The Importance of being “Independent”

Does it not warm the cockles of one’s heart to see King in a jumpsuit with a number attached. Unfortunately he is not in the ‘pokey’ but has evidently returned to his day job as a golf caddy. When the football club formerly known as Rangers were plying their underhand trade at Ibrox, the callow wide-boy that was King was busy hustling American tourists at Gleneagles. He is now hustling 82 year-old golf legends in the Par 3 opener to The Masters. Plus ça change

As King milks Player’s gravitas for all its worth, there have been some developments back at ranch. Regular readers will note that I don’t anticipate any Bears participating in Mastermind any day soon (Specialist Subject – The Catamites of William of Orange) as general knowledge would be too much of a stretch for them. John Bennett is evidently alive to their social intelligence shortfalls and general gullibility. Any individual that believes in an ethereal entity continuing at Ibrox is sufficiently plausible to fall for the Blue Room Billy Boys’ next trick, viz:

Welcome to the “Independent” Directors.

John Bennett, the self-styled chairman of the “Independent Directors” decided to pen an ‘advisory’ note which was sent to the majority of RIFC stakeholders. I have excised some of the flim flam and cut to the chase:

“The Independent Directors wish to draw your attention to Section 6 of the Offer Announcement – Financing of the Offer. At the date of issuing the Offer Announcement the funds were not “cash confirmed” by an appropriate third party as required by Rule 2.7(d) of the Code but the Independent Directors understand from Laird that this will be addressed promptly after 4 April 2018, so that when the Offer is made the cash to fund that Offer will be ring-fenced for the purposes of the Offer and confirmed by a third party. The Independent Directors will seek verification that this has occurred.

Mr John Bennett, Mr Barry Scott and Mr Alastair Johnson are directors of RIFC alongside some of the Concert Party but are not otherwise connected to the Concert Party or Laird and are therefore deemed independent of Laird and can provide advice to shareholders on the Offer. They are collectively defined as the independent directors for the purposes of the Offer (the “Independent Directors”).

The Independent Directors are required to circulate a summary of the announcement to all shareholders, which this letter achieves.

The Offer Announcement is expected to be followed by an offer document (the “Offer Document”) by no later than 26th April 2018, which will also be sent to all shareholders. Ahead of the posting of the Offer Document, the Independent Directors wish to draw your attention to two important points in the Offer Announcement.

 The Offer Price  – The price of the Offer is at 20p per share which is a discount of c. 27% to the indicative RIFC closing mid-market share price on the JP Jenkins matched bargain platform over the preceding 3 business months before the Offer was made.

The Independent Directors wish to draw your attention to Rule 8 of the Code concerning the disclosure of dealings and positions in RIFC shares. For the purposes of the Rule, the offer period commenced on 13 March 2017.

Disclosure requirements of the Takeover Code (the “Code”) Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company  must make an Opening Position Disclosure following the commencement of the offer period.

Yours faithfully,

John Bennett

Chairman of the Independent Directors of Rangers International Football Club PLC

Ibrox Stadium, 150 Edmiston Drive, Glasgow, G51 2XD”

A cynic might inquire how independent can Alastair Johnston and Barry Scott, who have stepped up with loans and have skin in the RIFC imbroglio, actually be?  A cynic might also assert that there was absolutely no need for this advisory and that the ‘independent’ group are circumventing Companies Act regulations which prohibit statements that have a causal effect on the share price.

Bennett and his cronies are parroting the King line that the shares are worth 27p. Given Bennett’s background at Hendersons he knows full well that this price, which is not underpinned by any exchange, is indicative and has been plucked from thin air. Would Bennett invite those with a considerable holding to contact JP Jenkins and sell up at 27p? Or is he aware, as we all are, that only James Blair’s Club 1872 would be prepared to buy at this inflated price as they are little more than King’s marionettes. Blair’s CIC have £620,000 at their disposal. Once this goes I guarantee there will be no offerees at 27p.

The directors of this company have no shame. Bennett should be struck off for misrepresentation. The price paid to Ashley was 27p but how can one transaction represent an indicative three month mid-point?

Someone who has little faith in the den of thieves at Ibrox was pictured outside The London Stock Exchange this week. The estimable Sandy Easdale probably ignored the ‘Gordon Bennett’ advisory, but paid full attention to this TPE Announcement:

OFFEREE: Rangers International Football Club plc (See Note 9 below)
Offer period commenced: 11:39 13-Mar-2017
1p ordinary
ISIN: GB00B90T9Z75
NSI: 81,478,201
OFFEROR: Laird Investments (Proprietary) Limited
Offeror identified: 11:39 13-Mar-2017

Was Mr. Easdale seeking an advisory note from a more august body apropos his 10.4% proxy and 6.45% personal holding? When added to the concert party’s 34.47% the grand total owned by the concert party will be 51.37%. Having breached the 50% threshold there is no way back for King. If the corporates go all in King will be on a fast track to the majority ownership of a bucket of assets with a hole in it. How remiss of King’s parents not to call him William.



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13 thoughts on “The Importance of being “Independent””

  1. I think the FCA should investigate John Bennett for these clearly misleading statements. Does the word “liquidity” mean nothing to the sleekit?

  2. The attempted malfeasance continues to obscure and obfuscate and con the neurone deficient holders of shares. Why do the rich always get paid out whilst the poor get left with worthless shares

  3. One might think that the career criminal and the ‘independent’ directors are trying to warn off gullibilly shareholders from accepting the offer for their shares, to avoid the former having to dip into his pocket. 27p was the Danegeld price for paying off Ashley and avoiding major litigation. In the current climate any investor who doesn’t grab 20p must have money to burn. I’m sure, if they could, other board members would sell at that price.

    Smacks of the Concert Party’s tactics of driving down the share price prior to their putsch. Club 1872 has the appearance of a Ponzi scheme.

  4. Gordon Bennett yer brother John makes you look rational with that doozy statement . Suckers this is the last time you will see anything like 20p.if the money gets ring fenced seems closer to actualite.On the other hand now that the independent directors know that dck isn’t impecunious and back among the rands maybe north of 50million is back on the radar.

    The mcgills bus position in this is hillarious.

  5. There is not one person on that board who is truly independent. John Bennett was a penniless Blue Knight FFS

  6. As the Orthodox Easter approaches.
    my regular 4 weekly donation for Java ‘n’ Baklava is made.
    Kali Orexi…

    JJ: Much appreciated buddy.

  7. Come in number 82 yer times least dck had the decency to put his south african prison sentence years on his ‘outfit’!!!!!

  8. JJ, your recent content has been forensically stunning ! Vote entered for you on the Football blog site. Keep me up to date re virtual tables at the event.

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