Beware the angry Shareholders — they might just demand an answer!

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Good Evening,

Whilst it is understandable that the continuing events at Ibrox remain a hot topic among all Scottish Football Fans — especially given the views of some sections of the press on such events– the never ending rush down the marble staircase is certainly not the only show in town.

The other morning we were treated to the “scoop” that Alistair Johnstone is afraid that Craig Whyte– the once proclaimed Multi Billionaire from Motherwell- may well still be pulling all the strings at Ibrox! This is a fear which is shared by those who walk the corridors of Hampden Park as they, too, are terrified of the prospect of Whyte returning in some shape or form and coming back to haunt them, especially as he has been deemed unfit and proper, banned sine die, and generally ridiculed for his past actions.

However, the Hampden jackets know fine well that their realm only stretches so far and that if by means of the proper application of company law, contract or some other piece of paper Whyte controls the shareholding of the self proclaimed “parent company” to the football club then they are in a fix. In fact, I will wager that they just would not know how to deal with such a situation as after all RIFC PLC neither holds a licence to play football nor is a member of the SFA and so, on the face of it, who owns it has nothing to do with them.

At this juncture, no one in authority knows who Blue Pitch Holdings are and, strangely, no one in authority knows who Margarita Holdings are either! Yet these two “holdings” whoever they may be, may well hold all the power down Govan way…… with the SFA completely powerless to find out who they are let alone get into any dialogue with them. All the SFA can do is talk to the appointed Directors and officers of The Rangers Football Club Ltd.

This, is a most unsatisfactory state of affairs.

Meanwhile, they will have no difficulty in finding out who the new shareholders of Dunfermline Athletic are. Those shareholders will come from the fanbase and will be clearly registered at Companies House, with the result that ultimately those fans/shareholders will appoint Directors who will then attend meetings and speak and opine on their behalf and in essence be the ” Voice of Dunfermline” at Hampden.

Perhaps, similar will follow from Heart of Midlothian?

However, those at Hampden — if they have any sense at all– will be most wary of events happening in the east end of Glasgow come November.

In the middle of the month, Celtic PLC will hold its AGM and amidst the items on the agenda is the fan driven notion that the Club— through its Directors—- should go further in holding the SFA to account and enquire into the granting of club licences, and in particular how it granted Rangers a club licence that allowed entry to the Champions League in 2011 when the small tax case was outstanding.

The Celtic board have deemed this motion as “Unnecessary” and in support of that contention have released documentation showing that they raised this very issue with the SFA on behalf of the shareholders and fans. Further– and here is the rub— The Directors reveal that they were not satisfied with the SFA response and have disclosed that they took the matter further and wrote to UEFA.

Ultimately, UEFA also provided a reply, which backed the SFA approach and which Celtic had little option but to accept  in the absence of admissible contradicting evidence..

It is on this basis, that Peter Lawell and Co say the AGM motion is not necessary. Note that saying that the motion is not necessary, is not at all the same thing as saying that what the motion seeks to achieve is not necessary or does not have the support of the board!

There will be those at Hampden who severely hope that the Celtic Board are successful in voting this measure down as obviously they deem their original reply sufficient and would like to end the discussion there.

However, my own view, is that whether the motion is successful or not, there are those within the SFA who will recognise there is trouble staring them in the face here. Real Trouble!

Let’s recap for a moment and draw some threads together.

Celtic’s past Chairman, Dr John Reid, said only a couple of years ago that the SFA was clearly not fit for purpose. He did so in the context of events surrounding Neil Lennon and other matters, but was unshakably robust in his condemnation of an institutionalised uselessness which he saw pervaded the Hampden ranks.

Prior to that, Henry McLeish produced a report which stated that he too had concerns about the Governance of Scottish Football and called for openness and transparency.

In the intervening period, we have seen Mr David Longmuir, former Chief Executive of the Scottish Football League, find himelf without a position following reconstruction– and this partly as a result of club chairmen being apparently kept in the dark about his payment, bonuses and expenes. I understand that there was considerable anger from some at the way in which they had been treated by Mr Longmuir.

Then there is Mr Campbell Ogilvie, El Presidente, who himself benefited from a Rangers EBT and who held sway at Ibrox during a period of time when Rangers– by their own admission— made unlawful and illegal payments to three high profile players in breach of tax laws and SFA/SPL rules. It is these breaches and the consequent Wee Tax Bill which has caused all the angst among Celtic fans and has lead to the highly regulated legal step of tabling a motion at the club’s AGM.

Basically, the position seems to be, that as at the due date when the appropriate documents and declarations were made for a Euro Licence by Rangers for 2011, the wee tax bill was outstanding and due. If it was overdue, then the SFA could not and should not have granted them a licence……. and potentially Celtic should then have been put forward as Scotland’s representatives in the Champion’s League.

However, that did not happen, and Ranger’s were granted a licence– something that the Celtic Directors clearly felt was not correct.

They may have disagreed with the awarding of the licence because there were those at Rangers at the time who declared that a payment to account had been made to the tax office– allegedly £500,000– and that they had entered into an agreement to make payment of the balance by instalments. Had that been so, then all would have been hunky dory and no more would have been said.

Alas, however, no such payment appears to have been made at all, and no such agreement was entered into and so, on that basis, the tax bill was overdue and outstanding as at 30th June in terms of Article 66 and as such no Euro Licence should have been granted.

However, the argument does not end there.

Auldheid, has posted frequently on these pages about the ins and outs of the licensing provisions and the mechanism and so I will leave that detail to him as he is far more expert in these areas than me.

Now, one of the SFA functions is to have an auditor– someone who can check books, contracts, paper work and so on, and it is part of the SFA licensing function to be satisfied that all the paperwork is of course correct and in proper fashion before they issue any licence.

In this case, it is alleged that the SFA did not perform their function properly.

In relation to the wee tax case, it is said that either they did not make sufficient enquiry of Rangers re the payment to account or the agreement which they were told was in place. At the time it was mooted in the press that no such agreement was in place as at the relevant date ( June 30th ) and a simple check with the revenue would have shown the truth of the matter.

Yet, for whatever reason, no such check appears to have been made, and if you recall a Radio Scotland interview with Alistair Johnstone, Rangers submitted the forms, the SFA replied with one or two enquiries about the BIG tax case which were answered, and thereafter the Licence appears to have simply dropped through the letter box without further ado.

You will also recall that the existence of the wee tax case became known BEFORE Craig Whyte bought David Murray’s shareholding in May 2011. In fact it was the subject of News Paper headlines weeks before the deal was completed, and so the fact that there was a wee tax bill was well and truly in the public domain.

When it came to filling in the appropriate forms,either, the SFA were mislead by those then at Rangers with regard to that tax bill, OR, they simply failed to do the requisite checks and make reasonable enquiries before they issued the licence.

However, the uncomfortable fact also remains, that one of the chaps who must have been in the know re the admittedly unlawful and offending side letters, contracts and payments to the three players concerned  was Campbell Ogilivie who was on the Rangers Board at the relevant time when the contracts and irregular payments were made under the Discount Options Scheme  from 1999 to 2002/3. Indeed he may even have initiated the first payment to Craig Moore in 1999. I reiterate that no one has ever contested that this was an unlawful scheme, and the irregular payments and paperwork are not denied in relation to that scheme.

There are Celtic shareholders who believe, rightly or wrongly, that when it came to the granting of the Euro Licence, the SFA did not play them fair on this occasion and that the wheels within Hampden were oiled in such a way that Rangers were favoured and Celtic were disadvantaged. It is a point that looks to have already been considered by the Celtic Directors in 2011, with the result that they concluded that they should formally write to the SFA and seek clarification.

However, we now have the prospect of those same directors having to go back to Hampden and say   ” Sorry, but I am forced to bring this up by my shareholders. I have a legal duty to them to enquire further”. Even if the motion is refused, the point has been made– there are shareholders who are demanding answers– just as shareholders of other clubs demand answers about the ever so secret 5 way agreement and other matters which have hitherto been not for public consumption.

The SFA have nothing to fear of course as they can simply repeat their previous answers,demonstrate that all was above board, and rest easy in their beds.

Except that answer did not satisfy the Celtic Directors on a previous occasion as they decided to take the matter to UEFA, and it would appear that some Celtic shareholders remain dissatisfied with the known stance of the SFA and so they want the Directors of the club to delve further. Without wishing to point out the obvious, if it turns out that the 2011 Licensing process was somehow fudged and not conducted rigorously or that those at Hampden were in any way economical with the truth or omitted certain details from the previous explanation, or covered up a failure in procedures—- well such omissions have  a habit of becoming public these days whether that be through the internet or otherwise.

The point here is that the actions of Hampden officials are coming under organised, legal and planned corporate scrutiny over which they have no control. The Blazer and club mentality that was once so widespread within the governing bodies is under increasing attack and is being rendered a thing of the past.

In short, the move by Celtic shareholders, is making it plain that they will demand proper corporate governance from their club in ensuring that any alleged failure in corporate governance by the SFA or SPFL is properly investigated and reported on.

Of course, if it turns out that the 2011 Licensing process was somehow fudged and not conducted properly for whatever reason, then it could be argued that Celtic were disadvantaged in monetary terms along with other clubs who may have been awarded Europa League licences, then the consequences could be cataclysmic. Hence a tendency to circle the wagons rather than admit to failures in the process that need addressing.

It is this reluctance to come out and accept that the licensing process appears to have failed, say at what point the process failed and what needs to be done to address those failures that in many ways has driven the resolution. It is clear to all that something is amiss but the SFA will not admit it, probably from fear of the consequences of doing so?  Perhaps some form of indemnity, a lessons learned enquiry with no prejudice might help?

It would come as no surprise to me at all if there were those at Hampden who live in dreaded fear of admitting that their processes were flawed and that a grave mistake was made. Under these circumstances, there may well be those at Hampden who simply wish that Celtic and their fans would just go away!

 

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About Trisidium

Trisidium is a Dunblane businessman with a keen interest in Scottish Football. He is a Celtic fan, although the demands of modern-day parenting have seen him less at games and more as a taxi service for his kids.

4,365 thoughts on “Beware the angry Shareholders — they might just demand an answer!”


  1. I note that the Financial PR company Newgate Threadneedle is listed on the RIFC plc’s announcement and that should you wish to speak to someone there about the announcement you should call Graham Herring.

    Interestingly, a certain Graham Herring is listed as being one of the founding investors in the ‘Rangers’ project coughing up some £200,000 for some 400,000 shares pre-IPO.

    It’s a small world.


  3. ratethisthenyabampots says: (91)
    November 12, 2013 at 6:01 pm

    ====================================

    Agree with that mate.


  5. No1 Bob says:

    ===============================

    They also seem to do a lot of work along with Allenby Capital.

    See earlier re Alllenby / Zeus / Ahmad / Stockbridge.


  6. Just my opinion but for me
    MM and Co all know exactly what is going on over at Ibrokes and why .
    I had to laugh when he said he could not comment on the police investigation regards CW being involved in Sevco 2012 .Not so much that comment but his next ,the police are investigating and I’m sure they will leave no stone unturned .
    Is this the same police that have been looking into the DM / CW sale in was it 2010/2011 , the same police that have been looking into disgusting behaviour of the fans and armed forces disgrace at Ibrokes last month ,the same police that kettle Celtic fans and drag people out at will and arrest them ,yet march up the road with Dutch fans whilst they sing FTP over and over again yet arrest not one .In fact they march them straight to CP where it could be safe to say some of the FTP chanters then rip up seats and throw urine at opposing fans .
    Sorry MM but I for one won’t be expecting much from the sleuths you refer too .


  7. rangerscharitytheft ‏@corsica1968 Protected account 4m
    Celtic shares approaching year high of 68p. BDO confirm armageddon as myth. Sevco shares going down again with rumours of suspension. Hmmm

    Bartin 5088 ‏@SirBartin Protected account 3m
    @corsica1968 Could that be what the pre- trade press conference that’s rumoured taking place tomorrow is about?


  8. torrejohnbhoy(@johnbhoy1958) says: (1114)
    November 12, 2013 at 10:50 am
    Araminta Moonbeam QC says: (10)
    November 12, 2013 at 10:46 am
    ———————————————————-
    Here you are:

    1. http://i.imgur.com/9kLIL4M.jpg
    2. http://i.imgur.com/4irlRkI.jpg
    3. http://i.imgur.com/rVKI08I.jpg
    ===============================================

    Are AIM aware of this correspondence? Are these not issues that a Chairman should be sharing with the NOMAD/authorities? Issues that a Chairman should be bringing to public attention if not satisfactorily addressed internally? Something that Mr McCoist would clearly shout to have revealed in the spirit of transparency so fundamental to ‘Rangers’?

    Scottish Football needs a strong AIM.


  10. For those non twitterees amongst us thanks to those who post up entries such as the above. Am I right in thinking the order is:

    personwotsentit time passed since message posted
    person(s)wotitwossento

    Then the order? Is it read from the bottom up normally?

    The correspondence cc’d via Douglas Fraser didn’t seem to make sense otherwise?

    Apologies. Back on post everyone, this is enthralling!


  11. ratethisthenyabampots says: (91)
    November 12, 2013 at 6:01 pm

    Twopanda says
    A separate matter was reported to the police by Pinsent Masons, on behalf of the Company.[taken their time about it – wasn’t this enquiry more than 6 months ago?] That matter related purely to director appointment form which purported to appoint Craig Whyte as a director of Sevco 5088 Limited. [police are investigating a Companies House form? – Police investigate a CW link to Ibrox? – not a criminal offence – is it?]
    ———————————-
    Pinsett Masons say “It appears that Charles Green’s signature has been copied on at least one form, if not both” I’d say that would be criminal.
    ===================================================
    I am not so sure that the form involved is the one appointing CW and Earley as directors of Sevco 5088 Ltd. At a guess I would put my money on the form terminating CW and Earley as directors of Sevco 5088 Ltd which was signed by Green.

    CW and Earley took this up with the The Registrar at Companies House and the Green signed termination forms for CW and Earley were withdrawn from the public record if my memory serves me correctly and CW and Earley reinstated as directors of Sevco 5088 Ltd.


  13. Danish Pastry says: (1656)
    November 12, 2013 at 6:14 pm
    paulsatim says: (615)
    November 12, 2013 at 6:03 pm

    Documents from Companies House re Sevco 5088….

    Napoleon ‏@Napoleon_CFC 8m
    @RFCSwitcheroo @BBCAlLamont @BBCDouglasF and why did this happen today ?
    —————-
    What does “DISS REQUEST WITHDRAWN” mean? And today too?
    ——————————————————-

    I can see no change on the Companies House website today re Sevco 5088 Ltd – the resilution to suspend the dissolution notice was posted back in August. So why are people getting excited about it?


  14. Have I got this right;

    There are two companies;

    1 – Rangers International Football Club PLC

    2 – The Rangers Football Club Limited

    And 1 CLUB is the parent company of the other CLUB ?

    If The Honourable Lord Nimmo Smith is looking in –

    Can he tell me, are they classed as the SAME Club or TWO Seperate Clubs ?


  16. I predict that the rhebels will win the vote at the lonnnnng awaited AGM and the spivs will hand over the reigns to the rhebels wjth a whimper and possibly £1 .
    If I am correct then the farce and so called rhebel v spivs battle will be shown up for what it was, a total charade and if so the BDO and the serious crime squad better make their mark in this debacle ,if not then the games a bogey IMO


  17. I have undernoted a post I did at the start of September on Sevco 5088 which explains the background to some of the things that have been going on. Since then Companies House have repeatedly refused to answer questions on the Annual Returns for Sevco 5088 and TRFCL which has always made me wonder whether they have reported anything to the police because normally they are quite open about what is normnally a matter of public record.

    The current position as I know it is that the Annual Return for Sevco 5088 is long overdue and the Annual Return submitted for TRFCL was incomplete as it didn’t provide the legally required shareholder information. Yet RIFC Plc claims that Sevco 5088 is a subsidiary company and seems intent to go ahead with an agm when TRFCL has failed to disclose its pre-flotation shareholding deals – the mystery TRFCL shareholders of course became the anonymous RIFC Plc shareholders who are still pulling the strings.

    ————————————————————————–
    Undernote

    The key to unlocking many puzzling mysteries and ‘Bringing out the Deid’ into the cold light of day will be the publication of the Annual Returns for both Sevco 5088 and Sevco Scotland both of which are well overdue and Companies House are duty bound to employ their sanitation hit squad asap.

    http://scotslawthoughts.wordpress.com/2013/09/09/mystery-directors-and-the-rangers-sevco-5088-switcheroo-by-ecojon/

    I have dealt in detail with various issues concerning these companies as above but I feel it is worth going back to basics to try and understand the conflicting information distorted by smoke and mirrors. Hopefully others with statutory investigative powers will cut through the fog and set the record straight. In this piece, as previously, I will try to use official documents and recorded sources and keep speculation to a minimum although I have no doubt others will fill in the blanks.

    Some Rangers posters appear to think that my last article on the companies didn’t fully explain the Rangers’ position so let me attempt to rectify that by going to the departed but not forgotten Dear Leader Green’s words and, in particular, his thoughts as broadcast on 13 April 2013 by STV at: http://sport.stv.tv/football/clubs/rangers/221242-extended-video-of-rangers-ceo-charles-greens-interview-with-stv/

    Green clearly states that he was the first and only director and shareholder in Sevco 5088, an off-the-shelf company formed by Field Fisher Waterhouse (FFW) for the purpose of acquiring Rangers, and denied that Craig Whyte and Aidan Earley had any role in the company.

    Green then explained that ‘as the model unfolded’ and the process changed Sevco Scotland acquired Rangers and not Sevco 5088 and stated: ‘The company that was originally formed wasn’t required and was handed back to Craig Whyte’ and added: ‘That company was never used for anything and it became a dormant company and was subsequently struck-off’.

    Lets have a closer look at Green’s statements and see how they accord with the public record and might affect the contents of the overdue Annual Returns. Let’s get a small point out of the way to begin with: FFW didn’t ‘form’ Sevco 5088 although they may well have instructed the actual Cardiff-based formation company 7Side Ltd to do so.

    Green wasn’t the first director and shareholder of Sevco 5088 Ltd who are listed respectively by Companies House as the formation agent Samuel lloyd and 7Side Secretarial Ltd. Indeed Green has never been listed as a Sevco 5088 shareholder at Companies House which still lists the sole shareholder as 7Side Secretarial Ltd.

    The Rangers AIM flotation document for the December 2012 IPO states Green was the sole Sevco 5088 shareholder but failed to state his directorship in the company nor that it was a subsidiary of RIFC Plc.

    Following intense media speculation the official Rangers website on 5 April 2013 quoted Green: “… I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.’

    On 12 April 2013 the official website stated: “Mr Green was the sole director of Sevco 5088 until he resigned and became the founder director of Sevco Scotland.’

    These two statements confirm the Rangers AIM Prospectus information that Mr Green wasn’t a Sevco 5088 director in December 2012 and ceased to be so sometime between 29 May 2012 when Sevco Scotland was incorporated and 14 June 2012 when the same company bought the assets and business of Rangers from D&P.

    However Green didn’t advise Companies House of his resignation from Sevco 5088 at the time and still hasn’t done so even though he wrote a resignation letter and signed a stock transfer form transferring ‘stock’ presumably from Sevco 5088 to Sevco Scotland. But what ‘stock’ was switched and was Green legally allowed to transfer it? According to Companies House there is only a £1 share in Sevco 5088 – not held by Green. So was the ‘stock’ transferred the millions of share options held by the ‘original placees’ who had invested the money to secure and purchase the Rangers assets from D&P through Sevco 5088? The closest we get to an answer is the vague ramble of Green that the ‘model unfolded’ and the process changed whatever that might mean.

    A rather curious episode then took place on 27 December 2012 when Green signed a request for the voluntary striking-off of Sevco 5088 which was sent to Companies House by FFW and arrived on 7 January 2013 with the requisite notice posted in the London Gazette a week later. Curiously, Green stated on the form he was the sole director and yet he has stated and the official Rangers website has confirmed that he had ceased to be a director of Sevco 5088 at least 6 months earlier. There is another issue in that a striking-off application must be signed by more than one director unless he is the sole company director.

    Things were quiet until a media bombshell dropped on 12 April 2013 that Companies House had received notification that Craig Whyte and Aidan Earley were appointed directors of Sevco 5088 on 9 May 2012 and their appointment forms had apparently been countersigned by Green.

    The revelation that Green had apparently been secretly involved with Whyte in the company that had the exclusive right to acquire the assets and business of Rangers blew the already somewhat dodgy roofs off Ibrox Stadium as the Bears quite rightly erupted. In a desperate bid to regain the initiative Green appeared on STV in which became his Ratner moment as he attempted to prevent his gold turning into hoss-sh*t. He should never have taken the PR advice as he hung himself and possibly RIFC Plc out to dry condemned by his own words. However it is up to each individual to view the facts and reach their own conclusions.

    Within days director termination forms, countersigned by Green, were submitted to Companies House by FFW in respect of Whyte & Earley which again seems curious if they weren’t directors as claimed by Green. Why not just report the director submissions as fraudulent to the relevant authorities and even stranger why did Green date the director termination forms for the duo from 9 May 2012 the date they were shown as being appointed on the forms previously submitted and countersigned in his name.

    The big problem for Green about 9 May 2012 IMO is that it is prior to the earliest date he could have resigned as a director of Sevco 5088 according to his words and the official statements of Rangers Football Club which means that if Whyte and Earley were actually directors on that date and Green had signed their directorship forms then he was in grave difficulty. The Ibrox masses lapped-up ‘clever’ Charlie when he spun tales about how he conned Whyte and strung him along assisted by Imran Ahmad to rescue their beloved Rangers. However it is one thing to make verbal promises with no intention of keeping them and quite another to be a co-director with Whyte in a company exclusively purchasing Rangers.

    Green walked away from Ibrox on 19 April 2013 and three days later RIFC announced on AIM that Sevco 5088 was a subsidiary of RIFC on 7 December 2012 when the company’s AIM admission document was presented. It was also announced that their departed CEO had failed to disclose his directorship of Sevco 5088 to AIM. However it again left the question unanswered as to if and when Green had resigned from Sevco 5088.

    However, two days later on 24 April 2013 as media speculation continued unabated, RIFC Plc again issued an AIM statement describing Sevco 5088 as an inactive subsidiary which was and is defunct and non-trading. The statement avoided dealing with the thorny problem that their ex-CEO said he had handed Sevco 5088 back to Craig Whyte and resigned as adirector of the company prior to 14 June 2012.

    Events moved on and Whyte and Earley contested their removal from office and following an investigation were reinstated as directors of Sevco 5088 and the director termination forms, signed by Green, were ordered to be removed from the Public Register of Companies House. so as far as Companies House is concerned Whyte & Earley are directors of Sevco 5088 and have been since 9 May 2012.

    Returning to his 13 April 2013 STV appearance Green made the curious statement on camera that as Sevco 5088 was no longer required it was ‘handed back to Craig Whyte’. But if Green was the sole shareholder and director of Sevco 5088 as he claimed and Whyte had no role in that company why would he hand the company back to Whyte who had nothing to do with it according to Green. I can only draw one conclusion but I will leave readers to draw their own.

    Green’s claim during the STV interview that Sevco 5088 had been struck-off is incorrect and Companies House records the true position that the striking-off application, signed by Green on 27 December 2012, had been received on 7 January 2013 but it had not been struck-off. One might consider why Green had any involvement in the striking-off application when he said he had handed the company back to Whyte in May-June 2012.

    And it’s worth pondering his statement that Sevco 5088 ‘was never used for anything’. The minutes of the TRFCL Board meeting on 31 October 2012 states that Sevco 5088 paid a £200k exclusivity fee to D&P to be the sole acquiring party for the assets and business of Rangers. We also know that the company had received substantial investment funds and share placing letters concerning ‘original placee’ investors were issued predicated on Sevco 5088 being the acquiring company of Rangers. And we also know that Sevco 5088’s written permission was required to allow the switcheroo that allowed Sevco Scotland to subsequently become the acquiring party. Many claim that millions of pounds raised by original Sevco 5088 investors were also paid to D&P prior to Sevco Scotland becoming the acquiring party. I don’t inhabit Green’s world of high finance wheeler-dealing so perhaps Sevco 5088 was just a Cinderella who got nothing – it might be worth remembering how that story ended of course.

    The TRFCL minute continually refers to ‘directors’ of Sevco 5088 in the plural which sits uneasily with the claims that Green was the only director and is of particular importance when considering that there is apparently no written authorisation for switching Sevco 5088 share placement letters to Sevco Scotland as the authority given by the ‘original placees’ is described as oral given to un-named Sevco 5088 ‘directors’ who remain a mystery.

    RIFC Plc has stated to AIM that the directorship applications of Whyte and Earley were ‘falsely’ filed with Companies House. But if Whyte & Earley were directors of Sevco 5088 and were fully aware of the switcheroo why would they agree to it or was it the ‘mystery’ directors who did it and have since faded even further into anonymity. To echo a favourite son of Ibrox: ‘We demand the names’ and others may well be making the same request a little more forcefully quite soon.

    So I believe I understand why RIFC Plc might have difficulty in providing Companies House with the Annual Return for Sevco 5088 – perhaps like the rest of us they have been left with a puzzle and unsure where the truth lies. There is a fine line between what is legally acceptable between taking someone for a pre-IPO ride like Whyte and a public company making official statements to AIM and Companies House. Still I’m sure Green will assist them in their predicament.


  18. ecobhoy says: (2028)
    November 12, 2013 at 7:22 pm
    1 0 Rate This

    I can see no change on the Companies House website today re Sevco 5088 Ltd – the resilution to suspend the dissolution notice was posted back in August. So why are people getting excited about it?
    ————

    Well, it looked as though whatever it was had today’s date. Was that the reason? I’ve no idea, I’m just asking questions to find out what it all means 🙂

    https://mobile.twitter.com/Napoleon_CFC/status/400318235381211137/photo/1


  19. ecobhoy says: (2028)
    November 12, 2013 at 7:34 pm

    __________________________

    Superb stuff. They’ve woven a tangled web, indeed. Looks like it is unravelling quickly, though….


  20. paulsatim says: (619)
    November 12, 2013 at 6:54 pm

    rangerscharitytheft ‏@corsica1968 Protected account 4m
    Celtic shares approaching year high of 68p. BDO confirm armageddon as myth. Sevco shares going down again with rumours of suspension. Hmmm

    Bartin 5088 ‏@SirBartin Protected account 3m
    @corsica1968 Could that be what the pre- trade press conference that’s rumoured taking place tomorrow is about?
    ===================
    Anybody else heard / seen anything to add to this ‘rumour’ ?


  21. ratethisthenyabampots says: (92)
    November 12, 2013 at 7:31 pm

    ecobhoy
    Not according to this. http://i.imgur.com/9kLIL4M.jpg
    =======================================================
    I’m afraid I take anything being said by the people involved in the email you quote with a huge bucket of salt. However if you read my extended piece above you may more fully underrstand the point I am making.

    Always remember that the Companies House Registrar removed the director termination forms for CW and Earley – signed by Green – from the public record and confirmed that CW and Earley were as far as Companies House are concerned bona fide directors of Sevco 5088. Afaik – despite some mouth music on an AIM notice by RIFC Plc – there has been no move to challenge the decision of the Companies House Registrar and indeed RIFC Plc is impaled on the fence as to whose subsidiary Sevco 5088 actually is IMO.


  22. From Twitter:

    Graham Spiers ‏@SpiersGraham 26m
    Pre-trading announcement from LSE tomorrow morning strongly rumored.
    Likely bad news for #Rangers
    Probable share suspension.
    What next?

    Has Graham mentioned this elsewhere?

    Can only think that IF the shares are suspended that the Police inquiry has thrown something up of concern.

    Could this be a case of so near yet so far for (some of) the spivs? Can’t sell those penny shares if the stock is suspended…


  23. Bartin 5088 ‏@SirBartin Protected account 18m
    So with rumours of a pre- trade presser tomorrow I wonder if it’s connected with what the postman might be bringing later this week?

    Edit, beaten to Britney’s tweet by LTL! Re spivs selling shares, I’m sure someone said recently that shares being suspended doesnt prevent private trading.


  24. Does anyone know if @SpiersGraham is a legitimate Twitter account for Mr Spiers?


  25. Danish Pastry says: (1657)
    November 12, 2013 at 7:41 pm
    ecobhoy says: (2028)
    November 12, 2013 at 7:22 pm

    I can see no change on the Companies House website today re Sevco 5088 Ltd – the resolution to suspend the dissolution notice was posted back in August. So why are people getting excited about it?
    ————
    Well, it looked as though whatever it was had today’s date. Was that the reason? I’ve no idea, I’m just asking questions to find out what it all means 🙂

    https://mobile.twitter.com/Napoleon_CFC/status/400318235381211137/photo/1
    =========================================================
    Hi Danish – I’ve had another look and the last entry on the Companies House official website for Sevco 5088 is back on 8 August. Possibly it has been posted on another company information website which gets info direct from the Companies House electronic submission system before it actually appears on the Companies House website.

    If that’s the case then it will be really interesting to see who has withdrawn the notice.


  26. Long Time Lurker says: (657)
    November 12, 2013 at 7:47 pm

    Fakers account. Not the real Mr Spiers.


  28. The quoted Twitter account is a fake. The real Britney can be found @GrahamSpiers

    He’s been quite quiet today. Just saying…


  29. wottpi says: (1271)
    November 12, 2013 at 7:55 pm

    DOH, caught out coz same avatar pic in both accounts!!


  30. Long Time Lurker says: (658)

    November 12, 2013 at 7:50 pm

    Does anyone know if @SpiersGraham is a legitimate Twitter account for Mr Spiers?
    =====================
    It’s a spoof account LTL.


  31. Long Time Lurker says: (657)
    November 12, 2013 at 7:47 pm
    0 0 Rate This

    From Twitter:

    Graham Spiers ‏@SpiersGraham 26m
    Pre-trading announcement from LSE tomorrow morning strongly rumored.
    Likely bad news for #Rangers
    Probable share suspension.
    What next?

    Has Graham mentioned this elsewhere?

    Can only think that IF the shares are suspended that the Police inquiry has thrown something up of concern.

    Could this be a case of so near yet so far for (some of) the spivs? Can’t sell those penny shares if the stock is suspended…

    =====

    This is a fake twitter account – though the rumour is out there no one with any credibility is reporting it

    Will know soon enough


  33. taxman cometh says: (104)

    November 12, 2013 at 8:02 pm

    This is a fake twitter account – though the rumour is out there no one with any credibility is reporting it

    Will know soon enough
    ____________________________________________________________________

    For the avoidance of confusion, can we agree that not reporting it does not imply credibility? :slamb:


  34. We are getting quite close to the next scheduled report from BDO.
    You will remember from their letter of 22nd May that they remarked on how complex the investigations were, and how they were accordingly not in a position to comment on a number of aspects. They went on to say:
    .” However, due to the highly sensitive nature of certain aspects of these investigations, we consider that it is not appropriate to provide full details in respect of our investigations to date in this circular. In particular, we are not in a position to comment in detail upon the following matters:

    The litigation commenced by the former Joint Administrators against Collyer Bristow(“the CB litigation”, which has been mentioned briefly in the Administrators’ previousreports to creditors);

    •The events leading up to the administration and the conduct of the former Joint Administrators;

    • The conduct of the Company’s directors prior to the administration; and

    •The appeal by HMRC in respect of the Employee Benefit Trust (“EBT”) decisionmay have a significant impact on the ultimate outcome for creditors. …..”
    The feeling I get is that BDO have been quietly and efficiently getting on with things, asking for police assistance and/or being asked for assistance by the police, and flagging questionable matters up for AIM’s information and interest.
    The falling out of thieves always provides room for new discoveries: men who lie collectively to everyone else are not going to hesitate to lie to and about each other!
    As others have already said, I think we are in for some serious moves involving AIM and a powerful report from BDO.
    Probably a bit removed from criminal charges being laid against some conspirators, but enough to call the whole Administration under D&P into serious question, and really poison the chalice from which all the bad guys wanted to drink in the sun.


  35. john clarke says:

    ========================

    Part of Malcolm Cohen’s job is uncovering fraud and reporting it to the relevant authorities.

    Another is identifying assets which can be secured for the creditors, that does not only include assets which belonged to the company being liquidated.

    I have said for some time, it is not outwith the realms of possibility that individuals will face criminal charges, and have their assets seized.


  36. IMO the real focus for any investigation needs to be on
    DM-TICKETUS-CW ,pure and simple .all the rest is just white noise .
    IMO the 18m+£1 buyout by CW was funded through Octopus with the intention of getting the fans to foot the bill through ST sales .
    The peepil in charge of Scottish football would ensure CL licence to generate enough cash to get CW through to the seasons end and then he would put the club into Admin and agree a penny in the pound deal CVA .
    Sally of course derailed the plan and left CW with no cash to run the club in Oct ,after a cards on the table dinner CW was told ,no matter what you have to get to the seasons end or it’s curtains ,so he just used the PAYE/NI to fund the club (alas killing stone dead the prospect of a CVA ).
    Now he had a dead club and a bunch of secret investors seriously out of pocket and unlike Sally they where not for walking away .
    So IMO the CG involvement was and is all about getting the secret investors their cash back and as for all the real ragers men bluster and mock outrage ,it’s all about squirrels and keeping the Sevco mushroom fodder in the dark by feeding them s**t .
    The question now is have the secret investors had their fill and are satisfied with their lot or do they think they are still due some more ,listening to MM it seems come Dec they will have been paid their dues ,if so MM and his lot will stroll in and triumphantly declare they have rid the club of all the bad guys but they have left SUCH a mess that it will take a vast amount of immediate cash to be raised ASAP .
    Anyone for a CLUB SAVING SHARE ISSUE .
    This time though ,unlike the last (where the hordes were told the city investors were in for plenty ) MM and his true bears will declare that they want THE FANS TO BE THE FIRST TO HAVE THE CHANCE TO INVEST ,to ensure no repeat of the last duping .
    So all I can say to the Sevco 2012 fans ,tell the kids that Santa won’t be coming again this xmas as MM and his pals are coming for your cash AGAIN and soon


  40. paulsatim says:
    November 12, 2013 at 8:39 pm

    =======================

    That suggests that the papers were forgeries or fraudulent in some way.

    Not by Green though.


  41. The end of days may be near (but only for TRFC,so no need to start digging that shelter yet), or so the back of my fag packet tells me. The mills of God turn slow, but grind exceeding small, I seem to remember from school. I think some players in this pantomime are coming to fear that that may be only too true. There surely comes a point for the authorities where even a member of the “establishment” completely oversteps the mark, and has to be thrown overboard for the general good. TRFC have been cut a load of slack over the last 18 months or so, but I get the feeling that patience has now run out. Some of the main players might not be sleeping too well right now- the 5 o’clock knock is never a happy sound, and waiting for it never restful. Disclaimer- I have no sources of inside information, just my very own take on recent events.


  42. @timomouse

    On RFC – the rumoured conference would be… announcing a new investigation of the Pinsent Masons investigation and conduct of board.


  43. paulsatim 8:41
    Are PM actually saying they should avoid cooperating with the SFO 😯


  44. Aye, I may have stated travelling in a 4:1 ratio without a ticket should be stopped, instead of saying it should be scaled down or controlled better, my mistake.

    But I stand by my opinion that invading cities in such excessive numbers is intrusive, unsafe, an accident/incident waiting to happen, I’m uncomfortable with it and I wouldn’t like it on my doorstep. If I was a hooligan, I might even see it as an easy target.

    And yes the Dutch polis were too handy, they may have worsened the issue by being in civvies, but the unproven allegation that they were sent out to start trouble, sounds no better than saying it was Chelsea fans, posing as Celtic.

    Am I troll now?


  45. The stench in this farce is beginning to make father Jacks underpants hamper smell like the Chelsea Flower Show


  46. paulsatim says: (624)
    November 12, 2013 at 8:39 pm
    4 0 Rate This
    ———–

    Nice wee hat-trick of tweets there. This is moving along at speed.


  47. fergusslayedtheblues says:

    ================================

    The SFO have no jurisdiction in Scotland.

    Sevco 5088 was replaced with Sevco Scotland.


  48. fergusslayedtheblues says: (198)
    November 12, 2013 at 9:09 pm
    3 0 Rate This

    Are PM actually saying they should avoid cooperating with the SFO
    ————-

    Mr Stocker seemed to have something to hide. Very expensive report too. Pity that. Of course, I can’t imagine you can actually pay for confidentiality.


  49. Something is stirring tonight on Twitter sphere

    cartuja ‏@cartujakds 29m
    ALL BAMPOT LEAVE CANCELLED …REPEAT …ALL BAMPOT LEAVE CANCELLED!

    On tender hooks – RTC if you are looking in do you have anything to add?


  50. Rumours on Twitter that Sevco shares suspended,and that the Daily Retard is gonna run a two page spread on the behaviour of Celtic fans in Amsterdam,


  51. Calling Daryll Broadfoot….

    Squeaky bum time at Hampden?

    Scottish Football needs proper regulation by the association body. “Without fear or favour…” as someone once said.


  52. chancer67 says: (90)
    November 12, 2013 at 9:25 pm

    Sadly, that would not surprise me.


  53. I would suggest that any excitement over tonights twitterfest may be a little premature.

    Someone starts a rumour and its picked up on and spreads…we’ve seen this many times before and can’t think of any occasion where events/announcements of substance have followed.


  54. parttimearab says: (66)
    November 12, 2013 at 9:41 pm

    ======================

    totally agree…….much ado about nil nil


  55. Celtic Underground
    @celticrumours
    BDO report out to creditors on Friday.


  56. I had a look at the Board Minutes for the next Board Meeting, 29 May, which took place after the end of the Pinsent Mason Investigation. It looks as if Malcolm Murray did not see the report after all.

    6. THE INVESTIGATION
    6.1 Bryan Smart explained that he had limited the access to the report by Malcolm Murray and Charles Green because Malcolm had directed the report in a way that was outside the scope of the review and Charles was about to leave the board. Since the report is subject to legal privilege it is vital that the report does not leak out causing the whole exercise to have been a waste of money. Bryan explained that he had taken legal advice and that this position was justifiable in order to preserve the integrity of the report. The Board agreed with this approach.
    6.2 The Board discussed a revised letter of Claim that had been received from Craig Whyte and it was decided that Pinsent Mason would complete a second report update taking into account the new information received and would then pass this information over to Allen & Overy who is advising the Company on the claims from Craig Whyte. It was explained that the conclusions from Pinsent had not changed following receipt of the revised latter of claim. A shorter revised announcement to the market setting out the position that Craig Whyte had no claim on the assets of the Club and that there were no links with Existing Rangers employees was agreed at the Board meeting and released the subsequent day.


  57. Not The Huddle Malcontent says: (1017)
    November 12, 2013 at 9:45 pm

    Celtic Underground
    @celticrumours
    BDO report out to creditors on Friday.
    =================================
    The people who tweet for Celtic Underground do have credibility. Will the report have teeth though?


  59. chancer67 says: (90)
    November 12, 2013 at 9:25 pm
    8 0 Rate This

    Rumours on Twitter that Sevco shares suspended,and that the Daily Retard is gonna run a two page spread on the behaviour of Celtic fans in Amsterdam,
    ================================================
    The shares suspension has already been shown to have come from a fake G Speirs twitter account.

    The DR “story” seems to have come from an email exchange between DR reporter and FF “person”. The final comment from FF was that the “true” extent of the Amsterdam “riot” would be in DR tomorrow. But, this was last week, so dont think this is going to happen.

    Lucas Hood ‏@TheAt0micpe 4h
    @Daily_Record Journalist asking foll0w follow bigot his views on negative Celtic fan story.@markhmcgivern pic.twitter.com/LUSZ3NwHAb


  60. http://www.onfieldsofgreen.com/a-window-on-a-scandal/

    Great summary of the biggest scandal to envelope scottish football
    but…if such eminent legal minds such as Lord Numpty Smythe, stuart Regan and Harper McCleod’s numpties
    not to mention Sandy Bryson (campbell ogilvie’s emissary) then I have to disagree with Mr Forrest.

    The twists and turns will continue, the legal interpretations will continue to be as wide as the streets in Dublin and no convictions will ever come out of this.

    If we are ‘lucky’, then the best we can hope for, is the in-fighting to cause a financial meltdown at the top of the marble staircase, but, even that will be of limited destruction.
    The SFA will make sure – A Rangers – will continue and continue at ibrox too.


  61. >EcoBhoy

    “Hi Danish – I’ve had another look and the last entry on the Companies House official website for Sevco 5088 is back on 8 August. Possibly it has been posted on another company information website which gets info direct from the Companies House electronic submission system before it actually appears on the Companies House website.

    If that’s the case then it will be really interesting to see who has withdrawn the notice.”

    Hi Eco – if you go onto the Co’s House site, and order the free Current Appt’s report it’s contained in there. It’s the next update after the 8/8 entry you mention, the site probably isn’t in sync with the actual doc’s immediately, as you’ve mentioned.

    Cheers.


  63. Napoleon says: (2)
    November 12, 2013 at 10:06 pm
    ============================
    Welcome my good friend!


  64. upthehoops says: (641)

    Good evening ! (I’m still searching about for the reply button on these posts) ……. 😀


  65. Napoleon says: (3)
    November 12, 2013 at 10:20 pm

    Good evening ! (I’m still searching about for the reply button on these posts) ……. 😀
    ======================================
    Don’t worry. We’re all savvy enough on here to manage without one 😎


  66. Looks like The Cardigan of Dignity was asking awkward questions…

    @MalkieMouth

    An old face from wealthier times!!!

    You couldn’t make this up.

    1. i.imgur.com/448tjQ1.jpg
    2. i.imgur.com/uBXlaqS.jpg


  67. Big hints being dropped that the BDO report is nuclear?

    cartuja ‏@cartujakds 1h
    ALL BAMPOT LEAVE CANCELLED …REPEAT …ALL BAMPOT LEAVE CANCELLED!

    Internet Bampot ‏@TinternetBampot
    @cartujakds Bampots Definitively Operational. Awaiting orders, sir. #SpivcoSOS

    @TinternetBampot I see what you did there.


  68. LTL – we’ve been here before. Hope for the truth, expect a whitewash.


  69. Araminta Moonbeam QC says: (16)
    November 12, 2013 at 10:30 pm
    1 0 Rate This

    Looks like The Cardigan of Dignity was asking awkward questions…

    @MalkieMouth

    An old face from wealthier times!!!

    You couldn’t make this up.

    1. i.imgur.com/448tjQ1.jpg
    2. i.imgur.com/uBXlaqS.jpg
    =============================
    A fast moving story this is… if true, martin bain helping walter smith is a topper linking the RFC to TRFC. I am glad a non-exec director somewhere at least considered asking some questions.

    Looks like anyone who got in at the base level was able to make off with whatever CASH they liked…

    No idea where this goes next….

    Buddy


  70. The sense of ecoboys post and the ability to predict the future is spectacular.

    Similarly “on fields of green” post is also absolutely superb.

    these two major subjects, the RFC asset sale to sevco 5088/sevco scotland along with the 5 way agreement remain the centre stage attraction.

    The shenanigans of RIFC/TRFC are a consequence of the sale to sevco 5088/sevco scotland along with the 5 way agreement.

    Enjoying the show.
    Buddy


  71. Note friday with the celtic AGM and consequent news and reporting, would e a good day to bury bad news!

    Buddy


  72. Araminta Moonbeam QC says: (17)
    November 12, 2013 at 10:33 pm

    I know – the b@stards never seem to be held to account.

    Perhaps the web of lies that have been built up around club/company, Sevco 5088, Sevco Scotland, 5 way agreement etc. are so big and glaring that the truth will come out as the farce collapses.

    Each lie that is generated as an attempt to help breath life into the rotting corpse that was Rangers FC is being exposed by Bampots. The full truth (whatever it may be) while not yet out appears to be getting closer to the surface as each lie is dissected.

    The club/company is under siege.


  73. NOTE RIFC also issued this today, as spotted by Tif Finn yesterday, lots of changes without the approriate declarations to AIM, i.e. charles green sells his shares should have been a notifiable event to RIFC shareholders done via the market.
    ….
    Company Rangers Int. Football Club PLC
    TIDM RFC
    Headline AIM Rule 26 Update
    Released 12:26 12-Nov-2013
    Number 8125S12

    RNS Number : 8125S
    Rangers Int. Football Club PLC
    12 November 2013

    

    12 November 2013
    Rangers International Football Club plc
    (the “Company”)

    AIM Rule 26 Update

    The Company has updated information in relation to its major shareholders on its website pursuant to AIM Rule 26. This can be found at: http://rangersinternationalfootballclub.com/share-information

    ================

    Dd contact AIM myself yesterday, no response from them yet.

    Buddy


  74. Wow! If true, those latest @MalkieMouth tweets show Martin Bain advising Old Walt about questions he should be asking to uncover suspected overpayments on contracts to friends of the Spivco cabal.
    Jim Park, Paul Stretford. Triple S, JJB – kickbacks aplenty, allegedly.
    This suggests Bain wanted Smith to call for a full investigation by a forensic accountant into the FC Spivco Purchase Ledger, no doubt to find out where the money was disappearing to so fast.
    So what did Walter do? He walked away.
    Do you care about what the Spivs are doing to FC Spivco?
    Walt disnae.


  75. This may not be relevant, but most Scottish people I know shorten Malcolm to ‘Malky’ rather than ‘Malkie’

    I always thought that the first incarnation of Charlotte had good knowledge of Scottish vernacular, ‘MalkieMouth’ seems like someone from further afield has taken on the Charlotte role

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