A Letter To The Takeover Panel Executive

As I have stated many times on this site I don’t exclusively lobby for change. I also act for change. To this end I have written to The Takeover Panel today to inquire why career criminal David Cunningham King has not yet been the subject of a formal Cold Shoulder order; nor has he been summoned to the Court of Session for a hearing apropos a judicial order to compel King to make an offer of 20p for the shares not within his concert party’s gift.

I wrote to the Executive and Hearings Committee. I have redacted their e-mail address to make it more difficult for the Gullibillies to write in support of King. My letter as published on this site will be in bold blue italic typeface

Email:  (Redacted)

‘The above email address should be used to notify the Executive and the Hearings Committee of a request that the Hearings Committee be convened in order to review a ruling of the Executive. After such notice is received, the Secretary to the hearing will notify all interested parties to the requested hearing of the contact details to be used for subsequent communications.’

Dear Sirs,

I write to you in my capacity as a shareholder in RIFC Plc. I also write in my capacity as the creator and principal author of an award-winning social media blog which currently has fast approaching 14.5m hits and is read by up to 40,000 individuals on a daily basis (www.johnjamessite.com).

By way of a preface to my remittance, I have chosen to reproduce the following clause from the Takeover Appeal Board’s findings:

106. We have reached the conclusion, having regard to the grounds and basis of the appeal and taking account of all the evidential materials placed before the Board, that Mr King was acting in concert with Messrs Letham, Taylor and Park in the acquisition of the shares in Rangers on 31 December 2014 and 2 January 2015. On the “acting in concert” point we uphold the findings and ruling of the Committee.

Having followed this matter with interest and having written copious articles thereon, I could see no other conclusion than Mr. King was acting in concert. Allow me to state for the record that David Cunningham King is a career criminal. He has been accused in South Africa of bribing a tax official (who was subsequently forced to resign) and having the audacity to attempt to have the ensuing, inordinately lenient tax settlement, accepted by a court of law. It was summarily thrown out.

Mr. King attempted to have his name removed from the South African Tax Register by mendaciously claiming that he earned less than the Rand equivalent of £5,000 per annum. In this subterfuge he even went so far as to caddy for Gary Player at The Masters in Augusta. The prosaic facts of the matter was that his monthly credit card expenditure of circa £80,000 was being paid in full from significant cash deposits held in Guernsey.

Mr. King was described by Gauteng appeals court judge, Brian Southwood as:

‘A glib and shameless liar who would not hesitate to lie if it served his interests to do so. He should not be believed on any matter unless supported by objective evidence.”

Mr. King has been charged with Racketeering. Only three witnesses were prepared to testify against him, which led to the collapse of the state prosecutor’s case. It was subsequently revealed that Mr. King paid an underworld figure to intimidate the witnesses.

In his four decades as a career criminal he has only been convicted of 41 counts of tax evasion and one count of contempt of court. This is a drop in the ocean compared to the slew of allegations of fraud, share manipulation and insider trading.

Mr. King has also breached South Africa’s concert party rules with his third party acquisition of shares in MHG in his daughter’s name. The mysterious benefactor who instructed the purchase of shares to boost her stake to 75% was none other than Mr. King. The Takeover Panel should be in no doubt that King will lie, cheat, deceive and steal at the drop of a hat. As an example of King’s duplicity, I enclose the following from your findings:

59.In emails to the Secretary Mr.King re-iterated his position that the key representations should be from NOAL as the purchaser of the shares in Rangers, that NOAL was the real party and that he had no locus to represent it. In his replies the Secretary again reminded Mr King of the procedure for NOAL to attend or to make submissions on the appeal. NOAL had made no application to be heard by the Committee and had made no written submissions to it. It has not made any application to be heard by the Board and has not made any written representations to it.

86. Further, Mr. King’s repeated denial that he has any interest in those shares and any voting rights in Rangers is at odds with the evidence as to their acquisition and as to NOAL’s requisition of an EGM that led to Mr King and his nominees constituting the Rangers board, which both clearly indicate that Mr. King had “general control” over the shares within the terms of the Code’s definition of “interest in securities.”

The Takeover Panel Appeal Board came to the following conclusion:

104. We dismiss the appeal and affirm the ruling of the Committee, save that we vary the date and direct that within 30 days of this decision (i.e. by 12 April 2017) Mr. King announce an offer pursuant to Rule 9 of the Code and, save as to the offer date, such offer to be in accordance with the Executive’s ruling of 7 June 2016, as summarised in paragraphs 19 and 20 above.

Mr. King, not to anyone’s surprise, has paid no heed to this conclusion. He has played cat and mouse with the TPE and its Appellate Board. The TPE also stated that they would pursue a petition to The Court of Session with a view to compelling Mr. King to comply with Rule 9.

To date, I see no movement by the TPE. Mr. King, who attended Ibrox on Saturday 12th August and chaired a meeting of his board, is continuing to make fiduciary decisions on behalf of RIFC Plc. There are those who read my blog who assert that the TPE have no teeth. One went so far as to suggest that you are a group of ‘blowhard paper-shufflers.’

I do not concur with this view but it’s difficult to escape the conclusion that Mr. King is acting with impunity and is making complete fools of the TPE.

Mr. King is a slippery character.This trait has kept him out of prison to date. Mike Ashley of Sports Direct had to go to elaborate lengths to serve Mr. King with a court summons.

Is this the rationale for the TPE’s inertia? Are you unable to serve King?

Mr. King, who likes the sound of his own voice, rarely hides his light under a bushel but on his last trip he slipped in and out without fanfare. Was this his way of avoiding a summons?

Plesase advise my readers and I as to when a Cold Shoulder order will be implemented and the term of this order. Please also advise on the latest news in regard to the Court of Session petition. Has Mr. King paid the costs for his spurious appeal to the Takeover Appeal Board?

I would be grateful if the TPE could apprise my readers and I on the impact of a Cold Shoulder order. Will it in any way affect RIFC Plc or its supply chain? Will Metro Bank be compelled to withdraw banking facilities from RIFC Plc? Will RIFC be prohibited from engaging in transfer activity on behalf of its subsidiary, The Rangers Football Club Limited?

I cannot conceive of anyone more deserving of a cold shoulder than career criminal David Cunningham King.

Yours faithfully.

John James (nom de plume).

n.b. I am loath to reveal my real name as Mr. King will leak this to his ‘militia’ who have to date issued three credible death threats. I live in exile to avoid assassination. However if non disclosure guarantees were forthcoming, I will revert to you with my name to accompany my request for a review.”

 

I will revert to readers should I receive a response.

 

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20 thoughts on “A Letter To The Takeover Panel Executive”

  1. Excellent, JJ.

    I, too, have written to various bodies and individuals (a few weeks ago) but have yet to receive a reply from any of them.

    I wish to make a small additional payment of £10 (additional to my regular monthly payment) for all the good work you have done lately, but don’t know how to make this extra payment. However, I remember one of your readers very kindly helping me with this same problem before, so I shall consult your archive and send the payment as soon as I find his comment.

    Stay safe and stay well.

  2. Your letter ought to provoke great embarrassment and hopefully some action soon. Their reply will only come after they take action of significance.

  3. Hi JJ,
    Further donation made.
    I’ve been both curious and disappointed as to the apparent silence from the TPE and I commend you on your follow up correspondence.
    Let’s hope we see some further action
    from them in the near future.
    Keep safe.

  4. JJ,

    I’m a little surprised you didn’t quote their press release from 13th April where they were going to “initiate proceedings”. It’s the delay in those proceedings which is the issue here. Only when the court issues an order and then Mr King fails to abide by it will he be in contempt and when the TOP can initiate the “cold shoulder”.

    http://www.thetakeoverpanel.org.uk/publication/view/20178-rangers-international-football-club-plc-2

    I bow to your greater knowledge about the impact of the “cold shoulder”, but at least officially all it does is stop people dealing with him about shares, take overs etc and not the day to day running. So it would stop dead any issue of shares, but in theory at least, not impact any other financial aspect.

      1. As a point of note, Trust service providers in Guernsey are regulated by the GFSC and will abide by it too. A restructure of tax planning may be in order for Mr King

  5. Excellent letter JJ – I trust you will get a respectful reply and the right answer – All dominoes are slowly being lined up……….
    Stay safe Mate!

  6. Hi Jj
    Can just imagine this email being forwarded to the correct person and while reading the rage gets greater and greater, by the time you sign off he/she is shouting to the secretary get me that bstrd King’s nuts on a plate 🤣
    We can but hope.
    Stay safe

  7. I just read another update from Joe O’Rourke over on CSA. It seems he reads your blog daily. It did mention you ‘having a dig’ – and your article in fairness was critical and sceptical of Doncasters motivations – but I can’t say I really disagree with the thrust of it.

    Joe, if you are reading this, I don’t think there’s anything at all wrong with a ‘shop steward’ type in your role. You are there most of the time to represent a body with common interests and beliefs in a dignified, democratic and suppportive way. We’ve seen across the way at Club 1690 a monstrosity of how this can be done. Doncaster came ‘tooled up’ with his solicitor for this meeting and it seemed you were under prepared though. Hopefully another chance will present. P.s. If you do read avidly please present him my wish list from yesterday as a follow up 😉

  8. Been reading for a while now and apologies for not donating sooner, paypal receipt number finishes 8808. this is an excellent site and keep up the good work JJ

    JJ: Thank you. A warm welcome to the Sitonfence Speakeasy.

  9. JJ, I’ve had a wee bit of good fortune this week so have doubled my usual donation. Take care. T.U.D.

    JJ: Confirmed. Thank you for generosity and support.

  10. If only Joe O’Rourke had some backing at his meeting with Doncaster from the bloggers such as JJ, James Forrest, Phil and Paul Brennan. I personally think Joe is giving this 100% but it’s really not his forte. JJ, going forward, is it possible for you guys (bloggers) to unite in some way for the good of Scottish football?

    1. It may be a very big ask but surely all of the bloggers have the same end goal?
      To see Scottish football played as a sport and not for the benefit of one club.Well two clubs, Rangers and Sevco!

  11. Public liability insurance , a requirement for football stadiums, might be withdrawn through the Cold Shoulder, resulting in the potential closure of Ibrox to spectators.
    Similarly Employers liability insurance being withdrawn could also have consequences.

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