Big Rangers Administration/Liquidation Thread - All chat here!

[AberdeenBud]

As I said.... Absolutely fucking glorious.

I though thought you didn't care anymore?

[WeeHectorPar]

His post was entirely accurate. I wouldn't comment on something that you obviously know the square root of f**k all about it.

Edited to fix granma and spilling

(I could of course just blame the tablet!!)

http://www.bbc.com/sport/0/football/30667547?utm_source=twitterfeed&utm_medium=twitter

Rangers: Richard Wilson assesses the recent share movement By Richard Wilson BBC Scotland

By purchasing the shares held by Artemis and Miton, Dave King has taken a significant step towards influencing events at Rangers.

With another group of wealthy Rangers fans - Douglas Park, George Letham and George Taylor - having bought Laxey Partners' 16% stake, the shareholder dynamic has drastically altered.

Mike Ashley still owns 8.92%, while Sandy Easdale still owns 5.2% and holds the proxies for another 21%, but there is now a large group of shareholders with enough power to mount a challenge to their control of the club.

Here, BBC Scotland's Richard Wilson examines the events of another dramatic spell at Ibrox.

Why are these companies selling up?

Laxey Partners sold after their representative, Norman Crighton, was suddenly and surprisingly voted off the board. That now looks like a strategic mistake by chairman David Somers, chief executive Derek Llambias and non-executive director James Easdale, because Laxey went from being generally supportive of the board to wanting out.

Shareholder Sandy Easdale remains a key figure in the Rangers situation

Artemis and Miton sold up because they no longer see value in their investment. The institutions have been passive during the turmoil and power struggles at Ibrox, and despite taking a significant loss on their shares, they no longer wanted to be involved with the club, which needs at least £8m in fresh investment to keep operating.

What are the voting blocks?

Ashley and Easdale have been aligned so far, and hold around 35% between them. The Park group and King now hold around 35% as well, but can count on the support of the fan groups - 1.5% - individual fans - 12% - and other fan shareholders, such as former managers Ally McCoist and Walter Smith and former chairman Malcolm Murray. River & Mercantile still hold around 6% and are also thought to be supportive of change and likely to back King. This, in theory, could see more than 50% of shareholders being naturally aligned.

What about concert party rules?

The takeover panel reopens from the festive break on Monday, so nothing will happen until then. If a shareholder does complain that the Park group and King are working in concert, the panel will need to adjudicate. It is, though, a regulatory matter and based on fact/representation, and while both groups insist they bought shares independently of each other, there is little concern about the issue.

Newcastle United owner Mike Ashley tried and failed to agree a deal to up his stake in Rangers

Corporate rescue can be excused from the ruling that a concert party that holds more than 30% is obliged to make a mandatory offer for the rest of the shares at the highest price either party has paid in the preceding 12 months. As it stands, Rangers International Football Club require funding to prevent insolvency.

Easdale and Ashley also own or have control of over 35% between them, while any shareholder who makes a complaint will effectively be reducing the amount of money that the Park group or King can invest in the club, because some of their funds would be needed to make the offer.

Nonetheless, it is not a critical issue because more than 50% of the shares are held by fans who will not want to sell. Of the remainder, 35% is held or controlled by Ashley and the Easdales, and if they sell they remove themselves from power. That leaves around 15% of shareholders who may accept an offer, but it would be made at around the 20p mark, so would not require a hugely significant outlay.

What does this mean for Ashley?

Rangers are still in a critical state financially. Ashley had planned to provide the necessary investment in a share issue, but was refused permission by the Scottish Football Association board to raise his stake above 10% because he also owns Newcastle United.

The Sports Direct owner's long-time associate Llambias was appointed chief executive. Under the terms of a £3m loan he provided, Ashley is allowed to appoint another director, and Sports Direct executive Barry Leach is widely expected to become finance director. Ashley may also seek a third appointment.

The club can either borrow more money from Ashley or proceed with the share issue, and the Park group have already offered to invest up to £6.5m for all the shares not bought by existing shareholders. That, though, would remove control from Ashley. He is thought to have acted to protect his commercial deal - Sports Direct are partners in Rangers Retail, a joint venture - and could now decide to negotiate with the Park group and, or King.

Lewis Macleod was one of Rangers star performers before his £1m move to Brentford

What would trigger a change at boardroom level?

If the Park group and, or King seek boardroom representation, overtures will be made to WH Ireland, who manage RIFC's listing on the Alternative Investment Market. WH Ireland are believed to want a swift resolution to the turmoil and financial crisis at Ibrox, but the Park group and, or King could call an extraordinary general meeting to allow shareholders to vote on proposed boardroom changes.

What does this mean for the upcoming share issue?

In practical terms, it allows the Park group and King to participate, because current shareholders are obliged to be offered enough shares to maintain their stake. They can also then apply to buy any of the shares not taken up. Unless Ashley or the Easdale bloc invest to maintain their stakes, they would lose further control.

Does this mean Rangers now have enough money to get to the end of season?

The share issue could raise up to around £6.5m, depending on the price of the shares offered. This would only be the first round of new fundraising, though, with Ashley's £3m loan due to be paid back by April. If boardroom changes take place, supporters may be enticed back - 15,000 refused to renew their season tickets in the summer - which would help the finances to an extent, but currently a large section of the fan-base remains opposed to Ashley and the Easdales.

What does this mean for the team?

Very little, other than the fact that a potential conclusion to the financial problems could prevent the board having to sell another player to provide working capital. Lewis Macleod was sold to Brentford for £1m, and Lee Wallace remains the subject of much speculation.

Is Ally McCoist now likely to come back as manager?

No. McCoist made the decision to leave. He is likely to be supportive of the Park group and King, but there is no suggestion of him returning as manager.

McCoist recently left his role as Rangers manager an it is unlikely he will return

Will the fans who seem to be staying away now come back?

Perhaps initially, in small numbers, but the majority will wait to see what happens next. They would be naturally aligned to any efforts made by the Park group and King, but remain in opposition to the current directors and Ashley. Until there has been meaningful change in the boardroom, fans are likely to continue to stay away in protest.

When will this all be over?

The financial situation needs addressed as a matter of priority, and with that could come the beginnings of a long-term solution. If Ashley decides to fight his corner, the turmoil could continue for several months. The fact that Park and King, in particular, are now involved financially is likely to ensure that they will seek to achieve their ambitions, however long it takes. Fans, also, have shown commitment to bringing the club back under the control of fellow supporters.

Go f**k Yourself!

[WeeHectorPar]

CLARITY MATTERS

Major shareholding notifications for Official

List and AIM – the essentials

WHAT ABOUT CONCERT PARTIES?

If two or more persons have concluded an agreement that obliges them all to adopt, by

concerted exercise of the voting rights they

hold, a lasting common policy towards the

management of the company, each of those persons is treated as also holding the voting rights

held either initially or subsequently by the other

s and has an obligation to notify if the aggregate

of all of their percentage holdings

is notifiable (DTR5.2.1R(a)).

This type of concert party is

narrower than the Takeover Code concept, as there has to be an

agreement for “a lasting common policy towards the management of the company”.

Where is the proof that King and Parks have a binding agreement obliging them to vote together?

[bennett]

The parts you highlighted have already been dispelled as inaccurate due to 'cherry picking' parts of the rule by the author.

Ahhhh the old "Phul said so" routine.

[bennett]

Lets be having you Norman.....

SEETHING Celtic were shocked when Kilmarnock knocked back a request for a sneak preview of their plastic pitch ahead of tomorrow’s clash
at Rugby Park.

Hoops boss Ronny Deila wanted his troops to get a taste of what to expect as they prepare to visit Kilmarnock for the first time since their artificial surface was laid in the summer.

“In the interests of sporting fairness we felt it was a perfectly reasonable request to prepare the players as thoroughly as we can.


“So to refuse doesn’t make any sense to us.”

Killie were yesterday unavailable for comment.

Earlier this season Hearts forked out to hire Alloa’s Indodrill Stadium so they could acclimatise to the synthetic surface ahead of a Championship game.

And Man City’s new training centre contains five different types of artificial pitch to prepare them for Euro opponents who don’t play on grass.
But the Parkhead club were stunned when Killie refused their request for an hour’s kickabout in the stadium late last week.

A Celtic source said: “We were shocked. It was a simple request to look at the new pitch before we played on it for the first time but it was made clear to us that wasn’t going to happen.

[G-MAN]

Lets be having you Norman.....

SEETHING Celtic were shocked when Kilmarnock knocked back a request for a sneak preview of their plastic pitch ahead of tomorrow’s clash

at Rugby Park.

Hoops boss Ronny Deila wanted his troops to get a taste of what to expect as they prepare to visit Kilmarnock for the first time since their artificial surface was laid in the summer.

“In the interests of sporting fairness we felt it was a perfectly reasonable request to prepare the players as thoroughly as we can.

“So to refuse doesn’t make any sense to us.”

Killie were yesterday unavailable for comment.

Earlier this season Hearts forked out to hire Alloa’s Indodrill Stadium so they could acclimatise to the synthetic surface ahead of a Championship game.

And Man City’s new training centre contains five different types of artificial pitch to prepare them for Euro opponents who don’t play on grass.

But the Parkhead club were stunned when Killie refused their request for an hour’s kickabout in the stadium late last week.

A Celtic source said: “We were shocked. It was a simple request to look at the new pitch before we played on it for the first time but it was made clear to us that wasn’t going to happen.

God, Victim FC starting their excuses early.

[Dr Koop]

Ahhhh the old "Phul said so" routine.

Just because you dislike they guy's opinions and he's milking the death of Rangers doesn't mean he's wrong. (Ahem.)

[cyderspaceman]

What about concert party rules?

A concert party , you say?

It could be held in a tent at Ibrox. You could have flute bands and a'thing. Great idea.

[Dr Koop]

Lets be having you Norman.....

SEETHING Celtic were shocked when Kilmarnock knocked back a request for a sneak preview of their plastic pitch ahead of tomorrow’s clash

at Rugby Park.

Hoops boss Ronny Deila wanted his troops to get a taste of what to expect as they prepare to visit Kilmarnock for the first time since their artificial surface was laid in the summer.

“In the interests of sporting fairness we felt it was a perfectly reasonable request to prepare the players as thoroughly as we can.

“So to refuse doesn’t make any sense to us.”

Killie were yesterday unavailable for comment.

Earlier this season Hearts forked out to hire Alloa’s Indodrill Stadium so they could acclimatise to the synthetic surface ahead of a Championship game.

And Man City’s new training centre contains five different types of artificial pitch to prepare them for Euro opponents who don’t play on grass.

But the Parkhead club were stunned when Killie refused their request for an hour’s kickabout in the stadium late last week.

A Celtic source said: “We were shocked. It was a simple request to look at the new pitch before we played on it for the first time but it was made clear to us that wasn’t going to happen.

It's a conspiracy.

[Dr Koop]

A concert party , you say?

It could be held in a tent at Ibrox. You could have flute bands and a'thing. Great idea.

Where are Gloria and Lah De Dah Gunner Graham?

[H Wragg]

Given that Hearts actually paid Alloa for a wee shot of their pitch, what is the norm in these situations for league games?

Difficult to tell whether it's Celtic or Killie that's 'at it' here.

Hopefully it's Killie, obviously.

Edited January 4, 2015 by H Wragg

[WeeHectorPar]

Try quoting the rule book or provide a link to the whole article or rules you are quoting.

This part (above) suggests there are other 'criteria' or 'rules' ...

The main one being ...

That is their definition of a concert party. There is certainly enough circumstantial evidence to prove they have some sort of informal agreement and are/have intentions of co-operating together.

Whether it is substantial enough for MA or any interested party (in regards to the mandatory offer) to pursue is debatable. Whether anyone has a motive or is even interested in pursuing it, is also debatable.

Just like there is enough circumstantial evidence that Easdale, his proxies, Somers and Ashley are working in concert.

With Llambias, a close associate of Ashley, James Easdale, brother of Sandy who has 26% voting rights, and Somers who sent begging e-mail to Ashley associate, there is a cabal which controls about 35% of the shares and represents 3/5ths of the board. This is not an independent board as required by the law in such circumstances.

Edited January 4, 2015 by WeeHectorPar

[BinoBalls]

Lets be having you Norman.....

SEETHING Celtic were shocked when Kilmarnock knocked back a request for a sneak preview of their plastic pitch ahead of tomorrows clash

at Rugby Park.

Hoops boss Ronny Deila wanted his troops to get a taste of what to expect as they prepare to visit Kilmarnock for the first time since their artificial surface was laid in the summer.

In the interests of sporting fairness we felt it was a perfectly reasonable request to prepare the players as thoroughly as we can.

So to refuse doesnt make any sense to us.

Killie were yesterday unavailable for comment.

Earlier this season Hearts forked out to hire Alloas Indodrill Stadium so they could acclimatise to the synthetic surface ahead of a Championship game.

And Man Citys new training centre contains five different types of artificial pitch to prepare them for Euro opponents who dont play on grass.

But the Parkhead club were stunned when Killie refused their request for an hours kickabout in the stadium late last week.

A Celtic source said: We were shocked. It was a simple request to look at the new pitch before we played on it for the first time but it was made clear to us that wasnt going to happen.

Relevance to this thread: 0%

Another ace contribution from the internet's worst poster.

[WhiteRoseKillie]

Lets be having you Norman.....

SEETHING Celtic were shocked when Kilmarnock knocked back a request for a sneak preview of their plastic pitch ahead of tomorrow’s clash

at Rugby Park.

Hoops boss Ronny Deila wanted his troops to get a taste of what to expect as they prepare to visit Kilmarnock for the first time since their artificial surface was laid in the summer.

“In the interests of sporting fairness we felt it was a perfectly reasonable request to prepare the players as thoroughly as we can.

“So to refuse doesn’t make any sense to us.”

Killie were yesterday unavailable for comment.

Earlier this season Hearts forked out to hire Alloa’s Indodrill Stadium so they could acclimatise to the synthetic surface ahead of a Championship game.

And Man City’s new training centre contains five different types of artificial pitch to prepare them for Euro opponents who don’t play on grass.

But the Parkhead club were stunned when Killie refused their request for an hour’s kickabout in the stadium late last week.

A Celtic source said: “We were shocked. It was a simple request to look at the new pitch before we played on it for the first time but it was made clear to us that wasn’t going to happen.

Yeah, I've already commented on that situation, Vicky - on the appropriate thread.

It's always nice to realise that, hotel, bonuses, on-field performances notwithstanding, my club aren't so much of a joke that Killie threads are constantly the subject of derailment attempts by fuckwits desperate for others to stop laughing at us.

[topcat(The most tip top)]

Given that Hearts actually paid Alloa for a wee shot of their pitch, what is the norm in these situations for league games?

Difficult to tell whether it's Celtic or Killie that's 'at it' here.

Hopefully it's Killie, obviously.

Alloa advertise pitch hire to the general public on their website Kilmarnock don't.

Alloa didn't make an exception for Hearts and Killie didn't make an exception for Celtic

[bennett]

Yeah, I've already commented on that situation, Vicky - on the appropriate thread.

It's always nice to realise that, hotel, bonuses, on-field performances notwithstanding, my club aren't so much of a joke that Killie threads are constantly the subject of derailment attempts by fuckwits desperate for others to stop laughing at us.

Who'd have thunked it, Norman refuses to call Celtic a bunch of fuds.

[WhiteRoseKillie]

Who'd have thunked it, Norman refuses to call Celtic a bunch of fuds.

You should maybe check my opinion on, now what's the term...

Oh yes - the appropriate thread.

You want to get help for that obsession, fella.

[Jacksgranda]

I do not see how it makes any difference with reference to 'concert' rules.

That sounds like a money spinner - run a few of them and you could raise a bit of money.

ETA: Beaten to it by cyderspaceman, early(ish) bird, and all that.

Edited January 4, 2015 by Jacksgranda

[bennett]

You should maybe check my opinion on, now what's the term...

Oh yes - the appropriate thread.

You want to get help for that obsession, fella.

You posted on the Killie Celtic thread after you noticed my post on here lol, the time stamps unlike you don't lie....

You were shamed into posting about your beloved Killie.

[bennett]

BBC apparently reporting that another group is set to buy more shares in Rangers, now seeing that they get a lot of ,scoops' from jsvk Irvine this could mean that the bawbags maybe countering king and parks group.