Gonzo79 13,770 Posted July 4, 2018 Share Posted July 4, 2018 Contempt proceedings on their way... https://www.bbc.co.uk/sport/football/44718685 0 Quote Link to post Share on other sites More sharing options...
compo 6,227 Posted July 5, 2018 Share Posted July 5, 2018 If he is found guilty of contempt this might lead to a custodial sentence then he may have to go through a fit and proper person test 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,290 Posted July 5, 2018 Share Posted July 5, 2018 Was it not quite reasonable what he argued back then? Methinks the TOP asked him to make a personal bid for the shares and he replied that he had to transfer funds first, which takes a bit of time? That aside, while they abide to the letter of law, ain't it rather strange to force him to make sub-market offers for shares that will by default not sold to him anyway and if he does not get over the 50 % barrier, the whole excercise was for the drain anyway? Essentially just draining money from him for transferring the money and making the offer? (He could have listened to the voices of reason in the first place, but still ... ) 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,356 Posted July 5, 2018 Share Posted July 5, 2018 1 minute ago, der Berliner said: Was it not quite reasonable what he argued back then? On the face of it, it did, but if that was the situation, it should all be sorted by now, which presumably it isn't (although I just read it quickly). 0 Quote Link to post Share on other sites More sharing options...
Big Jaws 570 Posted July 5, 2018 Share Posted July 5, 2018 (edited) This whole thing stinks to high heaven and the reporting of it by the BBC and other sources isn't much better either. I may well be wrong, as I'm certainly no expert in this field, but its my understanding from various other reports, articles, rulings and interviews that Dave King agreed and produced the paperwork to TOP that was required however TOP decided it would rather the funds be held in the UK as opposed to being held in escrow/RAND. Basically TOP moved the goal posts and instead then issued another request that the finances be held in a UK facility POUND via Investec with this request being issued 14 days before the deadline to comply. DK then asked for a time extension to comply with the order, as this procedure is reported to take up to 6 weeks, which was refused. There are further subtle points held within the court rulings via amendments etc etc that I haven't forensically examined nor do I have any wish to as I've said above its not my field of expertise. Transcription of Dave Kings interview from May as ref below. Quote Q: What is the situation with the Takeover Panel? DK: It got to a point where I agreed with the Takeover Panel that, while I wouldn't make a formal offer, one of my trust companies would make a formal offer and that the Takeover Panel would accept the company offer as being the offer coming from me personally because they know that I am never going to make an offer. They accept that. They asked me for proof of funds which we gave them. They then asked for the funds to be ringfenced in a separate account, an escrow, to make sure the funds could only be used for the purpose of the shares. If it went through they were held in escrow. We agreed to that. They were placed into a trust account, proof of funds given to them. Then about two weeks ago the Takeover Panel approached me again and said they are unhappy now with the funds being held in South Africa and they would like them relocated into the UK to be held in a UK bank account in sterling. I said: ‘I am happy to do that’. But I don’t have facilities in the UK. I would have to open a bank account, which I have agreed to do. I said: ‘That now requires an extension of the offer period’. I can’t get the money into the UK, open bank accounts, do the various Know Your Clien things you have to do with the banks in time to make the deadline. They didn't grant the extension. That is where we are stuck right now. "I have gone back to them and said: ‘I am going to take that under review because this is something you only asked for two weeks ago’. I have to open bank accounts and that does take time. So that is really where we are right now. They have got proof of funds in RANDS in South Africa, but they want it relocated to the UK. That is where we are at the moment. I think it is important to stress that this has got absolutely nothing whatsoever in any way to do with the football club, directly or indirectly. It makes no difference to the football club, it makes no difference to the funding of the football club, it makes no difference to the ownership of the football club. This is an issue between myself and the shareholders of the holding company. It has got nothing to do with Rangers, it has got nothing to do with the team, nothing to do with funding. Really all that happens at the end of this process, when it is completed, if it is completed, is the extent of my shareholding in the Rangers International Football Club. That’s all it affects. It has got nothing to do with the football team, it has got nothing to do with the funding of the football team, it has got nothing to do with the funding of the football team. It is really a personal matter between me, the shareholders and the Takeover Panel. Q: Did the Takeover Panel not tell you initially the money had to be in the UK? DK: It didn't have to be in the UK. The Takeover Panel initially said: ‘We know you've got the cash, but how do we know it’ll stay there? You could use it for something else?’ They said they needed the money ringfenced. They suggested putting it into an autonomous trust account, held in escrow, that could only be used for the purpose of the share issue. We agreed with that, transferred the funds into the account, issued the proof of funds and the confirmation from the attorneys that they’re holding the funds. Only then did the Takeover Panel say: ‘We’d be a lot more comfortable if part of the money was in the UK’. I then argued against that being part of the requirement. But they said: ‘Well, we’re insisting in this case’. I said: ‘Fine, if you want it in the UK, I’ll transfer it but I need time to transfer it.’ They changed the requirement, as far as I'm concerned. I asked for an extension to comply and they said they weren't giving it, so we had a bun fight over that. We have exchange control. It’s known by everybody that I'm not a UK resident so, whether it was the trust or me in my personal capacity, I would still have to get funds from offshore into the UK. It’ll happen. I'm standing to attention on it, quite frankly. I could make it easier maybe in some ways but I think they've got it wrong. I think they've got a lot of things wrong. I think they've tried, in my view, to bully me. I think the Takeover Panel have been bullies. I get from their point of view that they’re saying: ‘We would feel more comfortable if the money was in a UK bank account’. They've got power over it, because they’re dealing with banks all the time and they’re dealing with a South African bank they don’t know. That is why I eventually agreed to do it. But there’s a logical consequence to the agreement and I’ll need time to comply. You can’t ask me to do it, get my acceptance to do it and not give the extension to comply. That’s absurd. Q: What has the attitude of the other shareholders been to the Takeover Panel issue? DK: Nobody has even discussed it. It has got nothing to do with the football club. For me, it is an irrelevance quite frankly. Q: Have you had any indication how many existing shareholders will accept your 20p offer? DK: I think pretty much nothing. Nothing. The offer will not go through. It is not going to happen. Q: Can you clarify that? DK: There has to be a level of acceptance. It has no chance of being accepted. The offer is a technical thing that I have to do to comply with and I am doing my best to do it within the circumstances we have got. At the end of the day, it will mean nothing. It will not happen. It is a process we have to go through. Edited July 5, 2018 by Big Jaws 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,457 Posted July 5, 2018 Share Posted July 5, 2018 Dave King: Rangers chairman says Takeover Panel are 'bullying' him Rangers chairman Dave King says a move by the Takeover Panel to initiate contempt of court proceedings against him is "bullying". A document released by the independent body on Wednesday indicates that papers were served on King last month. King is yet to make an offer to club shareholders of 20p a share, as ordered by the Court of Session in December. King faces contempt proceedings from Takeover Panel "It is not something that I see as critical for the club," he told BBC Scotland. "The TP (Takeover Panel) know that I live in South Africa and that it will require exchange control approval to move the funds to London. "They are just bullying me but that is nothing new since my involvement with Rangers (Mike Ashley, Sports Direct, Easdales etc.) "I will continue to proceed in the best interest of the club and its supporters." King failed in an appeal against the ruling that stated he had acted in concert with other investors ahead of boardroom regime change in March 2015. He also failed to persuade the Takeover Panel to allow him more time to make the offer. The terms set out by the Takeover Panel require funds of around £11m to be held in a UK account before an offer is made for the shares in Rangers not owned by King or his allies George Taylor, George Letham and Douglas Park. And the Takeover Panel document suggests they believe there has been a lack of clarity over King's attempts to move the funds. https://www.bbc.co.uk/sport/football/44731359 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,290 Posted July 5, 2018 Share Posted July 5, 2018 Wonder who initially sat on this Takeover Panel ... 1 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 5, 2018 Share Posted July 5, 2018 1 hour ago, der Berliner said: Wonder who initially sat on this Takeover Panel ... liewell will have a friend somewhere. 1 Quote Link to post Share on other sites More sharing options...
Scott7 5,251 Posted July 5, 2018 Share Posted July 5, 2018 Heard it was Neil Lennon, Martin O’Neil and Henrik Larsen. 2-1 majority decision, apparently. 1 Quote Link to post Share on other sites More sharing options...
Soulsonic5791 408 Posted July 6, 2018 Share Posted July 6, 2018 Dave'll face them down. He might not win but he certainly won't lose. As Kieran Prior once said, 'he's a shrewd operator'. 0 Quote Link to post Share on other sites More sharing options...
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