there was any chance problems with DK's offer could prevent the res 11 share issue our haters would be gloating and crowing at every opportunity. That they aren't suggests everything is still good to go. But it'd be good to know the opinions of posters who are more informed in share related matters, and I get the impression you are one of the more informed guys.
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It has already delayed the share issue but I would still expect the issue to take place before the end of the summer.
It won’t effect recruitment as all of the cash is coming from existing shareholders and the main players can put cash in as loans initially and convert to shares at the share issue
 
Porto Loyal said:
I suspect King doesn't think he will have to pay anything as the uptake won't hit the 50% requirement of the conditional offer
Click to expand...

That may be but he still has to satisfy the UK courts that he has the means to pay the agreed rate for the shares, the money needs to be visible and accessible in the UK before the offer can be made.
 
boracay ranger said:
It has already delayed the share issue but I would still expect the issue to take place before the end of the summer.
It won’t effect recruitment as all of the cash is coming from existing shareholders and the main players can put cash in as loans initially and convert to shares at the share issue
Click to expand...
Thanks mate. Always appreciate your posts in these threads, you're one of only a few posters able to accurately inform rank and file FF'rs what's going on regarding Rangers share dealings.
It's disappointing to learn the problems with DK's offer have delayed the share issue. But reassuring that you think it will only be a short delay.
In the worst case scenario, ie being unable to convert loans to equity before the season starts, could you see more loans to fund recruitment being problematic for FFP? I believe FFP prevented Jamie Murphy's signing in January, and we had to do a loan deal instead, but I'm not certain about this.
 
boracay ranger said:
It has already delayed the share issue but I would still expect the issue to take place before the end of the summer.
It won’t effect recruitment as all of the cash is coming from existing shareholders and the main players can put cash in as loans initially and convert to shares at the share issue
Click to expand...
I'm guessing this is also the root cause of selling Tav, if the rumours of letting him go are to be believed.
 
mart22 said:
Thanks mate. Always appreciate your posts in these threads, you're one of only a few posters able to accurately inform rank and file FF'rs what's going on regarding Rangers share dealings.
It's disappointing to learn the problems with DK's offer have delayed the share issue. But reassuring that you think it will only be a short delay.
In the worst case scenario, ie being unable to convert loans to equity before the season starts, could you see more loans to fund recruitment being problematic for FFP? I believe FFP prevented Jamie Murphy's signing in January, and we had to do a loan deal instead, but I'm not certain about this.
Click to expand...
The delay in Jamie’s signing was not related to FFP. I am confident the board will be on top of the FFP rules going forward.
 
boracay ranger said:
It has already delayed the share issue but I would still expect the issue to take place before the end of the summer.
It won’t effect recruitment as all of the cash is coming from existing shareholders and the main players can put cash in as loans initially and convert to shares at the share issue
Click to expand...

King has said that they will press ahead with the share issue, only that he will not take part to increase his holding. With C1872 now confirmed their commitment last week I expect this to be pushed through before June 30th which is our year end for the accounts.
 
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