Vladimir: Yes, in this immense confusion one thing alone is clear. We are waiting for Godot to come. (Waiting for Godot – Samuel Beckett)
In Beckett’s ‘Waiting for Godot’ two characters await a third party who does not arrive. The parallels with King (Glibot) are clear. King had thirty days to make an offer. What he actually delivered was an advertisement, not an offer. The following is an extract from his four page puff piece:
“This announcement is not intended to and does not constitute, or form any part of, an offer or an invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities of RIFC in any jurisdiction in contravention of applicable law. This announcement does not constitute a prospectus or equivalent document. The Offer will be made solely through the Offer Document, which will contain the full terms of the Offer, including details of how to accept the Offer. Any acceptance or other response to the Offer should be made only on the basis of the information contained in the Offer Document. The laws of relevant jurisdictions may affect the availability of the Offer to persons not resident in the United Kingdom. The Offer Document will be available for public inspection and also be available on the website of Rangers Football Club.”
King, who is a ‘Glib and Shameless Liar’ of some renown, did not comply with the Court Order.
King is unequivocally in contempt of court.
This document is not even a promissory note. King is still yanking the Takeover & Mergers Commission’s chain.
An extract from Lord Bannatyne’s written decision is instructive on the timeline:
“As has been made clear, the Panel review process has been exhausted and the The Takeover Appeal Board has ruled that you must announce an offer in compliance with Rule 9 of the Code by 12 April 2017, being the deadline which the TAB has set (and, therefore, in accordance with the Code, publish an offer document and formally make the offer not more than 28 days after that announcement).”
King refused to comply. One year later King has still not complied. The document that King published by its own words is not an offer document.
King informed the Gullibillies and those with two neurons and a synapse that a dividend would be announced today in regard to his company MICROmega (King and his family own north of 80% of the equity). We are then led to believe that the dividend will be 6p and that King will ring-fence north of £13m.
However there is a glaring omission in his non-offer rhetoric. King cannot transfer the ring-fenced amount to an escrow account in the UK without transgressing RSA’s foreign exchange controls.
Is King going through the motions of a plan that is destined to fail?
King and his concert party engaged in an illegal hostile takeover of RIFC. Three years have elapsed and he still has not been brought to book.
Call me a cynic but until I see hard cash in a UK escrow account King’s words hold as much weight as the vapour expelled from RIFC’s nicotine dispensing partner.
When waiting for an offer from Glibot don’t be surprised if it does not arrive.