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WALTER SMITH has held a secret summit with tycoon Craig Whyte to talk about the future of Rangers.

 

The out-going Ibrox boss met with potential new supremo Whyte last Friday.

 

Whyte is said to be inching closer to a deal to buy out Sir David Murray, and was at last week's Europa League defeat against PSV.

 

Smith then met with the Scots billionaire for a face-to-face discussion about what the future holds for the SPL champs.

 

Smith said: "I met Craig Whyte last week. It was a discussion from his perspective as to how I saw things at Rangers.

 

"I have no inclination what way things will go.

 

"Despite the length of time this has been going on for, that was the first time I'd met him.

 

"I'm the lesser part of the procedure so I don't know what's going to happen.

 

"The questions he asked were simply ones you guys might ask. He wanted to know how the squad is. He knows I'm leaving so he won't ask me about the future.

 

"All he wanted to know was how I saw the current situation.

 

"Now he has to go away and continue the financial aspects, which I have no idea what they will be."

 

While Smith met Whyte, his successor Ally McCoist has yet to sit down with him. Smith added: "Is that strange? No, I don't think so.

 

"The football side of it is part of the problem. You can have a fair idea of what it is going to be like, given the financial aspects of Rangers which have still to be clarified.

 

"It should be obvious there would be a continuing down-turn if there is no change financially.

 

"So it will be a hell of a task for Ally McCoist if there is no change.

 

"The football side of things will be the lesser problem. The financial aspects are the main issue.

 

"Maybe it's a good thing we don't know too much about that."

 

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3485096/Boss-in-Whyte-summit.html#ixzz1HQH3Gpnq

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Does this not break stock market rules in some way? My understanding is that these rules are very strict and surely there cannot be open reporting of discussions Whyte has held with club officials until any such takeover talks are concluded?

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Does this not break stock market rules in some way? My understanding is that these rules are very strict and surely there cannot be open reporting of discussions Whyte has held with club officials until any such takeover talks are concluded?

 

I doubt Walter has said anything untoward but I guess comment either way could affect share-price in the background.

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If white does take over SDM shares, does that not mean that under stock market rules he has to offer the same price to every shareholder?

 

However, as the �£6M price being banded about sounds like well below the current stock market value, I can't see any speculators making a penny - more like a huge loss. The likelihood of future dividends is also pretty stark.

 

So I can't see why the takeover talk would significantly affect the price.

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