Comment on Podcast Episode 5 – Hibs Takeover ? by Barcabhoy.
I’m not a betting man, however if I was laying odds , this is how i see it.
4/6 Fav : share issue successful , just . Which allows the group of shareholders who narrowly failed to get the resolution below passed in December 2013 , to bring it back to the table and get it through.
10. To renew the Directors’ authority for the disapplication of pre-emption rights
Evens : Share issue fails . Laxey offer emergency loan secured against Auchenhowie or Ashley buys the image rights and Internet broadcast rights for £1 plus a loan of £3.6 million secured against Murray Park
2/1 Share issue fails , administrator appointed.
100/1 : Share issue a success, followed by issue of new shares with Dave King investing £30 million
Barcabhoy Also Commented
The confidential information that a potential buyer needs hasn’t hit the press. What the press have written about is a generally speculative view on the cash position and trading losses. They may well have it correct , and they may have been given an indication from someone inside Ibrox, but thats not the information a prospective buyer needs.
What is needed is a detailed P&L , detailed cashflow and a full copy of all supplier and staff contracts. Without that , nobody in the current situation would seriously consider a takeover. With that information the probability is anyone outside of a Oligarch or an Oil Sheikh would turn their back and run away.
This information is non public information, and there is no obligation on the board to provide it to King or anyone else. What there is though is an obligation if they provide it to one party , then by law they have to make it available to anyone who is considering a takeover, however unlikely.
The chances of that happening are zero in my view. We have not had detailed non public information since Charlotte Fakes retired/ took a sabbatical. Unless someone starts to leak this information, then there is no way of knowing exactly what funds would be required to fund a takeover.
There could be for example a poison pill clause based on change of control. That wouldn’t necessarily be hitting the P&L and cashflow just now, but might have enormous implications in the event of a takeover.
So whilst King is right to be wary , and right to ask for further information, he is playing games as he knows very well there is no chance of getting it. Further he is being downright duplicitous in my view when he suggests he has £30 million waiting to invest. He may have £30 million, although some believe thats a stretch for him. What he certainly doesn’t have is £30 million unconditionally available to invest .
Podcast Episode 5 – Hibs Takeover ?
The conversation between the Sons of Struth and Radio Clyde got me thinking. The SOS guy is clearly a genuine passionate guy who only wants the best for his club. All clubs need guys like him.
However he exposed a serious contradiction in Kings claims. Here is what i said to him via twitter
@SonsofStruth Dave King. There’s a contradiction here. I heard the podcast of your call to Clyde. I have to give you credit for making your points well and cogently. I would though advise some caution on Dave Kings claims of investing £30 million .
The link below outlines the basis for a takeover of a plc , including AIM companies. There is no opportunity to conduct due diligence beyond what is already in the public domain.
I’m sure Dave King knows that. Which raises the question of why he demanded to get access to non public information before considering investing in the£4 million issue. He would have known that there was no chance of getting that information.
Equally if he won’t invest a percentage of £4 million without access to non public data, why would he invest £30 million . He won’t get the information thats not in the public domain. Nobody will. King is conflicted here. He has made a fundamental error . He will have to invest £30 million based on the public data and nothing else. He’s already rejected that possibility.
I think you may have to consider the possibility he’s been duping the Rangers support
Podcast Episode 5 – Hibs Takeover ?
Thanks to Auldheid & EJ for providing the accurate numbers on season book sales.
Factoring that in Rangers cash position must be perilously close to zero .
All other conclusions as previously.
I guess the Sports Direct funds could have been released since June 30th, however there doesn’t appear to be public information available about the nature of that contract.
Maybe its one of the onerous ones referred to by Graham Wallace
Recent Comments by Barcabhoy
On Grounds for Judicial Review
Celtic aren’t employing a QC . The fans are.
Celtic have direct access , as a member of both the SFA and the SPFL. They have already succeeded in a committment from the SPFL to a wide ranging enquiry . We await the terms of reference of that enquiry. However it will not include the potential to set aside the LNS enquiry, according to Rod McKenzie
Hence the need for the fans to ask a court to do so.The basis is LNS was not provided with relevent evidence of use of unlawful or irregular tax schemes . LNS , by his own words , said he proceeded on the basis that these schemes were lawful. He also stated that the SPL had rules to prevent breaches of Sporting Integrity and he found Rangers guilty of that , but not in a manner that provided Sporting Advantage.
Based on what was hidden from LNS plus what has been ruled on by the Supreme Court , that conclusion by LNS looks fundamentally flawed
The SFA have failed completely in their role as protector of the game. I have no doubt whatsever that Celtic want fundamental change there. However at this stage the fans don’t have a specific decision that the SFA have made , in regards to the Sporting Advantage , that was the subject of an independent panel, and therefore open to a JR request
I agree that the non decisions described above by BRTH should be the subject and included in an SFA commisioned fully independent review . However as yet they have decided a 3 monkeys approach is all we are getting . Lets see if Celtic get enough support from other clubs on this one
Launch of SFSA Fans’ Survey
1 The SPFL has guaranteed TV revenue for 3 years
2 Many clubs have record season book sales
3 Debt has been removed in most clubs
Why have SPFL clubs been silent so far , with the exception of Celtic , on the implications of the Supreme Court verdict
The argument is made that many are working hard just to make ends meet.
Fair enough , but when was that ever not the case in Scottish football.
Are we to believe that there will never be an environment where clubs have an appetite to get Four-square behind the notion of Sporting Integrity ?
That can’t possibly be the case , otherwise why bother having a rule book .
Some clubs though are in relative robust financial health, their supporters have dug deep to help finance recent achievements.
Don’t they deserve the respect , from club directors , of ensuring their club is treated exactly the same way as every club. Not every club bar 1
I’m looking particularly at Hearts , Aberdeen, Hibernian and St Johnstone. You have no excuses for silence , certainly not personal ambition for positions at the SFA or SPFL.
Do you really want your legacies to read :
I was scared to do the right thing in case we jeopardised some ticket revenue.
So I turned a blind eye to the actions of the authorities and 13 years of rule breaches by a member club “
That’s what you want to tell your grandchildren ?
If Clubs can’t speak out when they have guaranteed revenue, record fan support , are debt free and succesful , when CAN they be trusted to put Integrity at the top of their list of priorities…….or even on it .
Time for Scots Government to Take Bull by the Horns
LNS Though did comment on the Tax Case. He explicitly stated that as far as his enquiry was concerned the EBT’s were lawful and as such were not a breach of league rules
That is an important point. If the use of EBT’s in relation to their legality/lawfulness/regularity was a matter of no consequence , then LNS had no need to address them. The fact that he found it necessary to comment on their legality is telling.
The only conclusion that can be drawn is that it is a breach of rules to use tax schemes which are irregular , unlawful , illegal or any of those categories
Yet there has not been a single enquiry into these tax schemes. Is this because guilt had already been admitted by Rangers ? Is it because it would be impossible to come to any other conclusion that sporting advantage was gained ?
Time to Make Things Happen
How do you reconcile your statement that Res 12 was a board controlled project with the fact it’s only in the public domain because of the efforts of the requisitioners ?
THAT Debate, and the Beauty of Hindsight
Here’s the challenge when it comes to sanctioning clubs for fan behaviour.
1 Minor Incidents can be hugely exagerrated through social media and press coverage.
Take the recent statement by Club 1872 blaming celebrating Celtic fans for Celtic players being attacked, racially abused and having dangerous objects thrown at them. Now even allowing for the fact that the statement was made by the Moron’s moron Craig Houston, it received disproportionate coverage in the msm, virtually none of it ridiculing the shameful nature of the statement.
In the same statement Houston claimed damage to Ibrox stadium in a pathetic attempt to equate half a dozen broken seats with the £80k of wanton vandalism deliberatley carried out by Rangers supporters at Celtic Park
Now anyone with a more than a single brain cell can see through Houston’s lies and bitterness, however his claims were published in the MSM and as far as i’m aware have not been ridiculed by journalists in the papers that published them. They therefore become unchallenged outside of social media, and down the line gain a currency of “fact” amongst those who don’t know better
2 Serious incidents can be downplayed by press coverage
Graham Spiers aside not many in the MSM are prepared to report on the large scale singing and chanting which breaks the law in this country. As another example take the Scottish Cup Final of last season. If you only got your news from the MSM , then you would believe all 11 Rangers players were attacked on the pitch . We know that’s a lie, and at most it appears a single player was the victim of a single attempted assault.
However the media have largely ignored the actions of a large number of Rangers fans who went onto the pitch intent on committing violence. Those who didn’t ignore it, enthusiastically bought in to Jim Traynor’s fabrication of a valiant band who were only intent in defending their players.
There may be other incidents involving fans of other clubs which could be used to illustrate the points above. The issue though is we can’t allow the MSM to determine what is and isn’t a serious incident. Most journalists , i think, wouldn’t deliberately mislead, but there are clearly enough who would based on their track record