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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 (2,087,072 Views)
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25Nakamura
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2 May 2018, 07:20 AM
Post #941
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- Augustus
- 2 May 2018, 06:39 AM
- garioch
- 2 May 2018, 02:10 AM
- Hoops For Me All The Way
- 2 May 2018, 12:56 AM
As usual, a thoughtful and informative post by Barcabhoy. He's made it on TSFM. Unfortunately I can't get a link for the post itself, but it's currently the last one on the current blog. Maybe someone can help and post it for others, please.  in anticipation. Edit spelling. And add- hope this works Quoting limited to 3 levels deep
And that would be why ( much as it may have annoyed us at times) we should be grateful for Fergus onwards who kept the spending under control and built a sustainable organization.
Absolutely. I see it like this. The Huns are like someone who won big money on the lottery and quit their job and studies on the back of it. Bought a huge mansion, loads of fancy cars and pointless bling. Meanwhile, Celtic stuck in and, over time, have become hugely successful independently to the point where they could have all of the same stuff as the Huns but actually afford it. Now that the Huns have spent all the lotto money, had to pawn the cars and 5e bling and remortgage the house with a local loan shark because none of the banks will touch them, they are crying out about the unfairness of it all. They think that Celtic’s success is the same as their success, built on sand. Problem is, we can actually afford this because we built from the ground up, losing leagues along the way but always advised to trust in the long term project. Their answer? Buy more lottery tickets. I've been saying all this to them for ages. Extras to consider. In the event they do win a league out the blue, they'd have four unseeded rounds to get into the champions league. The chances of that are remote. So if they win the odd league, it would be difficult to sustain as we would be favourites with our half decent coefficient to make the Europa group stages. Also worth considering in the last 11 years we've signed 30 strikers alone which have included the likes of Pukki and Bangura. No recruitment process is perfect so the £60million doesn't take into account signings that are failures(I realise the post says no guarantee of success). It's daft to say they'll never win another league, but it'll be a long long time before they have a sustained period of success unless we make an absolute pigs ear of it or they knuckle down and play it sensibly. Thankfully, neither look likely.
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Gothamcelt
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2 May 2018, 07:20 AM
Post #942
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Retired and now a BT Sports pundit
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Even Kris Boyd can see what rangers get up to every season, “You could start writing the headlines again at the same time next year. As soon as the season tickets go on sale there are headlines to be made".
b]Risky deal Rangers can’t take a gamble on Steven Gerrard… it’s not a club where an untried boss can serve an apprenticeship says Kris Boyd[/b] The ex-Gers striker insists his old club need to stop chopping and changing bosses and players if they ever want to challenge Celtic again
Spoiler: click to toggle By Colin Duncan KRIS BOYD reckons Rangers will continue going backwards if they keep ripping up their blueprint every six months. The former Gers striker insists his old club need to stop chopping and changing bosses and players if they ever want to challenge Celtic again. This term they have lurched from one crisis to another, changing manager three times — with Graeme Murty sacked — and appointing SEVEN different captains. Every transfer window for the past three seasons they have brought in a raft of new signings, with hardly any of them making the grade. It is a policy Boyd knows is doomed to failure, as it was the same one Kilmarnock adopted prior to the arrival of Steve Clarke in October. The Killie star said: “The big problem is Rangers have had to rip it up and start again every six months. “They have one transfer window and then another one when they change it again. “What is needed is a clear plan of where Rangers want to go, whether that is with Steven Gerrard or someone else. “I don’t think anyone knows what is going on at Ibrox. Not even the board. “If you take Kilmarnock as an example, we went through the whole thing of changing ten or 12 players every transfer window. “We signed hardly any players last January and I doubt there will be many new faces in the summer. “The gaffer has re-signed most of the players that have been here this season. “We all know that group of players, with the addition of one or two, is the way forward. “As a player it gives you confidence that the guy at the helm has placed his faith in you, rather than looking over your shoulder thinking ‘Will I be next out of the door?’. “There are a lot of Rangers players living in fear. They have spent a lot more money than everybody else. “But they’ve won just four games this season against Kilmarnock, Aberdeen, Celtic and Hibs. That is not good enough. “They should be miles ahead in second. You go back to them trying to get Derek McInnes and now it’s Gerrard. “You could start writing the headlines again at the same time next year. As soon as the season tickets go on sale there are headlines to be made. “That is where Rangers are at this moment. But the fans deserve to know exactly what is going on. “They keep being told the club will turn and it will go back to what it was. But it is arguably worse than it was two years ago. “I just don’t see the direction Rangers are going in. “For me, they are just trying to grab someone to get a headline out of it. “It’s wrong. Rangers should have a structure in place. It should have a direction of where it wants to go. At this moment they don’t have that.” The deal to land Liverpool legend Gerrard is edging ever closer in the wake of Murty’s dismissal. But Boyd is adamant Rangers is not a club where an untried boss can serve an apprenticeship He added: “If Rangers said they were signing Jose Mourinho as a player there would be outrage. Mourinho’s a world-class manager. “Gerrard is getting away with it because he’s a world-class player. “But he’s not been tested in the management side of it. “I don’t think Rangers is a club to develop a manager. They need someone who’s been over the course and who knows how to get the players onside, knows the club and knows how to get everybody pulling in the one direction. “I’m not saying Gerrard can’t do that. But for me, looking at it right now, it’s another risky appointment as he’s never managed before. “I don’t think Rangers can take that gamble.” Murty paid the price for Sunday’s 5-0 hammering by Celtic. But he and his players were prevented from talking about their latest humiliation — a move Boyd felt lacked class. He said: “I think it’s disappointing. It’s not Rangers. There’s always been class inside the building. “Some people will say that saying nothing is sometimes the best way. I tend to think it’s the other way. Then it allows other people to create headlines. ‘’If you come out and say what you want, you can control it, or at least attempt to control it. “To say nothing is frustrating. Does it come as a surprise now? No.” Killie will look to take advantage of the latest Gers crisis with another Ibrox triumph on Saturday. Boyd added: “When it is the way it is just now for Rangers, they are obviously struggling. Off the back of another humiliating defeat again, it’s not good. “I know Brendan Rodgers and Scott Brown said it could have been eight or nine. You might have been kind saying eight or nine. “But we’ve been good against Rangers this year and we want to continue that on Saturday.” https://www.thescottishsun.co.uk/sport/football/2582129/kris-boyd-steven-gerrard-rangers-untried-boss-apprenticeship-blue-print-six-months/
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Torquemada
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2 May 2018, 07:25 AM
Post #943
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Off treasure hunting in Holland
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- aldo
- 2 May 2018, 06:29 AM
M’good man Ned Rise of this parish theorised after Sunday’s pumping that a plausible source of the kind of mega bucks they need would be an overseas criminal enterprise needing to wash dirty money. King is a convicted money launderer, fraudster, conman and all-round, cock-eyed crimnal bawsack: in a previous crisis he rustled up so many £m’s ‘overnight, with just one phone call to Hong Kong’, the details of which remain shrouded in secrecy, and his pursuit of Gerrard - complete with war chest - is not supported by his fellow directors, who are not convicted money launderers. Just sayin, is all... The only flaw with this analysis is that for a money laundering scheme to make sense, a large percentage of it has to emerge clean on the other side. Charles Green did not build a washing machine, he built an incinerator!
The huns cling to the Fergus analogy like a barnacle to a rotting hull but, as Barcabhoy has pointed out, the situations (and the individuals who got involved) are completely different. They are fecked for the foreseeable.
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Archibald P Treadwhistle
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2 May 2018, 07:26 AM
Post #944
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Somewhere between madness and love
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- Augustus
- 2 May 2018, 06:39 AM
- garioch
- 2 May 2018, 02:10 AM
- Hoops For Me All The Way
- 2 May 2018, 12:56 AM
As usual, a thoughtful and informative post by Barcabhoy. He's made it on TSFM. Unfortunately I can't get a link for the post itself, but it's currently the last one on the current blog. Maybe someone can help and post it for others, please.  in anticipation. Edit spelling. And add- hope this works Quoting limited to 3 levels deep
And that would be why ( much as it may have annoyed us at times) we should be grateful for Fergus onwards who kept the spending under control and built a sustainable organization.
Absolutely. I see it like this. The Huns are like someone who won big money on the lottery and quit their job and studies on the back of it. Bought a huge mansion, loads of fancy cars and pointless bling. Meanwhile, Celtic stuck in and, over time, have become hugely successful independently to the point where they could have all of the same stuff as the Huns but actually afford it. Now that the Huns have spent all the lotto money, had to pawn the cars and 5e bling and remortgage the house with a local loan shark because none of the banks will touch them, they are crying out about the unfairness of it all. They think that Celtic’s success is the same as their success, built on sand. Problem is, we can actually afford this because we built from the ground up, losing leagues along the way but always advised to trust in the long term project. Their answer? Buy more lottery tickets. Arguably not even their own lottery ticket at that...
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15not25
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2 May 2018, 07:27 AM
Post #945
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- el gato
- 2 May 2018, 12:21 AM
Add Dennis Wise to the list of nomark ex pros talking complete bollocks about the huns, clueless wee pumpkin This bear wants to know what Rob Lee thinks of it all
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tonyjaa-csc
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2 May 2018, 07:58 AM
Post #946
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So, how did they get on in court yesterday?
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M78
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2 May 2018, 08:11 AM
Post #947
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Wait, I had something for this...
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- tonyjaa-csc
- 2 May 2018, 07:58 AM
So, how did they get on in court yesterday? Swimmingly, as per The Herald...
Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared funds
Edited by M78, 2 May 2018, 08:12 AM.
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Dubz
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2 May 2018, 08:15 AM
Post #948
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- M78
- 2 May 2018, 08:11 AM
Can someone c&p that please, can’t access it for some reason.
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Harris Tottle
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2 May 2018, 08:16 AM
Post #949
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With the Sevvies hovering somewhere between stage 4 (depression) and 5 (acceptance) on the Kubler Ross model, I wonder how long it will be before some more radical thinking is deployed to stop Declan lording it over ra peepul.
Something like gate sharing to make the league “more competitive”. I can almost read that Keef Jackson column already.
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CaltonBhoy1967
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2 May 2018, 08:17 AM
Post #950
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Billy McNeill - "Mr Celtic"
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- Torquemada
- 2 May 2018, 07:25 AM
- aldo
- 2 May 2018, 06:29 AM
M’good man Ned Rise of this parish theorised after Sunday’s pumping that a plausible source of the kind of mega bucks they need would be an overseas criminal enterprise needing to wash dirty money. King is a convicted money launderer, fraudster, conman and all-round, cock-eyed crimnal bawsack: in a previous crisis he rustled up so many £m’s ‘overnight, with just one phone call to Hong Kong’, the details of which remain shrouded in secrecy, and his pursuit of Gerrard - complete with war chest - is not supported by his fellow directors, who are not convicted money launderers. Just sayin, is all...
The only flaw with this analysis is that for a money laundering scheme to make sense, a large percentage of it has to emerge clean on the other side. Charles Green did not build a washing machine, he built an incinerator! The huns cling to the Fergus analogy like a barnacle to a rotting hull but, as Barcabhoy has pointed out, the situations (and the individuals who got involved) are completely different. They are fecked for the foreseeable. You get the graft for the day started and deal with a few problems and then nick on to kds and see a lovely short sentence like "They are fecked for the foreseeable"^^^^ - Amazing how six words can rapidly set the tone of your day to be a good one.
I still long for the day we have "They are fecked and gone completely" but for now on with the craic and hilarity that is the zombie circus.
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corsica1968
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2 May 2018, 08:20 AM
Post #951
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Stoke, WBA, Southampton, West Ham, Leicester, Swansea, Palace, and Watford have all in the past 12 months been after a new manager. Every single one of them could have rewarded him 4x what sevco could and given him a transfer budget in the tens of millions. And that’s just the EPL.
That Gerard hasn’t even been in the rumour-mill for any of them demonstrates a lot.
He is simply not rated as a potential manager.
People are suggesting Ipswich as a possible destination. Again, there do not appear to be any rumours. Why? If he was such hot property, somebody down here would be courting him now to make sure they didn’t misss out.
There is a reason Ferdinand, Shearer, Gerard, etc are in punditry and not in management. One is what I call Hoddle Syndrome. Another is what I call Hawking Syndrome. Another is ego.
I had my doubts yesterday as he’d not said anything. I now think he’ll take it purely out of ego. And he’ll be back south before Christmas.
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M78
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2 May 2018, 08:27 AM
Post #952
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Wait, I had something for this...
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- Dubz
- 2 May 2018, 08:15 AM
- M78
- 2 May 2018, 08:11 AM
Can someone c&p that please, can’t access it for some reason. Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared funds
Spoiler: click to toggle REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley. It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him. During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant".
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tonyjaa-csc
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2 May 2018, 08:27 AM
Post #953
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Thanks lad
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tenerifetim
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2 May 2018, 08:30 AM
Post #954
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- Dubz
- 2 May 2018, 08:15 AM
- M78
- 2 May 2018, 08:11 AM
Can someone c&p that please, can’t access it for some reason. Fill yer Boots! I'm not convinced that article covers the last 2 unstarred motions business that occurred yesterday and a couple of weeks ago that TOP pursued - no real reporting on those ?
Spoiler: click to toggle 4 hrs ago Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared funds Martin Williams @MWilliamsHT Senior News Reporter Court orders force Dave King to make £11m Rangers shares bid with cleared funds
Court orders force Dave King to make £11m Rangers shares bid with cleared funds 8 comments
REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
HeraldScotland:
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.
HeraldScotland:
It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.
HeraldScotland:
During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
HeraldScotland:
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
HeraldScotland:
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant". 8 comments
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andy d
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2 May 2018, 08:35 AM
Post #955
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- M78
- 2 May 2018, 08:27 AM
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- 2 May 2018, 08:15 AM
- M78
- 2 May 2018, 08:11 AM
Can someone c&p that please, can’t access it for some reason. Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared fundsSpoiler: click to toggle REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley. It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him. During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant". Not a surprise, but I cannot wait for the next development. King being backed into a corner now, and time is running out. I reckon he will fake his own death, and come back as his identical twin brother, who claims all the insurance.
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Zebrugee2
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2 May 2018, 08:38 AM
Post #956
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- tenerifetim
- 2 May 2018, 08:30 AM
- Dubz
- 2 May 2018, 08:15 AM
- M78
- 2 May 2018, 08:11 AM
Can someone c&p that please, can’t access it for some reason.
Fill yer Boots! I'm not convinced that article covers the last 2 unstarred motions business that occurred yesterday and a couple of weeks ago that TOP pursued - no real reporting on those ? Spoiler: click to toggle 4 hrs ago Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared funds Martin Williams @MWilliamsHT Senior News Reporter Court orders force Dave King to make £11m Rangers shares bid with cleared funds
Court orders force Dave King to make £11m Rangers shares bid with cleared funds 8 comments
REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
HeraldScotland:
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.
HeraldScotland:
It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.
HeraldScotland:
During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
HeraldScotland:
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
HeraldScotland:
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant". 8 comments Yesterday’s hearing was for Interdict and was suggested elsewhere that this was a move to prevent any share sales or purchases until the compliant offer was made - I guess that would stop Glib from getting out of dodge and disappearing over the horizon
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nakasboots
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2 May 2018, 08:40 AM
Post #957
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Off treasure hunting in Holland
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- andy d
- 2 May 2018, 08:35 AM
- M78
- 2 May 2018, 08:27 AM
- Dubz
- 2 May 2018, 08:15 AM
Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared fundsSpoiler: click to toggle REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley. It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him. During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant".
Not a surprise, but I cannot wait for the next development. King being backed into a corner now, and time is running out. I reckon he will fake his own death, and come back as his identical twin brother, who claims all the insurance. Stavros King.
His tanned and moustached alter ego.
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tele savalas
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2 May 2018, 08:41 AM
Post #958
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- Archibald P Treadwhistle
- 2 May 2018, 07:26 AM
- Augustus
- 2 May 2018, 06:39 AM
- garioch
- 2 May 2018, 02:10 AM
Quoting limited to 3 levels deep
Absolutely. I see it like this. The Huns are like someone who won big money on the lottery and quit their job and studies on the back of it. Bought a huge mansion, loads of fancy cars and pointless bling. Meanwhile, Celtic stuck in and, over time, have become hugely successful independently to the point where they could have all of the same stuff as the Huns but actually afford it. Now that the Huns have spent all the lotto money, had to pawn the cars and 5e bling and remortgage the house with a local loan shark because none of the banks will touch them, they are crying out about the unfairness of it all. They think that Celtic’s success is the same as their success, built on sand. Problem is, we can actually afford this because we built from the ground up, losing leagues along the way but always advised to trust in the long term project. Their answer? Buy more lottery tickets.
Arguably not even their own lottery ticket at that... With the price of a ticket you could buy two of the old club.
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andy d
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2 May 2018, 08:50 AM
Post #959
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- nakasboots
- 2 May 2018, 08:40 AM
- andy d
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- M78
- 2 May 2018, 08:27 AM
Quoting limited to 3 levels deep Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared funds Regulator gets court orders forcing Dave King to make £11m Rangers shares bid with cleared fundsSpoiler: click to toggle REGULATORS have taken legal action to compel Rangers chairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that the Takeover Panel has been granted a court order which also forbids any attempt by Mr King's South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the bid.
Rangers International Football Club plc said it understood that the funds for the offer are there and that Laird was seeking South African government approval to allow the money for the offer to be transferred to the UK.
Lord Carloway at the Court of Session dismissed an appeal in March forcing a bid for 70 per cent of the shares to be made after agreeing that Mr King and others acted together to force their way into the Ibrox boardroom three years ago and ousting a board of directors said to be allied to Sports Direct founder Mike Ashley. It came after the Takeover Panel originally decided that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers.
The Takeover Panel has now received what the courts have described as "certain orders" on April 24.
The Herald understands the orders were aimed firstly to ensure that the bid is made while supported by actual funding making it Takeover Code-compliant, and secondly to ensure that no offer is made to shareholders without that money.
The move came after the panel said an initial share bid announcement by Mr King did not comply with the Takeover Code, as it was not supported by cleared funds.
Mr King's Laird firm had said in the March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".
Mr King had gone through a lengthy battle through through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him. During an October hearing, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Under Takeover Code rules, a written offer to shareholders had to be made within 28 days of Laird making the bid announcement on March 29 - but so far it has not been forthcoming.
A letter by John Bennett, the chairman of an "independent directors" group of Rangers International Football Club plc to shareholders agreed that the original Laird announcement had not been "cash confirmed" by a third party as required by Rule 2.7(d) of the Takeover Code.
He said in a circular on April 4 that "this will be addressed promptly" after April 4 so that when the official offer to shareholders is made the cash to fund it will be ringfenced by a third party.
He said that the bid announcement was expected to be followed by the actual offer to shareholders "no later than 26th April, 2018".
RIFC plc said last week that it noted that the 28 days had expired "without the publication of a code-compliant offer document" and that it had been informed by the Takeover Panel "that this is a breach of Rule 24.1 of the code".
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
But the Takeover Appeal Board (TAB) last year said that " the case for concluding that... Mr Letham and Mr King, at least, were acting in concert in purchasing the relevant shares becomes overwhelming".
In December Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with other shareholders when he bought a controlling stake in 2015.
But Mr King argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
Lord Carloway on March 1 announced that a fresh appeal would be refused.
Lord Bannatyne in a previous hearing said that Mr King's argument that he did not have the funds to make the offer was "irrelevant".
Not a surprise, but I cannot wait for the next development. King being backed into a corner now, and time is running out. I reckon he will fake his own death, and come back as his identical twin brother, who claims all the insurance.
Stavros King. His tanned and moustached alter ego. I assume he will be wearing sunglasses.
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Dubz
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2 May 2018, 09:00 AM
Post #960
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Cheers.
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