Dave King Q&A

[theiconicman 3,130]

DK would not have to spend £50m to buy Rangers, the takeover rule states:

(a) An offer made under Rule 9 must, in respect of each class of share
capital involved, be in cash or be accompanied by a cash alternative at
not less than the highest price paid by the offeror or any person acting
in concert with it for any interest in shares of that class during the
12 months prior to the announcement of that offer. The Panel should be
consulted where there is more than one class of share capital involved.

His offer price would be the highest price he paid to acquire his 30% multiplied by the remaining 70% of shares.

It is not the highest price of the share in the last 12 months that is regularly bandied about here.

[mitre_mouldmaster 21,511]

DK would not have to spend £50m to buy Rangers, the takeover rule states:

(a) An offer made under Rule 9 must, in respect of each class of share
capital involved, be in cash or be accompanied by a cash alternative at
not less than the highest price paid by the offeror or any person acting
in concert with it for any interest in shares of that class during the
12 months prior to the announcement of that offer. The Panel should be
consulted where there is more than one class of share capital involved.

His offer price would be the highest price he paid to acquire his 30% multiplied by the remaining 70% of shares.

It is not the highest price of the share in the last 12 months that is regularly bandied about here.

Interesting mate, where you get this from?

[theiconicman 3,130]

LSE takeover rules.

[wrongshapedballs 78]

LSE takeover rules.

Try the Takeover Code:

http://www.thetakeoverpanel.org.uk/the-code/download-code

When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).

[Bad Robot 21,513]

MM, so basically he can buy 30% at current price which would then mean he can buy the other 70% at the same current price (if made available)?

[Bad Robot 21,513]

How did King's fit and proper end up ?

You don't like DK much do you?

Nice troll :-)

[thehost 11,061]

Just like mr.king you're entitled to your opinion.

unlike mr king my opinion is not newsworthy

unlike mr king i recognise that if my opinion were newsworthy then i would have a duty of care when commenting and, being a good rangers man, i'd be mindful that i didn't provide copy that would damage or destabilise the club

if he has a beef he can speak t wallace directly

if he chooses to speak to the press he is doing it for a reason

[Bad Robot 21,513]

Him.being a part of us may not be a good thing the very idea of him as.anything other than sole owner sits uneasily with me.

I don't have an issue with a single owner and I don't have a large problem with SDM as it was the financial markets that fucked him.

The only issue I have with SDM was lying to us about CW and not having the courage to wait out the BTC.

[bawsburst 1,381]

You don't like DK much do you?

Nice troll :-)

I know how it ended don't you ?

[UKIP BEAR 370]

unlike mr king my opinion is not newsworthy

unlike mr king i recognise that if my opinion were newsworthy then i would have a duty of care when commenting and, being a good rangers man, i'd be mindful that i didn't provide copy that would damage or destabilise the club

if he has a beef he can speak t wallace directly

if he chooses to speak to the press he is doing it for a reason

I agree with you in part.

King may be playing a game here and who knows that game may end up with Rangers being the winner.

So im not going to criticise just yet because king could make his critics look really stupid.

[Guardian 4,281]

King gave another interview saying investors won't put cash into the club yet here he is saying that is what needs done.

portraying himself as the only show in town is a portend to yet another campaign to topple the board.

Paul Murray will be next to throw in his tuppence worth and do mean tuppence.

If selling out is the shareholders exit strategy they would fare far better seeing out if a successful Rangers than the current situation.

The scaremongering from king about 10iar is ridiculous.

Added to the jingoism about winning the SPFL.

We have an awful lot to do before then, so I wouldn't bother too much about what the Smellies are doing.

He keeps talking about things being unacceptable. Well perhaps there are some things we will just have to accept in the current climate.

A lot of that interview talks of what previous boards could have done but gives the impression the current board are the same or could have done something about it.

End of the day, if he finds things unacceptable, he is one of the few that could do something about it.

We don't want to hear "well I would but......."

Just do it if you really do care as much as you say.

For the good of the club it really is that easy.

[Adoniram 1,919]

I know how it ended don't you ?

So are you saying that King has already failed or will fail the fit and proper bullshit test as ratified by the SFA?

If he has failed why is it not common knowledge

If he hasn't failed and you think he will is that just your opinion?

Is this why Rangers haven't approached him over investment and vice versa?

[Carson's cat 744]

DK would not have to spend £50m to buy Rangers...His offer price would be the highest price he paid to acquire his 30% multiplied by the remaining 70% of shares.

It is not the highest price of the share in the last 12 months that is regularly bandied about here.

I have just read Rule 9 in full and accept that what you state appears to be correct. I am not a stockbroker and based my calculation on what others on here have stated previously about the takeover rules.

That having been said, I don't think it makes much practical difference. Assuming DK has not bought any shares in the last 12 months, the mandatory offer would be based on the highest price he had to pay in order to reach 30%. To get to that kind of level of share ownership he would have to have done deals with several of the big shareholders, and that would undoubtedly cause the share price to increase significantly. A rise to just 50p per share, for example, would value the company at £32.5 million.

[Judge Smails 13]

So are you saying that King has already failed or will fail the fit and proper bullshit test as ratified by the SFA?

If he has failed why is it not common knowledge

If he hasn't failed and you think he will is that just your opinion?

Is this why Rangers haven't approached him over investment and vice versa?

Dave King has not been through any such process.

[Guardian 4,281]

You do of course realise he would not have to buy all the shares, merely a controlling interest ?

[theiconicman 3,130]

Try the Takeover Code:

http://www.thetakeov...e/download-code

When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).

Try the Takeover Code:

http://www.thetakeov...e/download-code

When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).

My quote is taken directly from the takeover code. The paragraph you list is a summary of that rule, although not as clear.

[bawsburst 1,381]

e

So are you saying that King has already failed or will fail the fit and proper bullshit test as ratified by the SFA?

If he has failed why is it not common knowledge

If he hasn't failed and you think he will is that just your opinion?

Is this why Rangers haven't approached him over investment and vice versa?

He never approached or contacted the SFA, rhegan's comments should have ensured that he did as those comments were loaded.

GW would look less than competent if he approached and dealt with a fellow who was still to be sanctioned and even worse if the sanction was to be negative.

[Carson's cat 744]

You do of course realise he would not have to buy all the shares, merely a controlling interest ?

A controlling interest is defined by the Takeover Panel as 30%. But if he reaches that level, he is then obliged to offer to buy the remaining 70% of the shares.

[theiconicman 3,130]

I have just read Rule 9 in full and accept that what you state appears to be correct. I am not a stockbroker and based my calculation on what others on here have stated previously about the takeover rules.

That having been said, I don't think it makes much practical difference. Assuming DK has not bought any shares in the last 12 months, the mandatory offer would be based on the highest price he had to pay in order to reach 30%. To get to that kind of level of share ownership he would have to have done deals with several of the big shareholders, and that would undoubtedly cause the share price to increase significantly. A rise to just 50p per share, for example, would value the company at £32.5 million.

The point remains that DK has no shares, he has different ideas about how the club should be run and he has no opportunity to gain a controlling stake unless he buys out the original investors. Because of this, DK knows the only power he has, is fan power and he is putting pressure on the board by trying to turn the fans against them.

To me, that is a VERY dangerous game he is playing given perilous position the club finds itself in.

[Judge Smails 13]

He never approached or contacted the SFA, rhegan's comments should have ensured that he did as those comments were loaded.

GW would look less than competent if he approached and dealt with a fellow who was still to be sanctioned and even worse if the sanction was to be negative.

For clarity - You are suggesting GW will not deal with DK because you you believe he would fail the SFA fit and proper person "test"?

[Frank Reynolds 3,359]

I agree with you in part.

King may be playing a game here and who knows that game may end up with Rangers being the winner.

So im not going to criticise just yet because king could make his critics look really stupid.

I don't think many of us want people playing games where there is only a chance Rangers may be a winner. We've had to put up with that for too long, and we've lost too many times.

If King is waiting for a share issue to put money in directly to Rangers, then great.

But like I said about McCoist, these people are not ordinary fans, they are newsworthy people who the media will listen to, and will happily twist their words, so should be careful with what they say - it's a burden of responsibility

[bawsburst 1,381]

For clarity - You are suggesting GW will not deal with DK because you you believe he would fail the SFA fit and proper person "test"?

For complete clarity I never suggested any such thing.

For further clarity the ball is in king's court not that of Wallace or Rangers, it is his affair to obtain and very publicly SFA acceptance/clearance perhaps then his utterances could be treated with some seriousness.

[Judge Smails 13]

For complete clarity I never suggested any such thing.

For further clarity the ball is in king's court not that of Wallace or Rangers, it is his affair to obtain and very publicly SFA acceptance/clearance perhaps then his utterances could be treated with some seriousness.

I think you did, fairly obviously, infer/suggest it - I was being obtuse.

On you second point, Dave King need do no such thing, privately or publicly.

[mitre_mouldmaster 21,511]

For complete clarity I never suggested any such thing.

For further clarity the ball is in king's court not that of Wallace or Rangers, it is his affair to obtain and very publicly SFA acceptance/clearance perhaps then his utterances could be treated with some seriousness.

He only needs such clearance if he wants a place on the board. If he wants to invest and say 'recommend' someone to sit on the board, then he needs no clearance.

[Bobby Hume 13,876]

Dave King said quite a lot about how the team should be operated, and most of what he said is no more than what we all have been saying from the start, on this road.

Why did we not have his input at an earlier stage ? As I think Ally would have appreciated said input.

Result: Lower playing staff outlay, proper youth programme, blooding said youth for future, etc, etc.

Further Result: No need for cuts or losing star players, relieving Ally of unwarranted angst in this matter.

Dave King did'nt say a lot about how he would endeavour to stop money (Allegedly) pouring out of the the company side of the business. Other than saying (helpfully ?) that we need inward investment, (Cue Homer Simpson......!!!)

Result: Back where we started, thanks Dave!!!

Further Result: Stirring the shit, at a time when said shit, would be better left...... to harden.

Note: I wonder how the other Dave is getting on ? Is he OK? Is he happy ? Does he ever think of us........ fondly ? I hope so.

Because, it is because of you, that we find ourselves in this sorry predicament. So can I just say once again thanks Dave!!!

Wee note to Dave King: Hindsight is the only true science, and we are all past masters.