Dave King is claiming that he ‘recently turned down an unconditional offer of 40p’ for each of his shares in The Rangers International Football Club.
The ‘news’ was published by his media favourites at The Sun, Daily Mail and Herald/Times at 10.30pm last night without any questions being asked.
King recently ditched his plan to sell all of his shares to Club 1872 at 20p per share after the fans group failed to reach the first of three targets to effectively become the biggest shareholders in the company.
According to the club website King owns 63,172,893 shares through New Oasis Asset Limited, should he have accepted the offer he would have had £25,269,157.20 resting in is bank account with the club valued at a highly unlikely £178m!
King walked away from five years as chairman in March 2020 and has been a sniping critic of the current board ever since. Recently he claimed that he wanted a seat back on the board but even with 14% of company shares the current board has kept him frozen out of the picture.
Picking up on his statement The Sun reports:
I recently turned down an unconditional cash offer of 40p from a group other than Kyle Fox’s, so 40p is presently a fair price. But 25p undervalues the price of the shares by almost 40 per cent.
I wonder how the board would react if supporters asked for a 40 per cent discount on next season’s ticket prices?
With Douglas Park stepping down as chairman and the company being on UEFA’s watch list for Financial Sustainability Guidelines it seems that there are a number of behind the scenes issues going on as they prepare to launch their Season Ticket Renewals campaign.
Meanwhile Micky Beale thinks that he has an unrestricted summer transfer budget.
Someone is mistaken, Whyte paid £1 for the real Rangers, so it would be 40p in total for the tribute act, not per share.
IIRC
As the old club debts rose the valuation of the assets seemed to be inflated .
Are we seeing something similar here .
Follow follow the money (or lack of ).
Do I believe TGASL that he turned down an unconditional 40p per share .Hmmm.
Oh the reminds me ,anyone want to buy a bridge
HH
June 20th 2016
Club 1872 Shareholding 4.9m Shares
Overall Shareholding 6.01%
12th April 2023
Club 1872 Shareholding 22.2m Shares (increase of 353%)
Overall Shareholding 5.0% (Decrease of 1.01%)
Who in their right mind would but more shares as they watch their current shares dilute at such a rate?
Go in MSM go ask Dave King that question .
For the hard of thinking in the MSM or Club 1872 that dilution of share value applies to EVERY SHAREHOLDER not just Club 1872.
In effect Dave King had a plan to sell his worthless shares to the Gullibilly’s and make a decent profit out of them.
But the Board had a requirement to raise internal investment to keep the lights on whilst keeping the fans in the dark (an Ibroxymoron if you like) so instead of paying back the Loans offered the Loanees equity instead.
They’ve done that on no less than 24 separate occasions since Club 1872 had 4.9m shares in 2016 and it has resulted in their control decreasing as a result.
Notice how the Sun ran with this story yet kept their comments section shut ?
King declared under oath to a high court judge that he was ‘penniless ‘ remember ! Or was that another in the ‘glib and shameless liar ‘ category ! You could not mark that guy’s neck with a diamond tipped steel cutter ….
If you looked up the definition of a Sociopath….
….a short history of Kings business life would be the perfect explanation.
… he has also claimed the Sevco board has undervalued the share price by 40% .. using the analogy of fans requesting a 40% discount on season tickets as an example .
So , to the GASL , if that was the case … why didn’t he take up that wonderful offer himself … getting a 40% discount on something he loves !!
Losses of over £110m since it’s inception in 2012 along with both a dilapidated squad / stadium, also with very little prospect of Champions league football for the foreseeable future thrown in.
Their commercial income performances have been horrendous for years and they also have two court cases looming within the year (see delayed accounts), however if the lying King perceives the clumpany value at £175m then he must be correct, House of cards and all that….
HH
6th March 2015 Exclusive by Chris Union Jack Glasgow Times:
DAVE KING has moved to allay fears over Rangers’ Stock Exchange suspension and again insisted he has a new Nominated Advisor lined up to come on board at Ibrox.
Nomad WH Ireland quit as the AIM regulator of RIFC plc this week, leaving King with just 30 days to appoint a successor or face seeing the company kicked off the markets.
King said: “I think the point I wanted to make is it’s not my Nomad. The club has to have a Nomad.
“I think Llambias should understand that. He’s confusing the AIM listing with the club. It’s the club that has to have the Nomad.
“All I have done is, in advance of the change of board, ensured there is another Nomad willing to come in. The club has to appoint them so that process can only happen after the general meeting.
“I’ve got one [lined up] who has done due diligence on the individuals but the key component for any Nomad is the club itself.
“Nomads are concerned about the financial affairs of the club. It’s the one area where I’ve been able to give no more input than what I’ve read in the newspapers.
“If we succeed [today], and I think we will, then we will get it immediately. It’s a process that would be done in a day or so.
Yer no mad if yer wondering why after 8 YEARS they still haven’t rejoined the AIM .
London Stock Exchange