By Hugobaws 29/12/2017
The roar of the greasepaint, the smell of the crowd, yes, it’s Panto time again.
This Year’s Special Panto is an adaptation of the long running, ‘Sevco and the Holy Grail’, now nearing its 6th year, and playing to packed Courts across the land.
Front of the Panto Horse 1; Paul Murray
Front of the Panto Horse 2; Alastair Johnston
Horse’s Rear 1; Stewart Regan
Horse’s Rear 2; Neil Doncaster
The Black Knight; Dave King
Sir Arthur; Lord Bannantyne
SCENE 1 THE COURT OF SESSION
Sir Arthur; “The Trusts have been willing to provide money for the purchase of Rangers shares when the respondent wished them to do so. Now, suddenly, when the respondent does not wish to comply with the terms of Rule 9 the Trusts no longer are willing to provide any money. “
With that swing of his judicial sword he cuts off the Black Knight’s right arm.
Sir Arthur; “Given the circumstances put forward by the respondent in support of his supposed impecuniosity they are of no significance. His impecuniosity is entirely self-generated.”
Sir Arthur slices off his other arm.
Sir Arthur; “It is not for the respondent to argue at what price an offer should be made. Nor within that framework is it for the respondent to argue that if the offer is made at the price of 20p no shareholder will take it up”.
Sir Arthur slices off the Black Knight’s right leg.
Black Knight; “You pansy, don’t you know I kept this up for 10 years in South Africa, and kept my legs”.
“You’re a Loony” says Sir Arthur as he slices off the other leg.
“It’s only a flesh wound” responds the torso.
Despite claims to the contrary by the MSM Lord B left no room for an appeal, but Glib likes nothing more than kicking the judicial can down the road. In any other Football jurisdiction in the world would a Governing body accept the carnage caused firstly by David Murray and now by Dave King. We’re now about to enter our 6th year of Court Cases and Appeals, with no end in sight and the two Panto Horses Arses are still bumbling on, heads up certain people’s bums.
So, the next few weeks promise to be busy in Panto land;
The Rangers* now have passed their AGM motions and intend to issue shares up to a nominal value of £1.086m, so 108m new (1p) shares to add to the 81m in circulation, around March.
Will it be the 20p, the fabled Ashley 27.5p sweetener, or somewhere in between (more than doubling the shares in circulation should result in a massive dilution, so 10p -15p?).
Since Glib de-listed the stock, many of the traditional business fundamentals that would be used to value a stock – turnover/profit/financial projections/asset value – have been difficult to comprehend or just completely fudged.
Sadly, Dave has created a number of self-inflicted obstacles, to the Torso’s Grand Plan.
To get that far he must be given leave to Appeal the Court of Session judgement (unlikely).
He must hope that the Takeover Panel does not ‘cold shoulder’ him in the meantime (likely).
If he loses he will have to prove he has the £11m (plus costs) that would secure the shares he doesn’t control.
If he does this, and has gone on record as saying he is penniless, does that constitute ‘Contempt of Court’?
If he gets as far as making an offer, and given the perilous state of the Club finances, it’s likely people will accept (rip his arm off).
What looks increasingly possible, is that as The Company/Club/Ethereal Entity are trading whilst insolvent, the Creditors (Directors) may call an Administration event to protect (some of) their investment? If they go down the tubes, Creditors will get sorted first and Shareholders may get nothing.
It’s all on a tightrope, but don’t worry, Jabba Traynor will save them.
Josh Windass, the Accrington Stanley ‘ace’ gets sold for £5m to the Premiership.
Someone in England wants a right back (Tav) who cannot defend, £20-£30m.
They cash in on Pena’s stunning form, and Arsenal come calling.
Yup, there’s never a dull moment in Panto land.