I’m told that the Takeover Panel chaps are right back at it this Thursday in the Court of Session.
My legal insider told me that:
“This is set down for Lady Wolffe – a proof is the equivalent of a trial or hearing of evidence.”
It is also in front of Lord Bannatyne too.
When I know more about these proceedings I will publish them here.
Anyone who doubts the resolve of the Takeover Panel chaps has not been paying attention.
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The second one is nothing to mdo with the Takeover panel case…it’s an application in conn3ction with the ongoing liquidation of Oldco …liquidator looking for court guidance on how to deal with certain matters, probably relating to claims made by creditors
I’m a bit puzzled as to how they can propose a new share offer when the glib one is still to make good on the offer for existing shares? And questionable taste in teams aide, one would assume these silent investors would have something between their ears so why would they want to write off their loans to see their existing shares devalued by 50%?
I think its only in house to existing shareholders so only needs in house approval – i.e. existing shareholders majority? So say the 3 bears are owed 3m quid, The Raingurz will issue them 3m quids ‘worth’ of shares. So they are not for sale on a proper shares market. Could be the Bears have already agreed to that OR King has just proposed it and is gonnae call them all the bas****s if they don’t vote for it???? But as has been said on here many a time the shares aren’t really worth 20p more like 7p so they are getting 1m quids worth of shares for a 3mquid loan (I think)???? The only chance of ACTUAL additional money is if the other current shareholders want to retain the same %age of shares (and therefore voting rights) but it means buying the shares at 20p knowing they’re worth 7p???? I think. Only point of it would be to prevent King+bears having more voting power but good money after bad! I. Think.?
In the second document, isn’t RFC 2012 the liquidated Rangers? What does that have to do with the order on King to buy the shares in RIFC/TRFC?
Nice one straight off the court walls and tac included.
In the second document, isn’t RFC 2012 the liquidated Rangers? What does that have to do with the order on King to buy the shares in RIFC/TRFC?
It would appear that it is the erstwhile chairman King Con that hasn’t been paying attention. Keep it up squinty, you’re doing a grand job. HH
31st August there’s a share issue. Will be funny to see what happens prior.
Doesn’t it appear “funny” that this newest share offer hopes to raise £11 million, and Squinty has to make (you guessed it!) £11 million available in an escrow account to satisfy the Takeover Panel?
This will make this court case “extremely interesting” that the Castlemilk Conman thinks he will be able to issue a new share offer in order to offset the money he has “stuck” in South Africa… money that he has no intention of ever letting it leave African shores!
If TOP has that level of power, they (through the courts) will suspend any trading in hun shares, until auld squintybollocks pays for the shares that TOP insists he must offer to buy at 20p per share. They have him squirming on the hook!
Lord Bannatyne: “do you have anything to say in mitigation, Mr King?”.
DCK: “Yes m’lud – wearrapeepul! “.
Lord Bannatyne: “you are indeed!!.. Case dismissed!”.
Unfortunately for the Glib One, this will not be the outcome!
So Thursday could be a horrendous day for Sevco; pumped in court (inevitable) but also pumped out of Europe (possible). At least they can flog some assets for £m’s to unsuspecting English clubs. Oh wait…