BBC Scotland business editor Douglas Fraser is at a loss to explain Dave King’s cunning plan.
A group of hand-picked reporters were given an audience with the South African based criminal today where it was expected that details would be given of major investment in the ailing company.
With King failing to comply with the Takeover Appeal Panel over his concert party deal in 2015 there is no prospect of a share issue.
Anyone care to explain how this works: convert debt to equity, raise money by issuing new shares, at the same time that you’re required, under protest, to offer to buy out shareholders, using money you can’t get out of South Africa?https://t.co/EQM1mJIcC0
— Douglas Fraser (@BBCDouglasF) May 7, 2018
Mr Gerrard’s player budget? Good luck with that.
— Douglas Fraser (@BBCDouglasF) May 7, 2018
Cmon Douglas have @BBCSportsound not been banned from Ibrox for long enough
— Jim Cunningham (@JimCunningham4) May 7, 2018
Perhaps you should ask your football correspondent colleagues throughout the MSM to put the same question to Mr King ?@Pmacgiollabhain
— Cazziewaz (@cazziewaz) May 7, 2018
— Police State Scotland (@hoop1888) May 7, 2018
Advanced Sevconomics. WATP
— peter murphy (@notmurphyagain) May 7, 2018
Nice to see a journalist from BBC Scotland picking up on the financial gymnastics being proposed, please continue.
— Bruce Harper (@brucelharper) May 7, 2018
I thought it was your job to explain it to us :-). What is clear is that he is going to try and get some kind of internal share offer out before any conformity with the Takeover Panel. I suspect TP will be back at court shortly…
— The Rodfather (@rodfather67) May 7, 2018
He is a Glib and shameless liar. The man will run with his pockets full soon.
— Hugsy???? (@hug5y) May 7, 2018
This is financial engineering of a dangerous kind. Whole thing stretches credulity, and I don’t think even Dave King fully understands what he’s doing. Seems to be treating the Takeover Panel with contempt too, which ain’t necessarily a good idea.
— Ian Fraser (@Ian_Fraser) May 7, 2018
Someone at the BBC asking questions about The Rangers? That won’t catch on????. Last time @BBCKheredine tried that he got told off!
— Donald Reid (@don_reid_65) May 7, 2018
Hang on Douglas that’s not in the yoon broadcasting guidelines! Err….. did you forget who you employers are? ????????????????????????????????????
— Jacobite Rising (@Rampantredlion1) May 7, 2018
— Michael Savage (@AgentSavWIM) May 7, 2018
You’re the business expert we were hoping you could tell us.
— Barry Mowat (@mowatb) May 7, 2018
You’re the “business and economy editor” so how about you tell us mere mortals eh?
— Kevin Kennedy (@kevink1872) May 7, 2018
Admiration ???????? for these Dave King moves. Obvs he’s a bit shorter on cash than he claims. Under company law he can’t take part in any share offering until sorts out takeover panel stuff. 1/-
— Paul Lavin (@mojomogoz) May 7, 2018
The 2 directors walking certainly makes sense now when you consider their other interests, they obviously see where this is going and don’t want to be caught in the fallout with the TOP
— Pól de Stac (@AdiStack) May 7, 2018
— jack a nory (@NoryJack) May 7, 2018
Amazingly a £6m share issue was the message from today’s meeting with the BBC happy to trot out that line in a nameless article that appeared on their website.
Fraser appears to question that message but stops short of exposing King’s story for the fantasy that it is.
Some reports claim that the share issue will begin next week, both the Takeover Appeal Board and Douglas Park will ensure that King’s latest moonbeam doesn’t see the light of day.
