Exclusive – Giving The ‘Laird’ of Govan The Chop

As I alluded to in jj:passim the Easdales were in London this week for a conclave with advisers and fellow shareholders in The Paternoster Chop House on Paternoster Square.

 

Regular readers will note that this is a hop, skip and Daddy step away from The Stock Exchange and Takeover Panel to which the Easdales duly decanted in a leisurely post-prandial stroll. The estimable James & Sandy, being of good stock, did not arrive for their informal chat with friends and supporters empty handed. Their attaché cases contained some legal advice that they had solicited from the cream of Scottish and English corporate solicitors. The Legal Eagles were unanimous in their view that:

The statement from Dave King that was published on the Rangers web site did not not satisfy Rule 9 of the City Code and was not consistent with the guidelines in previous statements from both the Takeover Appeal Board and TOP Hearing’s Committee which provided the 30-day period. In fact King’s statement was nothing more than an “advertisement.”

Regarding the requirement that King has to place £11m in a ring-fenced account prior to the offer, his suggestions do not satisfy Rule 24.8 of the Code as below:

24.8 CASH CONFIRMATION When the offer is for cash or includes an element of cash, the offer document must include confirmation by an appropriate third party (eg the offeror’s bank or financial adviser) that resources are available to the offeror sufficient to satisfy full acceptance of the offer. (The party confirming that resources are available will not be expected to produce the cash itself if, in giving the confirmation, it acted responsibly and took all reasonable steps to assure itself that the cash was available.)

The Mandatory Offer produced by Dave King breaches Rule 9 and 24.8 of the Code. It fails to comply with previous TOP statements by not amounting to an offer under the City Code. It also fails to comply with Section 955 order under the CA 2006 as granted by Court of Session.

The eminent solicitors left no doubt that King was currently in contempt of court.

I am led to believe that the vigilant professionals from The City Watchdog did not take the legal advice lying down. The idiom ‘every dog has its day’  was conspicuous by its absence. As the Fortnum & Mason tea flowed, five fellow Scots well met who were working in an adjacent office, chose to join their meeting and were quick to deride King’s wide boy behaviour. The china discourse was instructive:

Stock Exchange experts stated that they would be surprised if the real value of the shares was any more than 3 or 4p. The 27p being quoted by some directors is in the realms of fantasy and makes them look a laughing stock.”

Sadly most Scottish journalists believe the 27p figure. Then again they also believe  the internal circulation figures that are published by their newspaper managements which fly in the face of external audits.

The debacle at Ibrox has escalated from a local imbroglio to a pariah narrative that is common currency in The Square Mile. When ‘Rangers’ or ‘Dave King’ comes up in conversation a concomitant spitting of blood often ensues. The consensus of the City Suits, not one of which were sporting brown brogues, was that King, who had poked them in the eyes, would be crushed.

The word has clearly gone out to Lloyds and MBNA whom have withdrawn The Rangers Credit Card.

The Easdale family adviser Jack Irvine was called by a Scottish journalist. The latter was calling in response to my exclusive information and a number of businessmen in the vicinity noting the presence of the Easdales. The journalist’s editor chose not to print the story, colour me surprised, but I can reveal that Mr. Irvine asserted:

The Easdales and their professional advisers will believe King’s offer when they see it. Meanwhile King is doing what he always does – putting off the inevitable and taking the mickey out of the long suffering fans. There is also the not unimportant matter of his Contempt of Court but I assume we can see the Scottish legal system pursuing that with the same dilatory approach they applied to the theft and subsequent reset of the Charlotte Fakes emails not to mention their monumental balls-up surrounding the prosecutions of Whyte, Green, Whitehouse etc.”

Censorship is alive and kicking in the failing Scottish titles. They are aware of the precipitous decline in the circulation figures at The Daily Record (131,000 and change) and the causal impact of a blue pound boycott.

However here at The Sitonfence Speakeasy, your humble correspondent will never shirk a tackle. Your vote for johnjamessite on:

https://www.footballbloggingawards.co.uk/about/vote-now-football-blogging-awards/

or on Twitter @sitonfence in the International category of the FBA awards would be greatly appreciated. Blogging can be a thankless task. Pursuing injustice and metaphorically going toe-to-toe with the paramilitary wing of The Orange Order, Police Scotland, COPFS, The Odious McCanns and the corrupt Scottish Establishment  has resulted in credible death threats and a clear and present danger to my elderly parents.

There are many who wish to permanently and terminally silence your humble correspondent. Your vote is a slap in the face to those lining up against me.

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36 thoughts on “Exclusive – Giving The ‘Laird’ of Govan The Chop”

  1. JJ

    Word has gone out and the Rangers Credit Card has been withdrawn….

    And not a peep from the MSM…..

    I would assume that this is for new card applications rather than existing ones? Or some Gullabillies might find a wee problem with renewing their Season Books (with a 10% increase!).

    Thanks as ever

    1. It is being withdrawn. Existing cards will soon expire. No new cards will be issued. This will have a concomitant effect on ST sales. I am reliably informed that there will be a sizeable hike announced on Monday in briefs for 2018/2019. Surely the good news that King will spend more time in Ibrox than Augusta will more than justify this daylight robbery.

  2. For those RIFC holders who think shares are worth 27p

    Shares were delisted in March 2015. Trading at about 20p.

    Equity (Per the 30 June 2014 accounts) was then £50m. Shares outstanding were 65.1m

    Losses since then are £18.5m

    Equity (Per the 30 June 2017 accounts) is now £38m. Shares outstanding are 81.5m.

    Are shares really worth 27p, or 35% more than at time of delisting?

  3. Good piece John. Can’t afford a lot but would like to donate a little each month. If you could send a link for this I’ll gladly front up some money. 👍

  4. A stunning exclusive. And you are spot on with regard to the share price. The quoted figure north of 20p is merely an indicative figure and represents a stock trading in an illiquid market. I asked my broker about this stock yesterday and whilst he said that it was entirely possible for purchases to be conducted in the region of 20p, he would be offering disposal prices of around 3p. This is a worthless stock and the business has no residual value.

    King’s tenure has driven this small loss making company into the ground and he has lied to the fans, he has lied to the press and he is now in contempt of court. The fans, urged on by the deranged Bomber Brown, couldn’t wait for regime change and ushered out Somers and the Easdales and replaced them with a crook. This club and those who are associated with its governance is rotten to the core.

    Your piece today will be read by all the sports journalists in Scotland but not one of them will mention a word of this exclusive.

  5. Hi JJ,
    Great post as usual. SMSM total embarrassment.
    Donation Receipt ends -1006.
    Enjoy a small libation,
    Cheers.

    JJ: santé

  6. Excellent article JJ, the credit card withdrawal – is that only the club account or also the one the fans use.

  7. To all readers, this morning I read two blogs reporting the same narrative. One full of detail and facts with single spaced type, the other lacking in the above with double spaced type to lengthen the piece. I know which one deserves our continued financial support, do you?

    For fighting the good fight, monthly quantum on its way JJ.

    JJ: Thank you.

  8. Vote cast JJ.

    Hopefully more of your readers follow suit.

    I have no doubt about the accuracy of your reporting but I am less convinced that any action will taken against DCK.

    He seems to be covered in Teflon.

    Given the modern electronic world that we live in, where financial transactions are done over great distances in a heartbeat, I wonder how much power the regulators have now.

    Hopefully I am incorrect and that light that King sees at the end of the tunnel is a thundering express train, headed his way.

    JJ: Thank you.

  9. Another superbly researched insight into this ongoing car crash. Shame on Scotland’s national broadcasters , newspapers and the SFA who have been so derelict in their responsibilities. For the second time it takes a legal body south of the border to hopefully bring to justice the criminal and corrupt operating in plain sight, in our own country.
    Vote cast for your refusal to accept the unacceptable in the bloggers international award.

    JJ: Thank you.

  10. For all the SMSM journalists reading this site this is real investigative journalism not the shit and dross you lot pass on as news you should all hang your heads in shame oh I forgot you lot have no shame BFDJ is proud of you all

  11. Vote cast JJ.
    Superb exclusive and look forward to the developments on all Levels King, TOP/Cold Thingy, Shares, Finances, Loans (cash) and Loans(players and no cash), Caretakers (RFC/SFA), Res12/Comp. Officer, D&P/COPS/P.S., Craig Whyte and claims etc etc…….sure there are loads I missed there. Anyway, just trying to say thanks for keeping us informed JJ and for looking in dark corners where others fear to tread. Keep up the good work.
    Also as I jotted down something’s I could remember, has anyone ever listed every event that has happened related to the Rangers/Sevco story.
    I am sure in the cold light of day such a catalogue of bullet points would shock even the most learned in the subject. JJ?

    JJ: Thank you for vote. My archive will answer some of your questions.

  12. Great scoop! I do find it somewhat ironic that as soon as the possibility of having his own money in the game and at risk is there, all of a sudden the threat of austerity becomes real. When the share price legitimately was 20p, it was possible (despite some onerous contracts) to run a sustainable debt free business. It has been horribly mismanaged to allow such debts to clock up.

    King deserves to be made an example of for his wide boy behaviour and disregard for everyone but himself. The ‘independent’ directors parroting a ridiculous line on the share price just makes them look incompetent too. The only value left in the Rangers share price is either:
    a) the present value of future positive projected cash flows appropriately risk weighted for the difficulty in achieving them or accurately predicting them; or
    b) the residual value any disposal proceeds of the assets may generate above and beyond the debt of the club (i.e not a lot if anything since it’s been sold once for £5m).

    Pennies as a punt on long term austerity and an eventual turn around in the long grass is the value. The only real valuable ‘asset’ this business has left is loyal customers.

  13. If you have Rangers shares you can sell them today for 3p if you are lucky. King will never give you 20p for it. Never. He will cry foul and protest that he is prevented from giving you his money. A warrant for his arrest will soon be issued and he will lifted if he ever sets foot in the UK.

  14. Great article highlighting the lack of confidence we have with the Scottish establishment.
    Just voted. Keep safe.

    JJ: Cheers.

  15. Brilliant stuff. Guaranteed this becomes mainstream news when the first credit cards aren’t renewed. Maybe some of those in denial will start asking questions when it directly affects them.

  16. Hi JJ – small ad hoc donation made in recognition of another excellent piece. Have a cold one on me

    JJ: Thank you.

  17. JJ – Tremendous investigative journalism as always. The truth will hopefully rise to the top. Vote placed with pleasure and hope.

    JJ: Thank you buddy.

  18. Another first class article JJ, the depth and detail is unbelievable. Vote just cast, take care of yourself.

    JJ: Cheers Michael.

  19. Vote cast JJ!
    Always supportive of You Mate!
    Trust you get the full recognition you absolutely deserve!
    Stay Safe Pal!

    JJ: Cheers John.

  20. Brilliant reporting as usual John.
    Just voted for you.
    Best of luck to win.
    Cheers
    Kathleen

    JJ: Thanks to you both.

  21. alright jj another great article just voted for you in the football blogging awards hope you win as for the scottish media hilarious stuff i listen to bbc radio scotland on the way home from work im sure they interview bit part actors in there news reports comedy at its best surley its time for a boycot of the license fee why hasnt wee nicola put this forward lol the scottish newspapers are done i read the daily mail (know your enemy) i dony watch bbc scotland or stv news ive removed them from my tv only london news for me now ps on friday on nnc radio scotland a reporter claimed that crookston castle was situated in pollok estate its at least 1 mile away in crookston lol

  22. Wee donation made JJ ending ××6932. Stay safe and keep at em. Hail hail

    JJ: Very much appreciated. Thank you.

  23. JJ. Vote cast and wee donation made – keep at them and shame on Scottish Journo’s for never reporting on any of this

    JJ: Thank you. Is it any wonder that HMS Herald is listing with Neil Cameron at the sports helm.

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