I think that even the staunchest stenographer will baulk at attempting to spin the result today in the Court of Session as a “favourable settlement” for the impecunious saviour of Sevco.
However, firstly a hat tip to the Fitba Fifth Estate.
Despite the weather crisis across central Scotland, the folk from the Scottish Football Monitor (SFM) had someone in court.
Their contemporaneous account on Twitter was timely and value added.
Rugger Guy just messaged me and brought my attention to this piece of December 22nd last year.
His view is that it is still worth reading because of the ruling today.
So here it is.
A well-placed source has told me that several of the main players in the Sevco High Command had a telephonic sit down a few days ago.
Their working plan was that the Court of Session would probably hear the case for the allotted two days and then go off to wisely deliberate.
The hope would be that a judgement would not be handled down until mid-summer at the earliest.
This would give the chaps in the Blue Room enough time to engineer an emotionally driven share issue.
You may have already seen the hilarious video from Club 1872 where it is claimed that the fans “saved the club” in 2012.
Oh dear.
They need to believe that.
They really do.
Consequently, the grief of liquidation has ossified them into an incurable denial.
Of course, they should have been assisted out of this paralysed state by the local media.
There were some promising signs in the summer of 2012 that the painful truth would be offered up to The People.
Instead, the stenographers have played their shameful role in pretending that Sevco is Rangers ever since.
The chaps in the press box now obediently regurgitate venal fantasies.
However, journalists should stick to the facts.
So here they are:
Mr King/NOAL will now have to deposit £11m in an escrow account AND fund a prospectus.
Moreover, that document will have to be entirely upfront about the financial prospects of Rangers International Football Club (RIFC).
I’m told that the usual price for a prospectus is in the range of £300-500k.
However, this one could cost more because of the glib and shameless track record of Little Lord Impecunious of Johannesburg.
The full nature of the arrangement with Close Brothers, including the penalties for default, would also have to be laid out in the prospectus.
Dave King had a plan to play for time with the Take Over Panel ruling.
The hope was that before the time was up something would emerge, like a new investor/fool who would dig him out of this hole.
As they say in the military a bad plan is better than no plan.
Well, that plan ended today.
Lords Carloway, Glennie and Drummond-Young called time on it.
Coco the clown at ibrox noise is at it again with the Chinese bid for morelos now he has it that jelavic is the go between for all the so called many millions that had been bid from China as the person who put Chinese clubs on alert for morelos what a bam this guy really is .I wonder what Turkish delight he will come out with next but the bennys will keep buying it no matter what.
If sevco fans had the choice of 1 – stopping Celtic achieving 10 in a row at the expense of Administration/liquidation of their 6 year old club? to 2 – Celtic winning 10 in a row but their 6 year old club continuig in a better financial state? Me thinks sevco fans don’t care as long as current and future loan players STOP Celtic winning 10 in a row anytime within the next few years
As fellow Tims on here might know…
I know 4/5 ths. of feck all about Accounts/Shares/Harry Potter/Twitter and Facebook.
So…can someone help me.
I read this morning that we earned approx. £28 million from the CL group Stages.
My question is…
Has this amount been included in our recent published Accounts…
Or has it to be added onto the healthy surplus that we already have.?
I thank you.
PS: I’m an expert on Pansy Potter if anyone is struggling wi’ that…:0)
CL payments don’t get paid until the tournament finishes, that’s why it’s not in the 2017/18 Interim Report. The profit figures mentioned don’t include this payment.
You have to laugh at the bennys on follow follow they are laughing at Dundee utd chairman resignation and they are all shouting for United to go into administration. FFS look at the state the ibrox club are in and they want to laugh at United maybe going into administration. You couldn’t make it up with these dafties no doubt coco the clown from ibrox noise will be getting ready to give us his comedy gold on it all .
What an absolute shambles and joke for a newspaper the evening shark jump is .Two days since king lost his challenge in court and nothing from this bog roll of a newspaper .It’s good how they keep it out of their newspape with their sponsored silence on this serious matter. All they can do is feed the bennys (that’s benny from crossroads ) all the feelgood factor that everything is good at ibrox even though all the assets have been pawned ah Chris itchy sack jack never let’s them down with his Turkish delight stories .
Another week gone by and still not a peep from the Compliance Officer on his review of SFA licencing procedures which Regan tasked him with 6 months ago!
With transparency not an SFA strong suit can we assume that the CO has been told to stand down his investigation?
Given that most of the details were already in the public domain and that the SFA knew who signed off on the Oldco licence application and when, and that there is no HMRC paperwork confirming that the matter of the overdue tax was still being discussed at the aporopriate UEFA cut off date, what the feck is going on?
6 months!…this should have been put to bed in 6 days.
There is absolutely no doubt that the application was fraudulent from the start which puts those who made it in the frame.
If the SFA’s get out of jail card is that the clubs self certify and they rely 100% on the clubs being honest then I despair.
How long would it take a low level SFA employee to fire off a letter to HMRC asking for confirmation that all the clubs comply with UEFA regulations and have no overdue taxes at the appropriate UEFA cut off date.
It was also no secret that Oldco had a £2.8m liability kicking about. You would have expected at the very least that someone, anyone, at the SFA would have checked the status of this with HMRC.
I apologies unreservedly to the CO if he has passed his findings to Police Scotland Fraud Squad and that criminal charges will follow against the perpetrators of the fraud and those involved in the subsequent cover up.
Full squad working at Celtic Park to make the surrounding area and approaches clear of snow for Saturday’s tie.
Over at Ibrox they seem much more relaxed, perhaps relying on an immediate thaw to clear away the substantial snowfall.
Maybe tomorrow a call for volunteers will go out, bring your own shovel, bovril and pies for sustenance at cost price and a free pass for Sunday’s tie.
Excellent work Phil.
Keep on Runnin. We Just Can’t Get Enough!
Also thanks to CC for detailing the shareholding structure.
My own view is that in light of Phil’s well supported research re the impending insolvency event and it not yet happening…
The delay is because there has been a game of poker being played out in the Blue Room.
King v The Rest.
So, standing back from the detail….
Who has the most to lose financially?
Well it appears from Rugger Chap’s blunt analysis that the equity is worth nil.
So forget the value of shares.
Its the loan holders at risk of further losses.
The last audited accounts showed c£17m of investor loans and roughly 50/50 King/The Rest.
The more recent Parking Support has swung that towards the Rest being the main funders.
Now if King had to table another £11m+ fees he would be facing the biggest loss by far.
And with that £11m buying worthless equity….its money straight down the pan for him.
My hunch is that the Liar King will now swing from being opposed to Admin to now encouraging it.
And he could conveniently have Close (and TOP) labelled as the bad guys. As charge holders Close would be required to raise the action.
As a result The Liar may thus at least get a delay and possibly avoid having to bid for a company in Admin.
(This is all uncharted legal territory in the UK, so back to court it would go…)
The Liar bluffed that he had/was a King.
And now he folds.
We are Close to the Event…
After the prospectus has been done, assuming it’s done accurately (no moonbeam thinking).
Will any of the dignified directors whom have been providing coinage for the leccy meter in return for shares, find themselves over the 30% share ownership threshold..?
This opens a huge can of worms for any of the dignified chaps if it does.
A canny lad would be looking to off load shares at the 20pps so as not to tip over, costing Glib n Shameless even more…
Oh the hole we dig when we let emotion rule our addled heads….
Big up to CC for his input…..cheers…
Phil, if you look at all the “goings on” at the Team Playing out of Ibrox and your previous involvement in exposing the Liquidated Clubs operational practices, you must see the comparison. SDM played with “other people’s money” i.e. Bank of Scotland; DK is playing with “other people’s money” Season Ticket Books.
All the “Loan signings” in the January window are on the “never never.” No money was paid up front. Its promissory notes based on payment when the “Season Ticket Books” come in. As is the Close Brothers Loan. Even the Docherty signing from Hamilton was a “promise/guarantee” from DK to pay the transfer fee, again when “Season Ticket Books” come in.
They are “all in” on winning the league this year and achieving Champions league money. It’s the only plan they have. That being said, if I was an official at Celtic I would be monitoring every decision in all games played from now to the end of the season, especially the games against the “Newco.” Those old “Honest mistakes” may be on the increase eh?
Take a look at http://www.rangers.co.uk/club/investor-centre/share-information/
Assuming these numbers are up to date – a big “if”. This lists 60% of issued shares, 48.9m of 81.5m.
A further 10.4% (8.5m) of shares are barred from voting because their owners failed to provide adequate information as to their beneficial owners (true identities of owners). The link to their nominal names is broken – think Blue Pitch Holdings and other old favorites.
Individual fans spent only £4m of £22m at IPO time on 70p shares, which probably haven’t been traded much. So that’s approx 7.0%, 5.7m.
So a total of about 77.4%, 63m are accounted for leaving approx 22.6%, 18.5m in the hands of sub-3% shareholders – many are probably 1p shares gifted to the likes of Fat Sally – individuals who would rather stay in the shadows. Some are held by financial geniuses such as Kieran Prior and Felix Magath.
I’m thinking that the chances of Evel5 and the SMSM influencing this entire diverse sub-culture to turn down 20p is somewhere between The Cape of Good Hope and good old Hope Hicks.
King should be planning for 20% to 40% take up. Add up Easdales (6.5%), River & Merchantile (4.3%), The Barred (10.5%) and the One Percenters (22.6%) = 43.9%
That’s £4m to £8m that won’t be coming back from the escrow account.
Some food for thought for those thinking this is good news for King.
Lions and Tigers and Bears! Oh, my!
Excellent detailing CC….Most of its over my head mind ye…but that’s an age thing..:0)
Well done.
cheers Mike 🙂
Or to tell the joke another way, does George Soros us QuikQuid.com?
20p/share values RIFC plc at £16.3m. Whereas, 27.5p/share values RIFC plc at £22.4m. Companies worth £22.4m don’t borrow £3m agaisnt all their movable assets and pay back £4m with half the contract dealing with “in the event of administration”.
Really good analysis. Thanks!
always well thought out posts from yourself CC
As a lay person I hope someone can answer these questions,
The judge heard The Lying King claim he has no money or control of NOAL, yet before the case is called King emails Ibrokes and say NOAL will pay for the shares.
1) Why then did the judge not fine or jail King for deceiving the court?
Having thrown out his appeal.
2) How long does King have before making the offer? ( I would assume the prospectus would take some time to prepare if it has to detail everything ).
Should admin follow( follow).
3) How can it be right that a 15 point deduction still leaves them in 4th place?
I still can’t get my head round why a prospectus is required. He’s buying not selling. I would have thought that a letter of offer to each individual shareholder, indicating the cost and a method of carrying out any transaction, would be all that’s required.
Ordinary punters are being asked to sell (or not) to a professional investor. The professional must therefore make his case that he is making a good value offer – based on factual evidence – compiled by an independent expert. Seems reasonable – because some professional investors tell porkies and rip-off ordinary punters.
The shareholders must be given a clear and accurate appraisal of what their shares are actually worth before deciding whether to accept or refuse his offer.
Glasgow Evening Times wins the Pravda Journalism Prize for totally blanking the Dave King, CoS, Take Over Panel story. The award witll be presnted by Vlad Putin after he wins his election by 93% in two weeks time.
I hear that the STV News Desk team will be contesting this…
They claim that they failed to tell many more people than the ET.
He usually gets 103 % of the vote .
Chris Jack has issues commenting on football matters, senior sports reporter that he is.
We are all aware of the nonsense that he produces and he does nothing to hide his blue facing nose.
Put the COS thingy in front of him and he’s just so far out of his depth.
When the ET shuts its doors then Jack can claim huge credit for his part in the papers demise.
Those contributing to the ET football comments section will have noticed a cull over the last few weeks removing those who are either critical of King, who mock the Morelos story, expand on the financial crisis at Ibrox, or laugh at Jack and his output.
Prolific it may be but its prolific shit which is aimed at one demographic hence hastening its demise.
I expect to see 2 things in the next few days/weeks; first, there will be a concerted PR effort to assure everyone that 20p a share is less than the actual REAL value (no sniggering at back). The second thing is the application of pressure on people who may take up the offer (an ex gardner?), to publicly state they will not take it up. And by pressure, I mean the kind of pressure that Razors would put on people who might be tempted to vex Harold Shand! 🙂
Oh the daft bennys on follow follow are absolutely delighted with the outcome of Kings court case yesterday. Just about everyone of them posting on the king thread is over the moon with his winning decision from the court. The dafties are saying him being there the last 3 years the club have never been in a better place lol having to go to the local pawn shop for a sub but the club are in a fantastic position ah the bennys they never let you down with the comedy gold every day . I wonder how the papers and radio stations will spin this massive porkies. Come in Kenny pants on fire mckintyre and shout on the Chisler that is Dave king .
Just to be Devil’s Advocate for a moment. If King produces a prospectus and every single shareholder decides NOT to take up the 20p offer, then King (NOAL) is half a £mill down and everyone is happy. That doesn’t change a thing for a heavily indebted, heavily securitize, loss making business with no viable rescue plan and no sugar daddy. Oh except, selling a share issue, even to the gullibillies, once the prospectus information is out there may be somewhat challenging. But there are buts. Kardashian sized buts about the above happening:
1) Will any Nomad want to do business with King at any price – shit sticks? Do Close Brothers offer Nomad sevices at distressed rates – let’s call it £2m for a prospectus.
2) The true value of the shares is far, far below 20p. Not opinion. Add up free assets, Take away Liabilities incl loans of all types. Divide by the number of shares currently issued. There’s your raw share price. Now adjust up and down to factor in: future profit, future asset growth, future liability growth, future dividend potential (no, please), risk of admin/liquidation. Is the £12m Morelos bollock “value” making sense now? And the other two worth £5mill. My assessment is a raw share value of 1p to 5p – being very optimistic – with a strong recommendation of Dump, Dump. Dump. Anyone thinking money will jump at 20p per share – that will do nicely. Even the 1p share buyers will lose 100% of their investment in admiistration & liquidation. Tough choice eh Sally? Sell up publicly or lick your wounds privately.
3) Dave may just walk away and feck the lot of them. My money is on this option. That kinda fecks my Devil’s Advocate scenario.
Today, I’ll mostly be serenading the SMSM with “My Lips are Sealed” in the style of Fun Boy Three. Enjoy 🙂
PS I hope any Nomad insists on seeing written Chinese offers for Morelos and co – and follows up with the offering clubs – and checks out transfermarkt and independent sepertts – and then applies suitable adjustments for moonbeams – because figure this will be almost the entire free asset value of RIFC – to set against approx £20m of director loans, unpaid invoices, stadium repair liabilities, perpetual operating losses, that gift from Wonga Bros etc, etc, etc. A prospectus implying a share price of over 20p will require tales of mystery and imagination that fly within gnat’s gonads of interest from The Serious Fraud Office. I hope the Take Over Panel have briefed their Nomad associates that Hans Christian King is a convicted tax evader and liar of the glib and shameless variety.
Today, I’ll also mostly be singing “No Nomad, No Cry” with apologies to the late, great Bob Marley and his Wailers.
Great assessment. When I think of Aye Brokes I also think Dump Dump Dump !
I hope the BBC’s business guy is keeping up with all of your work (Fraser somebody, he’s a flat -earther 27p a share valuation kind- of -guy. And we fund this trumpet blowing.
My only criticism of your analysis is that you failed to factor in the value of Dignity in the Sevco share valuation. Lol.
I’m quite staggered ( yes even in the mythical world of Govania) that yesterday’s court rebuff is being interpreted as a victory!?!
Gullibillies…. His request to appeal was refused… Are you saying Mr King made this request to appeal in order to get a repeat result of the original ruling which went against him?!
I wonder how it would have been spun if the right to appeal had been granted?
Must be like being a goldfish supporting that lot.
I won’t be surprised if a loss to Celtic at IBrokes will be spun as a win for them?…
” aye but but, Cellik won 2-0 … But ra Gers beat st Johnstone 4-1 and Cellik cudnae beat them 0-0… That means that the score is really 4-3 to Rainjuurz. WATP,!!”
At least they have a positive outlook on life.. Everything’s a win-win for them!
Awww.. Chin(s) up!
On the subject of journalists, The Guardian is reporting the Trinity Mirror £200m takeover of The Express Newspapers is going to result in Trinity Mirror looking for annual savings of £20m which will result in job cuts. They are also going to create a sports department to provide content to all the papers it owns. While there is no direct mention of the Scottish titles it will be interesting to see if this is going to affect the Daily Record et al in terms of job cuts and coverage of Scottish sport.
I do hope all this heavy snow won’t effect the Impecunious roofs at Ibrokes…
Snow does have concomitant risks …
Does King need a prospectus? As I have understand it a prospectus is required when you’re issuing new shares or floating a company on the market to attract investment. King has to make an offer to buy shares, not sell them. Could he not just put an advert with a limited time offer in a national newspaper and follow it up say in 28 days with a final offer?
That nice Mr Murty has upset Ian Holloway his QPR oppo with his loose talk about signing Sean Goss.
Leaving that to one side and if Goss was available what would QPR be looking for…… £3/4m with the majority up front?
I dare say that might not be doable for the Ibrox club as it doesn’t fit with their transfer model.
No deposit, balance paid over the length of the contract and 50% of the fee payable on CL group stage qualification.
Take it or leave it Mr Holloway.
Only Club 1872 will have paid 27p for the shares from Ashley.
The institunional investors will already have written off their investment so will bite the hand off someone offering 20p per share.
Add in the major disenfranchised shareholders who will be tripping ovet themselves for an exit plus any of the lucky ones who were gifted 1p shares then it will cost King £3/4 million.
For what? Shares in a company which has never made an operating profit in 6 years of existence?
The current financial year, with payroll through the roof, is likely to show an increase on the £6m loss for the previous year.
No matter how you view things anyone painting the judgement as a result for King needs urgent medical attention.
If NOAL steps up will that impact on the promises given to Dallas Campbell of funding the £7m cash shortfall?
Has it already had an impact with Close Bros providing the £4m required to keep the lights on this season because NOAL has reneged on the promises made by King on its behalf?
The speed of the judgement is unprecedented and may well have thrown a spanner in King’s timetable.
With claims of impecuniosity being made in a court of law and King claiming that he has no control over NOAL on the one hand, contradicted by his pledges to the auditors and his assurance to the Newco board that NOAL will underwrite the share issue, he and his brief seem to have dodged perjury charges.
Finally the clock is ticking though who would be surprised if King tried to further kick the can down the road with an appeal to the Supreme Court.
I can envisage the GASL slating the COS judges for taking all of 10 minutes to suss him out when others have not been so quick to understand his M O.
to any shareholders from the dark side looking in,the clues are all there to see for yourselves,crisis loans,folk losing their jobs,a quick papering over the cracks in the upkeep of the stadium,king losing his appeal,a transfer policy in January of buy now pay later,if you don’t not take up kings offer if there is an offer on thetable and you don’t take it,more fool you ha ha,TICK TOCK
In fairness Boaby….you failed to mention the Morelos valuation…which, as an asset, surely wipes away a lot of the problems…?
And bear in mind…they are so financially secure…that they were able to repel the Chinese boarders…who offered astronomical amounts to get him.
A wee bit of balance needed I think…:0)
I see the daily ranger has an article on kings situation from court yesterday at least they reported it .But the evening shark jump not a mention of it at all nothing the middle of a doughnut zilch Chris itchy sacknow jack must have pulled a few strings to keep it out his fanzine paper .
COS stuff is way above Chris Jack’s pay grade.
He will be wondering why NOAL is grabbing the headlines 10 weeks after Christmas Day.
He definitely falls into the to be sorrow for category and hopefully he will be quick to find a suitable post when the ET shuts its doors.
Given the latest circulation numbers that won’t be long.
I shall be very interested in the accountatncy firm’s input to the required share offer document. The audit profession is coming under severe scrutiny at the moment (what with Carillion, Maplin, Toys’r’us), the suspicion being that they will find a way to sign off on pretty much anything to make their payday. Just how far will they be willing to go to accomodate DCK?
It would appear that Dallas Campbell has been led up the garden path by King and signed off on the accounts based on information and promises made by King and his board, none of which has materialised.
In addition just a couple of months down the road a wonga loan has been secured against parts of the infrastructure without which the stadium could not open for business.
Did they know this was coming?
Auditors are loath to give up on a client as it hits the partners where it hurts, in the pocket, but if someone is lying to your face then its time to walk away. Only the auditors and the client will know what info has passed between them.
Perhaps they were aware of the Close Bros deal and were ok with it but if so it was strange that no mention was made in the notes to the accounts where significant future events would be included.
Significant events like, say, sacking the manager and his mngt team.
It was suggested at the time that Campbell Dallas only got involved due to Stewart Robertson using his connections and asking for a favour. If that’s true then it’s entirely possible that they’ve already made the decision to walk away, especially with events elsewhere like Carillion bringing the role of auditors into the spotlight.
Joe, as I remember, CD blanked the inconvenient but significant last day of the reporting period without mentioning it in the notes. It’s hard to see CD as a victim in this.
All of this is 2012 rewind.
Death by a thousand cuts.
Who can forget the braggadacio & throwing around of money to buy one reject after another as the pile of unpaid bills got higher?
All to convince the timid & nail biting fans that all was/is right in the good shop Sevco.
For the last six years many of the battles have been lost on the field of play. Strangely & by sheet accident they may have ended up with the best manager in their history…of six years. Just in time for the off field battles to be lost.
What gas happened to all the money thrown at this club since 2012?
You know when they were liquidated owing 140 million & a conspiracy of cowboys conned their fans into thinking that their board & staff were innocent of anything except being victims of Timmy circumstance.
It’ll be worth it when it comes.
@Sean
No it will cost him around 500k to set up a fund. That fund by law will need to have the full amount of cash ready and waiting should every one decided to sell. The 27p you quote is not officiall as the shares are not public. Also even if they were inside selling for say 30p it would still be absolutely beyond stupid to keep them (for profit value) as the vote has been passed to open a new share issue. (More diluting of shares) But the club has already racked up almost 20 million in loans (that we know of) that need to be paid back straight away. So basically once when/if that ever comes to pass the said shares would be worth well short of 20p. Remember close bros secured almost everything that is not nailed down for just 3 million. So what is a realistic price for whatever is left when making up an evaluation? My guess would be anything between 2p/5p a share.
Never mind King. The fact they are 6 points behind us is more worrying.
Heaven forbid they get a result v us at Ibrokes.
Brendan can forget the invincible season. …His legacy will be losing the league to Murty.
Just as well Pedro was a disaster or we’d be in trouble.
UTLR
If Glasgow Rangers don’t win the upcoming Old Firm derby by at least 3 goals then I will cavort naked thru Penicuik Public Park, 55 is coming.
Just a wee reminder :
1) Glasgow Rangers ceased to exist back in 2012 but did return after liquidation as sevco.
2)There is no longer any such thing as the Old Firm as sevco is really quite new in historical terms.
3) You cannot win 55 as you have only 1 cup so far i.e. the prestigious Petroltank Cup.
4) You will be cavorting in Penicuik Public Park and enjoying the cold weather which is sure to dampen your assets.
I have always been taught not to mock the afflicted but muppets like you crack me up. Have laughed so much at your lot that the tears are running down my legs so enough now and go stick your head back in the sand. HH
Funny how only ‘Rainjuurz’ fans like yourself (and your media) persist in using the term ‘old firm’ … Desperate to be associated with another club!
Nurse!!
Nuuuurrse!!
He’s got oot again!
By the time your new club reach 55 titles mate you’ll be tripping over your own Bollocks in penicuik public park.
If rangers win by 3 goals I will go on a course to learn the language off the Ulster Scots (I might be there a while but I will give it go ) apparently it’s massive on the island of Ireland. The propaganda coming out ov Ibrox and the media is worse than the BBC in the 80s,
The fools The fools The fools (PP)
By the sounds of it, it’s not going to be 55 that’s coming, you silly little Billy!!
Do u brush your teeth with toilet paper Ill Phil? The utter crap u produce on a daily basis would suggest that u do. We have the best squad in Scotia and when the mighty Glasgow Rangers DEMOLISH Septic next month, what other fantasies will u wheel out? Today was a victory for our esteemed club just as a title win 55 will be celebrated in May when the natural order is restored, back in your box Timmy, the Rangers have won WATP.
What a plum, and I’m nota Celtic fan
Natural order, gimme a break ya numpty
If anyone talks shite it’s clowns like you..How on God’s earth has this been a good day for Sevco..The Glib & Shameless Liar has been found out AGAIN..This is what I love about you Knuckledraggers you get yourself all build up about absolutely nothing..You Won’t Beat us and you no it..Well Mabey If The Refs In one of your Lodges like Madden & McLean are..Phil told you Pricks the last time you were heading for Liquidation and did you believe him then..NAW..You Won’t Have Any EBTS To Cheat with this time Williams..A couple of results and you Fanny’s Want To Take On Barcelona..We’ll Be There On the 11th And we don’t want any of our players attacked on the field like the last time we visited Skunkmountain..Onwards And Upwards For Your Champions..
Skint, cheats, hopeless, deluded. Scotland’s shame. Go polish the Petrol Cup as that’s the closest you’ll ever get to silverware. Try not to skin your knuckles when the roof caves in on the Debtdome. HH In Brendan we trust
Where do you start with that.
Wouldn’t listen years ago won’t now. The amount of self entitlement is beyond belief.
Guys like you and Dave King are an essential component of 10 in a row , and beyond , keep up the good fantasy.
This seasons Championship title will be remembered for a long time to come. Sevco supporters were given hope only to be cruelly crushed again by Celtic. Know your place.
Whatever ur taking stop it for Christ’s sake ur a deluded clown if u believe the crap on ur comment loan rangers r going nowhere doing nothing and send all players back and pay close Bros u will be Said again hail glorious ST Patrick
Can l have some of whatever delusional juice you are Clearly on.
On second thoughts no….l want to face reality.
How do you come to the conclusion this was a result for King?
You must be extremely Loyal/staunch.
Loony
As a great thinker and philosopher once said “your club is Deid mate”
Yes the sectarian cheating boil on the bum of Govan is no more.?
Keep up the delusion you lunatic. You’ll see 10 in a row before you even get a sniff of 55. Roll on March so we can watch you Sevconians get thrown back under your rocks. HH
By the tone and content of your rant I would form the opinion that there are probably saner people than you in institutions for the criminally insane, some of them wearing strait-jackets.
You sir, are an ostrich!
First things first Craig. you do know you posted 1st March right? so that means the Glasgow derby is indeed THIS month…
Do you know your club entered ADMINISTRATION and never exited?
Do you know your club entered LIQUIDATION due to a CVA not being agreed?
I would love an answer to these FACTS
thanks in advance,
First of all, I am going to give you the benefit of the doubt and believe you are serious and not at the wind up.
Having managed to decipher your poor grammar, could you please enlighten us all as to why it was a victory for King? I am genuinely interested in the logic behind this assertion.
Why the appeal if the final decision was the same as the previous court decision? Surely, by your statement, it already was a victory for your “esteemed club” (is it club or company? Which one is carrying the can today?) and the appeal was a further waste of money? Perhaps Dave wanted the victory rubber stamped in a higher court disguised as a defeat?
Hahahahahahahahahahahaha
Your dirty new club has pawned everything to try and stop an honestly earned 10 in a row. A last ditch attempt which has no relevance as it was Rainjurz that did 9 in a tow , not sevco…. And there’s no prizes for being second to do something anyway.
It’s an ‘all-in’ tha will fail in terms of the league and will cripple the finances to the degree that even if you still exist come August, you or club will already be in deficit.
What really IS fantasy… Is the belief that loan players will get made permanent and Morelos will net millions.
The truth is that loan player will have to go back, higher earners or any vaguely decent players will move on , while you will be stuck with Granpa Alves and a mere 1.4 mill for Morelos if lucky.
You are going to lose the league AND your club in the same season.
I wonder if that’s been done before?
It has. 2012!!!!
oh dear…. seems you haven’t been listening too well (unless of course you follow follow all the pish at the Daily Rectum etc)
what was the victory you speak off.? where your dignified orphanage robbing chairman was told he must offer to buy all the sevco shares he or the 3 bears doesn’t already own, he must produce a prospectus (detailing every aspect of the accounts) and place 11 million into an escrow account in advance of the offer being made…. yep, its a pretty big victory, but more for EVERY OTHER CLUB that plays by the ffp rules that sevco are allowed to ignore in order to get above them in this corrupt league.
congratulations on reaching 55 (the league table shows you’ve surpassed your target and sit on 58 pts)…. if you ever do win the league it will be your first ever title apart from lower league titles (of course the esteemed petrofannies training cup is your 6 year old club’s greatest ever acheivement)
enjoy the 11 th where you’ll get to see youre broomy stand full with 7,500 tims doing the huddle and singing glasgows green and white (which you already know)
Hahahahs
How, in any way, shape or form can losing an appeal consitute a victory, that is madness!
On what bases do you lay claim to “going for 55”, “best squad in Scotia”, “natural order will be restored”, etc? You are a 6 year old club, so shouldn’t you be “going for 1”?
Like the banner once claimed, KNOW YOUR PLACE, HUN SCUM.
By the way, you lost any semblance of an opinion when you started hurling insults at Phil. In fact, I’d go so fare as to state that you have no opinion of your own – you follow the herd mentality of your fellow knuckledraggers.
TODAY WAS VICTORY FOR SEVCO?
Ha Ha Ha – They’ve sent in the clowns. What a right diddy you are. It’s time you took off the blinkers Craig and realised what a parcel of rogues are doing to your team. Peepul like you won’t heed the warnings and therefore enable all the takers to swipe your season ticket money as soon as it hits the bank. You didn’t listen to the warnings when Rangers died so try listening now. Pmsl. HH
Where do you buy you’re glue mate? You’re proper delusional.
Dream on Billy Boy, we’ve got a full team on the treatment table. Not one of your lot would get into our squad, not even your 11 million man LOL. Bye the way keep looking over your shoulder, Lenny’s lot are going to pass you.
Do you mean orange order mmm
Oh dear, oh dear, oh dear.
King and Sevco will continue.. of that there is no doubt. This scab on Scotland’s face is the stronghold of the masonic brotherhood and the hq of the orange order. Their PR Dept, the Scottish media, both written and broadcast, will continue to serve up lies and propaganda, whilst attacking their long standing threat and enemy. Their only debt is ‘soft loans’ payable through the masonic secret society, (any other accounts payable will simply suffer the same fate as the previous creditors). There will be no transparency, there never has. Their existence will continue to harm those clubs who are either frightened to speak up, or under instructions to shut up. I hope they rot in hell.
Phil…
If the money comes from NOAL….wouldn’t the SA Authorities want to know …How come ?
Or is he not infringing their “Rules”…?
I’m not clear on this.
On the pitch the evil eye grows stronger by the match. The orcs emboldened by victory. We must be strong in mordor on the 11th. King is a mere servant of the evil eye. Another will surface after he has been chewed up and spat out.
Like others, I have difficulty seeing King simply doing the right thing at great personal cost. I’d put money on his criminal instincts wiining over his sense of justice – and he’ll just scarpering leaving RIFC, Three Bears etc facing the Cold Shoulder without him.
Are we witnessing a return to the old days when Sir Minty Moonbeams would gather his laptop loyal poodles and spin them a yarn of how they were planning floating pitches and 7star casinos all on the Albion car park in order to boost investor confidence before securing further loans?
Call me cynical but the Morelos “offer” (stop sniggering at the back) and the loan shark loan, sorry Close Bros financial relationship seem awfully coincidental.
Where have you been? I believe that was implied at the time…
The onslaught of “the shares are trading at 27p, why would you sell at 20p?” will continue unabated until the conclusion of this fiasco.
What will be forgotten is the conflicted person who encouraged the Club 1873 (the real foundation date of the original RFC, the 1872 thing has been foisted upon, and all too easily accepted by the gullible in order to avoid phoenixing legislation) patsies to pony up the money to buy Ashley’s shares whom sits on the supporters board of directors and that of the new clumpany.
They also forget about the ostracised 21% or so of existing shareholders who will snap the hands off a 20p mandatory offer for their shares as they truly are worthless unless used in a pincer movement with other shareholders to oust King (I bet all you Sevconians got excited at that military reference there, didn’t you?). How likely are they to seriously hold out waiting for a sunny day when the shares rise to their ridiculous original offer price of 70p?
Lastly the 1p shares, how many of the ostracised groups got them at 1p? An offer of twenty times original investment? Yes please!
It wasn’t just the non contract reading cheeky chappy Alistair who got in at 1p. How many others were there?
So all the Sevconians will try to convince themselves that this is a simple case of 27p versus 20p and a mere inconvenience for King as the offers will be rejected. For that simple reason alone is why none of them are able to step up now to “save their club” or previously when the mothership was going down. The majority of them are just not good with money. The others who are, say the right things but keep their distance because they know the previous quarter of a century was a sham funded by the bank. I am amazed that there have never been charges brought against the bank that said yes to David Murray at every turn which lead to an almost £700 million combined collapse of his group of companies. Anyway, the real Rangers men who are left with money will not touch with a barge pole until the slate is wiped again and, even at that, they also know the mentality that has been nurtured and fostered over the last six years has resulted in complete unwavering insanity and a siege mentality that will bring demands that can never be met.
It is a disgrace that this is allowed to happen and that they (the common garden unhinged loyal loyalist of loyal loyalty Sevconian) first and foremost, are being cheated by their own “people” before the rest of Scottish Football are even taken into consideration. The whole thing is a sham to take their money in an effort to keep their superiority complex relevant in Scottish society through the lower class medium of football.
They just don’t get it………..
What a great time it is for the huns:
1)Moreorless to stay at at the crumbledome
2)Mr David Cunningham King winning his appeal
3)The major investment from Close Finances
4)In pole position to win the race for the title
Thank God for all the snow that it might clear the stench of shit that oozes from the dead club. How the gullibillies laud their saviours and don’t appear to notice that it’s their most venerated that take every penny that isn’t nailed down to line their already substantial pockets with – from Wattie, Swally, Big Eck and the multitude of directors. They all leave with millions and the zombies still lie prostrate before them.
Dodgy Dave may well disappear into the horizon but he won’t be financially worse off for his adventure, but guess who will? 😉 HH
What is the implications for Celtic and other spfl teams laying sevco.
Once again good work Phil
HH
Despite it all I would not be surprised if King tries to take it to the Supreme Court. I have no idea of the legal position but I cannot imagine that he will just accept this judgement. Anything to keep the TOP at bay and delay the cold shoulder. Time will tell but even if this episode is settled the whole fiasco is likely to keep us entertained for some time yet. As has been said many times: the gift that keeps on giving!
So the Chinese story is put to bed the same day Dave gets it in the chops, strange indeed that the Scottish press now monitor Chinese football club signings. The Daily Tripe has it that Beijing have splashed out, indeed have they? One of the players Ependi is valued £90,000 and the other Wang Chu at £113, 000, so grand total £203, 000 what a saving they just made to get two replacement players 55 times cheaper than the buffalo ( Obviously when the Chinese go for 55 they get it). The most interesting thing in the article is the emphasis they are putting on one of them being from Inner Mongolia, and then trying to dress it as if it were a foreign place compared to China by referring to the Chinese as Asian , mmmm domestic players join Beijing Renhe, not much of a story..
Kia Ora Phil,
Does this mean that when the ‘cold shoulder’ is applied, that the bank who currently offers Sevco banking facilities will find themselves on thin ice? A pox on Sevco and anyone who deals with the Lyin’ King and his nodding dog cohorts.
That’s a very good question. They could demand payment if the Cold Shoulder hits, putting Sevco in default and assuming ownership of the assets then either sell them on or lease them to Sevco 2/Rangers 3 at exorbitant rates. It wouldn’t be the first time.
Yes but if they call in loans because of the CS, surely they cannot do business with them re leasing back assets .
It’s hard to believe that King and his cohorts did not see this coming when everyone else did, even if the timing is a little in advance.
I’m inclined to think that King and Co will have contingencies in place and it wouldn’t surprise me to hear that those additional securities that were taken out last week were somehow connected.
The prospectus is going to be a very odd document when you think about it. I’ve heard it’s likely to cost around a million pound, more than is suggested here, to offer shareholders something that nobody wants to give them.
King seems to have compromised himself by saying that he or NOAL would cover any and all costs and I’m surprised that contempt of court hasn’t been suggested since he stated under oath that he had no funds and no means of influencing NOAL towards providing them for this exact purpose.
Fans and fan groups who have shares will definitely shun the offer of 20p but we must all wait to see who will come out of the woodwork and accept that offer.
Those most likely to accept the 20p offer are those who are most likely to look beyond the financial assessments and spin served up by the Scottish mainstream media. These days that’s a growing majority of people.
The suggestion that the prospectus will throw light on certain sensitive areas seems unlikely to me. And I f you were paying that sort of money for blurb, wouldn’t you be quite within your rights to demand that it only included helpful things — just as the newspapers do?
“I’m inclined to think that King and Co will have contingencies in place…”
Your inclinations are incorrect.
Re-read the piece.
It is stated there quite clearly…
Isn’t it hard to believe that they didn’t see this coming though, Phil?
If King and Co end up buying millions of pounds worth of shares instead of selling millions of pounds worth, as was planned, well, that has massive implications for everything here.
And if they aren’t prepared, willing, or able to do that then — equally —today’s ruling is going to have major ramifications.
Dave King doesn’t seem able to plan more than five minutes ahead, nor remember exactly what he did five minutes ago. There was no need to send an email to the Rangers board yesterday morning saying that NOAL would underwrite the offer, but he did. That was a really dumb thing to do, because as soon as his barrister heard about it he was duty bound to report it to the court, thus shooting his own client in the foot. It’s like the little kid telling one story to his parents and another to his teachers, not imagining that they might ever meet up one day and compare notes.
I know a part time gardener who has quite a number of shares he was effectively given….
He might jump at 20p a go.
Didn’t he “transfer” them to Westwood Loyal …??
Or some such dignified organisation.
Anyway the fat chappie disnae need the money.
I believe “Alastair” possesses circa £800,000 worth of 1p shares. That’s a return of £16 million – surely the cheeky chappie will have enough about him to accept that leveloan of mark-up?
£10,000 (1 million 1p shares)
It was undoubtedly a bad day for King.
Robertson is quoted as saying,”It doesn’t impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place.” What’s your view on that Phil?
Paraphrasing your rugger guy but his bit on Financial companies would have to disassociate themselves from sevco. Would this mean close brothers calling in their loan? If so that’s another 3mill plus away again. Lol
The cold shoulder is only meant to affect King, not Rangers. The whole point is to protect minority shareholders and damaging the company won’t do that. I presume that the lack of action to date has been because King has been theoretically propping up Rangers with his loans. At least if you believe the accounts. I wonder if SARS are looking in to that at all, because he told them that he’d brought all his dosh back to SA.
I have no doubt whatsoever that Dave King will welcome this development.
When he came to the “rescue ” in 2015 he promised transparency.
That’s exactly what the faithful will get.
Season ticket renewals assured.
This will be like thon magician that walked through great wall of china , howsi gonna do it . Magic ? .not a lot ?
Dave King has been bl@ckballed by the higher order. Basically told to behave or gtf by courts.
You reap what you sow
Ooops the Chinese transfer window has just closed
Phil; all you state as the ramifications for the lying King is correct. However, I don’t see any way that he actually does that (i.e. putting up 11M for a shares purchase). It would seem to me that it would be a lot cheaper to simply sell his shares and get out of Dodge.
2 questions for you and Rugger guy; 1) would selling his shares actually get him out of the troubles with this ruling? 2) assuming he did sell, I would imagine it would have to be shown to be someone totally separate and independent of any of the current parties that are involved in the ownership. Thoughts?
He still has to abide by the ruling of the court.
Yeah, but wasn’t one of the conditions attached to his staying out of a South African prison cell that he had to repatriate all of his assets??? Surely this prohibits him from making the offer to purchase the shares.
So if he does make the offer he falls foul of the SA Revenue folks and if he doesn’t then he’s in contempt of the “Bratash” courts. He has no option but to sell up and resign from the Sevco board.
Or am I missing something?
Lenny,
I would refer you to Phil’s reply to Peter above.
Hi Lenny, what you are saying is that if you got caught speeding you can sell the car so you don’t have to pay the fine, its not a fine this time but he has to abide by the court ruling.
The glib one tried a fly one, he failed, he has previous.
That will be the first time of he doesmmm
Wisely deliberate till mid-summer?
Oh dear.
Took them all of ten minutes after returning from lunch to swat aside this facetious, irritant appeal.
It seems that the Court of Session has very much lost patience with the Glib and Shameless one – far from the first court, I might add, to find itself in that position.
The prospectus document for his share purchase offer will make for fascinating bedtime reading – I await with bated breath. Not excessively bated, though. One should bear in mind that the idea of “contempt of court” is not so alien to Mr King as it might be to the average… erm… businessman.
We shall see…
Marshall,
When I read this last night? I thought the very same thing.
Being in a tight corner and looking to your brethren to give you a helping hand is one thing, however, King is simply kicking the arse out of the situation. It’s almost as if they want him to “get tae “.
Perhaps, even with the brethren, you can go to the well too many times.
Thanks to the beast from the east More loss is going nowhere as Glasgow Airport is closed…He could bunk down on a bed provided by the red cross if he wants though!
Little Lord Impecunious. Lol!
Are we talking about concomitant impecuniosity here ?Any betting on Mr. Glib producing £11 million of his family dosh?
He will disappear south of the Limpopo like rat down an empty wine cellar.
Maybe he will be saved by by some deranged investors/ fools.
Then again he already has Curly, Larry and Moe.
It’s a very true saying about fools and money. The Christian thing would be to feel sorry for these guys. I’m not a believer , and as such their predicament provides me with endless hilarity.
As for our award winning , self congratulatory sports journalists, they are deserving of nothing but our contempt.
Thank you sir for all your good work in exposing these charlatans.
Hooray, is there any truth that King has commandeered a JCB in the vain attempt that he can dig himself out of this hole?.
Here’s the very thing, a mysterious GLIB fan named “Mark” often phones SSB to talk up big up-and-coming investments in Sevco, tonight he also dissed the very crazy idea of anyone selling Sevco shares worth 30p (his valuation) for 20p. First step in the propaganda war perhaps?
Majikinat absolute majik good job phil
On follow follow they’re calling this a “WIN” for the glib YES a win I was left shaking my head thinking to myself how fcking delusional are these poor sad fucks?? Anyway great piece again on the ball as usual Phil ?
Phil,
So how long does the GASL have to deposit this money? (No laughing at the back)
Well, considering that it should have been deposited in escrow last year, I’d say, not very long at all.
So all the King’s horses and all the King’s men couldn’t put Sevco together again ? great work again Phil and let’s see what the press will say tomorrow ?
Hi Phil,
Is there a time limit on when the prospectus needs to be issued and the £11m placed in the escrow account?
Yes. He now has 30 days to make an offer for the shares – which would include producing the offer document and providing proof of funds.
He would then have a further 28 days to honour the offer – i.e. to make formal purchase of the shares from anyone who wishes to sell at the offer price.
Assuming he complies with the Court of Session’s ruling, I would predict several of the larger shareholders will take advantage of the offer at that price. Given the severity of the terms of the secured loan they’ve just had to resort to with Close Brothers, I’m pretty sure I would be taking 20p a share – like a semiauto share-sellin’ mofo – before a possible administration event took matters out of my hands.
Wonder how much support they will get from the league and SFA when the new club goes down the tubes. Perhaps they have learned their lesson and act accordingly, doubt it though.
The report in the Record was awful – clearly trying to get the reader on the side of the man wo saved their club, referencing how he had been ‘fighting against the order’ (which he patently ignored), ‘ousted’ the previous regime by ‘booting Mike Ashley’s allies’ out of the boardroom, and has faced ‘turbulent conflict’ with tax authorities in South Africa. It really is obsequious horseshit.
And of course, Robertson claims it’s an issue for Dave so it doesn’t impact the club and they can carry on with their plans – like a share issue perhaps? What a liar!
He also made the distinction between the club and the PLC, which everyone knows are one and the same. I see a parallel to Southampton a few years ago. I reckon they want to throw the PLC under a bus and claim the club is not liable for their debt, but the precedent has already been set. It won’t wash.
But never mind all that – what about the big story of the day coming out of Ibrox – Morelos is staying at Rangers! You really couldn’t make this stuff up!
Keep at it Phil.
I think you’ll find that most of it… IS made up!!
Yet on some of their sites they are claiming that tge G&S one has won his case as NOAL will pick up the tab. One claimed this is & all part of Mr King’s strategy to rebuild Rangers.”
As Tony Blair appRentkybsaid “Where on earth do they find these people ?”
Utterly delusional.
Phil, you and Rugger Guy are, of course, wrong. Mr King will now simply enter into talks with TPE to resolve this bump in the road 🙂
Cheers again for keeping us all in the loop Phil.
As we get blasted from the beast from the east i wonder if the mouth from the south is starting to feel the chill spread over his shoulders?
Fun times ahead for the best in the west.
Could king ask the club to cover the cost of the prospectus? Could some of that close brothers money be used on this? And if yes, will they have a plan in place to manage the months ahead?
Close bros should be keeping a close eye.
I enjoy reading these articles and appreciate the work put into producing them. I also appreciate that they would not be necessary if sports writers in Scotland did their job.
My problem is that I have been reading of Sevco`s impending demise for years and they are still with us. Am I as gullible as their fans and for the same reason ie I want to believe?
The output here is well sourced.
The implication of your comment is that it is not.
I didn’t get that implication. More likely that he is just believing what he wants to believe.
I have noticed the “they will continue for as long as someone meets the liabilities as they fall due” comments you often make.
Talking to some others who read the blog (but perhaps not the comments) it surprises me how many people think you have been preaching that the end is nigh for years despite the above caveats being clearly stated on several occasions.
I can see why you would infer that but it was certainly not my intent .
I believe your articles are genuine but they do give cause for hope to those of us who wish to see the demise of Sevco and that hope is yet to be realised.
Scotland being Scotland, I sometimes feel it never will ( be realised).
The general sentiment of my post was born out of frustration that THEY are still with us.
For the avoidance of doubt (!), I think you do a very good job.
James A Barr
They are like a man walking over a long tightrope. This blog tells us the risks that they face, it cannot look into the future. Who predicted the administration / insolvency in 2012?
read the timeline in Phil’s book Downfall… you’ll find a prediction there i’m sure
I hope this is the beginning of the end for SEVCO
I hope they go down in flames, the horrible bigots and thieves.
Well isn’t that just marvelous.
Phil we would love a timescale on:
-When does the prospectus need to be issued before the cold shoulder is initiated?
-When does the offer need to be made and transaction of shares completed before the cold shoulder?
and also:
-Does it look like Dave has any intention of making the offer?
-How much jelly and ice cream can you buy with the £50 I’m sending your way for your relentless and honest pursuit of this story?
God bless.
30 days to make the share offer, including offer document & proof of funds.
Further 28 days to honour the offer and complete transactions.
If an offer is made, it will likely be made via NOAL, rather than by King per se.
But I remain sceptical whether he/they will comply with the court’s ruling at all.
Not that I’m suggesting the Gauteng Gauleiter has a tendency towards lawlessness.
We all know his reputation for principled dealings in his business affairs…
Looks like the can froze to the road after that last kick!
That Cold Shoulder didn’t waste any time blowing in from the East.
Great news today, so what I’m trying to get my head around is this. Dave King is now bound by law to offer all existing stakeholders 20p a share, if the offer is excepted by say 70% of those offered he then has paid around 8 million and is the outright owner of a company where he has to pay just short of another 4 million to assist strippers within the next year! This from a company that is already around 6 million short every year. And to top it all off while smacking the offer he will have to expose just how skint this company really is. One wonders why they never excepted the multi millions bid they were offered for their star striker! ?
When the shares for the new company (club) were issued quite a few persons were rewarded with penny shares.
Wouldn’t this be a fine chance to sell on those shares at a 19 pence profit, without the fuss and expense of paying a broker to offer them for sale in the hope they would sell ?
I heard that Long ball Sally got 1 million of those shares.
What countries do not have extradition treaties with Great Britain and South Africa? Dave will need to avail himself of a quick domicile change in the near future.
I’m led to believe he has Julian Assange’s phone number on speed dial! ?
I gather Somalia is quite the place. ; )
If he makes the offer will he have to pay back all the soft loans to the other directors as well as he will be the sole owner?
Essentially he just needs the 500k to publish the prospectus and offering. No ones going to take a 7p per share loss (20p ruling vs. 27p current share price). Maybe the 11m is hard come by, but doubtful. This is really just a bit of shaming with no real penalties, innit??? Only way they get cold shouldered is if he doesn’t do it. Oh well, sometimes the cheaters win. Time to beat the on pitch, in league and cup!! HH!!
Who says the current share price is 27p? Plenty would bite your arm off for 20 p pet share
A 7p / share loss is better than a 27p / share loss, and losses can be used, to a certain extent, for tax efficiency. I doubt 27p would wash as a loss with the tax authorities. Might take a dim view of deliberately increasing one’s losses.
Sean, the 27.5p price at J P Jenkins is pure fantasy – constructed from careful manipulation of supply and demand. If anyone tried to sell several hundred thousand shares the price would drop like a stone, assuming buyers could be found.
JPJ are not market makers – they are just a dating agency for buyers and sellers – no buyers willing to play, no date.
The prospectus will set out the true value of the company – independently – warts and all – to legally defined standards – and it will not be pretty – expect some jiucy secrets not revealed so far – like the £3m paid to Big Mike. A realistic price for a share in this heavily indebted, heavily securitized, loss making business with no rescue plan and no sugar daddy is probably 1p to 5p – and that’s being generous.
Anyone with a brain will sell, because there is absolutely no prospect of a share in this business reaching 20p in our lifetimes – assuming it survives the year. Only the terminally gullible will hang onto their 70p share certificates as a mark of loyalty and pride – cannon fodder mugs for crooks like King.
The SMSM should be consulting their lawyers, rather than Evel5, before giving financial advice to continue investment in a train crash of a business.
The only buyer around at the moment is Club1872, and we know pretty much exactly how much they’ve got in the bank. Around half a million, or enough for just under 2 million shares if they pay 27p. They told us just a few days ago. But we also know that they are saving their cash for this fantasy forthcoming share issue so that their money can go to the club, and not to the likes of Blue Pitch and Margarita. And Phil has a source that tells him that the club needs their money just to reach the time when next year’s season ticket money starts to come in. By my maths that leaves no buyers in the market.
The shares are worth what people are willing to pay for them. They aren’t traded on the open market. Also a share issue (if it goes ahead) will dilute their value. Plus Sevco lose money every year and have just taken on more massive debt. 20p is the most anyone will ever get for them. Institutional investors at the very least will sell.
27p isn’t the current price, the RIFC shares aren’t listed, there is no current price. 27p was the last price paid for shares on the trading platform they use. As Phil points out, King will have to produce a prospectus that lays bare the true financial position of the club, and only around 16% of shareholders have to agree to sell before King is forced to stump up. Either this will cost King millions, or he’s going to jail.
King has to fund the prospectus and place £11 million in an escrow account to fund any shares purchased.
As the shares aren’t available on any open market, the 27p is a manipulated price and doesn’t reflect the true value of the business which is heavily in debt to directors and now Close Brothers.
The business is running at an annual loss of £6million and essentially worthless except for emotional value.
Anyone with any sense and particularly those who bought in at the IPO price of 1p per share will cease this opportunity to make a profit or minimise their losses, particularly if their is a risk that the club may face an administration event.
King and his lapdogs will talk yesterday’s up, say it has no impact and place posts like yours that that it makes no difference.
That’s all propaganda keeping the gullible onside and King trying to minimise the losses that he is about to suffer.
After this offer goes through, he will be the major shareholder of a pig-in-a-poke which is essentially worthless.
On the pitch, credit were credit is due, Murty is a decent guy and has brought in some players which are doing a job for him, But they are only loan deals and won’t be here long as Rangers can’t pay the price to other clubs and no other club trusts Rangers to make on the instalments.
Meanwhile Pedro’s duff signings are still draining the coffers.
Rangers are a loss making club, heavily in debt to existing shareholders and financial institutions of last resort.
On the pitch … Next week will be more of a game than in recent seasons, I’m expecting Celtic to win, anything less will be a travesty but it’s temporary, a blip. Celtic have three times the turnover of Rangers and it’s impossible to compete with that in the long term.
But this battle won’t be won or lost on the pitch. It’s already been lost in the Rangers boardroom.
The best part of this is that they and King in particular have did this to themselves.
I’d love to know Douglas Parks thoughts on King, with Parrk having bought into his promises and potentially losing his soft loans as they are unsecured.
That’s what happens when you dance with the devil.
Bet he wishes he could take up the offer of selling his shares at 20p.
They are fucked, they know it, we know it, they know that we know it. They hate that we know it. We love that they hate us laughing at them.
Enjoy the rest of “the journey”.
But make no mistake, this is a major event and we will soon know if it is going to end in a sudden cardiac arrest or a slow lingering death.
The only people (Peepul) who would pay 27p for a Sevco share are the mentalists from Club 1690. For those fortunate enough to come by 1p shares back in the day today’s news is manna from Heaven. However, I still doubt very much that Glib will comply. I’ve a feeling he will continue to ignore the order and see what happens. He seems to enjoy brinksmanship.
11 million needs to be placed in escrow, as Phil would say… please keep up dear reader
Could King’s next long running court case a la SARS, be in trying to stay out of jail in the UK as he doesn’t have nor cannot find £11 million?
Amazing how king the Chisler needs 11 million to deal with the remainder of the shares and just the other week morelos was being quoted as an 11 million pound player coincidence or what you decide but one way or another he is friar tucked.
Donald Ducked & Friar Tucked all at once Davie.
Morales just sold for £40 million ☺?
Well it is a Mickey Mouse outfit