This is Alec Hogg and here’s the Rational Perspective. I have an interesting story for you today – Dave King, the man who started specialised outsourcing in 1997 (one of the boom stocks of the last, but one, boom on the Johannesburg Stock Exchange) is back in the spotlight.  The man who settled a longstanding debate with South African Revenue Services – he paid R706m to get that off his back – is now keen to turn around his boyhood football club, Glasgow Rangers. King grew up in Glasgow. He grew up in abject poverty there. Stories are that he didn’t even have shoes to go to school but the one thing that he loved throughout his life (as most Glaswegians do) is one of the two football clubs. If you’re Catholic, it’s Celtic. If you’re Protestant, it’s Ranger. Rangers have fallen on hard times, but King has been a shareholder there for some years, having bought in soon after he sold his specialised outsourcing stocks.
There is a vote on Friday at which, King will be asking to be put on the board and to be given the mandate to fix Rangers, which is not even in the Premier League in Scotland anymore. That’s a long story, but not for this segment. He has just about, certainly gotten the thumbs-up from shareholders. The Chairman of the company who was against King, has resigned and left the building, and King will now have the opportunity to show whether he can turn things around there in the manner that he managed to do with Micro Mega, which is a company listed on the Johannesburg Stock Exchange. Although trade in the share has been painfully thin, the share price is up 90 percent in the past year. That’s just after King took the helm once more. A comeback of Lazarus-type proportions. Dave King, Chairman of Glasgow Rangers. Who would have thought?
This is Alec Hogg with the Rational Perspective.
