Sevco Thread

[mcdougall(4)]

Dave King on the hook for £14m - forced to bid 20p for Rangers FC and caned by Takeover Panel

By Tom Winnifrith | Monday 13 March.

 

The Takeover panel has today slammed Rangers (RFC) supremo David King for breaching the UK Takeover Code as well as not co-operating, indeed appearing to obstruct, its enquiry. The upshot is that he has now been told that he must launch a 20p per share offer for the 85.43% of Rangers he does not own by April 12. That will cost him up to £14 million if everyone accepts.

 

King was ruled to have acted in a concert party with George Letham, Douglas Park and George Taylor who, together owned just under 20% of Rangers. King owns just under 15%. A Concert party are a group of individuals who are deemed to share a commonality of interests. If a concert party takes its ownership over 30% then - as would be the case where 1 person takes its ownership of a company over 30% - it is forced to launch a full bid at the highest price paid in the proceeding 12 months.

 

This case has been brewing for several years with King appealing an original ruling and clearly not co-operating at all with the appeal. He did not bother to attend or send a representative to the final hearing of the Panel which is a body made up of the great and the good of the business world.

 

http://www.investegate.co.uk/takeover-appeal-bd-/rns/rangers-international-football-club-plc/201703131139222798Z/

 

And so it goes on

 

 

 

fit and proper *cough* fit and proper

[reekie_dock]

That 4p valuation is obviously horseshit

Defiantly it's around .001

[The Boofon]

Defiantly it's around .001

You're pretty defiant about spelling definitely defiantly.

[reekie_dock]

Ha ha ha ha ha

[Clydeside_Sheep]

How does 20p compare to the original investment that most had? Could be an easy way out for some.

 

Theres a guy on hun media ranting and raving that he paid 70p a share and now they are only worth 20p.

 

He says his family had 5 grand for a new fitted kitchen but, in a notable masterstroke, he spent it on sevco shares instead.

 

He says king has fucked him over blah blah.

 

His fellow orcs are reassuring him, saying he doesnt need to accept the 20p per share offer and that seemed to have calmed him down.

 

I think, in truth, that 20p a share is a far higher price than he might get elsewhere.

 

To be honest, fans like him have shares due to sentiment etc and would likely not sell anyway. But its interesting to see how ashley and the easdales might react.

 

I don't know if this ruling has any actual adverse affect on the club, given they are already complete pariahs in the business world.

 

If they were a reputable, properly run business of good standing then this might be bad news, but I don't know if this can actually worsen their state any in reality.

 

Its like Adolf Hitler being accused of rape - it scarcely affects his existing reputation.

[dervish]

Not bad news its ace.

 

Dave King is pissing on Rangers grave.

[maryhilldon]

Their new manager has just got off the plane and already he's spouting ridiculous hun propoganda. He actually said he thinks they have the best squad in Scotland! You'd think he would check the league table first before making such a bold statement. The orcs will lap it up though, until they lose a couple of games. I wont be surprised if he's gone by xmas.

[HairyPie]

Its like Adolf Hitler being accused of rape - it scarcely affects his existing reputation.

Character assassination. All the bloke did wrong was make Chaplin moustaches unfashionable. Misunderstood.

[Donmacca]

Would It be correct to say that even if King offers 20p a share all the supporters who have all that needs to happen is they turn his offer down, retain their stake and it saves him a lot of money?

 

The hun masses love King regardless of what he does. My worry is they'll blindly back him and they get away with it.

[vanderark14]

Their new manager has just got off the plane and already he's spouting ridiculous hun propoganda. He actually said he thinks they have the best squad in Scotland! You'd think he would check the league table first before making such a bold statement. The orcs will lap it up though, until they lose a couple of games. I wont be surprised if he's gone by xmas.

 

it was obvious his statement was written by Jim Traynor

[Clydeside_Sheep]

Would It be correct to say that even if King offers 20p a share all the supporters who have all that needs to happen is they turn his offer down, retain their stake and it saves him a lot of money?

 

The hun masses love King regardless of what he does. My worry is they'll blindly back him and they get away with it.

 

Its true that no-one needs to sell their shares.

 

Many of the hun fans (including the individual who spunked his new kitchen money on the club) will keep a hold of them, because they think that selling at 20p means they lose 50p (based on the original 70p cost).

 

In fact I think that, if they dont sell at 20p, then they will in fact lose 70p as the shares are otherwise worthless.

 

Its the bigger / smarter investors who may want to sell, to try to salvage some money from this wreck.

 

Of course King has no money to buy anyway, so I dont know what willl come out in the wash.

 

I know nothing about shares etc, but read this: https://johnjamessite.com/2017/03/14/takeover-takedown/

 

Apparently King faces a bill of a few million just to put a prospectus together to make his 20p offer to the shareholders.

[Lencarl]

"If you ask me what the targets are for the end of this season, we can say okay, we are eight points below second place but we need to play that opponent twice, so that means we are just two points below according to the way we see things.

"We are chasing but we like to be in this position".

 

That opponent...that opponent...We are the famous Aberdeen........

 

 

PS

 

 

Former Rangers captain Barry Ferguson would welcome the call to be assistant at The Rangers

Caixinha took charge on Monday and revealed he would be looking for an assistant with a knowledge of the Glasgow club and Scottish football.

Asked if he would be interested, Ferguson told BBC Scotland: "Of course, I've said that before.

 

​Bring him home

[Reed or deed]

"If you ask me what the targets are for the end of this season, we can say okay, we are eight points below second place but we need to play that opponent twice, so that means we are just two points below according to the way we see things.

"We are chasing but we like to be in this position".

 

That opponent...that opponent...We are the famous Aberdeen........

 

 

PS

 

 

Former Rangers captain Barry Ferguson would welcome the call to be assistant at The Rangers

Caixinha took charge on Monday and revealed he would be looking for an assistant with a knowledge of the Glasgow club and Scottish football.

Asked if he would be interested, Ferguson told BBC Scotland: "Of course, I've said that before.

 

​Bring him home

 

Make that 14 points you stupid looking portuguese rat faced cunt.

[Pudgie]

The maximum amount of points they can get is 67, we're on course for 64.8 points. We're more than safe! Not a chance they're making up enough points and goals to overtake us. We're as good as 9 points clear with 7 games to go!

[lazio_don]

Looks like Pedro the Dago will fit in well with rest of the delusionals at Sevco, hopefully "The Opponent" will kick your greasy arse. The arrogance of this 4 and a bit year old outfit playing its first ever season in the top flight is staggering.

[Dynamo]

The maximum amount of points they can get is 67, we're on course for 64.8 points. We're more than safe! Not a chance they're making up enough points and goals to overtake us. We're as good as 9 points clear with 7 games to go!

 

This post is confusing.

 

There's 10 games to go. 30 points to play for.

[Clydeside_Sheep]

Pedro the Dago

 

 

He says he wants to win a european trophy while at ibrox.

 

http://www.heraldscotland.com/news/15153609.New_Rangers_manager_Pedro_Caixinha_reveals_his_ultimate_ambition___to_win_a_European_trophy_at_Ibrox/

 

Either he is on the crystal meth, or traynor has his arm up his arse working him like a glove puppet. Both even.

 

News stories like that truly frame the gullibility of the average hun, who also thinks his sevco shares are valuable.

[Pudgie]

 

This post is confusing.

 

There's 10 games to go. 30 points to play for.

I'm a fucking dope.

 

 

The maximum amount of points they can get is 77, we're on course for 63.6 points. We're more than safe! Not a chance they're making up enough points and goals to overtake us. We're as good as 9 points clear with 10 games to go! Go win/draw/win/draw etc. til the end of the season and we're sorted.

[V for Vendetta]

Would It be correct to say that even if King offers 20p a share all the supporters who have all that needs to happen is they turn his offer down, retain their stake and it saves him a lot of money?

 

The hun masses love King regardless of what he does. My worry is they'll blindly back him and they get away with it.

 

Doesn't really matter anyway.

 

Before King can make the offer he'll need to have the money somewhere. I suspect if he even makes the offer SARS will be very interested to find King has yet more money salted away somewhere since he took a deal on his overdue taxes based on what he could afford pay.

 

I reckon the Easdales should insist on him buying them out - then they can buy into Morton or whatever their local club is.

 

Maybe even Ashley could insist as well, would be quite funny if he gets his money back courtesy of King but still retains all his Retail contracts.

[Foster14]

 

I'm a fucking dope.

 

 

The maximum amount of points they can get is 77, we're on course for 63.6 points. We're more than safe! Not a chance they're making up enough points and goals to overtake us. We're as good as 9 points clear with 10 games to go! Go win/draw/win/draw etc. til the end of the season and we're sorted.

 

 

We are on course to get 8.6 points from our last 10 games?

 

Just give up already...

[Tommy]

I'm a fucking dope.

 

 

 

 

Sums it up perfectly.

[V for Vendetta]

 

 

He says he wants to win a european trophy while at ibrox.

 

http://www.heraldscotland.com/news/15153609.New_Rangers_manager_Pedro_Caixinha_reveals_his_ultimate_ambition___to_win_a_European_trophy_at_Ibrox/

 

Either he is on the crystal meth, or traynor has his arm up his arse working him like a glove puppet. Both even.

 

News stories like that truly frame the gullibility of the average hun, who also thinks his sevco shares are valuable.

 

You'd take the crystal meth too if you had Traynors arm up your arsehole.

[E-P-K]

Wishful thinking, we all know how this is to played out, next season Rangers will have found monies from somewhere, and then every season there after, the closer Celtic gets to winning 10 in a row, Rangers will continue to get more money from somewhere, and then, if and when Celtic get 9 in a row, Rangers will bank roll unprecedented amounts to stop 10.

[Henry]

Rangers passed away min.

[V for Vendetta]

http://www.bbc.co.uk/sport/football/39262116

 

"Barry Ferguson wants Assistant Role"

 

Please please please let it be true!!

[V for Vendetta]

Wishful thinking, we all know how this is to played out, next season Rangers will have found monies from somewhere, and then every season there after, the closer Celtic gets to winning 10 in a row, Rangers will continue to get more money from somewhere, and then, if and when Celtic get 9 in a row, Rangers will bank roll unprecedented amounts to stop 10.

 

The might do that yes. But its fun watching them struggle to keep the lights on.

 

By the time they get to about 7 or 8 years into this they'll be about £80m in debt of course and they'll be liquidated again and need to form yet another new club and pretend to be the old one again.

 

A bit like the serial Buffalo Bill wearing the skin of his victims.

 

They're best hope is someone like Ashley steadying the ship and getting them to and keeping them in 2nd place during that period. Our job is to make that as hard as possible for them and watch their fan base dwindle.

[muttonhumper]

That 4p valuation is obviously horseshit

 

Obviously?

How so?

 

The boy JohnJames agrees with Phil MiFarterGobbler.

 

You have a better source or handle on the situation than they do then?

[vanderark14]

Warburton and Weir have been appointed at Nottingham Forrest

[BWG]

Warburton and Weir have been appointed at Nottingham Forrest

Hope he still pursues compensation from Sevco.

[craegDAMH]

 

Obviously?

How so?

 

The boy JohnJames agrees with Phil MiFarterGobbler.

 

You have a better source or handle on the situation than they do then?

 

I have exactly as much source or handle on the situation as they do, which is absolutely fuck all.

 

The reason that valuation is obviously bullshit is that it would value the entire company at £3.26m (that is, 81,478,201 shares @ 4p / share)

 

At the last balance sheet date, the net assets of the company were £42.5m. If you ignore intangible assets, you get an asset value of £27.6m.

 

So you could close the club tomorrow and liquidate the assets and end up with £27.6m, a valuation of 34p per share. (Obviously this would be a slightly different number because this is based on a June '16 balance sheet, but it won't be far off.)

 

That's why valuing the shares at 4p each is horse/bull shit, even if they were going bust this afternoon.