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Fiscal Cliff is the stage name of DCK. He had a one billion rand best seller with his first single SOS (Specialist Outsourcing Surprise) in 1997. He is hoping for future chart success with Micromega Melodies and How Deep is Your Rangers Love.
@Aquaboo - King will be the owner/operator of TRFCL prior to the liquidation of RIFC. So why would anyone chose to punish the club for jettisoning it's insolvent holding company? King's Rangers will not be held accountable.
@Aquaboo - King's Rangers will issue ST renewal prior to the play offs. Those who voted for King don't care about promotion, they just want King in the directror's box. King is the box office, not the team.
@aquaboo - TRFCL are the club. As long as they remain solvent then I would argue that the liquidation of RIFC would not merit a points deduction. As for SteadyEddie's comments I look forward to Paul Murray issuing any statements as to how they are going to finance the club going forward? What is he actually doing as interim chairman? Is he waiting for a bankers draft? Or will it be one more lie and an appeal to the fans to dig deep as I fully expect.
@SteadyEddie - The last statement Derek Llambias issued to the press was to ask King to produce a NOMAD and to produce capital. Sports Direct will have had a close look at the individual who would be responsible for their £5M debt and they came to the conclusion that King was bringing nothing other than his ego to the table. The new board is a sham and it will fail, as only Park has any liquidity and he will be becoming increasingly concerned as to what is required to get to ST renewal. Then there is the uncertainty as to whether the fans will sign up for another season against Alloa/Livingstone/Cowdenbeath with the attraction of Hearts and Hibs gone.
@Aquaboo - Do you have a source for this? If this is the case, and I have no reason to doubt you, then RIFC would not enter administration until the close season.
Potless Paul has gone out his way from running his garden centre to curry favour with anyone willing to appoint him on the board of RIFC. Surely the next time he has to restructure his £2.5M of debts it will be much easier now that he is in the limelight again. It is in PP's best interests to be 'Honest' Dave's glove puppet. Sarver and Kennedy would only engage if it guaranteed them control. When TRFCL becomes an orphan on April 5, their interest will end.
MICROmega Holdings Group Limited are listed on the Johanessburg Stock Exchange courtesy of a sponsor, Mercantec Capital. The JSE only has four hundred members and entry is remarkably easy, even for companies such as MHG with a Private Bag as their postal address in Sandton. Convictions for tax evasion are no barrier to the small enterprises who list on the JSE. MHG group chairman can even issue statements that he has no intent to in any way challenge his convictions. Can anyone imagine someone making a statement of that nature on the LSE junior AIM market? King is clearly out of his depth and delisting is inevitable. LSE AIM is not a cosy private members club hoping to lure foreign investors to small capital poor companies. Everyone who voted for King will lose everything. There has been so much misinformation on what happens on April 5 that I believe it's appropriate to issue a list of facts for those of a sentiently challenged disposition: 1. There will be no regulation on share ownership or share transfer. Share transfer would only be viable if RIFC were planning to relist on AIM. 2. Relisting on AIM after delisting is not tenable. RIFC will enter administration and then liquidated. 3. The Rangers Football Club Ltd will continue with Dave King as it's chairman. There will be no deduction of points. 4. The assets of TRFCL are securitised by Mike Ashley. The £5M of the first tranche was drawn and spent. The second tranche was not drawn. All simple and obvious so far? However here is the catch. RIFC will appoint a liquidator who will act in the best interests of its shareholders. RIFC is owed a figure north of £15M by TRFCL.Fees will account for circa £5M and even in the unlikely event that TRFCL paid off its debt in full, each shareholder would only receive 12p. A more likely outcome is circa 6p per share. The current board know that delisting comes with a sting in its tail. They will have much bigger problems than dealing with Ashley's securities.
Cambridgeblue was regaling us with tales of a clamour for quarter season books and an increase of 20,000 on the gate, all done for a glimpse of King in the director's box. McCall has joined at the right time. Livingstone are abject and even this underperforming squad will make light of them. There will be a shadow in King's director seat today which is entirely appropriate for his current role.
Cambridgeblue, one of this board's most ardent requisitioners, was challenged repeatedly about the calibre of the prospective board.Potless Paul Murray, who had been rejected by shareholders at every AGM, has now secured the chairman's position by stealth. I wonder if he will continue to show the acumen that has seen eight of his previous ventures fail. King's 'jobs for the boys' ethos has come unstuck with the resignation of Mr Graham. This is inordinately embarrassing as it leads to the conclusion that the new board was thrown together in a haphazard fashion. King wanted numbers to outflank any prospective SD appointments and in doing so ended up with this PR disaster. I could go further by saying that it question King's credibility but that would be an oxymoron too far. King had a plan. He wanted WH Ireland to effect a handover to Allenby. He wanted WH Ireland to state that the club was solvent and that there was no impediment to the transfer. He offered to step down as a director. WH Ireland saw through this device and resigned with immediate effect. King's appointment of Murray as 'interim' chairman' would cause any prospective NOMAD to take pause. Surely the conclusion would be that King is acting as a shadow director. Plan B was to head back to South Africa and keep a low profile with the hope that Allenby could accomodate the new board in his absence. It will be interesting to see how that plays out. A business plan and an eight figure transfer into the Metro bank account would tick that box, but where is the money coming from? Let's take a best case scenario. Let's assume King can raise £5M secured on Micromega and that Park has £5M burning a hole in his pocket. However what does King get for his £5M? He is precluded from being the director of any company with Rangers in its titlen until 31 October 2017. Is he prepared to loan RIFC £5M with no interest for then best part of three years? Is Park prepared to do likewise? Having had a look at the books, both will know that they could easily lose their £5M if they don't achieve relisting. Delisting appeals to King as he would then be free of AIM scrutiny, but not insolvency law. Is it possible that King has walked away having secured change and that no money will be forthcoming from his myriad of offshore accounts? It's a distinct possibility, particularly if delisting results in the concert party having their fingers burned. They will blame King and any promissory notes will quickly be withdrawn. This new enterprise is predicated on a NOMAD. If one is not secured in time, the consequences will be catastrophic. You made a pact with King. You should have known better.
I have never defended Somers, although I could easily make a case for him when compared to Paul Murray. Llambias and Leach had a NOMAD, a cogent business plan and access to £5M. The new board have failed on the first two, and as for the third all we have is a series of conflicting soundbites from someone who is not a director in the company. Should he continue to act in a shadow capacity, there will be serious consequences. However, prior to the golf course, let me leave you with an unequivocal fact. Any NOMAD will require a compelling business plan and an assurance that DK will not be a director. If this is not forthcoming in the next 18 days, this stock and this share chat will no longer exist.
Buffeting headwinds Cambridge Blue? An interesting analogy. Captain ' Catch me if you can' King was in the jump seat but does not have a licence to fly. He is now in South Africa where his licence was restored after a 7 year suspension.Meanwhile baggage handler Paul Murray has found himself elevated to the cockpit only to find that the fuel card is in the red to the tune of £5M. He has spent the last week shuffling his flight manifest awaiting clearance for take off. However the traffic control tower walked out on the baggage handler and attempts to find a new team have proven to be difficult.
@cambridgeblue - you point out the increase in attendance on Tuesday. A minimum of 11,500 tickets sold if everyone with a season ticket/corporate package turned up. King will not be in attendance on Saturday. He is not a director. You had Llambias & Leach who are inordinately superior to Murray and Gilligan. The best player on the park will be Vuckic who will leave with 4 other loanees who were brought in to secure play off success. McCoist gave up, McDowall did his best but the squad is just not good enough. Due to ineptitude at Murray Park, 12 first team and six reserve players are out of contract season end. when added to the five loanees that is 23 players. This should have been the first priority of the new board. The appointment of McCall, while welcome, should not be short term. No team can shed 23 players without serious consequences.
@theweeman - The problem with the SMSM is that it is being manipulated by Level 5 who were employed by King. Therefore all the quotes from King, including a recent off guard moment when he claimed he did not have any (Money), has since been replaced with more outlandish figures. By my estimates, after paying his fines and using interest rates that gave him an income of £81,000 per month in 2006, he currently has circa £5M plus the shareholding in RIFC from a family trust set up with 20M rand that was deposited in his wife's name. As for his paper wealth, some scrutiny of Micromega Holdings (formerly Legacy Ventures/Insider Financials) would cause any serious investor to take pause. Call me old fashioned, but I prefer my chairman to be law abiding, tax paying citizens. I'm sure the company you work for has a similar outlook. You might employ Dave King but I'm sure HR would preclude anyone with his background from working in your company.
I repeat that 43% did not vote for King. This is a statement of fact. WH Ireland resigned with immediate effect. This is another statement of fact. Paul Murray attempted to force himself on to the board with two previous consortia. Fact three. Paul Murray has stated that he does not have the kind of money to make a material difference to the finances of Rangers. Fact 5. So could someone explain to me why Paul Murray is now chairman of RIFC? Before you point out that he is only an interim chairman, think again. We have now discovered that reality has visited Dave King and that only delisting would create a situation where he could be a director in the short to medium term.
weeman wrote : "Let me give you a slight insight in to my poor-education and stupidity. I am a university educated individual who actually works in the aforementioned "square mile", for one of the largest and oldest financial institutions that exists here. I am a senior manager within the very business area you claim to know so much about, and have been for much of the past decade. I am also a frequent speaker for regulatory bodies and industry functions." I now work in Canada Wharf and I occasionally chair workshops on algorithmic trading. I recently was a guest speaker at an ICE event. However I was never taken in by King and I had a good look at his background. If you had paid attention to other posts you would have seen a detailed breakdown of his profits from Specialist Outsourcing and how he divested himself of his shareholding to the detriment of so many institutional investors. I have no doubt you work for an esteemed London firm (I'm guessing Lloyds). Ask yourself one question. Would you employ someone like Dave King?
@cambridgeblue : "A landslide victory at the EGM , universal backing from those without vested interests" 57% of the shareholding electorate. 43% did not vote for King • "A swift cleansing of the old ineffective board" That would be the board that had experience of running a football club. • "Excellent additions to the board" One of the additions to the board is being investigated by Police Scotland. • "Strong fan representation on the board giving customers the focus previously lacking" CG-UOF, JG RST, But with shares suspended no voice • "Decisive action to replace the incumbent management team with the best man available for the short term" McCall has been out of work for months. His appointment was inevitable. • "A refusal to be buffeted by ridiculous “noise” coming from the usual faux offence miscreants." I assume this is CG. Now that the matter is in the hands of the police, we will await development "Those worried about delisting should listen carefully to the board’s words in the initial press conference" Yes we listened carefully to the requisitioners words at their stage managed Level 5 production. A new NOMAD "Had been lined up." This was a lie. We also had 'a favourable outcome' and King stating there was no impediment to becoming a director. We now find that this was a lie also as no-one could vouch for a director with 41 offences for tax evasion and his suspension under insolvency regulations until 31 October 2017. When called out on his lie, he then stated that he would prefer being delisted. So much for his transparency? So what we have is a new board created from a series of lies. Paul Murray has been rejected on two previous occasions from joining the board. However with King's lies he is now interim chairman. If Imran Ahmed's old firm chose to relist RIFC, Murray will be chairman. Have a close look at this guy's resume and tell me why he is the ideal guy to lead Rangers. A very bad week of lies and deceit.
@barnock and his son wee man : If you are looking for a liar and a charlatan look no further than David Cunningham King. Your rants are typical of the ill-informed and poorly educated that believe everything you read in the Daily Record. I pity you and despair at your stupidity in removing a professional board and replacing them with this shambles. I hope you both have a sizeable holding of shares. I will return to laugh at you both when you lose your shirts. Have a very good evening small people.
King at Glasgow Airport on Wednesday 4th March - Reporters : "How much money do you intend to spend on Rangers" King "I don't have any". Potless Paul's companies are seriously in debt - I refer you to aquaboo's critique of his failed enterprises.
I note that Bill McMurdo is asking serious questions as to the suitability of Chris Graham to be a member of the board. Is it not time that interim chairman Paul Murray showed some leadership and made an executive decision?