DK/Takeover Panel/Club1872

[stewarty 2,027]

2 minutes ago, rbr said:

100% agree they wouldn't sell their shares , sorry our shares , that's why this email is ridiculous , someone at board level , probably our snake oil salesman of a company secratery has come up with this and the useful idiots at club1872 have doffed their cap .

I think you are missing the point here Bruce.  

 

The issue is not whether C1872 would ever sell the shares, but whether they would be prepared to sign a formal undertaking that this would be the case.   This would then be taken to the TPO/ Court of Session as evidence of the level of funding required in order to support a mandatory offer.

 

We can only assume that this is due to the difficulties of getting monies out of South Africa.   So anything that might help speed things along seems perfectly sensible from my point of view.    

 

I would struggle to believe that the club would approach C1872 alone in terms of signing similar undertakings, so I really don't see an issue here.

[pete 2,499]

Damned if you do, damned if you don't springs to mind.

[rbr 1,256]

15 minutes ago, RabiDuck said:

The email relates to C1872 issuing a formal declaration that they won't sell at this time.  It seems sensible that the membership be consulted before such a communcation is given, if only to appease the TOP that it's a considered decision and not a unilateral one by the C1872 executive.

Club1872 has absolutely nothing to do with the TOP ruling, it's an entirely private matter between DK and the TOP, anyone who has actually read the TOP ruling would know this is a waste of time .

[stewarty 2,027]

3 minutes ago, rbr said:

Club1872 has absolutely nothing to do with the TOP ruling, it's an entirely private matter between DK and the TOP, anyone who has actually read the TOP ruling would know this is a waste of time .

At this point, that is irrelevant.  What is relevant is that King is required to stump up cash and its not a quick process. He is being put under pressure by the TOP and the Court to get this done, so a solution is clearly being worked on whereby King can reduce the quantum of funds needed to progress the mandatory offer by getting formal undertakings from significant shareholders that they would not participate at this time.   

 

If this speeds up the whole thing then great.  You are right this is a personal matter, but I'm sure we would all see a benefit of clearing this up as quickly as possible.

[rbr 1,256]

15 minutes ago, stewarty said:

I think you are missing the point here Bruce.  

 

The issue is not whether C1872 would ever sell the shares, but whether they would be prepared to sign a formal undertaking that this would be the case.   This would then be taken to the TPO/ Court of Session as evidence of the level of funding required in order to support a mandatory offer.

 

We can only assume that this is due to the difficulties of getting monies out of South Africa.   So anything that might help speed things along seems perfectly sensible from my point of view.    

 

I would struggle to believe that the club would approach C1872 alone in terms of signing similar undertakings, so I really don't see an issue here.

I'm not missing any point , DK has  tried every weird and wonderful underhand manoeuvre to try and get out of this , a legal obligation  , he's failed and quite rightly .

 

Go back to when this started , within 2 pages not only on here but on RM posters with sound financial backgrounds stated that this would be where he would end up . I have actually read the TOP findings , it's horrific ,not only does DK get it but our lawyer gets slaughtered in it , yet he's still our lawyer .

Why fans continue to back this guy I simply don't understand , he should be no where near Rangers .

[rbr 1,256]

Just now, stewarty said:

At this point, that is irrelevant.  What is relevant is that King is required to stump up cash and its not a quick process. He is being put under pressure by the TOP and the Court to get this done, so a solution is clearly being worked on whereby King can reduce the quantum of funds needed to progress the mandatory offer by getting formal undertakings from significant shareholders that they would not participate at this time.   

 

If this speeds up the whole thing then great.  You are right this is a personal matter, but I'm sure we would all see a benefit of clearing this up as quickly as possible.

Not a quick process,he's been delaying this for over a year, for gods sake man ,the TOP are an independant body to look after financial bodies to ensure there aren't illegalities , the fact that this is the first time they have ever had to go as far as they have should tell you everything .

[stewarty 2,027]

Just now, rbr said:

I'm not missing any point , DK has  tried every weird and wonderful underhand manoeuvre to try and get out of this , a legal obligation  , he's failed and quite rightly .

 

Go back to when this started , within 2 pages not only on here but on RM posters with sound financial backgrounds stated that this would be where he would end up . I have actually read the TOP findings , it's horrific ,not only does DK get it but our lawyer gets slaughtered in it , yet he's still our lawyer .

Why fans continue to back this guy I simply don't understand , he should be no where near Rangers .

Well its certainly how I read your post, apologies if thats not the case. 

However, the question on whether King should be Chairman is a separate matter at this point.   Same goes for Blair.

 

 

[rbr 1,256]

22 minutes ago, pete said:

Damned if you do, damned if you don't springs to mind.

No Pete , they should just have stayed out of it instead of looking like poodles

[stewarty 2,027]

Just now, rbr said:

Not a quick process,he's been delaying this for over a year, for gods sake man ,the TOP are an independant body to look after financial bodies to ensure there aren't illegalities , the fact that this is the first time they have ever had to go as far as they have should tell you everything .

Also taking a step back, I also look at how this came about.  A rat (Somers), aggrieved and trying to salvage his reputation, attempts to create as much shit as possible for us because he didn't like the way he was exposed.

I am forever grateful to the current board for getting rid of him. And given the circumstances and quite bizarre situation we find ourselves in, I don't care whether they have fought it or tactically delayed or whatever.  

 

So yes, whilst it is clearly their issue to deal with, I can also see why they have eventually and reluctantly agreed to comply, but also make this a difficult situation for the TOP because of how stupid the whole thing is.

 

 

 

[stewarty 2,027]

7 minutes ago, rbr said:

No Pete , they should just have stayed out of it instead of looking like poodles

I know you understand the C1872 rules.  

 

They have received a request from the club/King to sign a formal undertaking.   

 

Do they respond to this unilaterally without consulting with members?  I would have a problem with that if they did. And I suspect you would too, and rightly so.

Edited September 20, 2018 by stewarty