MoodyBlue 0 Posted January 6, 2015 Share Posted January 6, 2015 Board have rejected Sarver's bid. 0 Quote Link to post Share on other sites More sharing options...
coolk 0 Posted January 6, 2015 Share Posted January 6, 2015 Bid knocked back: 06 January 2015 Rangers International Football Club plc ("Rangers", "RIFC" or the "Company") Rejection of Possible Offer The Board of Rangers has considered the possible offer from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver"). The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code. The Placing would give Mr Sarver control of Rangers. While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required. The Directors do not intend to hold the General Meeting which would be necessary to implement the proposal. The Company is managing its cash resources carefully and will require further funding before the end of January. The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club. This is likely to comprise loans in the short term and possibly equity in the medium term. The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders. 0 Quote Link to post Share on other sites More sharing options...
ranger_syntax 4,422 Posted January 6, 2015 Share Posted January 6, 2015 The Company is managing its cash resources carefully and will require further funding before the end of January. The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club. This is likely to comprise loans in the short term and possibly equity in the medium term. Anybody else think that this is the only bit worth reading? 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted January 6, 2015 Share Posted January 6, 2015 (edited) Robert Sarver Statement Further to statement issued by Rangers Int. Football Club Plc ("RIFC") on 5 January 2015, Robert Sarver, the US financier and majority owner of the National Basketball Association franchise Phoenix Suns, confirms that he has made an approach to the Board of RIFC with a view to explore the possibility of purchasing the entire issued share capital of the company. Mr Sarver also notes the deadline of 5.00 p.m., 2 February 2015 in accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Takeover Code"). Nothing in this announcement constitutes an announcement of a firm intention to make an offer in accordance with Rule 2.7 of the Takeover Code. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made. Mr Sarver revealed that it was conversation with former Rangers player, Davie Robertson, now a successful youth football director in Phoenix, Arizona, which first sparked his interest in the club. Speaking from Arizona, Mr Sarver said: "My three sons all play soccer, as we call it here in the US, for Davie's club. "Initially, I'd had some of my advisors examining potential investments in teams in the English Premier League and in Spain, but Davie encouraged me to take a close look at Rangers. "Like all Rangers fans, he's really upset about how far the club has fallen in recent years and the more we spoke, the more interested I became. "I'd be the first to admit that I'm not a lifelong Rangers supporter, but anyone who knows me is aware that I'm a genuine sports fanatic and owning two major basketball franchises for the past decade has been an enormous privilege. "I've spent the vast majority of my career in public companies and I'm used to working in very highly regulated environments. I understand the crucial importance of business integrity and transparency. "Rangers fans have every right to be wary about someone showing an interest in the club they love, especially given some of the events of recent years. "First and foremost I believe what the club needs today is a very quick, major injection of capital to stabilise things and I can give the Rangers supporters a categorical assurance that I have the resources and ability to get this club back to its elite level. "I'm looking forward to building a consensus amongst supporters and prominent Rangers-minded figures who have the long-term success of the club at heart. "I've had detailed research carried out on Rangers and I'm convinced that we could take it back to the top of the Scottish game on a stable and sustainable basis." Mr Sarver is a highly-respected CEO of New York Stock Exchange-listed Western Alliance Bancorporation, a $10 billion dollar bank holding company, and also sits on the board of directors of two other major publicly-listed US companies, Meritage Homes and Skywest Airlines. He has already provided proof of funds to the Rangers board. A high-profile figure in US sports, he purchased a majority ownership in the Phoenix Suns basketball franchise in 2004. During Mr Sarver's tenure the team boasts the fourth-best winning record in the NBA. Women's basketball is also big in the US and, under Mr Sarver's ownership, Phoenix Mercury has won three WNBA titles. Former Rangers Football Club player, Davie Robertson, said: "I've known Robert for several years. He has been very supportive of our local club and has a very good reputation in the US. "When he said he was looking to invest in football in Europe, I told him right away that Rangers could really be doing with someone with his track record. I explained how far the club has fallen, but that there was huge potential to rebuild it." Mr Robertson, who played 245 times for Rangers over six seasons and was part of the side which won nine-in-a-row, continued: "Even though I'm now based over here, I always watch really closely how things are going at Ibrox and it's tragic to see how a club which was once a force in Europe has been brought so low. "I can tell every Rangers fan in Scotland and abroad, if Robert Sarver is successful in becoming part of the club, he'll not rest until they are back on top again." http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12204609.html Edited January 6, 2015 by Steve1872 add link 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted January 6, 2015 Share Posted January 6, 2015 (edited) terrible offer compared to kings. that said i like the sound of this guy and hope he can invest alongside the bears. Edited January 6, 2015 by the gunslinger 0 Quote Link to post Share on other sites More sharing options...
True_Ger_1872 2 Posted January 6, 2015 Share Posted January 6, 2015 Reading between the lines here - but does that board statement not imply that they are planning on accepting the King co offer?? 0 Quote Link to post Share on other sites More sharing options...
Mountain Bear 0 Posted January 6, 2015 Share Posted January 6, 2015 terrible offer compared to kings. that said i like the sound of this guy and hope he can invest alongside the bears. Agree. No surprise it's been rejected - no way that it would get the necessary 75% support in its current form. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted January 6, 2015 Share Posted January 6, 2015 Douglas Fraser @BBCDouglasF 11h11 hours ago What's going on at Ibrox? No, I dunno either. But we're into takeover territory. Concert parties + 3 Bears explained: http://bit.ly/1KfkIDb 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,679 Posted January 6, 2015 Share Posted January 6, 2015 terrible offer compared to kings. that said i like the sound of this guy and hope he can invest alongside the bears. I can't see this guy investing anything unless he gets overall control. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,803 Posted January 6, 2015 Share Posted January 6, 2015 (edited) Would be interesting to know when exactly the bid was placed and whether Sarver knew of Kings acquisition. It would be good if all these "good" people would speak to one another ASAP, not least to establish Sarver's intents. Edited January 6, 2015 by der Berliner 0 Quote Link to post Share on other sites More sharing options...
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