Firstly, dear reader I hope that 2018 will be good to you and yours.
Athbhliain faoi Mhaise Daoibh!
Of course, the festive period can be a difficult time of year.
It is with this in mind that I have been thinking about that poor chap the Serious Professional.
Just after Christmas, I’m told he had something of an unpleasant surprise.
The security chap at Auchenhowie was rather surprised when a surveyor fellow turned up at the facility.
It would appear that the esteemed chairman of the Holding Company Vehicle is on a solo ruin to raise cash.
In order to do this the basket of assets will be used as security.
The reason for this attempt to access finance is to make an offer for the shares of RIFC.
For the avoidance of doubt, the other directors were not aware of this move by the chairman.
At this stage, the non-King faction of the Sevco High Command does not know if the South African based entrepreneur is serious or just grandstanding.
What I do know is that the finance house that King has approached is not based in the UK.
Of course, if my information is incorrect then I will be happy to publish a high-Level retraction here after the official denial is issued by Sevco.
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An interesting read with the benefit of hindsight… ?
It may be possible that King is seeking a valuation of the assets in order to raise a personal loan against the value of his shareholding when measured against the pro rata value of the assets
Happy new year young man all the best to you and your3
As always Phil, your updates would compete with a Robert Ludlum thriller , great read, as posted earlier how can he utilise such an assett for his own personal troubles ?
Happy New Year to you and the your famile members , GB.
Happy New Year Phil to you and yours, may 2018 bring all you wish for
Many thanks Gerry.
The very same to you and yours for 2018.
Happy new year Phil. As I understand it he can’t use company assets to fund the share offer, and if I am correct then I am sure the ToP will have something to say about this if true.
The Emporer’s New Clothes
Brilliant Phil…As always
Have New Year to you and your family
Interesting development, especially coming off your previous blog where King asked the board to borrow the money and then loan it to him to buy back shares.
My question would be, how can he utilize the company assets to securitize a debt that is his personally? I would think that in a ‘normal company, the Board, the Shareholders and the auditors would be screaming bloody murder.
2 questions for rugger guy Phil; what are the legat steps for the Board or shareholders to block THIS? And, the, what are the Auditors responsibilities to criteria of “Material Change” they signed off the accounts on (that NOAL would fund, company debt/assets not securitized against anything.
Happy New year phil to you and your family…
Keep the good news coming
Happy new year Phil , keep up the good work.
Many thanks Ian.
The very best to you and yours for 2018.
Here’s hoping for a happy and prosperous New Year to you and your family Phil and to one and all.
They’ll be trying to sell anything that isn’t nailed down. Let the firesale commence.
They’ll be ably abetted by the smsm who’ll do their best to put a gloss on any “ incoming” targets and try and bump up the value of those set to leave with imaginary interest from other teams lol
Happy New Year Phil and Family
The same to you and yours Thomas
Hi Phil & Happy New Year to you all.
Wouldn’t surprise me to hear Glib try something out of left field,however,I don’t see how he can use company assets to secure what would surely be a personal loan.I can’t see hoe any company director,even ones as stupid as those at Sevco,would allow this.
I maybe wrong here Phil, but I was under the impression that Murray Park , as it was constructed using public/ lottery monies, was not owned by the galaxy’s greatest team. If this is correct then shurely ,as the gardener would say, how can it be in basket of assets for security against a loan.
In my wee Timmy village we would posit that Dave the reptile is “ Coming the Bag.”
Don’t know the origins but I think everybody will know what is meant.
Continuing where you left off. Thanks .
Happy new year to you and yours Phil. Does this mean the ground is being used as collateral, and ownership has been established?
‘is on a solo ruin’ . Quite! HNY, Phil.
Where would we be without Freud?
I hope 2018 is great for you and yours.
A very happy new year to you and your extended family. Keep up the good work in 2018.
Brilliant Phil.
Happy new year to you and the family