Latest News

BBC Scotland in denial over King verdict

|
Image for BBC Scotland in denial over King verdict

It’s not just BBC Sport that is in awe of all matters Ibrox, even their business correspondent can’t see through the blue fog of dignity following yesterday’s Court of Session ruling against Dave King.

After avoiding comment on the company accounts for the year to 30 June 2017, Douglas Fraser has provided some comfort taking up the mantra of ‘no effect on the club’ that has been accepted and passed off by the usual suspects.

The BBC Business correspondent does get one aspect right in his analysis and that is that ‘it isn’t a very liquid market’. Too true Duggie, when the in-house Club 1872 are the only buyers in town the market is virtually static.

According to the state broadcaster’s business expert: “The complication is that the going rate at which the offer has to be made was the going rate three years ago, which is 20p per share.

“The last sales on the trading platform used for Rangers shares were at 27½p. If he makes an offer to buy everything at 20p, it may be that nobody wishes to take up the offer, so he may not have to spend the money.

“But these are volatile prices and it isn’t a very liquid asset. He may have to lodge the £11m to show he is good for the offer he is making. All of that will have to come out in the wash over the next 30 days.”

Had Fraser did his homework he’d be aware that the board of directors now has power to issue to whoever they like any amount of shares. Even in Standard Grade Economics that adds up to diluting.

With a toxic brand, an absent chairman described as glib and shameless, who wouldn’t want to cut and run at 20p per share for worthless stock?

If King comes up with the £11m required it looks like perjury is his next charge after telling the Court of Session that he was penniless.

If he fails to comply the consequences are dire but the gullible will be able to take comfort from the man at the BBC who can be relied upon to deliver a sugar coated take on events.

Share this article

Online and independent- the only way to be. Enjoying instant news access and reaction, following the trends if not an influencer!