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Dave King Statement


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Statement by Rangers Chairman Dave King on the decision of the Takeover Appeal Board

"The Takeover Appeal Board (TAB) has today ruled that I was acting as a concert party with George Letham, George Taylor and Douglas Park when we acquired shares in RIFC over 2 years ago.

The TAB requires that I, as the principal member of that group, must make an offer to acquire all of the shares in RIFC held by the rest of its shareholders at a price of 20p. I do not agree with TAB’s much delayed ruling nor follow its logic and I shall take the appropriate time to reflect upon it and consider the best course of action for myself, RIFC and its shareholders. My view on one individual not being able to exert undue influence on Rangers is already well known.

The complaint to the Takeover Panel was made by RIFC’s former Chairman, David Somers, as part of the old Board’s efforts to preserve their positions without regard to what was best for Rangers Football Club, its supporters and shareholders. Today’s decision by TAB is part of the price I have had to pay for being determined to rescue Rangers Football Club from its previous regime and the drastic consequences of their actions. I do so willingly.

It is my belief that the TAB has not understood the true nature of what occurred at Rangers and the tremendous role that the activism of supporters played in ensuring regime change. I am only one of a vast number of Rangers supporters and shareholders who fought to rescue our Club. The Rangers Football Club should never have become caught up in a takeover struggle. Those who placed it in that position bear a heavy responsibility.

I do not believe that there is any substantial group of RIFC shareholders that would be willing to sell its shares in RIFC at the price at which the TAB has determined I should make an offer. 20p is not a price that I personally believe represents a fair price for RIFC’s shares, nor is it the price at which shares in RIFC are currently trading.

I would anticipate that, if I was to proceed with an offer on the terms TAB require, it would be rejected by the overwhelming majority of RIFC’s shareholders and therefore not receive the level of acceptances necessary to proceed. I cannot see how making an offer that is doomed to fail can benefit RIFC’s shareholders.

TAB confirms in its decision (para 95) that it understands my position on this point but that the Rule to which they are giving effect “does not include considerations of whether the shareholders will benefit from an offer in a particular case”.

I will communicate further in due course."

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20p a share ?  He can go fuck  himself we all paid 70p.  You want the club pay what it's worth as if you pay us 20p per share younwould be better staying in South Africa as you would no longer be welcome.  And club 1872 better actually do something for a change instead of sucking up the boards arses. 

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So this is the saviour that club 1872 got to save the  club?  At least Ashley was not gonna shaft the  average fan out of his shares. 

The club was on its knees Dave , how much did you and the board invest ?   Zilch. But supporters like me put up £5k instead of getting a kitchen so my son could have shares and you want me and other fans to except less than a third than we payed for them ?  

If the guy does he can kiss goodbye to my two season books every year as I will never be back

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2 minutes ago, Copland bear said:

So this is the saviour that club 1872 got to save the  club?  At least Ashley was not gonna shaft the  average fan out of his shares. 

The club was on its knees Dave , how much did you and the board invest ?   Zilch. But supporters like me put up £5k instead of getting a kitchen so my son could have shares and you want me and other fans to except less than a third than we payed for them ?  

If the guy does he can kiss goodbye to my two season books every year as I will never be back

Think you're missing the point here. It's the TAB that have set the price and ruled that King must make the offer to shareholders. Calm doon! 

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6 minutes ago, One Jock Wallace said:

Think you're missing the point here. It's the TAB that have set the price and ruled that King must make the offer to shareholders. Calm doon! 

Why the fuck is he even asking ?   He invested fuck all on the club like his cronies and now they want to fuck us loyal fans.  How much did you invest ?  

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1 minute ago, BRITNEY IS NOT FEELING IT said:

Fuckin never ending , never got a win yesterday , had to settle for a draw with some fight , then back to Dave n this the following day . 

It's absolutely shocking and the timing worse.  £1428.60 for £5k invested to save our club.  

Is this how loyal so called Rangers men treat us loyal fans.  If you can afford to buy us out Dave now we know why you spent fuck all. 

As I said he does that and I have been going to Ibrox since 1979 seen Greig as manager the lot , and my hand on my heart I won't be back unless he hand the manager £20'million on top of buying us out.  

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6 minutes ago, One Jock Wallace said:

Take a deep breath & read it again mate. 

You want to know how much I invested?

I know exactly what it means , but why were they asking this ?   And yes how much did you invest?  As I will get less then £1500 for £5 k 10 blocks. We get roughly £142.80 for every £500 block of shares we bought. 

Do you think it's fair he even considers this ?

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Nobody is being forced to sell at 20p or any other price. When an individual or group of individuals acting in concert take 30% of a company they must then offer to buy all the remaining shares.

DK tried to get round this by claiming that he and the 3 Bears acted independently. The TAB have seen through this

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7 minutes ago, Copland bear said:

I know exactly what it means , but why were they asking this ?   And yes how much did you invest?  As I will get less then £1500 for £5 k 10 blocks. We get roughly £142.80 for every £500 block of shares we bought. 

Do you think it's fair he even considers this ?

Your missing the whole point here mate. King is not asking us to sell at this price to fuck people over. The TAB have ruled that he must make that offer. It's up to investors to refuse if they wish. 

What I invested is my concern. 

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Just now, One Jock Wallace said:

Your missing the whole point here mate. King is not asking us to sell at this price to fuck people over. The TAB have ruled that he must make that offer. It's up to investors to refuse if they wish. 

What I invested is my concern. 

He should be dismissing it as soon as it was announced.   He is gonna shaft us just watch 

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13 minutes ago, Copland bear said:

I know exactly what it means , but why were they asking this ?   And yes how much did you invest?  As I will get less then £1500 for £5 k 10 blocks. We get roughly £142.80 for every £500 block of shares we bought. 

Do you think it's fair he even considers this ?

You'd think given you've invested £5K you would take the time to understand what today's ruling actually means, rather than shouting and bawling a load of nonsense. Deep breathes. 

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3 minutes ago, Barbarrosa said:

Nobody is being forced to sell at 20p or any other price. When an individual or group of individuals acting in concert take 30% of a company they must then offer to buy all the remaining shares.

DK tried to get round this by claiming that he and the 3 Bears acted independently. The TAB have seen through this

Correct, this ruling means King must offer every existing shareholder 20p for each share they hold. It's up to the seller if they accept or not.

Have had a quick read and it seems shares would be currently valued at around 4p

I believe most people paid around 70p per share 

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1 minute ago, One Jock Wallace said:

Your missing the whole point here mate. King is not asking us to sell at this price to fuck people over. The TAB have ruled that he must make that offer. It's up to investors to refuse if they wish. 

What I invested is my concern. 

So you invested fuck all then. The name you go under Jock Wallace would be turning in his grave at this news.  Now he was a true Rangers man,  Is King, Murray etc ?  

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3 minutes ago, Sasa Papac's War Flashbac. said:

You'd think given you've invested £5K you would take the time to understand what today's ruling actually means, rather than shouting and bawling a load of nonsense. Deep breathes. 

He is gonna take it,  a lot of big shareholders he can wipe out but it's us little guys we are the real losers.  

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2 minutes ago, Copland bear said:

He is gonna take it,  a lot of big shareholders he can wipe out but it's us little guys we are the real losers.

Jeezo. He can't take anything he just has to make an offer. It's up to you whether or not you take the offer.

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3 minutes ago, marstonbear said:

Correct, this ruling means King must offer every existing shareholder 20p for each share they hold. It's up to the seller if they accept or not.

Have had a quick read and it seems shares would be currently valued at around 4p

I believe most people paid around 70p per share 

The shares are not listed.  Mr King has not got around to it yet.  Who says the shares are worth 4p?  The shares are worth what the seller says they are worth as if you tried to buy shares for 4p you would not get many 

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