I’m afraid Santa decided to give a certain residence in Johannesburg an airborne body swerve yesterday.
Perhaps he decided that Mr David Cunningham King had been naughty and not nice.
I learned today that the South African based Chairman of Rangers International Football Club (RIFC) has been busy apropos the Take Over Panel Court of Session thingy.
The convicted criminal had contacted a third party in the City to ascertain the likely take up among RIFC shareholders if he finally complied with the ruling.
He wanted to know just how many RIFC shareholders, out with the Concert Party, would be willing to sell to him at the imposed price of 20p.
My information is that His Glibness was shocked by what he was told.
Apparently, there will be many RIFC shareholders who will sell at 20p.
This is not the news that the RIFC Chairman was hoping to hear.
If my information is correct and Mr King was shocked, then I am shocked that he was, well, shocked.
Given that RIFC shares are, effectively, worthless then 20p is a rather good price.
Moreover, that is also the opinion of some of his fellow directors within the Sevco High Command.
It is therefore not surprising that Mr King is trying to play for time by seeking leave to appeal to the Inner House.
The heady days of March 2015 must now seem a very long time ago to Mr King.
Developing crisis…
Discover more from Phil Mac Giolla Bháin
Subscribe to get the latest posts sent to your email.
Phil,” He’s not the Messiah. He’s just a very naughty boy !”.
So prophetic.
Awra best to you and yours, and all the bloggers and posters.
There will be a stampede to take up the 20p offer.
In its short existence the company/club/thingy had posted losses each year and with the current unsubstainable payroll will again be in the red in this financial year.
Most of the small shareholding fans have made an emotional investment and will retain their shares.
No CL football next season and it could be a dogfight for Europa Cup places.
Following the McInnes debacle this transfer window will enlighten those in the support who still support Kingco.
There will be more outs than ins, though bringing back the loanees seems a desperate measure.
If Murty’s charges drop any points tonight there will be a clamour to remove him.
If however they get past Well tonight then get a doing on Saturday that will be enough for most of the fan base.
Protests, boycotts? Problem is that the fan base is so splintered that organising either of the above is beyond them.
Club 1872 is controlled by the board via Blair who has a foot in both camps so there will be no revolt from that quarter.
5 months to ST renewals! It’s a long time.
Robertson and Richard Wilson’s assertions that the COS judgement will only affect King and not the club are no more than Level 5 ramblings playing to an audience to whom truth is a distant stranger.
The legal bills being run up by King must be eye watering especially if the club/company/ thingy is picking up the tab and not the Castlemilk CA.
Will the De Facto Chairman turn up at Celtic Park on Saturday?
If he does he will be welcomed warmly by the home support for the wonderful job he’e doing at Ibrox.
His popularity will be up there with that lovely Mr Whyte.
It’s an inevitable trilogy…
They are going to bust the club …
shareholders get Blanco …
The 3 Bears are fine though …
Will the next act take the stand … Phil who are the likely candidates to rock up for Part 3 ?
Hi Phil hope you had a merry festive season. Re the appeal methinks it could be a stalling tactic to see if Ashley gets a deal sorted for Newcastle then he might take over his holdings. Wouldn’t that be a kick in the teeth for the gullibies. Or maybe he’ll find an investor from Hong Kong with wealth off the radar lol. As for the appeal he’ll be lucky to even get a hearing I feel it’s just playing to the galleries. As for S Robertson assertion that it would have no influence on day to day running of the club then he’s also delusional. The watchdog isn’t just in this for the sake of it and don’t use these sanctions likely
HH
They could have asked Coisty on BT if he would sell his shares !
JP Jenkins who deal RIFC shares site is down – last “quote” I saw last week was 27.5p – no trades !
What is King afraid of if he thinks price is low ?
Best part of £2m to set up + Escrow Deposit !
20?
I thought they were holding out for 55…
hahaha brilliant mate
Phil, Given the recent news, do you think the directors still stand by the assurances given in the last paragraph of page 14 in the Clumpany’s financial statement?
Thanks Phil for accentuating the last rites of the man who would be King.The King is dead long live the King.Next Gulliebilly please.Jelly and ice cream when we get 10.Hope it hurts Sevconians.
I suspect his only possible line of appeal is that, as part of a concert, it might have been legally incorrect of the TOP to go after him alone. All of them should be obligated.
Saying that, I’m sure the TOP have some excellent legal representation when making their moves, so I’d be very surprised if they made an error. It must be within their remit to go after one or all of the concert as they see fit.
As Phil says, developing catastrophe
It’s probably the fact that George Letham explicitly warned King not to go over 10% or else their concert party would be over the 30% threshold. Of course, King ignored this and later told the TOP that he was ignorant of the rules.
TOP goes after the largest shareholder of the concert party – hence King. Simples 🙂
“I am shocked… shocked, to find that gambling is going on in here.”
“Here’s your losings, sir…”
I just feel so sorry for Dave. It’s simply inexplicable that people would be willing to accept the derisory sum of 20 pence a share, for their stake in the world’s most successful fo…
[ …what’s that?… what do you mean “not the s…”
… really? … you mean, like a different one entirely?…
oh…. yes of course… yes, I see… ]
Anyway, as I was saying – ho ho ho! : )
Just checked the current price of Rangers shares is 35p.Confused to why Rangers fans would sell for 20p.
RIFC shares are effectively worthless.
There is no current price for Rangers shares – they are not listed on a proper market, and there is hardly any liquidity in them.
The “current price” quoted is simply whatever any pair of folk last agreed to trade them at.
In other words, if you want to convince morons that 20p does not represent good value, you simply offer someone 35p (say) for a handful of shares – bingo, last trade 35p, share price has rocketed.
It means nothing in terms of the *actual* value of the shares.
And still less in terms of Dave King’s outlay. As I’ve already predicted on here, he will not make an offer of any kind for the shares. Imo, he will simply restate the claim he made in court in October, that he is broke and therefore regrettably unable to comply with the court’s instruction.
The city enquiry Phil speaks of was probably a hope-over-expectation long shot, to gauge if the outlay might be coverable via some sort of agreement with Club 1872 to buy any purchased shares back off him at a later date, via the fundraising strategy known as Fleece-moron-sevco-fans-yet-again. But, alas for poor Dave, I think even they are starting to get the picture now…
That will surely bring the game into disripute in a few ways
Hi Phil; interesting news, and to say that this news shocked King, is well, shocking. He must really be deluding himself! As you point out, 20p a share is a lot more than zero per share now.
It’s also not a surprise that he would try to appeal since that would be a lot cheaper option in paying lawyers to file some paperwork and delay the inevitable, than actually have to go out and fund a real offering. However, that is overlooking one small (well, not so small) item; namely that in order to appeal this kind of decision you normally would have to be able to show that he decision had erred on a point of law – not simply that you didn’t like it.
It would be interesting to know if any legal chaps out there thought there was an element of law that he could base his appeal on. The decision issued by the judge appeared rather scathing in it’s analysis of King’s case and pointed to it being a somewhat clear cut and basic decision. I guess we will find out soon enough as the clock is already ticking on the 30 days that King had been given to comply to this decision. Truly developing story here….
Och, I’m sure he can persuade the Lord Baron of Duck & Cover to lie again for him in court, he got away with it last time, sure, and I’m pretty certain that for the (dark) princely sum of 750 quid an hour the lead swinging Baron would do more than just flash a wee nip at ye to distract and delay from the inevitable.
Better the few grand ye know than the 14 million you’ll never see again, wha’?!
As the great Philadelphia lawyer postulated, “100% of 20p is more than 200% of nothing at all.”
King has done nothing to endear himself to the great unwashed. The smart move for me, were I so inclined, would be to cash in, and then make a “sentimental ” investment in the next kettle of vultures in line to pick the remaining flesh from this pungent carcass.
You said in 2012 that it would take a decade of upheavel before The Govanites would even begin to find their feet (I paraphrase), and while you never claimed to be Nostradamus , I fear you might have underestimated the inherent madness of certain elements of mankind.
Truth and competence and independence are not about percentages, rather, they are the stuff that support that crazy antiquated idea: journalism!
The late Paul McConville said it would be at least a decade but probably more if they got their act together way back in the day when the new club began. 5-6 years later there has been no progres*. Oh well.
So much of the late Paul McConville’s observations were highly prescient.
A lovely man.
Sadly missed.
Fantastic writer. Exact, articulate, witty and funny. We need more like him. And more like yersel Phil! Happy holidays to your all.
Remember Charles Green saying the club would be tied up with court cases for 10 years around 2013.
I would love to know the actual Point of Law he plans to base his appeal on..
I have it on good authority that King’s appeal will be based on the fact that M’lud signed off on this using a Bic biro instead of a Parker fountain pen. ?
Will he be more shocked still if an appeal isn’t allowed to progress?
If I were the concert party, I’d take up the 20p offer as well. Really put the stones to Glib …
It’s only outwith the party … unfortunately, or you would see uptake there as well.
No doubt the legned that’s Alistair Murdoch McCoist will be hanging onto the shares he got for? Nada? 1p?
More likely the cry is going to be “Shareeo, Shareeo, Shareeo!”