Rangers Rumours Archive October 20 2014
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20 Oct 2014 09:50:14
Im under the impression that we will know what's happening with the King takeover bid in the next few days. I really hope this can get pushed through as i dint know how much more of this i can take. King will need 75% of current sharholders to vote FOR a share dilution. Ashaley owns 9% with easdales having proxy rights over a further 26% so that's 35% in total. Now bears do any of you think that King has done a deal with either ashley the easedales or either margarita or blue pitch? Because if he hasn't spoke to them or sounded them out then i don't think there's anyway to get this deal accepted. What do you think fellow bears???????
20 Oct 2014 12:18:21
Even if he gets agreement with the board they have to call an EGM (at least) giving four weeks notice ot effect a vote. Personally, I don't see a deal happening.
If DK does do a deal and puts in £16m for 51% he then has to offer all the other shareholders about 50p per share under the takeover code and I think there would be a lot of takers at the current price. That could mean finding another £25-40m with none of it going into the club.
I think this is all for show
He doesn't need to offer 50p a share mate youve got that wrong. He just has to make AN OFFER of any kind. Why would he have to offer more treble what the shares are worth? because after a share issue that's what they will be worth.
It's not just any old offer though. The takeover code is pretty clear that it is the highest price paid in the last 12 months that must be offered.
Rossw01 i can't see dave king going to all the hastle and expence and time unless he knows he will be involved in some way i also read else where that he has had talks with the unknown share holders but we will just have to wait eh surely we won't have to wait much longer cause the funds are running out at ibrox
StEddy can you show us all the prof of this? I highly doubt this would be the case mate are you trying to tell me that if a company is about to go bust and there share price is at 2p and i went in and bought a controlling stake through a new share issue then i would have to offer all exsisting share holders the highest price the share has been so for example 3 quid a share if that's been the highest price? AGAIN i think youve got this one wrong but please prove me wrong give us a website or link to see this on.
This is the section from Takeovers Directive (2004/25/EC) (the “Directive”) by means of Part 28 of the Companies Act 2006
The following is a brief summary of some of the most important Rules:
When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced (30% of the voting rights of a company is treated by the Code as the level at which effective control is obtained).
Thanks for clearing that up FlyFifer. So this could infact cost King a fair bit more money
Rossw01
Yip - an awful lot of money.
Note it also specifies "PERSON OR GROUP" which would prevent several people forcing through a takeover by stealth where none of them breach the 30% but their combined holdings were greater then 30%
Thanks FF. Sorry Ross, I've not been on today or I would have answered myself
If DK is serious about not giving a penny to the existing shareholders (Board) then they need a extra rights issue of 81,000,000 shares which he will buy up to get the 51% he wants buy he will then also need to offer to buy the original 81,000,000 shares at 50p a share so he will need to drum up £40, 500,000 for them as well !!!
Can't see him doing that somehow.
Who's going to finance him for that - it's noticeable that when he talks about investing, it's always as a front for other peoples money, not his own.
Flyfifer its always other peoples money phhh were are you reading that or as jg would say don't believe everything you read in the newspapers
If dave king is allowed to get involved he is a business man he will not be going in with his eyes shut ffs