ian1964

DAVE King and his Three Bears group will have a firm grip on Rangers if a bid to convert over £14m of club loans into shares gets the go-ahead, it has emerged. The Rangers board are asking independent shareholders to agree to a 'waiver' that would prevent Mr King from again having to make another multi-million pound shares offer to other shareholders as he and his partners tighten their hold on the club. In February, Mr King won a long battle to avoid paying out on a court-ordered shares offer, which could have cost him as much as £19m, after it just failed to get enough acceptances from shareholders to become valid. Mr King was obliged to make the bid by the Takeover Panel financial regulator, which ruled he, and the Three Bears group of investors made up of Hong Kong-based investment banker George Taylor, Park's Motor Group founder Douglas Park and investment banker fan George Letham, had acted "in concert" to acquire more than 30% of the Ibrox club's shares when they took over the club from a group said to be allied to Sports Direct founder Mike Ashley in 2015. The bid failure meant that those who accepted the 20p-a-share offer including former football board chairman Sandy Easdale and his family kept their shares. The club's board have now organised a general meeting for June 19 to ask shareholders to accept a so-called Whitewash Resolution, that prevents Mr King's group from making another general offer for shares under takeover rules, as they bid to increase their stake in the club. The Takeover Panel have confirmed that the requirement to make the general offer for the balance of shares not owned by the King group will be waived, if the shareholders pass the resolution. The group want to convert £14,120,388 in loans into 70,601,941 shares at 20p each. According to financial papers supporting the bid, the extra shares Dave King’s group would get from the loan conversion would mean their slice of Rangers International Football Club plc would rise from 34.06% to give them a majority 53.93% stake. If converted Mr King's slice through his New Oasis Asset Limited company will grow from 14.57% to 26%, Mr Park's holding will rise from 6.14% to 13.94%, Mr Letham will have 5.7%, up from 4.05%, while Mr Taylor's interest will drop from 9.3% to 8.14%. Documents relating to the move say that individual members of the King group will not be able to increase their percentage interest in shares without Panel consent. Documents relating to the move reveal that if approved, King’s group would have the power to decide whether resolutions at future general meetings pass or fail and block special resolutions. That means they have control over strategic decision-making processes, including the election of directors and chief executive, approving executive pay and passing financial accounts. There is a warning that if the so-called Whitewash Resolution is not passed the loan conversion will not go ahead. In a letter to shareholders, John Bennett, chairman of the independent directors of RIFC, said that "may create issues" for Rangers if the 'soft loans' which were integral to allow the club to meet its debts when due and invest in the playing squad were subsequently withdrawn. He said: "The loans were provided by shareholders to assist with the costs of restoring Rangers Football Club to a position at the top of Scottish Football and as a force in European Football. . "Rangers Football Club’s footballing success benefits the financial position of the company. Converting the loans to shares ensures that such assistance is ongoing and that the company does not have to repay this funding. "The loan conversion will significantly improve the balance sheet of the company and ensure that it complies with The UEFA Financial Fair Play Regulations." The independent directors in information supporting the motion said: "When the current board of RIFC were appointed, the club had suffered greatly through years of financial distress and upheaval. "Consequently, RIFC was making significant losses with no immediate possibility of those being stemmed whilst restoring the fortunes of Rangers Football Club. Such losses have now been greatly reduced and the fortunes of both Rangers Football Club and RIFC have been significantly restored. "There is still work to be done both on and off the field with sporting success for Rangers Football Club being the key driver to improved financial performance for RIFC." Under Takeover Code rules Mr King and the Three Bears, should have made a written offer to buy the shares of other shareholders at the time of the takeover having overtaken a 30% threshold. The 63-year-old businessman, had previously stated that delays in fulfilling court orders over the offer were the result of needing government approval to transfer the funds from South Africa to the UK. The offer came after a Court of Session contempt case in front of Lady Wolffe was paused in December after the Rangers chief said he was now “100%” committed to making the multi-million-pound offer. During one hearing in October, Mr King's advocate Lord Davidson of Glen Clova QC argued that he "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless." The King-led takeover group had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015. But in December, 2017 Lord Bannatyne ruled in favour of the Takeover Panel that Mr King acted in concert with the Three Bears to oust the Mike Ashley-allied board. https://www.eveningtimes.co.uk/news/17688121.dave-king-group-set-for-controlling-interest-in-rangers/

No Respect, No Integrity, Westminster Must Intervene For many years, some within the Rangers support had a grudging respect for Peter Lawwell, from the point of view they wished we had someone like him in our corner, fighting for our club with ruthlessness and zero scruples. Oh, how wrong they were. The buck stops with him for everything at that club, and he has to own the various club statements regarding the historic child abuse cases at the club over 30 years. Understandably, there is a lot of noise around this subject, but we should be clear that most people understand that Paedophiles can infiltrate organisations and win the confidence of senior people in these organisations, in order to carry out their heinous crimes. It’s happened to countless organisations, so the true measure of an organisation is not if it happened to them, it’s in how they treated complaints, and how they restructured their organisations to make every effort to avoid abuse reoccurring. The full extent of what happened at Celtic, in terms of those prosecuted and found guilty is of course on record, as are the back issues of the Celtic View detailing the nature of the relationship between the parent football club and the boys club. What compounds an already disgusting situation, and where most critics of Celtic have been focused, since the original Prosecution of Jim Torbett, has been the statements reported from court by the Daily Record, and in the original award winning investigations in the very same newspaper. The Record reported that Jock Stein, while club manager, learned of allegations against Jim Torbett and kicked him out of the club, with the key point being that the Police were not contacted. Furthermore, when allegations surfaced of abuse on a Celtic Boys Club trip to the US, the Record reported that Celtic Football Club officials met the parents of the alleged victim, swore them to secrecy and once again failed to contact police. What sticks in the gullet, as some of the archive reports are finding their way on to social media, along with new reports from archive Celtic FC publications lauding the boys club, is the sheer ignorance of both the victims, and the risk of reoffending of individuals such as Torbett and Cairney, who were both re-employed by the football club by the same board of Directors. It’s the revelations that former Celtic board members were in the employ of Torbett, and that the club paid Torbett’s company AFTER he had been convicted of abuse the first time around, while those Celtic Directors at Torbett’s business did not resign even after he had been convicted that rings alarm bells. With victims talking of Celtic boys’ club visits to Barry Bennell’s teams, who visited Scotland to play Celtic, and visits to Celtic Park by Jimmy Savile, it goes without saying that this requires further investigation. Given the links between all of those convicted, their cases cannot be treated in isolation from each other. As with many of these types of cases, many victims stay silent and it’s this silence that the predators rely on. Other victims need confidence that they can come forward, that they will be treated with respect, and that the Government will fight for their right to be heard, and that justice will be done for them. Anything else would be a dereliction of duty. Throughout this process, Celtic FC have had ample opportunity to show real leadership and lead from the front in tackling the issue. Instead, like their predecessors in the boardroom, Peter Lawwell and his board have attempted time and time again to slither away from their responsibilities. From using the media to try to shut down supporters of other teams calling out their child abusers, calling such songs sectarian, to using the separate entity line on several occasions, to the avoidance of the word sorry, to insulting one victim by asking him to prove he played for the boys club, to the claim that they have been undertaking an internal investigation at the behest of their insurers, to Celtic Boys Club receiving a mysterious payment to change their name to St Patricks, the current board under Lawwell’s watch have been guilty of failing these victims in the most insulting manner. Furthermore, as more and more of the mainstream media have realised this is a step too far, a mysterious leak of team plans to the press via Social Media has occurred, followed by full on speculation of various players to Celtic Park not on that leak list. It’s a shambles, and while a pathetic excuse for a journalist like Neil Cameron tries his best to excuse Lawwell from the decision making at Celtic Park over the whole period of abuse, despite the slithering of the last 12 months, it’s clear that Celtic FC are the last organisation that can own any investigation. Defendants don’t investigate themselves. The inaction of Celtic, the SFA, the SPL and the Scottish Government is reprehensible, and it’s time the UK Government stepped in with a full public enquiry exploring the links between the convicts, between them and people like Bennell and Savile, the allegations of Non Disclosure agreements, the payments to The Trophy Centre, and all those who turned a blind eye, or pro-actively took steps to keep matters quiet. Any and all payments alleged to have been made need to be thoroughly investigated. If anyone authorised payments who are they and if cheques were signed, who by? I suspect the above is the tip of the iceberg, so the Government needs to step in. Those who enabled and facilitated these attacks need to be punished. https://www.vanguardbears.co.uk/article.php?i=270&a=no-respect,-no-integrity,-westminster-must-intervene

You really do have to wonder how high these paedophiles are? can be the reason why there is little interest from the Scottish Government, the Scottish FA, the police & the Scottish gutter press in a full public inquiry!

Wish everyone would stay on topic

I'm a bit the same regarding Jones & if Stewart signs? both are underwhelming at first sight, Kamara has looked the part since signing so fingers crossed, more than happy to be proven wrong with both players

Obviously the only photo they have on file!!

I always fancied Broxi Bears' job, especially v Separate Entity FC

Aye, I would rather keep all 3 unless we received huge offers & we could replace them all with better, which I doubt we could, agreed out of the 3 Morelos would be easier to replace, I don't like saying that as the guy has scored 30 goals, strange!

DOWNFALL Some years ago at a small gathering I had a long chat with a gentleman about Scottish Football. Knowing that he had worked with him previous, I turned the topic of conversation to the CEO of The Club Like No Other. I opined that said CEO had done a fine job of ensuring the disgraced club had placemen at the SFA, SPL (as it was then) and UEFA, not to mention various newspaper and television platforms. The reply I got from the gentleman came as something of a surprise. "It will all end in tears" he told me. I asked him to expand. "He's a controlling bully whose conceit and arrogance are only surpassed by his lack of self-awareness and intelligence. His modus operandi will work short-term, but will backfire on him in the long term. They will all turn on him eventually" I was told. Full article: https://www.vanguardbears.co.uk/article.php?i=269&a=downfall

Celtic ‘should take responsibility’ for child abuse at feeder football club Scotland’s former child welfare watchdog has urged Celtic FC to take responsibility and apologise for the systematic abuse that took place at its feeder club. Tam Baillie, who served as commissioner for children and young people for eight years until 2017, spoke out after MSPs called for an independent inquiry into the abuse of Celtic Boys Club players. Four men who held senior positions with the club have been convicted in recent months for molesting dozens of children over three decades. “Celtic are the biggest football club in Scotland,” Mr Baillie said. “They have a responsibility to lead on these kinds of matters . . . They should have accepted responsibility and apologised as soon as the abuse became apparent.” Although expressing “regret and sorrow”… Continue reading https://www.thetimes.co.uk/article/celtic-fc-child-abuse-boys-club-molestation-8qvsmm799