King Statement

[chilledbear 16]

DAVE KING today insisted he will easily convince both stock market bosses and football chiefs that he IS fit to run Rangers.

 

The former oldco director has called a general meeting to vote on plans to rout the Ibrox board.

 

He will also ask the shareholders to vote in himself, former Blue Knight Paul Murray and John Gilligan as their replacements.

 

The current regime - David Somers, Derek Llambias, Barry Leach and James Easdale - released a statement to the stock exchange on this morning insisting they would fight King's bid.

 

In a thinly-veiled swipe at the Johannesburg-based businessman, they said: "The AIM rules require that all individuals appointed to the board of an AIM company are suitable to be a director of a UK public company."

 

The Castlemilk-born millionaire was forced to hand the South African Revenue Services a cheque for £44million last year in a bid to stave off a tax investigation.

 

SARS claimed he owned £149million but he was spared jail after accepting liability for 41 lesser charges in relation to income tax laws.

 

Both he and Murray will also have to explain their part in the demise of the club after serving on the board under former owner Craig Whyte, who put the club on the path to liquidation in 2012, if they are eventually appointed as part of the SFA’s "fit and proper" person test.

 

But King told PA: "There are no problems regarding the AIM regulations and the issue with the SFA is simple. Only once a director is appointed is an application made to the SFA by the club.

 

"Both myself and Paul will have to deal with our previous directorship at the time that Craig Whyte got involved. Additionally, I will have to deal with my reasons for staying on the board and trying to impose some level of governance during the Whyte era.

 

"I will also deal with my favourable settlement in South Africa.

 

"These are all issues that the SFA rightly has to address in the same way that the SFA has to review the history of anyone who gets involved with a Scottish football team.

 

"That was all considered by me prior to my application - as was the likelihood that the incumbent board will use the media to try to influence the debate by misrepresentation.

 

"The enthusiasm that this board adopts to 'media management' and its failure to act in the interest of shareholders and other stakeholders is exactly why they should be jettisoned in favour of directors who have the requisite business skills and respect for the tradition of Rangers to take the club forward.

 

"History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest."

 

King hit back just hours after the board called on him to drop his general meeting and save the cash-strapped club the expense of hosting it.

 

The board's 7am statement added: "If the notice (issued by King) is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions."

 

In a second statement, the directors conceded they may have to consider using Ibrox as security on a loan - but insisted any decision would not be "taken lightly".

 

Thousands of fans protested against that possibility before Friday night's abandoned clash with Hearts after it was revealed Newcastle owner Ashley was preparing to have his name added to the title deeds of both the stadium and Murray Park as part of a £10million loan arrangement.

 

The Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - had already announced they would increase their own loan offer of £5million - but would not ask for security on the stadium.

 

The board added: "The directors are pursuing bilateral discussions with two parties who are both stakeholders in Rangers.

 

"These discussions contemplate a significant amount of capital being available to the business on a long-term basis in order to enhance the squad which the directors believe is necessary.

 

"A consequence of funding to this level is that, in reality, it may be necessary to use Ibrox stadium as security; such a decision would not be taken lightly.

 

"No decision has been taken at the current time while discussions are being finalised in good faith.

 

"The advance notice does not mean that security will be given, and the directors are adamant that it will not unfairly advantage the party with whom it was agreed.

 

"The board will conclude a transaction, based on its merits, which it believes is in the best interests of shareholders as a whole in accordance with their fiduciary duty."

 

http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-ill-convince-stock-5005483?utm_source=twitterfeed&utm_medium=twitter

[der Berliner 3,743]

"The board will conclude a transaction, based on its merits, which it believes is in the best interests of shareholders as a whole in accordance with their fiduciary duty."

 

If it wasn't so dire, you could only laugh about this.

[Zappa 0]

If it wasn't so dire, you could only laugh about this.

 

Laughing about it is probably what the directors are doing.

[pete 2,499]

DAVE KING today insisted he will easily convince both stock market bosses and football chiefs that he IS fit to run Rangers.

 

The former oldco director has called a general meeting to vote on plans to rout the Ibrox board.

 

He will also ask the shareholders to vote in himself, former Blue Knight Paul Murray and John Gilligan as their replacements.

 

The current regime - David Somers, Derek Llambias, Barry Leach and James Easdale - released a statement to the stock exchange on this morning insisting they would fight King's bid.

 

In a thinly-veiled swipe at the Johannesburg-based businessman, they said: "The AIM rules require that all individuals appointed to the board of an AIM company are suitable to be a director of a UK public company."

 

The Castlemilk-born millionaire was forced to hand the South African Revenue Services a cheque for £44million last year in a bid to stave off a tax investigation.

 

SARS claimed he owned £149million but he was spared jail after accepting liability for 41 lesser charges in relation to income tax laws.

 

Both he and Murray will also have to explain their part in the demise of the club after serving on the board under former owner Craig Whyte, who put the club on the path to liquidation in 2012, if they are eventually appointed as part of the SFA’s "fit and proper" person test.

 

But King told PA: "There are no problems regarding the AIM regulations and the issue with the SFA is simple. Only once a director is appointed is an application made to the SFA by the club.

 

"Both myself and Paul will have to deal with our previous directorship at the time that Craig Whyte got involved. Additionally, I will have to deal with my reasons for staying on the board and trying to impose some level of governance during the Whyte era.

 

"I will also deal with my favourable settlement in South Africa.

 

"These are all issues that the SFA rightly has to address in the same way that the SFA has to review the history of anyone who gets involved with a Scottish football team.

 

"That was all considered by me prior to my application - as was the likelihood that the incumbent board will use the media to try to influence the debate by misrepresentation.

 

"The enthusiasm that this board adopts to 'media management' and its failure to act in the interest of shareholders and other stakeholders is exactly why they should be jettisoned in favour of directors who have the requisite business skills and respect for the tradition of Rangers to take the club forward.

 

"History will judge this board as one of the worst the club has ever had. There is not one individual who puts the club above personal interest."

 

King hit back just hours after the board called on him to drop his general meeting and save the cash-strapped club the expense of hosting it.

 

The board's 7am statement added: "If the notice (issued by King) is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions."

 

In a second statement, the directors conceded they may have to consider using Ibrox as security on a loan - but insisted any decision would not be "taken lightly".

 

Thousands of fans protested against that possibility before Friday night's abandoned clash with Hearts after it was revealed Newcastle owner Ashley was preparing to have his name added to the title deeds of both the stadium and Murray Park as part of a £10million loan arrangement.

 

The Three Bears - wealthy fans Douglas Park, George Letham and George Taylor - had already announced they would increase their own loan offer of £5million - but would not ask for security on the stadium.

 

The board added: "The directors are pursuing bilateral discussions with two parties who are both stakeholders in Rangers.

 

"These discussions contemplate a significant amount of capital being available to the business on a long-term basis in order to enhance the squad which the directors believe is necessary.

 

"A consequence of funding to this level is that, in reality, it may be necessary to use Ibrox stadium as security; such a decision would not be taken lightly.

 

"No decision has been taken at the current time while discussions are being finalised in good faith.

 

"The advance notice does not mean that security will be given, and the directors are adamant that it will not unfairly advantage the party with whom it was agreed.

 

"The board will conclude a transaction, based on its merits, which it believes is in the best interests of shareholders as a whole in accordance with their fiduciary duty."

 

http://www.dailyrecord.co.uk/sport/football/football-news/dave-king-ill-convince-stock-5005483?utm_source=twitterfeed&utm_medium=twitter

 

Well that will be a new one. When has this board ever worked in accordance with their fiduciary duty

[der Berliner 3,743]

The battle for Ibrox: Dave King and Robert Sarver have their say over Rangers board's plan to mortgage stadium

 

DAVE KING responded furiously last night to suggestions he’s not fit to sit on the Rangers board - while American banker Rob Sarver accused the current regime of gambling with the club’s future for the good of Mike Ashley.

 

King launched his retaliatory blast at the board through a strongly worded tea time statement, in which he bullishly dismissed a morning stock exchange announcement from the under fire Ibrox regime questioning his ‘fit and proper’ credentials.

 

The Johannesburg based businessman described the current hierarchy as one of the worst boards in Rangers history while insisting that neither the SFA nor the AIM Market will block his attempts to muscle his way into a position of power.

 

At the same time, in an exclusive Q&A in tomorrow's Record Sport, Sarver launched a separate salvo by ridiculing chairman David Somers and his cohorts for considering mortgaging off Ibrox Stadium to pocket a £10m crisis loan from Ashley and plunging an already stricken club even further into debt.

 

Sarver admits he is now monitoring events closely from the other side of the Atlantic as King attempts to wipe out the current regime with an explosive requisition for an egm. The Phoenix Suns owner, who had two buy-out packages rejected by the board, refused to rule out the possibility of joining forces with King and the Douglas Park consortium to make a third offer for control.

 

But, in the meantime, King is pressing ahead with his plan to have the boardroom blown apart at a shareholders’ shoot out and hopes to take his seat in new look structure alongside allies Paul Murray and John Gilligan.

 

.... (the rest is already covered above)

 

DR

Edited January 19, 2015 by der Berliner

[alexscottislegend 2,318]

That's about the only hope I have now - if Sarver joins up with the 3 B's.