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Dear Takeover Panel

We understand that this letter below was sent this morning to a Takeover Panel contact and a receipt duly received.

Que sera sera…

PS: Want a Stock Tip? – Invest in Popcorn futures!


 

Dear Takeover Panel

I write with concern as a Company shareholder within Scottish Football.

I understand there is an outstanding issue with Mr David King of RANGERS INTERNATIONAL FOOTBALL CLUB PLC. (http://www.thetakeoverpanel.org.uk/wp-content/uploads/2017/01/2017-4.pdf)

At present Mr King has still to make a formal offer for all shares after acting in concert with other directors to assume control of the company above.

 

With this issue outstanding and Mr King procrastinating on the placing of funds in escrow for the offer,  imagine my surprise when he declared at a Press Conference that he would be launching a new share issue for RANGERS INTERNATIONAL FOOTBALL CLUB PLC in order  to raise at least £6m in funds.

It is my understanding there are Takeover Panel rules regards such actions, namely-

During an offer period, the offeror and persons acting in concert with it must not sell any securities in the offeree company except with the prior consent of the Panel. The Panel will not give consent where a mandatory offer under Rule 9 is being made.

 

Can you confirm if the Takeover Panel have given permission for this new share issue before anyone considers subscribing?

 

In an interview following the Press Conference (https://www.dailyrecord.co.uk/sport/football/football-news/dave-king-qa-full-rangers-12497577) , Mr King noted proof of funds have been given to the Panel but the issues for funds are due to Takeover Panel demanding funds being placed in the UK, is this also correct?

Extract from interview below, I highlight in underline a key phrase that seems to insinuate any proposed new share issue in the company isn’t impacted by current Takeover Panel ruling, is this also correct?:

 

Where are you with the Takeover Panel?

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 and that the Takeover Panel would accept the company offer as being the offer coming from me personally because they know that I am never going to make an offer. They accept that. They asked me for proof of funds which we gave them. They then asked for the funds to be ringfenced in a separate account, an escrow, to make sure the funds could only be used for the purpose of the shares. We agreed to that. They were placed into a trust account, (with) proof of funds given to them. Then about two weeks ago the Takeover Panel approached me again and said they were unhappy now with the funds being held in South Africa and they would like them relocated into the UK to be held in a UK bank account in sterling. I said: “I am happy to do that.” But as you know I don’t have facilities in the UK, I would have to open a bank account, which I have agreed to do. I said: “That now requires an extension of the offer period. I can’t get the money into the UK, open bank accounts, do the various KYC (know your customer) things you have to do with the banks in time to make the deadline.” They didn’t grant the extension. That is where we are stuck right now. I have gone back to them and said: “I am going to take that under review because this is something you only asked for two weeks ago.” I am not a UK resident…my business interests are not in the UK therefore I have to open bank accounts and that does take time. That is really where we are right now. They have proof of funds in rand in South Africa, but they want it relocated to the UK. That is where we are at the moment.

 

In terms of the share issue, where are we with that? Will some of the soft loans be converted in that issue?

Just to finally cover the Takeover Panel, it is important to stress this has absolutely nothing whatsoever in any way to do with the football club, directly or indirectly. It makes no difference to the football club, it makes no difference to the funding of the football club, it makes no difference to the ownership of the football club. This is an issue between myself and the shareholders of the holding company. It has got nothing to do with Rangers, it has got nothing to do with the team, nothing to do with funding. Really, all that happens at the end of this process, when it is completed, if it is completed, is the extent of my shareholding in the Rangers International Football Club. That’s all it affects. It has got nothing to do with the football team, it has got nothing to do with the funding of the football team, it has got nothing to do with the funding of the football team. It is really a personal matter between me, the shareholders and the Takeover Panel. The rights issue? I met with (club secretary) James Blair on Saturday. We have now given the go-ahead for the rights issue, the share issue, to commence immediately. We were holding it off because I was hoping to get the offer out, but there was no indication from the Takeover Panel at that time that the relocation of the funds was going to be an issue. We thought: ‘Let’s get the Takeover Panel issue out of the way first, then get the share issue’. Because it would affect my ability to participate in it. I just said to James: “Let’s accept the fact the Takeover Panel will not be resolved in the next couple of weeks. Let’s just go ahead with the rights issue as it is with the restrictions that I have currently got on participating.” Yes, there will be a balance of conversion of loans versus raising of new cash.

I understand you may not be able to answer in fine detail but I would appreciate an acknowledgement in receiving this information in the  interest of ensuring all is above board and shareholders are protected.

Best regards

 

 

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Callumbhoy
5 years ago

The sinister squinster even claimed that it was Murty who kyboshed the ‘chinese’ multi million pound ‘bid’ for Morales!! Nothing to do with him- fucking lying parasite fantasist.

Mike
5 years ago

At odds with the Take Over Panel,
No Nomad,
No new Investors,
£17.7 already owed in soft loans already owed to existing shareholders
who must be wondering, WHY.
£3.M. owed to Close Brothers,
Anyway that you look at it, this is a big loss making business, clinging on by its finger tips.
A tired looking stadium.
A teams worth of loanee’s.
Why would anyone in their right mind wish to get involved with this
(business) that has a convicted criminal at its head? Why would anybody WANT to invest in this… shambles. The only business peepil interested would be Asset Strippers.
He never stated that he had given his new inexperienced manager a transfer kitty and he only said “that he would consider a new share issue, he never said he would or he wouldn’t.
All of this is Kings manipulation, despite his assurances that he would bring in a Nomad, none appeared, kicked into the Hertz pitch.
He ousted the Easdale brothers and Ashley and his team. This is what he engineered, to keep everyone in the dark, away from the regulations and the prying eyes of the city regulators. Making promises that he knew he would not honour, lies, lies, lies.
Never for one single minute did I think that Steven Gerrard, would get involved with this rogue. You reap what you sew and Stevie you will find out his hand-craft pretty soon. Charlotte Fakes.

Mike
5 years ago

I was sorry to see that Aquamarine the wave making energy firm has gone into
Administration, I always thought that it was a wonderful idea, to harness the power of the sea. But all is not lost, they could call at Montits house and harness the wind and hot air, it must be a rich source of PISH. Have a good day.

R.St.Parsley
5 years ago

For it’s a brand new team to play for
And it’s a brand new team to see
If you know the history
They started in division three as Sevco
We don’t care what the media say
What the hell do we care?
For we only know that they started down below
And were fucking lucky to be there!

5 years ago

Aah The Lying King Strikes,Yet Again.

Noel Skytrot
5 years ago

He can dress it up any way he likes but if you’ve any sort of intelligence it’s clear that he’s an out and out LYING con artist. The Huns deserve all that’s coming down Paisley Road West.

You only need to read the Q&A and it’s all there. Murty had the final say on the decision about Morelos’s alleged “transfer” to China!!! Right ye are, ya halfwitted zombies.

Rob O'Keeffe
5 years ago

Glib and Shameless doesn’t give a damn and at least comes out and proves it.He basically states that it’s business as usual,f the Takeover Panel,carry on with a share issue,he’s based outside the UK and feels untouchable.He’s brought in a gangster backed manager who isn’t a manager.Celtic will collapse if they lose a title,who’s going to do that to Celtic?
BR,DD,PL and the board must be rolling about laughing,years more bonuses are a stick on.
Please Sevconites,spend all of your money,borrow more and more,leave your families penniless…..it makes sense….whoop whoop….

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