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The All New Sevco Back in Yer Bin Thread; Taking out the trash
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Topic Started: 29 Apr 2018, 04:24 PM (2,086,929 Views)
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bigkev
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7 May 2018, 04:38 PM
Post #3341
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Retired and now a BT Sports pundit
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- Gothamcelt
- 7 May 2018, 04:33 PM
Some good comment form Dave today. "Right now, we don't have a player plan because Steven hasn't really looked at it." "...depends on how many of the players Steven wants to keep. We haven't even discussed it" and on the transfer budget "We don't put figures on that because we can't". Dave King: Share issue to provide Rangers with £6m Spoiler: click to toggle Raman Bhardwaj, Daryn MacRae 3 hours ago The Ibrox chairman said no external investment is currently in the pipeline. Dave King said he doesn't expect external investment in Rangers. SNS Rangers chairman Dave King has said he expects £6m to be made available to the club via a share issue next month. However, the South African businessman said no external investment is currently in the pipeline. A new share issue is to take place at Ibrox as the club look to raise further funds. Asked how much fresh cash will be made available as a result, King said: "We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans." King was unwilling to place a figure on the transfer budget that will be made available to Gerrard as the Liverpool legend looks to reshape the Light Blues squad. He added: "We don't put figures on that because we can't. "We have given a commitment that we will continue to invest in the squad, and will be a net investor. "We will provide additional net funds to him. "He will sit down with Mark (Allen) and determine that. He added: "I think Steven and Mark will tell us that because it depends on how many of the players Steven wants to keep. "We haven't even discussed it. "It's not something he would discuss with me, he would discuss that with Mark and then they would come back to the board. "They will have to figure that out and then come back and say 'this is our player plan'. "Right now, we don't have a player plan because Steven hasn't really looked at it." At this stage, there is nothing external other than existing shareholders and investors. Dave King on potential outsider investment in Rangers Asked if external investment was likely to boost Gerrard's work at Ibrox, King said: "At this stage, there is nothing external other than existing shareholders and investors. "We're not talking to anyone new who is not there already." In February, King lost an appeal against a court ruling forcing him to offer £11m for the club's remaining shares. At a media briefing on Monday, King was pressed as to why he hasn't completed the legally binding process. He said: "About four weeks ago now, it got to a point where I agreed with the takeover panel that while I wouldn't make a formal offer, one of my trust companies would make a formal offer. "The takeover panel would accept the company offer as being from me personally, as they know that I would never make an offer. "They accepted that, they asked for proof of funds which we gave them. "They then asked for the funds to be ring fenced in a separate account, to make sure the funds could only be used for the purpose of the shares. "We agreed to that. "Then about two weeks ago, the takeover panel approached me again to say they were unhappy with the funds being in South Africa and would like them relocated to the UK to be held in sterling. "I was happy to do that, but would have to open a bank account in the UK which I agreed to do. "That, though, requires an extension of the period as I can't get through the various processes in time to meet the deadline. "They didn't grant the extension. "They have proof of funds in South Africa, but they wanted it relocated to the UK and that takes time, hence delay. He added: "It is important to stress that this is nothing to do with the football club, it makes no difference to the football club. "This is an issue between myself and the shareholders of the holding company. "It has nothing to do with the team and with funding." https://stv.tv/sport/football/1414365-dave-king-share-issue-to-provide-rangers-with-6m/ A bit more in the Sky version
King said: "I met with [company secretary] James Blair on Saturday and we have given the go-ahead for the share issue to commence immediately.
"I said, let's accept the Takeover Panel will not be resolved in the next couple of weeks, let's go ahead with the rights issue as it with the restrictions I have in participating."
King gave a personal promise to increase his investment.
"I have to do that, I have already done that, in advance of next season," he said. "Because we continue to run at a deficit, deliberately, we have to satisfy the licensing authorities, the SFA, UEFA, that you have sufficient funds to fund your deficit.
"So we have had to give cash guarantees in advance of next season. So whether we raised money in a rights issue or not, we are in for the money, I am in for the money, I am underpinning the cash. The club is fully funded for next season."
The Glasgow-born businessman continued to claim that the Takeover Panel dispute would not affect the club.
http://www.skysports.com/football/news/11788/11363113/dave-king-says-rangers-will-launch-share-issue-immediately
Edited by bigkev, 7 May 2018, 04:40 PM.
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Bokeh Junior
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7 May 2018, 04:40 PM
Post #3342
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First name on the team-sheet
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At this rate the current incumbents of Ibrox won’t be able to raise enough dosh to turn the lights on for the 2019/20 season.
Rang3rs anyone?
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smudgethecat
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7 May 2018, 04:42 PM
Post #3343
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"Because we continue to run at a deficit, deliberately,.."
ffs. Real Mickey Mouse stuff now
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hazy
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7 May 2018, 04:44 PM
Post #3344
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- atinofbeans
- 7 May 2018, 04:23 PM
- IndianaBhoy
- 7 May 2018, 04:21 PM
Notable short tenures in UK football:
Henning Berg - Blackburn (57 days, 2012) Brian Clough – Leeds United (44 days, 1974) Alex McLeish - Nottingham Forest (40 days, 2012) Steve Coppell – Manchester City (33 days, 1996)
Steven Gerrard - Sevco (?? days, 2018)
Missed Jock at Leeds. Also 44 days. Seem to remember Paul Hart at the London rangers barely having time to try out his chair before being handed his p45
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aiden67
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7 May 2018, 04:45 PM
Post #3345
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- CM1975
- 7 May 2018, 04:29 PM
Imagine your wife took up with a gangster and serious threats were made on your well being at the same time your protector has suddenly been removed from the picture. Then a job offer in another country comes up that removes you from harms way and keeps you in the public eye at the same time.
Would you be bothered about the finer points of that timely job offer? The Song at the time was funny.
To the tune of what's that coming over the hill is it a monster.
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el gato
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7 May 2018, 04:46 PM
Post #3346
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All this comes a year to the day since their glorious all conquering world famous 94th minute winner v Partick, the gift that just keeps on giving
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Oscar Strummer
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7 May 2018, 04:49 PM
Post #3347
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The Artist Formerly Known As lubomir25
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- kettcelt
- 7 May 2018, 03:36 PM
- MBhoy1888
- 7 May 2018, 02:42 PM
Its not an insignificant development. I'm speculating of course but all the coverage of SG at Ibrox has brought his links to this Kinsella fella back to the headlines. I'm sure the fella that Kinsella was supposed to have gotten off SG's back is delighted that its all being raked back up again - making him look like small fry in Liverpool.
You should see if there's a reward available from the Merseyside cops.
Maybe you are the Merseyside cops...
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Chalmers
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7 May 2018, 04:49 PM
Post #3348
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- jim62
- 7 May 2018, 04:12 PM
Leaving aside the difficulty of doing a share issue while subject to a TOP ruling as mentioned above
They passed a resolution at their AGM allowing about 108 million new shares to be issued
Assume they are priced at 25p... “selling “ all 108 million shares raises £27 million However... you then effectively gift shares to the directors who have ponied up loans... deduct £17 million
Take away about £1 million in costs
Pay back Close Bros £3 million
That leaves up to £6 million “raised” in cash after the loans are treated as purchases and converted to shares
And that assumes they can “sell” the shares which aren’t just being converted to equity
Will Club 1872 be daft enough to use whatever funds they hold to buy shares at that price to stop the share issue immediately diluting the value of what they hold ?? Agree with this in principle, Jim, but with a couple of provisos...
- If King just offers the shares to investors, it won’t cost £1m, as there would be no need for a nomad or a prospectus.
- and due to the volume of shares involved, the investors could virtually name their price, which I reckon will be a lot less than 25p.
If King intends to convert loans to equity, there might be nothing left, let alone £6m. Notwithstanding TOP’s intervention, as you suggest. And of course existing shareholders will see their value reduced significantly.
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Tam Haas
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7 May 2018, 04:49 PM
Post #3349
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The Huns are sheer comedy.
After this massive let down, they’re now adding up player sales to top up Stevie G’s warchest.
There will obviously be a massive queue of clubs lining up with open cheque books to take all their shampooe ha ha ha
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Luca
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7 May 2018, 04:51 PM
Post #3350
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Off treasure hunting in Holland
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- Oscar Strummer
- 7 May 2018, 04:49 PM
- kettcelt
- 7 May 2018, 03:36 PM
- MBhoy1888
- 7 May 2018, 02:42 PM
Its not an insignificant development. I'm speculating of course but all the coverage of SG at Ibrox has brought his links to this Kinsella fella back to the headlines. I'm sure the fella that Kinsella was supposed to have gotten off SG's back is delighted that its all being raked back up again - making him look like small fry in Liverpool.
You should see if there's a reward available from the Merseyside cops. Maybe you are the Merseyside cops... Does anyone seriously think SG is part of some Mafioso type set up and has fled to Scotland?
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Jas13
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7 May 2018, 04:52 PM
Post #3351
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The huns are dead-it's true!!
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- Gothamcelt
- 7 May 2018, 04:35 PM
- bigkev
- 7 May 2018, 04:27 PM
- nakasboots
- 7 May 2018, 04:09 PM
Quoting limited to 3 levels deep
The TSB have it at the top of their to do list
You could always refer him to your bank and receive £100 for getting the bank a new customer. Who's up for that? I think you're on to something there. If there are any timposters on here who may be thinking of outing themselves, I would start with this.
C'mon fellow berzzz, if everyone moves their bank account to First Direct we get £100 each x 50,000 = £5 mullion to hand over to Mr King for safe keeping. From the people who wanted the bears with the walkie-talkies . . .
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Mjallby'sMane
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7 May 2018, 04:56 PM
Post #3352
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- Luca
- 7 May 2018, 04:51 PM
- Oscar Strummer
- 7 May 2018, 04:49 PM
- kettcelt
- 7 May 2018, 03:36 PM
You should see if there's a reward available from the Merseyside cops. Maybe you are the Merseyside cops...
Does anyone seriously think SG is part of some Mafioso type set up and has fled to Scotland?
Scousepranos
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Archibald P Treadwhistle
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7 May 2018, 04:57 PM
Post #3353
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Somewhere between madness and love
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- smudgethecat
- 7 May 2018, 04:42 PM
"Because we continue to run at a deficit, deliberately,.."
ffs. Real Mickey Mouse stuff now Sustainable business model, Timmy. You wouldn’t understand...
(You’re right, except that Mickey Mouse wouldn’t be as insane as this.)
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nakasboots
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7 May 2018, 05:00 PM
Post #3354
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Off treasure hunting in Holland
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- Gothamcelt
- 7 May 2018, 04:35 PM
- bigkev
- 7 May 2018, 04:27 PM
- nakasboots
- 7 May 2018, 04:09 PM
Quoting limited to 3 levels deep
The TSB have it at the top of their to do list
You could always refer him to your bank and receive £100 for getting the bank a new customer. Who's up for that? So wait.
If 50,000 huns refer Dave then they'll get £5m?
Doesn't seem such a stupid plan after all.
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vivalaquinta
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7 May 2018, 05:00 PM
Post #3355
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I'm new. Be gentle.
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- CM1975
- 7 May 2018, 04:29 PM
Imagine your wife took up with a gangster and serious threats were made on your well being at the same time your protector has suddenly been removed from the picture. Then a job offer in another country comes up that removes you from harms way and keeps you in the public eye at the same time.
Would you be bothered about the finer points of that timely job offer? Has Alex done a runner?
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Smiley
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7 May 2018, 05:03 PM
Post #3356
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Off treasure hunting in Holland
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- bigkev
- 7 May 2018, 04:38 PM
"I have to do that, I have already done that, in advance of next season," he said. "Because we continue to run at a deficit, deliberately, we have to satisfy the licensing authorities, the SFA, UEFA, that you have sufficient funds to fund your deficit.
"So we have had to give cash guarantees in advance of next season. So whether we raised money in a rights issue or not, we are in for the money, I am in for the money, I am underpinning the cash. The club is fully funded for next season." Is that how it works then - you just explain to the SFA you're funding the club and they give you a licensing thumbs-up? eff knows what King's really saying here, you widnae buy a used car off him.
Edited by Smiley, 7 May 2018, 05:04 PM.
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nervous 'tic
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7 May 2018, 05:03 PM
Post #3357
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Left back in the dressing room.
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- Mjallby'sMane
- 7 May 2018, 04:56 PM
- Luca
- 7 May 2018, 04:51 PM
- Oscar Strummer
- 7 May 2018, 04:49 PM
Does anyone seriously think SG is part of some Mafioso type set up and has fled to Scotland?
Scousepranos Goodisonfellas.
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bigkev
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7 May 2018, 05:04 PM
Post #3358
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Retired and now a BT Sports pundit
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- Smiley
- 7 May 2018, 05:03 PM
- bigkev
- 7 May 2018, 04:38 PM
"I have to do that, I have already done that, in advance of next season," he said. "Because we continue to run at a deficit, deliberately, we have to satisfy the licensing authorities, the SFA, UEFA, that you have sufficient funds to fund your deficit.
"So we have had to give cash guarantees in advance of next season. So whether we raised money in a rights issue or not, we are in for the money, I am in for the money, I am underpinning the cash. The club is fully funded for next season."
Is that how it works then - you just explain to the SFA you're funding the club and they get a thumbs-up. eff knows what he's really saying here, you widnae buy a used car off King. All works if you ignore the Close Brothers deal
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Tiny Tim
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7 May 2018, 05:05 PM
Post #3359
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"a Premier League player in all but status"
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- kettcelt
- 7 May 2018, 03:36 PM
- MBhoy1888
- 7 May 2018, 02:42 PM
Its not an insignificant development. I'm speculating of course but all the coverage of SG at Ibrox has brought his links to this Kinsella fella back to the headlines. I'm sure the fella that Kinsella was supposed to have gotten off SG's back is delighted that its all being raked back up again - making him look like small fry in Liverpool. Also it appears SG will be working in Glasgow with the wife and kids still back in Liverpool. Bearing in mind it was threats to his family that allegedly stopped his move to Chelsea in 2005 and the wife/family were the victims of an aggravated burglary in 2007 when he was away in Europe with Liverpool, it doesn't seem to me that those arrangements will last very long. I'd be amazed if he was there at the end of next season The August 2018 end or the May 2019 end?
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johnny88
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7 May 2018, 05:07 PM
Post #3360
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We have a winner...

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