A Guest blog by redlichtie for TSFM
From what I can see Mike Ashley is likely to be the only game in town for RIFC/TRFC fans unless they want to see another of their clubs go through administration/liquidation.
That particular scenario potentially allows for a phoenix to arise from the ashes but on past evidence it is probably going to be an underfunded operation with overly grandiose pretensions taking them right back into the vicious circle they seem condemned to repeat ad nauseam.
Ashley has the muscle to strongarm the various spivs to give up or greatly dilute their onerous contracts and I suspect that is what has been happening behind the scenes.
From Ashley’s point of view I believe that what is being sought is a stable, self-financing operation that he can then sell on whilst retaining income streams of importance to SD.
I also suspect that he will come to some arrangement with the SFA to dispose of his interest once he has stabilised the club.
The problem for RIFC/TRFC fans is that Ashley is not going to fund some mythical “return to where they belong”, though that is beginning to appear to be the second division of the SPFL where they are heading to have a regular gig.
Like at Newcastle, Ashley will cut their coat according to their cloth. This will mean, again like at Newcastle, a mid-table team with good runs every so often. If the finances can be fixed then they will have an advantage over most other Scottish clubs but in the main we will be back to actual footballing skills and good management being what is important (pace “honest mistakes”).
With recent results and footballing style clearly those are issues that will require attention and McCoist seems likely to present RIFC/TRFC with an early opportunity to address at least one aspect of that if he continues with his current “I’m a good guy” press campaign. It may take just one unguarded comment or action and he will be out.
But will the Bears go for Ashley’s plan? So far they seem antagonistic and still cling to their belief that the world owes them a top football club regardless of cost.
If the fans don’t get behind the current entity I can see Ashley deciding the game’s not worth it and cashing in his chips. Some ‘Rangers Men’ will probably turn up and create a new entity for The People to believe in and Ashley will continue to draw in income from shirt sales and, most likely, charging fans at the world famous Albion car park which he will then own.
The upcoming AGM is crucial and from what we have seen of Ashley so far he gets what he wants.
The crushing reality about to descend on The People is that there really is no Santa Claus. A Sanity Clause, perhaps but no Santa Claus.
I know absolutely nothing about share issues or the stock market.I understand the meaning of the word “market”. It is a place where people buy and sell goods or services.
What I cannot understand is why a company can be able and/or allowed to even contemplate marketing 100 million new shares of something which may not exist.
A company which is deeply in debt, has no real guarantee of income, and has had put some of its assets up as security for its borrowings.
The ownership of the remainder of the assets is the subject of a legal dispute.
So, what exactly will people be asked to buy a share of? You cannot sell goods you don’t have. Someone was recently sent to prison for so doing.
I understand the “dilution” aspect, but if I had bought a slice of pie, and then had to give some of it back, so that it could be sold again, I would be distinctly unhappy.
Enjoying all the posts on this…… Goody, I think your Mystery man is the man who set it all up.
mcfc says:
January 8, 2015 at 1:13 pm
Who is the mystery member of the Green consortium?
========================================================
PS – and MA is also worth a mention – purely on a financial basis – no emothional attachment – he was there at the start and would not want to be a by-stander – all other boxes are ticked.
Would welcome “elimination” of other parties from bampots, and suggestions for what remains 🙂
http://spfl.co.uk/docs/067_324__therulesofthescottishprofessionalfootballleagueasat11september2014_1411980004.pdf
Definitions:
“Club means a Football club, other than a Candidate Club, which is, for the time being, eligible to participate in the League and, except where the context otherwise requires, includes the owner and operator of such club”
So the SPFL state that a “CLUB” includes the owners and operators of such Club.
So Rangers FC PLC (IL) (Rangers FC formed in 1872 and incorporated in 1899) was a “CLUB”
It is interesting to note that Celtic PLC (Incorporation date
12 Apr 1897) have Standard Industrial Classification codes as
SIC 2003 – 9261 — Operation Of Sports Arenas And Stadiums
and SIC 2007 – 93110 — Operation Of Sports Facilities
Whereas, Rangers International PLC (Incorporation date 16 Nov 2012) have
SIC 2003 – 9262 — Other Sporting Activities
and SIC 2007 – 93120 — Activities Of Sport Clubs
AND…………………
The Rangers Football Club Ltd (Incorporation date 29 May 2012) have
SIC 2003 – 9262 — Other Sporting Activities
and SIC 2007 – 93120 — Activities Of Sport Clubs
GoosyGoosy says: January 8, 2015 at 1:17 pm
========================
The ones I have records of from the Pre IPO period with fewer than 3% were:
Imran Ahmad (lieu of loan)
Richard Hughes (Zeus)
Norne Ansalt (BC Abela)
Gorbon Ltd
Craig Mather
Glenmuir Limited
Ally McCoist
David Gowans
Andy Hosie
Putney Holdings (SG Corr)
Eurovestech
Alan Mackenzie
Ian Hart (Dir)
Asia Credit Corporation (Chris Morgan)
Graham Herring
Richard Bernstein
Mr Jean T Haddad
Patrick Oddie
Malcolm Murray
John McClure (Unicorn Asset Mgt)
Colin Howell (Unicorn Asset Mgt)
Elias Kaisar
John Goold
Angus Kinnear
mcfc says:
January 8, 2015 at 1:22 pm
‘.. – and MA is also worth a mention .’
———
Coincidentally MA did get a mention- in today’s ‘First Minister’s Questions’ in oor ain ancient Parliament.{ Now, there’s a case of genuine, continued history: the old parliament was never dissolved or liquidated, merely prorogued).
The mention had nothing to do with the saga: it was about MA being the man that’s shutting the SD place in Ayrshire with absolutely no notice given.
Oh-light bulb moment!- maybe it is connected with the saga: maybe he’s got a supersized warehouse planned for elsewhere! 🙂
On The Radar ?
“RECORD SPORT’S Keith Jackson, the man who has been at the heart of the Rangers’ story since day one, tells you what you need to know about the latest developments at the crisis-rocked club.”
Yes, Radar Jackson asking himself questions and provides insightful answers. But it’s all getting a bit odd, even he doesn’t seem able to find any moonbeams and his answers sound like he’s been reading the discussion here but not quite understadning much of it – maybe logic if filtered out by blue contact lenses. . . .
For example: “Within the next 48 hours they need a cash injection of £6.5million. You can never lose sight of that, this is the key figure and the first thing they have to do is get that money in the door.”
http://www.dailyrecord.co.uk/sport/football/football-news/you-need-know-boardroom-battle-4941494
http://www.dailyrecord.co.uk/sport/football/football-news/you-need-know-boardroom-battle-4941494
All your questions answered, folks, by Scotlandshire’s Sports Journalist of the Year Keith Jackson! Look no further, he has all the answers! He can’t spell, though- precipise?? what school did he go to?
mcfc says:
January 8, 2015 at 1:47 pm
‘… Radar Jackson asking himself questions and provides insightful answers. But it’s all getting a bit odd, even he doesn’t seem able to find any moonbeams and his answers…..’ demonstrate that he’s got his head up his own fundament, as usual.
ecobhoy says:
January 8, 2015 at 8:51 am
As someone else mentioned Rangers Retail Ltd is a separate legal entity but more importantly the joint-venture agreement between TRFCL and SportsDirect has an automatic trigger.
In the event of TRFCL’s insolvency SportsDirect can legally purchase the 51% of Rangers shares in the joint venture for 50% of the net profit of Ranger Retail over the last 12 months.
One of the quirks of fate is that recent boycotts of SportsDirect merchandise will actually allow Ashley to buy-out Rangers Retail more cheaply.
Money certainly does go to money 😆
And that, I think, places the hammer firmly on the head of the nail.
looks like Keef’s continued reading of Phil’s blog has finally clued him up a bit. after being told i don’t know how many times he’s finally realising that.
‘this is a loss making business with no credit line from a bank’
With Glasgow Rangers (I know) being mentioned a lot recently on TV & radio south of the border, my 14 year old, who loves his footie, said this morning “Dad, so what’s actually happening at Rangers – is someone buying them”. This is the first time he’s ever asked without his tongue in his cheek – he gave the impression he wanted to know. So I started – he listened and asked the obvious questions. Ten minutes later he’d asked more sensible questions than the MSM have managed in three years – and he could probably have written Radar’s article for him – without the howlers.
Radar – it’s really not that difficult – just listen, think, ask – and repeat until it makes sense.
That Keith Jackson can’t half type quickly;
At 12.42 I wrote this as part of a post:
‘So, still assuming Sarver is working on his own, what happens if things proceed, an EGM is called, and Sarver lends the club £6.5m?
An EGM, quite expensive for a business in RIFC’s state, is called and the votes are counted. If the motion is carried, it’s full steam ahead and TRFC sails on. If, on the other hand, the motion fails, and I’d expect that’s quite a possibility, then the cost of the EGM will be the least of TRFC/RIFC’s worries as Ashley and sundry other creditors (if they are lucky) will have been paid (if for no other reason than to keep the show on the road) but Sarver will now be owed £6.5m!
A deeper hole than ever, and a good excuse for Ashley, or whoever, to take the club into administration or even (whisper it) liquidation.’
At 13.16 Jackson publishes this:
‘KJ: The first priority for the board is to secure this money, however Sarver’s deal is linked into a bigger, £20m proposal to buy new shares. As part of this, his immediate £6.5m loan would be converted into shares within 90 days. The problem is, in order for this proposal to get off the ground, it requires 75 per cent shareholder proposal for phase two, the £20m share issue.
In other words, the board cannot take the £6.5m loan and work the rest out at a later date. Before they take the money they need to know if they are in the position to deliver on the £20m. If they can’t get the 75% approval from shareholders to issue the new shares to Sarver they cannot take his £6.5m loan.’
Either Jackson read my post, was extremely impressed by it, and so paraphrased it for his article, or…
It is true that fools seldom differ 😳
Esteban says:
January 8, 2015 at 1:58 pm
Can’t speak to the exact amount, but, there have been allegations that various Ibrox employees have been approached around the deferment of wages. The ability to meet the payroll, (and its associated taxes), must be in question, (again), if a short term soft loan was required to fend off Hector (again).
“There is no present or future-only the past, happening over and over again-now.”
Allyjambo says:
January 8, 2015 at 2:05 pm
he isn’t called “Thief” for nothing you know!
Now……… if you’re reading this ‘Thief’, perhaps you could explain the share dilution of the moonbeams 🙄
Apologies if this is a silly question or one that may have been answered before.
I am at a total loss as to why any businessman who does not have any affiliations to the old club, would want to invest in this loss making company, far less an American businessman who has no affiliation at all, unless the MA connection is correct.
The main question bemusing me, is what if the Duff&Duffer/Craig White court cases find that all the actions of these players, including Charles Green, are found to have been fraudulently carried out.
What if Charles Greens purchase of the assets and the IPO itself were found to be fraudulent?
What would happen to the shares purchased under the IPO?
😕
GooseyGoosey. Ref: Beaufort Securities.
http://www.internationalfsa.com/the-team/
Sanjeev Verma was at Beaufort and organised the Easdales’ proxy for Margarita.
One of their addresses is the same as Knifton’s HB properties and Confino was at Close for a while.
Allyjambo says:
January 8, 2015 at 2:05 pm
That’s first rate journalism by you Allyjambo, but it begs the question, are you Verbal Kint/Keyser Soze??
If not, who on TSFM is an award winning internationally famous journo for the Daily Record 😯
Generally get there within three, Scapa. Sometimes two.
TallBoy Poppy says:
January 8, 2015 at 2:31 pm
It’s a small world they inhabit
scapaflow says:
January 8, 2015 at 2:24 pm
TallBoy Poppy says:
January 8, 2015 at 2:20 pm
In… deed!
http://www.tsfm.scot/podcast-episode-5-takeover-plans-for-hibernian/comment-page-1/#comment-26999
I do not mind the odd bit of magical realism but that Record article is incoherent nonsense replete with inept repetitious metaphors of the most asinine kind coupled with wrong words. It is no wonder that I stopped buying newspapers.
Cygnus X-1 says:
January 8, 2015 at 2:27 pm
Just to show that I am, in fact, 50% of the ‘fools that seldom differ’, who in the name of Keith Jackson is Verbal Kint/Keyser Soze?? 😳
I think there is an awful lot in that piece from Jackson that has come directly from here…as his usual source hasn’t been posting much today 😆
But much more seriously, notice how, once again, the bears expectations have been built up on moonbeams, to be dashed again within a few days of further disasters. The same reporters claiming credit for providing both the moonbeams (until they fade) and for being ‘first’ with the cautionary ‘knowledgeable’ stories!
Keith Jackson at the ‘Heart of the Rangers Story’. Rot!
The man is a major PART of the Rangers’ disaster; as a purveyor of the moonbeams and devourer of succulent lamb.
nowoldandgrumpy says:
January 8, 2015 at 2:15 pm
‘…What if Charles Greens purchase of the assets and the IPO itself were found to be fraudulent?
What would happen to the shares purchased under the IPO?’
———
Ach, I’ve spent hours off and on trying to find any case histories of fraudulent purchase of companies and what happens to an innocent purchaser of a business sold to him by someone who had no titles to sell it.
There must be lawyers on here who could tell us where to look for such cases. There have been crooks in the business world since forever; some of them must have bought and sold companies fraudulently?
Below is the list of shares in TRFCL back in October 2012 which I posted at: http://scotslawthoughts.wordpress.com/2012/10/22/the-rangers-shareholder-list/
The comments in the original post provide some info about some of the investors. These shares were swapped on a 1for1 basis with RIFC shares when the AIM Company was floated.
Had a quick look and I thought I had dome a more detailed one but can’t see it although the TRFCL Board minute of 31 October 2012 also has some other names. There’s also Putney Holdings which IIRC had 600K.
You might be able to spot some of the proxy members from the info.
The Rangers Shareholder List
The following is a list of the present shareholders in Rangers Football Club Ltd.
It lists the holders of 19.8 million of the 22 million shares issued so far.
The full list is to be disclosed in the Prospectus to be issued soon.
Blue Pitch Holdings – 4 million
Margarita Funds Holding Trust – 2.6 million
Imran Ahmad, Rangers – 2.2 million
Richard Hughes, Zeus Capital – 2.2 million
Gorbon Ltd – 1.55 million
Norne Anstalt – 1.2 million
Ally McCoist, Rangers – 1 million
Glenmuir – 1 million
Craig Mather – 900k
Andy Hosie – 900k
Ian Hart – 490k
Chris Morgan, Asia Credit Corporation – 400k
Alan Mackenzie – 250k
Jean Haddad – 250k
Malcolm Murray, Rangers – 200k
Colin Howell, Unicorn Asset Mgt – 200k
John McClure, Unicorn Asset Mgt – 200k
John Goold – 100k
Elias Kaisar – 100k
Stephen Adams, Kames Capital – 50k
Brian Stockbridge, Rangers – sub 50k
Ian Cormack – 25k
John Graham – 25k
Charles Green, Rangers – nil.
Mr Green is due a 10% bonus for a successful float, as was disclosed in the May presentation seeking investors. This could come in the form of a 10% stake in the company, approximating to 5 million shares.
John Clark says:
January 8, 2015 at 2:53 pm
0 0 Rate This
I thought of it in the sense that if you buy a car from someone who has no right to sell it to you, the car is returned to the rightful owner and you lose your money paid.
But that is just a guess.
nowoldandgrumpy says:
January 8, 2015 at 2:58 pm
FWIW, I would expect the courts to try and make any defrauded party “whole”, but, would also expect to see monetary compensation, rather than trying to unpick the multitude of complex deals that will have happened between any hypothetical alleged offence and any potential verdict.
scapaflow says:
January 8, 2015 at 3:04 pm
0 0 Rate This
Yes it would seem that the contracts are not the only things that may be onerous. 🙄
ecobhoy says: January 8, 2015 at 2:56 pm
===============================
Here is the full list of the 33,415,200 shares in TRFC that were exchanged 1 for 1 in RIFC in addition to what they paid for them.
Charles Green initial 200 £2
Charles Green Option 5,000,000 £50,000
Imran Ahmad (lieu of loan) 2,200,000 £22,000
Richard Hughes (Zeus) 2,200,000 £22,000
Initial Placings
Blue Pitch Holdings 4,000,000 £2,000,000
Margarita Trust (BC Abela) 2,600,000 £1,300,000
Norne Anstalt (BC Abela) 1,200,000 £600,000
Glenmuir Limited 1,000,000 £500,000
Putney Holdings (SG Corr) 700,000 £350,000
Ian Hart 490,000 £390,000
Mr Jean T Haddad 250,000 £125,000
Elias Kaisar 100,000 £50,000
Additional Placees (1)
Craig Mather 1,800,000 £900,000
Ally McCoist 1,000,000 £10,000
Andy Hosie 900,000 £450,000
Asia Credit Corporation (Chris Morgan) 400,000 £200,000
Graham Herring 400,000 £200,000
Patrick Oddie 200,000 £100,000
Malcolm Murray 200,000 £100,000
John McClure (Unicorn Asset Mgt) 200,000 £100,000
Colin Howell (Unicorn Asset Mgt) 200,000 £100,000
John Goold 100,000 £50,000
Angus Kinnear 100,000 £50,000
Stephen Adams (Kaimes Capital) 50,000 £25,000
Ian Cormack 25,000 £12,500
John Graham 25,000 £12,500
Additional Placees (2)
Mike Ashley 3,000,000 £1,500,000
David Gowans 1,000,000 £500,000
Gorbon Limited 1,550,000 £1,050,000
Laxey and Partners 1,000,000 £1,000,000
Eurovestech 600,000 £600,000
Alan Mackenzie 500,000 £500,000
Richard Bernstein 400,000 £400,000
Scott Mackenzie 25,000 £25,000
Total 33,415,200 £13,294,002
mcfc says:
January 8, 2015 at 11:55 am
==========================
From guys and dolls – only it was the ace of spades squirting cider in your ear?
Just you keep away from these salvation army girls 🙂
nowoldandgrumpy says:
January 8, 2015 at 3:07 pm
It would be vastly entertaining though. Carry On Up The Clyde
easyJambo says:
January 8, 2015 at 1:33 pm
========================
The ones I have records of from the Pre IPO period with fewer than 3%
,,,,,,,,,,,,,,,,
Thanks eJ
If we exclude Ahmad, Hughes, Ansalt and Mather who all held over 3% of TRFC according to the prospectus
https://scotslawthoughts.files.wordpress.com/2012/12/rifc-prospectus.pdf
Then
This list of pre IPO investors included people who
either
A Bought under 1% of TRFC shares privately before the IPO
Or
B Were awarded freebie TRFC shares which converted pro rata into RIFC shares at the IPO
Or
C Were genuine Green Consortium Members who got under 3% of TRFC and thus under 3% of RIFC
However
All investors in the Green Consortium were entitled to convert whatever they invested in the Green Consortium into TRFC shares . The conversion would be pro rata to the amount invested .
So
after the GC got their TRFC shares and before the IPO
Any bought or freebie TRFC sharesthat were issued would have to come from TRFC treasury shares, This would dilute the holding of the original GC investors when the IPO came along
Which makes me wonder if the definition of “Acquisition Investor” was deliberately constrained to exclude TRFC holders who did not invest in the original Green consortium.
Either way
There is a submerged batch of “Green consortium Investors” who between them were projected to hold in the region of 8.13% of the 71m shares issued at the IPO
Compensation paid to Scottish clubs for their players and ex-players participation in the World Cup:
Celtic $346,267, Hibs $27,067, Killie $23,800 and Hearts $12,600.
ecobhoy says:
January 8, 2015 at 12:04 pm
He will destroy their cosy club culture and secret dealings – and could prove to be the much-needed modernising spark that Scottish Football is crying out for.
+++++++++++++
mcfc says:
==============================
Much as one would like to see these bodies get their comeuppance, one would worry that this would only result in them being even more cowed by whoever owned the Ibrox club which would not, surely, be an improvement.
The only way I see really real improvement is if the club-who-must-be-obeyed were to be hamstrung for a good number of years so that the SFA and the rest had to turn their attention to other things, such as the good of other clubs.
Yes I know they’ve been a bit hamstrung recently but it’s too soon after Karmageddon and they’ve been stuck in the rut of trying to rescue it … that might change if a weaker club goes forward from now for a number of years.
neepheid says:
January 8, 2015 at 1:55 pm
___________________________
‘Precipise’ now corrected. Glad he read your message 😆
AJ,Wottpi,
Had a look at the proposed offer and you are correct.
Assuming thought that the issue raises the full £20m and the offer to existing shareholders is taken up in full then this offer is worth around £3.6m more than the first.However this offer includes £6.5m of an upfront loan to be repaid either within 90 days or from offer proceeds.Effectively this offer is,after costs,around £3.5m less than the original.
The plus side is that working capital to get through to an EGM and offer may be available through the loan.
nowoldandgrumpy says:
January 8, 2015 at 2:58 pm
‘I thought of it in the sense that if you buy a car from someone who has no right to sell it to you, the car is returned to the rightful owner and you lose your money paid.’
——–
On the ‘buyer beware’ principle? Yes, that would be the obvious thing, I suppose.
But think of the ramifications if, indeed, it were to be proved that SDM was still the rightful owner and everything else that had happened had to be annulled, and the assets handed back to his less than loving care, and every current shareholder was told they had no title to their shares.
Or would the powers that be let that happen? The mind boggles!
coineanachantaighe says:
January 8, 2015 at 3:17 pm
The two team paradigm has to be broken, destroyed, and then a bloody great stake driven through the festering corpse. Only then, will the footballing businesses, and their regulatory lap dogs in Hampden, be forced to actually look at the real problems besetting Scottish Football.
Until that happy day, we may as well derive entertainment from the Nightmare on Edmiston Drive
Overheard conversation despairing at the lack of unity of some football fans
“The trouble is we know F,,A,, about whits going on and we never wull with these C,,,s in the Board Room
Maist of our guys get their information about whits happening from f,,in phone ins and the DR
And a lot of them believe it”
Whit chance hiv we goat?
Nae f,,,in chance
I have just remembered that the soure for my list I posted at:
ecobhoy says:
January 8, 2015 at 2:56 pm
held back 4 names IIRC because they didn’t want them to be made public. Thinking back I’m wondering whether they hadn’t managed to anonymise their investment at that point but would have achieved this before the actual share swap.
Might be nothing – but it might be.
nowoldandgrumpy says:
January 8, 2015 at 2:15 pm
‘..I am at a total loss as to why any businessman who does not have any affiliations to the old club, would want to invest in this loss making company, far less an American businessman who has no affiliation at all, unless the MA connection is correct’
————–
I see on Twitter that someone has asked the Phoenix Business News if they know why.
GoosyGoosy says:
January 8, 2015 at 3:28 pm
‘..Overheard conversation despairing at the lack of unity of some football fans
“The trouble is we know F,,A,, about whits going on and we never wull with these C,,,s in the Board Room.’
———-
Was that overheard at an SFA board meeting, or maybe an SPFL Board meeting? Or was it Regan in conversation with Doncaster? 🙂
Can anybody remember what happened to the proposed Korissa Capital shareholding? Perhaps if we matched their original number of proposed shares to eventual distribution we might get a lead?
John Clark 3.36
Sometimes I wish there was a multiply by 10 thumbs up button.
Esteban says:
January 8, 2015 at 1:58 pm
Do we know why they need an injection of £6.5 million specifically “within the next 48 hours”?
————————————————————————————
Thinking about the Doncaster Lambias meeting and assurances given that TFFC can make it to the end of the season. Even by :slamb: standards the coverage was very glib.
Did Doncaster actually ask “Show me the money?”
I’d be amazed but nothing in this saga would now surprise me 😕
A snippet I posted in early October 2012:
it’s days like this we all miss the incisive approach of Paul McConville (G.R.H.S)
Paul was able to cut-to-the-quick through the mire of misinformation and translate it with ease to the lay person……. like he did with another American Tycoon (Bill Miller) with a ‘passing interest’ in, the then, Rangers FC
http://scotslawthoughts.wordpress.com/2012/04/29/where-stands-the-rangers-bidding-war-is-either-bid-in-the-interests-of-the-creditors-or-is-it-all-just-pr/
Danish Pastry says:
January 8, 2015 at 11:08 am
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
😆 😆 :irony: 😆
Whyte… Green… WH Ireland… Catholic dating sites (even I’m a bit perplexed by that!)…
Bravo to the script writers, for just when you think that it cannot possibly become any more ridiculous…
:slamb:
The new move by Sarver is more difficult for the RIFC board to reject. The mystery though of how Sarver has arrived at a valuation remains.
Without having undertaken due diligence ( and there is no legal entitlement to that in a plc bid) it seems Sarver is betting blind. That makes little sense , unless someone on the inside has given him a heads up on the scale of onerous contracts and a detailed insight into management accounts.
Is there anyone who recently may have acquired that information ?
A seperate question is whether Ashley & Sarver have had a chat , and whether Ashley has any concerns over the continuing enforceability of his contracts in the event of a single controlling shareholder .
Assuming Ashley hasn’t quite got to where he wants to be in terms of control over merchandising, does a successful Sarver bid impact on that ?
If not , and the bits Ashley wants are controlled by Green , then I would imagine Ashley would want to conclude with Green before allowing Sarver to succeed.
Which in my mind means it’s more likely that more short term loans from Ashley is still the likeliest outcome. Unless of course Ashley & Sarver are working together in which case the 4 bears have just wasted a lot of money and must be feeling pretty silly just now.
Should Sarvers bid be accepted then the 4 bears will be diluted to circa 15.5% (otherwise known as irrelevant). Can you really see the ego’s on the 4 Bears side allowing this ? Especially as Sarver would then hold the power he needs to issue further shares to himself , diluting the 4 Bears to oblivion .
Logical conclusion is the 4 Bears will find some PR friendly reason for rejecting Sarver ( and the discredited Alistair Johnston fired the first shots in that yesterday )
The 4 Bears are now in the worst of all positions. Not enough money to raise a competing bid with Sarver, and having publicly slaughtered Ashley & Easdales little to no chance of support from them.
Yet again King engaging mouth before brain proves damaging and embarassing for partners who know better when to say nothing.
Finally on Administration. I still see this as the most unlikely of current options, however there is one aspect that I would like some clarification on.
Secured creditors do not have a vote on a CVA except under the following circumstances.
1 The security fails to fully pay off the loan. In the case of Ashley if Edmiston House & the Carpark was sold ( or valued ? ) at £1.8 million and Ashley’s loan secured against this was for £2 million, then Ashley has the shortfall of £200K as his voting entitelement in a CVA + any unsecured loans
2 In the event the meeting of creditors is adjourned then secured creditors are allowed to vote the full value of their secured loans in a CVA proposal.
If Campbell’s Money is lurking or anyone else with expert knowledge it would be useful to have confirmation or otherwise of the above
John Clark says:
January 8, 2015 at 3:24 pm
I can’t imagine that there would be a passing of the assets/club back through the owners all the way to Murray, even if the mechanism existed. I’m sure that it would have to be shown that Murray, or MIH, were defrauded by Whyte, who did pay the sum agreed £1.00! Along the way a lot of people have been stung, not least the RFC creditors. I would imagine they would have a much better claim to the assets of the club than the people responsible for running up the debts and are probably the first in the line (time wise) of the victims of any fraud.
Murray may claim to have been ‘duped’ by Whyte, but that was only in terms of his (Whyte’s) intentions for the club. Ticketus might well have a claim for some form of compensation, but even the supporters who bought tickets got value for their money as the matches were played.
Regardless of that, there would be so many people with viable claims, that sorting it out would almost certainly take years, with padlocks securing the gates of all heritable properties till god knows when.
Basically, if Murray wasn’t defrauded, and he has never claimed to be, he would have no claims on the club/company (whatever) or it’s assets.
I would imagine that they only compensation for any victims would be from any money the courts could recover from the guilty parties, and any monies will be well hidden in offshore havens, their best hope being that Duff and Phelps can be held accountable and made to make good any loss as a result of their ‘incompetent?’ employees.
TallBoy Poppy says:
January 8, 2015 at 3:37 pm
Thought Korrissa were Sevco 5088 players?
http://www.scribd.com/doc/184401452/2013-03-29-CH-Sevco-5088-AR01
neepheid says:
January 8, 2015 at 2:11 pm
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Esteban says:
January 8, 2015 at 1:58 pm
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Do we know why they need an injection of £6.5 million specifically “within the next 48 hours”?
What is the significance of the amount and the timeframe?
Is it a masonic thing?
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1. They don’t, unless Uncle Mike wants his money back, like tomorrow.
2. They probably need that amount to get through the season, the timeframe is just nonsense, in my opinion.
3. We don’t talk about that here- conspiracy theory, tinfoil hats, Scottish judiciary fine noble minds, untainted by such stuff, pillars of society etc, etc.
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3.
The irony emoticon is still not working then? 🙂
I see Chad Evans has now issued a without prejudice apology via the PFA. Way too late, but, better late than never. A small step on the road to rehabilitation.
Goog Afternoon
The Courts would try to put the parties in the same position in which they would have been if the wrongdoing had not happened.
In my opinion the beneficial owner of Ibrox and MP is whoever owns Sevco 5088.
If I remember correctly Green has admitted duping Whyte and if that is the case my money is on Whyte as the real owner.
If the IPO has been based on a false premise then all TRIFC owns is the assets secured to Ashley.
If TRIFC really thought they had an unencumbered Title they could have offered it in security.
At the very least they could have gone to Court to seek a declarator that the Title was good.
In my opinion they have not done so because they know they would lose.
The real owner Sevco 5088 does not need to do anything except wait until the time is right for them to make a move and either take the assets back or get a large wedge in satisfaction of what has been wrongly taken from them.
Still a long way to go and I would suggest that someone’s Ego is going to cost them a lot of money.
In terms of passing on title you you do not have, I always understood the guiding principle to be “Nemo Dat Qod Non Habet” ( You cannot give what you have not got) This was English Law and Scots Law may differ. So did Sevco Scotland get good title? Was the agreement to give title to Sevco 5088 valid? What is the status of Craig Whyte within Sevco 5088?
The answers to these and any number of other interesting questions in next weeks episode?
scapaflow says:
January 8, 2015 at 9:50 am
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Allyjambo says:
January 8, 2015 at 9:46 am
Or has he had a look at the books, and presented a revised offer they can easily refuse, thereby allowing him to get the hell out of dodge, while saving a little face and keeping his bank account intact?
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That’s what I don’t get about the whole Sarver bid saga.
When or if any form of due diligence was done. If none, the only information available would the same as what we have seen.
Is that why the offer price is set so low?
Having said that, if 100M new shares are issued at 20p that would increase the issued share capital by £1M and create an additional share premium account credit of £19M. Assumung that the group remains loss making, the value of the shares already in circulation would be diminished although the market capitalisation should rise, but not by the full £20M. Is 20p a share in a full takeover better than FA in a liqidation of the insolvent group? There seem to be plenty of people bailing out now, as there seems to be sizeable daily trading voumes (275K shares so far today for example). Those trades are at 25-30% above the potential return in the event of a takeover.
“This revised proposal hopefully helps the board deal with its short-term cashflow crunch and also addresses my desire to see the club on a solid long-term financial footing. It would also enable Rangers to repay the loans from Mike Ashley and Sandy Easdale, and free it of debt,” Sarver said.
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I thought the “club” TRFC Ltd owed the Parent Co RIFC £15-20 million?
Is he planning to lend this to RIFC who will then lend it to TRFC taking the “club” debt upwards to nearer £25m. Debt free my arris.
Clusterfeck does not begin to describe this pantomime and all the while the SFA and SPFL cover their ears and say “La la la la”.
The fact that the rest of Scottish football appears to be relatively flourishing goes to show how little we need a rangers of any description in our leagues.
And for my money Sarver is a proxy for Mash.
EGM to be called by Dave King , says Keith Jackson on twitter.
scapaflow says:
January 8, 2015 at 4:19 pm
Aye, Mr ‘Richard Barrington’ of Korissa – whatever happened to him? It’s old stuff scapaflow so I won’t clog the board up but I’m still trying to work out where Whyte makes his money from all this. He can’t be relying solely on Worthington winning their claim and he didn’t put himself up for nowt, surely?
TallBoy Poppy says:
January 8, 2015 at 4:56 pm
I think Mr Whyte may turn out to be the biggest sucker in this saga. He got taken by Green, what puzzles me is why haven’t RIFC gone to court to clear up the title, when Whyte doesn’t have a pot to piss in, let alone the money to defend his claim.
Tis one of many puzzles
TallBoy Poppy says: January 8, 2015 at 4:56 pm
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Whyte has already sold the rights over Sevco 5088’s claim to Worthington for £1M.
easyJambo says:
January 8, 2015 at 5:07 pm
Cheers, had forgotten that, though, I can’t recall if that was £1million real beer tokens, or a paper transaction?
Good to see St Mirren unwilling to deal with convicted fraudsters.
http://asia.eurosport.com/football/st-mirren-takeover-talks-cancelled_sto4539165/story.shtml
By PA Sport
St Mirren takeover talks cancelled
St Mirren will not be sold to an English syndicate after chairman Stewart Gilmour discovered one of the potential investors has a conviction for fraud, Press Association Sport understands.
Reports on Thursday morning claimed the group were in “advanced talks” as they tried to strike a takeover deal for the Paisley outfit.
But Press Association Sport has learned Gilmour and the rest of his ruling consortium have serious concerns about one of the group, 52-year-old Thavar Mohammed, after discovering that he was sentenced to six months in jail in 2011 after being found guilty of a fake business deal at Newcastle Crown Court.
easyJambo says:
January 8, 2015 at 5:11 pm
I think there are a few words to use in connection with St Mirren’s decision, one of them is very apt. Dignity!
I thought it was convertible loan notes, or some other kind of equity, easyjambo.
scapaflow says: January 8, 2015 at 5:10 pm
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From Worthington’s Accounts
9. Acquisition
On 16th April 2013 the Company acquired a 26% stake in Law Financial Limited (“LFL”) for £250,000 payable in unsecured convertible loan notes issued by the Company repayable in 2019. Law Financial Ltd is a recently incorporated company with a number of subsidiaries, one of which owns an ongoing legal claim against the assets of Rangers Football Club Limited.
The Company was also granted an option to acquire the remaining share capital of LFL for £750,000 which was exercised on 28th October 2013.
The Company has now ceased to account for LFL as an associated company from 28th October 2013 and LFL has been consolidated as a 100% subsidiary of the Company in these interim financial statements.
At the date of acquisition the directors assessed the fair values of the assets purchased as follows:
Book value……………. £’000
Investments – legal claims 10,000
scapaflow says:
January 8, 2015 at 5:10 pm
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definitely wasn’t for real beer tokens. Worthington don’t have any of those spare. convertible loan notes seem to be their stock in trade. They have their own problems at the moment, their shares have been suspended for ages. spiv company with limited cashflow whose announcements seem to be much hot air and little substance. sounds familiar doesn’t it?
Thanks TP, thought it was something like that
easyJambo says:
January 8, 2015 at 5:11 pm
Good to see St Mirren unwilling to deal with convicted fraudsters.
http://asia.eurosport.com/football/st-mirren-takeover-talks-cancelled_sto4539165/story.shtml
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Phew!
Thank goodness for SG and Co.
I was already dreaming and busy chasing moonbeams… 😯
Sarver has issued statement denying knowledge of, contact with, Green, Whyte, Ashley, easdales& Uncle Tom Cobly and all. No word about Tom’s Goat though
easyJambo says:
January 8, 2015 at 5:21 pm
Thanks, eJ. £3/4 million in folding, eh? That should give him enough walking-about money for a wee while.
Been thinking about Sarvar’s motives and can see why he would be interested in RFC.
He might be thinking ‘Celtic are valued at around £80M. If I could pick up RFC for £20M, invest a bit and get them near to Celtic’s level you would quadruple your money. That’s a tasty return for not much work.’
Of course we know it would not be as simple as that, but does he?
A delayed trade has just gone through for 233,031 shares which was exactly Philip Nash’s holding. Now who bought them?
07-Jan-15 09:21:45 25.25 233,031 Sell* 24.00 27.00 58.84k
Sons of Struth having another go at Ashley and getting another legal warning with Houston saying that just like the one after they released the Somers email they don’t question the authenticity just the source. He’s ignoring the warning anyway. Still if accurate it does point to a hoovering-up of assets.
Ah thanks TBK,
I do try and keep up with the saga, have been a regular reader since RTC days. Its such a web of deceit and corruption I struggle to keep up 🙁
scapaflow says:
January 8, 2015 at 5:02 pm
________________________________________
Can anyone explain how he funded his jaunts around the globe?
Protected, paid patsy? 😳