I asked Rugger Guy yesterday to give me his take on the breaking news that the Takeover Panel were going to court against Mr David Cunningham King.
Here is what he sent me late last night:
Hello Phil
Having read the financial times article today it is refreshing to see that comments from the highest level corporate lawyers, Linklaters, Clifford Chance have been sought by the newspaper. The first lawyer has endorsed the action of the Takeover Panel to ensure that the shareholders were treated fairly when a company changes hands. The second lawyer stated that the takeover panel is willing to flex its muscles where there is a direct challenge to its integrity as a regulatory body.
Following on from the request to make an offer for the shares, clearly an offer document would be required. This presents a huge problem to Mr King because full disclosure will put a huge question mark on the value of shares and my suspicion is that the fair value is considerably less than 20 p per share.
Mr King thinks that the opposite is true.
My sense is that the gloves are well and truly off, and this has some seriously ominous implication for Mr King, and potentially RIFC.
I don’t think I really need to add anything to that.
Except to say that I think Mr King is rather fucked on this one.
The FT piece can be read here.
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Surely this latest action by Mr King, (deliberately ignoring the ruling of the Takeover Panel) will bring into doubt, the SFA view of his ‘Fit and proper’ status?
Phil
Your output has been nothing short of stunning – absolutely stunning.
I’ve no idea how you do it..
.. and sincerely, thank you.
It is really disappointing that the SMSM have ignored this story. The opposite was true when V Romanov was in charge of Hearts. They couldn’t get the Hearts turmoil headlines out quick enough. However it’s the GFA that is the most worrying. They moved quickly to change and make up rules to punish VR but they still won’t change the Fit and proper person rules to remove this charlatan.
They still have not moved to clear up the financial fair play rules for Sevco in Europe. How they can hope to pass these rules when their holding company chairman is black balled is a joke.
Fuckildoodledoooooo