Accountability, Transparency, & Brave Sir Robin

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The Cat NR1October 10, 2016 at 16:20    The Cat NR1October 10, …

Comment on Accountability, Transparency, & Brave Sir Robin by neepheid.

The Cat NR1October 10, 2016 at 16:20   
The Cat NR1October 10, 2016 at 15:51 ========================== NET ASSETS £31,394M should of course have read NET ASSETS £31,394K . I was heading off into warchest territory with that typo.
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More like wealth off the radar. Only a Motherwell born billionaire (copyright Keith Jackson) could aspire to that kind of money.
Seriously, if TRFC were to enter administration, then RIFC would surely be by far the largest creditor, unless HMRC have really let things slide. So RIFC could probably take the assets in exchange for their debt,
Would the authorities dare to allow another switch of that precious SFA membership, this time from TRFC to RIFC? I’m pretty sure that’s the plan. The SPFL share might present more problems, but these jokers didn’t get MBA’s for nothing. A way will be found, human ingenuity is a wonderful thing. Just a shame so much of it has been wasted on such an unworthy project as keeping a basket case club operating in Scottish football.

neepheid Also Commented

Accountability, Transparency, & Brave Sir Robin
It appears that Joey Barton  is about to be dumped by TRFC on the grounds of gross misconduct. I doubt that Joey is about to do walking away without a very large payoff- in fact I doubt he’ll even walk away, full stop. A verbal bust-up with a teammate and his manager- grounds for dismissal? Really? Almost every professional footballer in the world must be in grave danger of summary dismissal.
What this really tells us is that King (and  I don’t believe for a moment that  Warburton was involved) recruited Barton simply to boost Season Ticket sales. Job done. Once the money was in, Barton was dispensable. Could King have anticipated that, based on  Barton’s track record, it was  likely that his contract could be torn up before his wages became a serious problem? I wonder.
I also wonder whether King thought that Barton would just quietly roll over? If so, he’s a fool- in my opinion. Barton will go to court, and sell another book on the back of it.


Accountability, Transparency, & Brave Sir Robin
The Rangers Retail share business is a real puzzle. According to note 10 to the latest accounts, which were published on 15 August 2016, 100 of the revised total of 200 shares, had been issued in error. No indication of when or to whom.
To allott shares, they must first form part of the Company’s authorised share capital and not yet be allotted to anyone. At incorporation (13 July 2012), the share capital consisted of 100 ordinary shares. Two returns of allotments of shares totalling 100 shares (49 Class A and 51 Class B) were made on 27 November 2012. There was a return the same day which split the company’s ordinary shares into Class A and Class B, but no numbers given.
It seems to me that the allotments on 27/11 could not be of the founding £100 shares- these were already allotted (to SD). So maybe inadvertently, or maybe deliberately, those allotments increased the share capital from £100 to £200, and then that capital was split into  A and B.
According to the Confirmation of 13 July 2016, there are now 98 A shares and 102 B shares. The only shares held by TRFC are the 51 B shares allotted to them on 27/11/2012. So it looks like the original 100 ordinary shares, all held by Sports Direct, were split 49/51 into A and B shares, and retained by SD.
This looks like a standard cock-up, rather than a conspiracy, but the lawyers could have a real field day with this if Ashley digs his heels in. 
 
  


Recent Comments by neepheid

Resolution 12 & The Broken Bond
The Celtic Board have a huge shareholder majority behind them regarding any actions they take, or don't take. The Board can argue convincingly that any financial loss suffered by Celtic over the Res12 issue, is more than compensated for by the continued existence of a football environment in which the PLC makes pots of money.

That football environment is predicated upon the continuation of the "Old Firm" at any price. Part of that price (in the Board's view) is allowing the deep corruption at the heart of the SFA to continue unreformed. 

I am not an advocate for any of this, far from it. I walked away years ago, over Ogilvie's enthronement for a second term as SFA President, unopposed by Celtic. That episode, forgotten no doubt by most on here, was the writing on the wall for me.

Everything that has happened since  has confirmed me in my view that the Celtic Board have no intention whatsoever of rocking the boat. I can understand why. But it sticks in my craw, and always will. 

Honesty has no price, in my world. To say that Celtic were totally unaware of the contents of the 5 Way Agreement? Sorry chaps on the Board, but I'm not buying that one.

These days I watch St Roch's when I can. That's football for me now. A breath of clean air.

 

 

 


Is Regan a DIDDY?
This is worth a read on the Morelos transfer saga- apologies if already posted.

http://twohundredpercent.net/rangers-transfer-window/


Is Regan a DIDDY?
I see that Sir Walter is being touted for the Scotland manager vacancy. I can fully understand why the deadly duo of Jack and Jackson are pushing this so hard.
TRFC are (as always) in some financial difficulty, despite having a squad containing galacticos in the £8m bracket. They need to get the paper value of that squad even higher, to encourage the Real Rangers Men to come forward with donations (sorry, loans). Their children’s inheritance will seem so much safer if the club has some valuable tradeable assets on its books.
This is where Walter comes in. A few international caps can do wonders for the value of even the most pitiful dumpling. Just watch, as caps are doled out to every player in the TRFC squad who has a Scottish qualification. Look on in wonder as TRFC squad value is doubled or trebled in a matter of months.
That’s the plan, folks. Desperate men, desperate measures, and all that. Shame about the better players edged out of the Scotland reckoning, an even bigger shame for the Tartan Army, who will see any prospects of Euro/World Cup qualification go up in smoke.
By the way, I agree entirely with Homunculus regarding JJ’s latest. Whether true or not, it is a disgraceful piece. 


The Elephant in the Room
From Twitter. This made me laugh on a cold winter morning

UK Emergency Alert‏ @EmergencyAIert 35m35 minutes agoMoreEMERGENCY ALERT: THREAT INBOUND. SEEK IMMEDIATE SHELTER. THIS IS NOT A DRILL. REPEAT. THIS IS NOT A DRILL. SEVCO ARE GOING INTO ADMINISTRATION. REPEAT. SEVCO ARE GOING INTO ADMINISTRATION. SEEK IMMEDIATE SHELTER. THIS IS NOT A DRILL


The Elephant in the Room
GERRYBHOY67JANUARY 11, 2018 
I may be wrong but I understand the loans to be viewed as money taken from the company
I may be wrong but I understand the loans to be viewed as money taken from the company –HMRC Guide  https://www.gov.uk/directors-loans 1. OverviewA director’s loan is when you (or other close family members) get money from your company that isn’t:a salary, dividend or expense repaymentmoney you’ve previously paid into or loaned the company– please advise?
++++++++++++++++++++++++
That HMRC advice relates to the common situation where directors borrow money from their company. Here RIFC (or TRFC?) has borrowed money from its directors.


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