Dave King

[compo 7,042]

As long as the shares stay in the right hands , no more chancers and fly boys.

[forlanssister 3,114]

51 minutes ago, trublusince1982 said:

Did the judge not find in his favour and say king or his company need to pay? Wasn't the appeal saying he wasn't personally liable?

I wouldn't go as far as to say they found in his favour but it was probably the best outcome he could have realistically hoped for.

[Uilleam 5,937]

1 hour ago, forlanssister said:

The offer will be made before any rights issue/placing.

That, FS, makes sense. But

- it's Rangers, and, frequently, nothing about the Club makes sense, or proceeds rationally

-it's Dave King, who may, at present, be trying to find a way to kick the can, once more, down the road; it seems to be an m.o.

 

It would be useful to have some idea of timescale for the shares/rights issue, if only to avoid, or even allow, speculation.

 

 

 

 

[Gaffer 1,665]

2 hours ago, craig said:

They can't.  It is King that has to make the offer at the reduced rate.  Any sellers would have to sell to King.  He could, then, sell to C1872 I suppose - but as BD says, that isn't cash directly into RFC but indirectly into the hands of any sellers of shares.

That's what I meant.  Club 1872 could back any shares and take them from DK at the reduced price.  I understand the point about the money going directly into the club, but it depends on what the main objective is.  For me, it's to buy as many shares as possible, so if we could buy a few more shares at a cheaper rate, it's got to be worth considering.  The sooner we get to 25%, the better.

 

I think all this talk is pointless anyway because I can't imagine anyone would be mad enough to dispose of their shares at a reduced rate now.  And when you consider the upward trajectory of the club right now, the share price is also only going to go up.

[forlanssister 3,114]

2 minutes ago, Uilleam said:

That, FS, makes sense. But

- it's Rangers, and, frequently, nothing about the Club makes sense, or proceeds rationally

-it's Dave King, who may, at present, be trying to find a way to kick the can, once more, down the road; it seems to be an m.o.

 

It would be useful to have some idea of timescale for the shares/rights issue, if only to avoid, or even allow, speculation.

 

 

 

 

Think the cans been kicked as far as it's possible to kick it.

 

IIRC the offer has to be made within the next 28 days and I would expect the rights issue/placing to come along not far behind that, I'd be surprised if it isn't before the end of the season.

[Gaffer 1,665]

On 01/03/2018 at 17:34, forlanssister said:

Think the cans been kicked as far as it's possible to kick it.

 

IIRC the offer has to be made within the next 28 days and I would expect the rights issue/placing to come along not far behind that, I'd be surprised if it isn't before the end of the season.

I'm assuming that too FS.  Surely the funding is required to boost the transfer budget this summer.  In which case we need to get a move on.

Edited March 3, 2018 by Gaffer

[Uilleam 5,937]

42 minutes ago, forlanssister said:

Think the cans been kicked as far as it's possible to kick it.

 

IIRC the offer has to be made within the next 28 days and I would expect the rights issue/placing to come along not far behind that, I'd be surprised if it isn't before the end of the season.

That would be good. 

It's essential to get the show on the road a s a p, before putative/possible/potential, investors take a runout powder over all the fucking about.

 

 

Edited March 1, 2018 by Uilleam

[craig 5,199]

1 hour ago, Gaffer said:

That's what I meant.  Club 1872 could back any shares and take them from DK at the reduced price.  I understand the point about the money going directly into the club, but it depends on what the main objective is.  For me, it's to buy as many shares as possible, so if we could buy a few more shares at a cheaper rate, it's got to be worth considering.  The sooner we get to 25%, the better.

 

I think all this talk is pointless anyway because I can't imagine anyone would be mad enough to dispose of their shares at a reduced rate now.  And when you consider the upward trajectory of the club right now, the share price is also only going to go up.

They can, potentially, get to the 25% in a share offering because the Board now have the resolution to allow for rights issues to be made to selected shareholders - that also then allows ALL funds to go directly into the club.

[ian1964 10,724]

Dave King and 5 wins on the spin

https://twitter.com/4Ladhadadream

[forlanssister 3,114]

Not 100% sure if this will have a bearing on Kings offer or not.

 

IIRC the 'Easdale Bloc' shares are/were held via Beaufort Nominees whose ultimate owner is Beaufort Securities. The FCA have frozen the assets of Beaufort Securities and they're being investigated by UK and US authorities for fraud and money laundering.

 

Quote

Thousands of investors have been left in limbo after the City watchdog shut down a stockbroker and American prosecutors accused the firm of operating a Wolf of Wall Street-style “pump and dump scheme”.

 

At least 14,000 clients are thought to have held shares, pensions and Isas with Beaufort Securities, but now face a nervous wait to recover their money after the Financial Conduct Authority froze £700 million of funds tied to investments with the broker.

 

Beaufort was placed into administration by the FCA after an investigation into its finances found a shortfall and the City watchdog secured a High Court order to shut the business.

 

Within hours of the FCA’s statement confirming that Beaufort had been declared insolvent, the US Department of Justice and Securities Exchange Commission said that they would be bringing criminal charges against Beaufort and several of its employees for running an alleged scam to manipulate the share prices of tiny companies.

 

Beaufort employs about 100 people in offices in London, Bristol and Colwyn Bay, north Wales. Its chief executive is Tanvier Malik, who helped to raise funds for the Cinnamon Club, the Westminster curry house frequented by MPs. As well as making investments on behalf of thousands of retail investors, Beaufort issued research and acted as the broker for more than 40 corporate clients. It claims to be one the largest corporate brokers to small and medium-sized businesses in Britain.

US prosecutors claim that an undercover FBI operation discovered a plot to operate so-called pump and dump schemes, whereby investors are encouraged to buy shares from fraudsters, pushing up the stock, only for its value to collapse as the scammers sell out, leaving victims with worthless paper.

 

The justice department also claimed that Beaufort, with alleged accomplices, including Matthew Green, the owner of an art gallery in London, had discussed laundering £6.7 million on behalf of the undercover agent via the sale of a Picasso painting Personnages, Painted 11 April, 1965. The plan was stopped before the sale could go through.

“In a series of unscrupulous and illegal trading practices, the defendants contrived a scheme to defraud investors of US publicly traded companies by manipulating stock prices and masking the true ownership of their clients’ financial interests,” William Sweeney, assistant director-in-charge of the FBI’s New York field office, said.

 

“In order to discreetly receive their illegal proceeds, the defendants focused their efforts on laundering the money through a variety of means, including the art world, which they believed was a market free from direct regulation.”

 

Six individuals, including Mr Green and two Beaufort employees, have been charged with offences including securities fraud and conspiring to launder money. It is not known whether those accused deny the charges.

Prosecutors allege the Beaufort schemes generated $50 million. The justice department said that the FCA had contacted the broker in July 2016 over concerns about its financial crime and money. Asked yesterday about links between the collapse of Beaufort and the US charges, and potential criminal action in Britain, an FCA spokeswoman declined to comment.

 

In its filing, the SEC, America’s market watchdog, said that it had charged Beaufort over the manipulation of the shares of HD View 360 Inc, which the regulator described as a “US-based microcap issuer”.

 

The SEC alleges that Beaufort and Peter Kyriacou, an investment manager at Beaufort, discussed with the FBI’s agent holding large blocks of shares in very small companies in its accounts to drive up their prices before promoting them to investors and selling at a much higher price for big profits.

 

The SEC said it had charged Dennis Mancino, HD View’s chief executive, and another man named as William Hirschy. It is not known whether those accused deny the charges.

 

Beaufort’s website was taken down yesterday and in its place the company placed a statement telling clients to contact the administrators.

• PWC, which is leading the administration of Beaufort, has said it hopes to return money and assets to customers “to the fullest extent possible”. Customers are unable to withdraw any of their money as Beaufort’s accounts can be accessed only with permission from the FCA. Customers have been told to monitor the Beaufort page on the PWC website for updates.

https://www.thetimes.co.uk/edition/business/failed-city-broker-faces-fraud-charges-dz0lv0btm