Waiting for Glibot

 

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.

 

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15 thoughts on “Waiting for Glibot”

  1. Brilliant literary reference, JJ! You could also have mentioned Pozzo Allen and his slave Lucky Morelos. Assuming we are now witnessing Act II, the former is blind and the latter dumb.

  2. JJ,, You call it dead right there. There was a prominent lack of definition about when the offer would actually be made ( as soon as practicable I think the phrase was).

    I get the impression reading the document a few times that it is a bit of a cut and paste from somewhere else. Hence the curious bits about a dividend from RIFC interspersed with “regime change” and taking Rangers back to where they belong.

    A dividend from Rangers can only be declared from profits, the like of which has never been seen from RIFC if you discount the paper profit from the ridiculous revaluation of the assets a few years ago. Payment of a dividend to nearly all shareholders (apart from the missing disenfranchised ones) will take real hard cash which no one has. ditto issuing shares in place of loan amounts doesn’t make sense either.

    I was interested to note that the acceptance had to be from shares allowed to vote at the EGM. I couldn’t quite work out if that meant that the disenfranchised shareholders shares wouldn’t count towards the 50% but I wouldn’t put it past DCK to try that one on.

    There is a notable lack of detail as to how will supervise and count the shares and prepare the offer document, which might not need a full prospectus, but when you look at what an offer document needs to contain it can’t be written overnight and will need to be detailed in its creation to satisfy the TOP.

    Basically a blatant attempt to buy another few days / weeks before the legal juggernaut fires up the engines.

  3. If you believe anything that King says then more fool you. Examine his empty promises. He will cling on to his Chairmanship for as long as possible to satisfy his ego. He cares not a jot for the judiciary and has no intention of doing what they ask him to do. He is in contempt of court but reckons he is invulnerable because he thinks he can outsmart them. So far he has been correct. He gives the semblance of agreeing but when you read the fine print he has no intention of spending his money when he can spend other peoples money. He is making a monkey out of the Judge. He is untouchable. He will never be arrested. He will only leave in what he feels is a blaze of glory. I wonder if he will have the brass neck to turn up at Hampden for the Cup?

  4. We all know that the sands of time move almost imperceptibly in relation to our judiciary and the interminable due process of law, but the failure to bring King’s chicanery to a deserved punitive conclusion beggars belief. He has evaded every attempt to nail him, possibly through his own low-cunning but it would not be unreasonable to believe he might have assistance from establishment allies. I am beginning to doubt if he will ever receive the justice he duly deserves.

  5. As has been said, it is almost three years since this offence occurred, and I am sure David Somers was not laggardly in bringing it to TOP’s attention. King has squirmed, obfuscated and delayed. It really makes a mockery of the fiscal controls in place that he is still doing so. They say justice delayed is justice denied. I really hope the TOP have some self respect and go for the jugular with this creature. The Key thing now is to act and put the ball back in his court to find the solution rather than to accede to his prevarication.

  6. Nice dissection of the ‘distraction detail’ in DCK Dastardly’s cynical attempt to appear to comply. The Scottish media have bought it! Pretty sure I saw it reported as an ‘offer’ when they statement itself clarifies that it is not…

    Might as well have started with a disclaimer stating that…

    “every word you are about to read is utter horse shite”

    As for league matters… Very, very interesting how the teams sat in 4th and fifth (and 6th) places are the declared ” move on” clubs…

    I wonder if their stances will change should they find themselves losing a Europa place for the “good of Scottish football”???

    I know that Sevco could still finish 5th but I think 4th is realistic. Sevco will benefit from a Celtic or Aberdeen cup win if this is the case….

    Will 5th place Killie or Hearts change their tunes ?

    Could be interesting!

  7. I note that ‘Rugger Guy’ has cut and pasted a post by Easy Jambo on SFM and offered no analysis. Or did ‘he’ lift it wholesale from Kerrydale Street? Call me a cynic but I’m sure Tom Cassidy from his pool lounger would have done much better. I would never accuse Tom of plagiarism.

  8. I note with sadness the passing of a gifted professional footballer who never left anything on the park. Ray Wilkins was also a true gentleman off the park. Your legacy lives on Ray. R.I.P.

  9. I’ve been saying since last week that I didn’t think DK’s statement constituted compliance with the TPE order. Albeit Im no expert on such matters..it simply stank from high heaven. A lot of people on various forums are wondering why he can possibly and persistently be dodging the bullet and furthermore that they think he’ll end up unscathed.
    I could be off the mark here but my personal hunch is that the TPE will have had this guy’s number for a while now in no short measure due to JJ’s insights) BUT through necessity and because legal precedent is being set here they have to ensure that every “t” is crossed and “i” is dotted. Although spitting blood and no doubt with GASL boiling their piss, if they do anything rash or hasty they compromise the integrity of their office. It has to be by the book, enforceable but at the same time hit him like a freight train.
    In my view…
    1) his statement was released late last week…
    2) it would quickly have been identified for what it is
    3) they would have convened at at the earliest possible availability (Tues/today) to discuss
    4) senior legal counsel will be engaged as a matter of urgency to ratify any intended actions
    5) an extremely robust and punitive course of action will be deployed against DK and by extension TRIFC. by the end of the week.
    Why? Because quite simply IT HAS TO.

    1. We now find that the dividend being paid to Laird which underpins King’s offer will not be disbursed until the 23rd April. He has been toying with the City Watchdog for three years. David Somers followed regulations and reported him at the time of King’s transgression in March 2015. A cynic might suggest that the real reason he is playing for time was to get the NOSA sale through and the dividend paid while keeping the TPE at arm’s length. If the Cold Shoulder had been applied would the sale of NOSA have gone through smoothly?

  10. Let’s be honest here the ultimate problem isn’t DK but Scotland itself…a country that not only turns a blind eye, to but aids and abets bigotry, racism cheating and corruption through almost every level of society and authority. DK is merely the latest opportunist who like his cohorts witnessed SB&L ride roughshod over everything with impunity. Bear carefully in mind that it took the City of London police to blow the whistle on this otherwise we’d STILL be none the wiser. More to the point, even having been caught and guilt proven at the highest court on the land they still haven’t been punished and continue to operate out with and beyond the predefined parameters of sporting integrity, corporate governance and decency.

  11. Hi JJ,

    Great stuff – but King has ‘announced an offer’ and now he has 28 days to ‘make an offer’…..so he is just using the rules as far as he can…the clock is ticking – so lets see what develops in the next 20 days….

    1. Quite right. I was looking for this and found it in rule 24.1 of the take over code.

      Now whether that 28 days is applicable in this case is not clear. The order of the Court of Sessions said “make an offer”, not make an announcement about an offer. Legal niceties maybe, but the order could be regarded as the same thing as the announcement. For someone not to make plans on the basis of loosing the court case is at their risk.

      Now whether the TOP will actually go for contempt of court is not known or they may just wait for the 28 day period to elapse also to avoid a legal wrangle as to whether “make an offer” means exactly that or not…

  12. The career criminal is doing what the career criminal does – lying, playing for time, using other peoples’ money, playing the system. Agree with Allan that he is pushing it to the nth degree to avoid his commitments. When the cold shoulder is applied, there will be collateral damage on the club and the concert party, who have only themselves to blame. After a free ride, on other peoples’ money since the boardroom putsch, King is being slowly crushed and exposed as the charlatan he is.

    I’m sure SARS will be paying close attention as the web of secrecy is being removed from where King has hidden his ill-gotten gains, and will have a part to play should he actually try and move money out of South Africa.

    Like others I am frustrated at the length of time the process has taken to date but can anyone who has followed the glacial progress have any illusions left just what a disaster the King regime has been to the club and Scottish football in general?

    1. Agreed. The King apologists have taken flight from the dark underbelly of Lite social media. They may be stupid but they’re not that stupid. Last I checked there was a discussion on sanitary products on Follow Follow. One realises that this is a forum for cross dressers and the purple pound, but surely faking menstrual cycles is beyond the pale.

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