A Guest Blog for TSFM by Auldheid
It has been some six months since we drew readers’ attention to documents that should have been provided by Rangers administrators Duff and Phelps in March 2012 to Harper MacLeod who acted on behalf of the then Scottish Premier League to investigate the use of side letters and employee benefit trust payments made by Rangers from the inception of the SPL in July 1998. You can read the previous blogs/correspondence for background at
- http://sfm.scot/scottish-football-an-honest-game-honestly-governed
- http://sfm.scot/an-honest-game-convince-us/
- http://sfm.scot/an-honest-game-convince-us/https://sfmarchive.privateland.net/it-takes-two-to-tangle/
In the latest letter below sent to Harper MacLeod and SPL Board members on 5th September 2014, you will find the story of what happened when the LNS Decision was delivered to the SPL Board and how the withholding of those same documents not only meant The Commission was misled from the outset in its terms of reference, but how the SPL Board were also incorrectly advised as a consequence of the same concealment.
It is a matter of some regret that secrecy, concealment and non-accountability continues to be the order of the day, not only in Scottish football but in the media coverage of this particular part of its history, but if this series of blogs does nothing else it will bring out the truth not only about the use of ebts but the deceitful attempts thereafter to try and minimise the damage caused. The Inaction will also stand as an indictment against all those responsible in the game and the media who cover it.
Letter to Harper MacLeod
Dear Mr McKenzie
We write further to our letters of 19th February, 29 March and reminder letter of 18th May 2014 to ask if the SPFL are now , after studiously ignoring for 6 months the correspondence and evidence provided, going to reconsider their position in respect of the Lord Nimmo Smith Commission and Decision of 28 February 2013?
In the detail of our letter of 29 March we suggested that It may be prudent to wait for the results of HMRC’s appeal to the UTT concerning the regularity or otherwise of ebt payments made under the MGMRT arrangement before embarking on any premature decision on the integrity of the LNS Commission Decision with regard to the true nature of the REBT payments being concealed from it.
The UTT have ruled and we know that payments under the MGMRT ebt arrangement are, for the time being and until the Court of Sessions re-examine the case at some future date , “lawful” or “not irregular” in tax terms.
However convenient as that may be to put off addressing the wider issue of the true nature of the MGRT ebts used by Rangers, it is no reason in terms of the LNS Commission, not to examine the effect of the concealment from yourselves as commissioners and the SPL of ebt payments made from 2000 to 2002/03 under the REBT arrangements to Tor Andre Flo and Ronald De Boer which were already ruled irregular by a separate FTT investigating the use of the same Discounted Option Scheme by Aberdeen Asset Management.
We remind you that in the earlier undated letter sent on 19th February we provided irrefutable evidence that
- Yourself, acting as the investigating agent for the SPL, was not provided with all the documentation you requested on 5th March 2012
- That documentation clearly demonstrated that in the case of two players named on the Commission list (Ronald De Boer and Tor Andre Flo) payments were made via an irregular ebt mechanism that subsequently rendered them subject to tax which HMRC has been trying unsuccessfully to collect since May 2011, a year before the commissioning process commenced.
- That in both cases side letters concealed from both football and tax authorities were a feature, whilst later relevant documentation revealing their true irregular nature was not provided as directed by yourselves to the Commission itself.
It is now our firm contention that
- The findings of Lord Nimmo Smith from paras 104 to 106 of his Decision that no sporting advantage accrued must be set aside where now known irregular payments have occurred. Using Lord Nimmo Smith’s argument sporting advantage had to accrue from season 1999/2000 to 2002/03 and the SPFL need to address that truth and consequences for our game to move on.
- Whilst it is unclear which SPL/SFA rules would have been breached by making irregular payments, it was not the rules the Commission was directed to examine as, according to the Lord Nimmo Smith Decision para 88 “ There may be extreme cases in which there is such a fundamental defect that the registration of a player must be treated as having been invalid from the outset “
- Payment by irregular means clearly constitute such a fundamental defect and so an extreme case. These payments should not have been conflated with other payments which are for the time being not irregular and to allow an investigation to stand that wrongly treated them under the same rules as the Commission did for regular payments would be a clear miscarriage of justice caused itself by apparent deception of the Commission by those whose very behaviour it was commissioned to investigate! (If we were using lay man terms we could say that the SP(F)L clubs and their supporters were and are being treated like mugs by those governing our game.)
On the matter of that apparent deception we can even go further on its impact. It is a fact that the SPL never made any public announcement as a Board of acceptance of the Lord Nimmo Smith decision. There was one individual statement but no official SPL Board announcement.
We understand that the matter of making an appeal was raised by the SPL Board on 28 Feb 2013 during a telephone conference meeting, not a face to face one, to discuss the most serious issue ever facing Scottish football and that a decision was delayed for 7 days by which time the date for lodging an appeal was about to end.
During the discussions by e mail some Board members expressed dissatisfaction at the token nature of the punishment for what Rangers had been found guilty of (basically misregistration of players) but also concerns about how no sporting advantage had been obtained through the use of ebts with side letters.
The Board were persuaded by your good self that Rangers had a sound argument that no sporting advantage had accrued. The Board were told that Rangers in effect had said that if the EBT details were required to be disclosed, the reason they did not disclose them was because of an error by Rangers in understanding what was required to be disclosed and that in any event they had secured no competitive advantage from not disclosing since the tax position would have been the same whether they disclosed to the SPL/SFA or not.
Given our opening points we suggest that during the investigation had you had in your possession the withheld evidence we supplied in our letter of 19 February 2014 (and notwithstanding the point re different terms of reference resulting) you would have been able to demonstrate the flaw in this argument to the SPL Board when they were asking your advice on the legal position in early March 2013.
It is difficult to accept that there was an error in understanding that side letters should not be disclosed as part of player registration when our supplied evidence shows that in 2005 Rangers deliberately concealed the existence of side letter for De Boer and Flo from HMRC.
Far from suggesting an error in understanding, this suggests that Rangers understood that to reveal the existence of such letters would remove the tax advantage that ebts gave them and that this advantage depended upon side letters being kept secret from authority and that includes football authority, lest informing them alerted HMRC to their existence. The QC advice contained in the withheld documents is that this deliberate concealment in 2005 demonstrated Rangers true intention of putting cash in the hands of player as part of their remuneration package.
It is also clear that revelation of these particular side letters and their circumstances would indeed have changed the tax position since HMRC have billed Rangers for the tax due on the payments to De Boer and Flo.
HMRC have not done so for Moore because the absence of a side letter puts the tax due on that transaction outside the extended time limit rules that allowed them to pursue payment for Flo and De Boer, but regardless of this and regardless of whether it was notified to the SFA, Moore was paid by an irregular means not available to other clubs..
The questions for yourself Mr McKenzie is had you been in possession then of the information supplied by TSFM would you at the time of investigation been in a better position to either refute the case Rangers made in their defence or to advise the SPL Board that the evidence of deliberate concealment from HMRC in 2005 of what transpired to be irregular payments, gave the SPL Board reason for entering an appeal?
Did the very absence of that material, which was not your fault, prevent you from briefing the SPL Board in a way that you might have done had you had all the evidence to hand?
We think the original evidence supplied and the questions raised now as a result of more fully appreciating what was hidden from the then SPL Board (and so SPL clubs) in March 2013 requires that the SPFL conduct a new cleansing investigation into :
- The apparent deception by Duff and Phelps of the SPL led Commission ,
- Why the SFA President, Campbell Ogilvie, did not advise or correct Lord Nimmo Smith or The SPL and
- The implications of the use of now revealed irregular payments by Rangers FC during seasons 1999/2000 to 2002/03.
This letter has been sent by e mail to the current SPL Board members and also by mail or e mail to the then Board Members who, whilst no longer in position might have their own views on what needs to be done on this issue to restore integrity to the very processes Scottish football relies on to ensure fair play.
keith jackson @tedermeatballs · 3m3 minutes ago
Rangers NOMAD Daniel Stewart – friends of ol’ Big Hands – has its shares suspended.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12101088.html
That’s an odd one apparently waiting for the publication of accounts. There seems to be an aligning of the planets down Govan way.
Losing to Hibs, McCoist inept, Shares sold, Whyte disqualified, UoF and SOS going after Easdale, now the Nomad’s shares are suspended. What next?
Danish Pastry says:
October 1, 2014 at 10:50am
Unlike yourself, I haven’t discussed the referendum in any detail on this blog apart from a few oblique references.
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Perhaps you could point to where I have made detailed references to the referendum. Especially any that could be taken as my promoting one side or the other in a political sense.
I doubt if there is any poster/lurker on this site who would disagree with your comment: ‘There is very little trust of the football authorities and very little trust in the media to hold them to account’ and I certainly agree with it.
I just don’t see what that has to do with the tabloid journalistic masterstroke of running with the ‘Vow’. If people were so jaundiced in terms of trust with the DR and/or politicians then that article might have driven people into the YES camp but that didn’t seem to have happened.
As to listening to SSB – I actually have a fairly full life and don’t waste time listening to mainly obsessed callers and invariably spineless presenters.
I judge what football fans are thinking by spendign my time going to games – and not just Celtic ones – and socialising in pubs where football is discussed by people supporting a diverse range of teams.
Face to face it’s much easier to identify the odd nutter and ignore them and anything they have to say. I find much more tolerance and often objectivity off-line when actually discussing Scottish Football in general than online or radio phone-ins where actual agendas can be more readily hidden by faceless/nameless people.
easyJambo says:
October 1, 2014 at 11:16 am
keith jackson @tedermeatballs · 3m3 minutes ago
Rangers NOMAD Daniel Stewart – friends of ol’ Big Hands – has its shares suspended.
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12101088.html
That’s an odd one apparently waiting for the publication of accounts. There seems to be an aligning of the planets down Govan way.
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Could it be that possibly waiting on money from Rangers has created a hole in the accounts which, if published, would blow Rangers out of the water?
ecobhoy says: October 1, 2014 at 11:29 am
Could it be that possibly waiting on money from Rangers has created a hole in the accounts which, if published, would blow Rangers out of the water?
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I was just being a bit mischievous in making the post (as was Keith Jackson).
It shouldn’t make an iota of a difference to RIFC, assuming that the only problem is the late publication of accounts. Daniel Stewart should be able to continue to operate as a normal business. If however Daniel Stewart is at risk of failing then RIFC would probably have to appoint a new Nomad, but who would want to take them on.
TSFM says:
October 1, 2014 at 11:16 am
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Moderation is for the MODS – Although as an Old Rocker I can laugh at how the wheel turns.
However, just for the record in case there is any confusion, I have no absolutely no problem in endorsing 100% everything stated in:
John Clark says:
October 1, 2014 at 1:26 am
Cenkos
Strand Hanson 7 July 13
Daniel Stewart 1 Oct 13
Wot NO NOMAD again
The Compliance Regulator has non complied to regulations
Ah Well, everything comes in fours
Surprising this has gone on for 6 months, and nobody noticed till too late
They`ve only been on the job for a year
They`ll just have to get another one won`t they?
Or they can`t trade shares
Still, plenty willing NOMADs on the Beach, aren`t there
mtp
easyJambo says:
October 1, 2014 at 11:37 am
If however Daniel Stewart is at risk of failing then RIFC would probably have to appoint a new Nomad, but who would want to take them on.
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Sadly there would IMO be plenty fighting to get their hands on the fees especially if there was even the possibility of a BIG Flotation coming.
Of course if there wasn’t a flotation then why would Rangers remain an AIM-listed Plc especially with the additional costs that entails and the pesky disclosures that have to be made 😡
Hargreave Hale confirmed as the sellers of 4.26m Rangers International Football Club shares yesterday
The NOMAD is out just days after a big trade,who has been at the latest lambfest
Daniel Stewart
Not able to produce accounts within 6 months.
How far are RIFC behind with theirs?
Daniel Dtewart changed accountants in June 2014 so it may be nothing more than a technicality.
Price Waterhouse Coopers are now their auditors and it could be that they couldn’t complete the audit in the 4 months but you have to ask the question as to why they changed auditors two months after their year end.
Is the house of cards collapsing?
If RIFC don’t comply will the rules be applied?
It has been stated elswhere (PMG) that the greatest manager in the western world has a five year contract. Too expensive to keep and even more expensive to sack.
Where is the money coming from to keep the lights on?
I believe that their is substance to the claim by Whyte which is apparently being taken up by Worthington.
And still the SFA do nothing.
They have a responsibility to the other clubs in the league to apply the rules.
They have the power to inspect the books, the right to withdraw the license to play and to cleanse the pollution down at Govan.
The SFA are not fit for purpose.
Maybe it’s time the bear’s asked the Greatest administrator in the world to sort this out and returning some of the kindness shown to him from his former employees and subsequently their fans,go on CO you know you owe it to them, they are past the hurting stage,they just want the truth,the stage is yours.
Hargreave Hale confirm to PA that they were behind the sale of 4,265,000 shares in Rangers. They say it will be down to club to reveal buyer
Dave King confirms he was not the buyer.
torrejohnbhoy(@johnbhoy1958) says:
October 1, 2014 at 12:04 pm
Hargreave Hale confirmed as the sellers of 4.26m Rangers International Football Club shares yesterday
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I did a bit on why Hargreave Hale bought into Rangers at: http://scotslawthoughts.wordpress.com/?s=ecojon+hargreave+hale
The piece also dealt with the previous sharedealing relationship with ENIC and Rangers and the link to Giles Hargreave.
I still laugh at Giles who believed buying football share in Rangers International defied the old saying: “The best way to make a small fortune from a football club is to start with a large fortune”.
ENIC lost £30 million on their Ibrox Adventure and now more fingers have been burnt. When will they ever learn that the whole ethos at Ibrox guarantees it will always be a loss-making business until it becomes acceptable for the club to live within its means.
That, of course, can never happen under the current ownership structure and it’s arguable that even yet the fans have still to fully waken-up but this may well happen after another financial collapse.
But even then sugar is an addictive drug and they will continue their search for that Cargo Cult Daddy in a foreign land.
Not something I say often on here but I’m in agreement with the SFA on this one.
Firstly there is nothing they can say publicly. Their rules, however many ‘case by case’ conditional flexibilities are stated, are there for all to see.
There is also very little they can do privately. The time to do that was prior to the season starting. (there is a case granted that they were supposed to request financial projections from any potentially problematic cases, in addition to the financial statements that all (supposedly) provided, but it was never stated what they would then do with them ie. if they would be monitored on a monthly, quarterly basis or whatever. And what exactly do you monitor? They’re not going to be shown bank statements. Sevco’s presumably said we’re going to do a share issue in late August. They’ve done that. Presumably it gives some indication where the cash comes from after Christmas. It would take a pretty bold SFA 😆 to publicly state at this juncture that they didn’t think it was possible, indeed such an announcement could prejudice the course of action in itself.
They can’t turn up at the door and say we don’t think you’ve got any money because the guy at the door will just be instructed to pass on the message “Yes we do.” They are (well they should be) as aware as anyone that the collective blue masses are starting to look for their next scape goat. They need to be sure its not them… again.
What they should however have is a carefully constructed AND TRANSPARENT plan b, in place for IF an announcement, is to come. Until then they have little option but to sit tight on their self created midden and suffer the consequences.
torrejohnbhoy(@johnbhoy1958) says:
October 1, 2014 at 12:35 pm
Hargreave Hale confirm to PA that they were behind the sale of 4,265,000 shares in Rangers. They say it will be down to club to reveal buyer.
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I don’t actually know if the position of the NOMAD means that Regulatory Announcements are suspended until a functioning Nomad is in place or not.
It’s probable that £4.265 million shares would normally trigger a notification requirement which would be a good pointer to what’s going on.
torrejohnbhoy(@johnbhoy1958) says:
October 1, 2014 at 12:36 pm
Dave King confirms he was not the buyer.
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The problem of course is that the true identity of the buyer could be hidden behind anonymouse offshore ‘fronts’ so we never get to know like all the anonymous original Sevco 5088 consortia members whose investments were transferred to Sevco Scotland and thence to TRFCL.
A pal just texted and told me to edit my post above. I’m timed out but I felt the image was just too good to miss. Suggested edit as follows.
“…Until then they have little option but to sit tight on their self created midden and surf the consequences…”
I believe it is only trading in the shares of the NOMAD that has been suspended. I doubt it actually means that the company is no longer trading. i assume they will continue to operate as normal but with an urgency to get the accounts submitted asap.
I am just wondering aloud if a current change in NOMAD might help monies arriving from, say, an anonymous Virgin Isles trust called , say, King Dave Holdings Inc, when the previous NOMAD might have been well warned to stay clear of anything related to the clearly unconnected Dave King given his recent history? Just wondering.
ecobhoy says:
October 1, 2014 at 11:25 am
4 5 Rate This
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I’m sorry echo, your tone and style leave me very confused. There’s a dismissive pomposity that’s crept into your recent posts that does you no credit.
If you want detailed references viz a viz the referendum, check your own post at 9.30am. Seems a little OT to me, by your own declared standards, at least.
The issues I was addressing were the media and trust. Key issues on this blog. If you want to use an oblique reference to snipe at another blog member, feel free.
Interesting new post from Phil
http://www.philmacgiollabhain.ie/sevco-script-writing-team-on-form/#more-5125
http://t.co/vzMCrVOrxS
Notice of complaint to Boyd & Mohsni
easyJambo says:
October 1, 2014 at 11:37 am
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0
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ecobhoy says: October 1, 2014 at 11:29 am
Could it be that possibly waiting on money from Rangers has created a hole in the accounts which, if published, would blow Rangers out of the water?
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I was just being a bit mischievous in making the post (as was Keith Jackson).
It shouldn’t make an iota of a difference to RIFC, assuming that the only problem is the late publication of accounts. Daniel Stewart should be able to continue to operate as a normal business. If however Daniel Stewart is at risk of failing then RIFC would probably have to appoint a new Nomad, but who would want to take them on.
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Still lurking only as extremely busy. Sounds like a perfect storm for RIFC with Iran, Worthington et al. I think Charlie could be busy in court being grilled in Sevco 5088 novation or not or even potential ultra vires handwritten contracts. The Stewart issue is a problem also because they have been rumoured to be in financial ill health for some time so the AIM suspension might only be the start. You also pose an excellent question in respect to potential replacements.
I speak from a great depth of ignorance in these matters, but I am a little bit taken aback at the idea that the AIM approved NOMAD, responsible for keeping listed companies ‘right’ can continue as NOMAD when they can’t even run their own company properly!
It’s not the first time, I believe, that Daniel Stewart as a company has given cause for an eyebrow or two to be raised.
One gets the feeling that anything/anybody connected with the money side of RIFC plc inevitably gets tainted, or is already tainted, by that connection.
It’s probably about time that AIM began the process of de-listing RIFC plc, if they have any regard for the need to keep the investing public safe.
But what do I know?
JC
To be fair (to Rhaps, Ryan et al), its not necessarily the RIFC connection that taints them as such, more that the companies involved are operating, shall we say, towards the fringes, a market that RIFC are also forced to operate in due to chastened circumstances.
Apart from that you were spot on.
Updated shareholder list from RIFC website (already out of date)
http://www.rangersinternationalfootballclub.com/share-information
Shareholder No of Ordinary Shares held % of issued share capital
Laxey Partners Ltd 13,299,415 16.32%
Artemis Investment Management LLP 8,109,223 9.95%
River and Mercantile Asset Management LLP 5,754,827 7.06%
Hargreave Hale Limited 4,601,688 5.65%
Blue Pitch Holding* 4,426,485 5.43%
Alexander Easdale* 4,242,110 5.21%
Miton Capital Partners 4,060,282 4.98%
Mike Ashley 3,000,000 3.68%
Margarita Funds Holding Trust* 2,600,000 3.19%
From Phil:
@Pmacgiollabhain: I understand that Charles of Normandy also received a letter from the Worthington chaps.
#Sevco5088
Artemis appear to have taken up a fair proportion of the excess shares on offer. Taking up only their entitlement would have taken them up to 7.13M but have added another 976K shares increasing their holding to almost 10%
Looking at the shareholder list can one of you chaps with better memories than I remind me where the Beaufort Nominees entity as highlighted by Phil as (allegedly) the Rivzi connection remind me where they fitted into the picture. (I appreciate its like looking at an omlette and asking to be directed towards egg 3!)
easyJambo says:
October 1, 2014 at 2:08 pm
2 0 Rate This
Updated shareholder list from RIFC website (already out of date)
http://www.rangersinternationalfootballclub.com/share-information
Shareholder No of Ordinary Shares held % of issued share capital
Laxey Partners Ltd 13,299,415 16.32%
Artemis Investment Management LLP 8,109,223 9.95%
River and Mercantile Asset Management LLP 5,754,827 7.06%
Hargreave Hale Limited 4,601,688 5.65%
Blue Pitch Holding* 4,426,485 5.43%
Alexander Easdale* 4,242,110 5.21%
Miton Capital Partners 4,060,282 4.98%
Mike Ashley 3,000,000 3.68%
Margarita Funds Holding Trust* 2,600,000 3.19%
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Of that lot, Blue Pitch and Margarita have a very modest amount of shares, and yet we keep hearing that they are the driving force behind this.
Why are they always quoted as being so important? Is it merely because they are ‘mysterious’?
Smugas says: October 1, 2014 at 2:20 pm
Looking at the shareholder list can one of you chaps with better memories than I remind me where the Beaufort Nominees entity as highlighted by Phil as (allegedly) the Rivzi connection remind me where they fitted into the picture. (I appreciate its like looking at an omlette and asking to be directed towards egg 3!)
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Beaufort Nominees held shares on behalf on unnamed clients, each of whom held less than the 3% notifiable threshold.
They sold 3.3M shares to Laxey on 21/11/13, but also bought another 3.04M on the same day. They assigned the voting rights on these shares to Sandy Easdale.
The increased the proxy by a further 2.04M on 09/12/13.
There is no indication of who Beaufort are holding the shares on behalf of, nor whether or not the bought into the share offer.
According to Duedil, Beaufort is/was a subsidiary of Hoodless Brennan and has/had a subsidiary called Raven Nominees. All three companies have connections with Imran Ahmad.
I thought, no doubt wrongly, that BPH, Marg and Easdale (having Tuped from Big ‘Ans) were the three remaining originals, as denoted by the asterisk?
Smugas says: October 1, 2014 at 2:44 pm
I thought, no doubt wrongly, that BPH, Marg and Easdale (having Tuped from Big ‘Ans) were the three remaining originals, as denoted by the asterisk?
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You are correct in saying that you are wrong.
The asterisks denote involvement in the proxy arrangement which is explained in more detail on the website.
Eco, I’m loathe to jump in, but the only thing I thought was a bit patronising/pompous was when DP referred to listening to SSB, you responded along the lines of ‘I have a life, so don’t listen’ (I’m paraphrasing). I thought that came across as a bit patronising to a good bloke like DP, though it may not have been meant as a direct dig.
While I’m on, does anyone know what ‘side’ HH were on in terms of the quick admin vs long term battle?
Thanks EJ.
Presumably as a nomco if their clients (Rivzi or whoever) had bought into the share issue, that still wouldn’t become public knowledge, only that Nomco held 5m collective shares obo their clients and took the chance to extend that to 5m+ in the recent offer, or something to that effect? I’m just thinking of Phil’s clear hinting along the lines of AIM people looking at Daniel Stewart transactions and also the comment re “modality.”
Now that the SMSM seems to have McCoist in the firing line, IMO TRFC doesn’t have many options.
They can’t pay McCoist off.
They can’t attract another manager who is with a club – or pay them compensation, or provide any budget for a new manager to build his own team.
It seems like the only option is to tell McCoist to go on gardening leave, and either McDowell or Durrant step up as interim manager. No additional expenditure, and an opportunity to appeal to the bears to now get behind their ‘new manager’ – and come to the games and spend their money.
McCoist could be left in limbo until an admin event ?
And which manager worth his salt would even consider joining TRFC with all the publicly available information – and uncertainty – now being reported in the SMSM ?
Barry Ferguson would do it for a poke of sweets on a Friday.
Do RIFC finally have a credit line :irony: given the new shareholder is a bank BNP Paribas Arbitage SNC
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12102610.html
andygraham.66 says:
October 1, 2014 at 3:48 pm
Barry Ferguson would do it for a poke of sweets on a Friday.
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Fair point, I had forgotten about Bazza.
But IIRC, I think a weekly packet of ‘Monster Munch’ crisps would probably do the trick. 🙄
Arbitrage even 😉
Barry Ferguson would do it for a poke of sweets on a Friday.
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Fair point, I had forgotten about Bazza.
But IIRC, I think a weekly packet of ‘Monster Munch’ crisps would probably do the trick
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I’d be happy to cough up for both sweets and crisps if he’d just f**k off.
tykebhoy says:
October 1, 2014 at 3:59 pm
Do RIFC finally have a credit line given the new shareholder is a bank BNP Paribas Arbitrage SNC
___
Naw, just vulture share traders
As I posted Spivs don`t miss a trick
Correction – Or maybe they are
Why not fill up Ibrox once a week with 50,000 would be spivs from around the world
Bet wannabes gladly shell out £30 a head every week to learn how Spivery done properly
So 50,000 @£30 – that`d make them 6m a month – or 72m a year
They could increase their wastage from a mere 67m in 18 months
To a more handsome 72m every 12 months
Then they wouldn’t have to bother with the football side at all
mtp
http://news.stv.tv/west-central/294196-rangers-shares-mystery-as-anonymous-party-buys-5-stake-in-club/?utm_source=twitterfeed&utm_medium=twitter
Re bazza
Definitely a giant bag of soor plooms
tykebhoy says:
October 1, 2014 at 3:59 pm
Do RIFC finally have a credit line :irony: given the new shareholder is a bank BNP Paribas Arbitrage SNC
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12102610.html
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Interestingly, the BBC is quoting;
“BNP Paribas, a French bank, has bought a 5% stake in Rangers International Football Club (RIFC)…”
http://www.bbc.com/sport/0/football/29446152
Whereas the LSE link above quotes “BNP Paribas Arbitrage SA” which is presumably a subsidiary of the bank – but it’s not a bank in its own right.
It could give a BBC reader a misleading view that a major bank had ‘invested’ in a football club – and absolutely, the reader might then think that the club’s lack of credit line could be addressed.
But – why would any bank touch any football club with the proverbial barge pole ?
Lloyds were desperate to get out of Ibrox for long enough.
But the BBC produces a good news / optimistic headline.
I don’t know anything about arbitrage, but suspect that this purchase could again be on behalf of another investor / institution ?
A fan speaks: Tackling the unsavoury minority in the Rangers support http://bit.ly/1rHMnUV
tykebhoy says:October 1, 2014 at 3:59 pm
It looks like BNP Paribas Arbitrage SNC is a Trader & Broker on The London Stock Exchange
http://www.londonstockexchange.com/exchange/traders-and-brokers/membership/member-firm-directory/member-firm-directory-detail.html?castMemberId=ALSE1A0002XB
Are they holding the shares for themselves or for as yet unnamed investors?
I’ve been trying to read between the numbers re Beaufort Securities and Sandy Easdale’s proxy holdings.
Before the share offer SE’s proxy holdings amounted to 14,387,003 shares, the bulk of that (11.68M) came from Margarita 2.6M, Blue Pitch 4M, and Beaufort 5.08M
SE’s proxy holding increased to 17,062,365 after the share offer, suggesting that the proxies took up 2,675,362 new shares. Margarita’s holding is unchanged at 2.6M while BP’s only went up to 4,426,485, That leaves 2,248,877 unaccounted for.
If Beaufort took up all the unaccounted shares then their holding will have gone up to 7.325M or 8.99%.
If Rizvi is indeed behind Beaufort, then I think that it’s likely that his influence extends to the full 26% voting block as exercised by Sandy Easdale.
The usual BBC Sports writer in-depth analysis of the purchase of shares by BNP Paribas Arbitrage SNC from Richard Wilson :irony:
http://www.bbc.co.uk/sport/0/football/29446152
You’d never guess that the “purchaser’s” telephone number is on The LSE and BNP Paribas websites. 🙄
So what’s the truth re the purchaser of HH’s shares? BBC’s report says BNP Paribas have bought them while STV’s says a ‘mystery purchaser has bought them using BNP Paribas as a nominee company. I imagine it’s much more likely that STV is right as I can’t see a reputable bank seeing an opportunity in RFC* whereas BNP Paribas do almost certainly provide nominee facilities to purchasers.
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@martyonerous claiming on twitter that rifc in admin by Friday.Also saying shares to be suspended tomorrow.More rubbish I think
BNP Paribas Arbitage SNC
Hmm, a French company, incorporated in 2010. Who do we know lives in France?
sannoffymesssoitizz says:
October 1, 2014 at 5:12 pm
The usual BBC Sports writer in-depth analysis of the purchase of shares by BNP Paribas Arbitrage SNC from Richard Wilson :irony:
______________________________________________
Richard Wilson also saying on twitter:
https://twitter.com/RichwilBBC/status/517338571997712384
By MICHAEL STEWART
Published: 11 hrs ago
IF there’s one thing Ally McCoist is good at it’s self preservation.
His skills at football management don’t come anywhere close. That’s not meant to sound like a personal attack on the Rangers boss.
Let’s be clear; he’s an affable guy and someone who most people find easy to get on with.
But that’s McCoist the man.
I’m talking about McCoist the manager and quite frankly he’s not good enough. His skills in that area are sadly lacking.
Monday night’s 3-1 defeat to Hibs — and McCoist’s blaming of Bilel Moshni which was a blatant attempt to look after No 1 and deflect all responsibility — will probably reaffirm what Gers fans already know, that it’s simply not good enough.
But Rangers cannot afford to sack him given the size and weight of his lucrative contract. And it’s not like McCoist is going to walk away.
In all honesty I can understand why he’s holding on to his job for dear life.
He’s on big money and maybe he still has faith in himself that he can turn it around.
If you asked me if others could do a better job at Rangers then I think the answer is Yes.
It’s time Rangers had someone else in charge, but the bottom line is it’s unlikely to happen any time soon.
Rangers are stuck with McCoist and as far as I can see, he’s going nowhere.
So all supporters can do is ask is WHY are their team is toiling so dreadfully.
For me it’s simple, the players just aren’t being trained.
If you watch them play — there is no style or structure the players are adhering to.
They have some men with real potential to be top players.
The likes of Dean Shiels, Lee Wallace and David Templeton to name but three.
But since signing for Gers they have gone backwards.
That’s not because of the league they have been playing in. It’s down to the fact they have not been coached.
It seems no one at Rangers is working to make them better.
It’s been the classic Fat Cat mentality where people are happy to take good money for an easy life.
That may have been good enough to get through the lower leagues, but it won’t be to get out of the Championship.
McCoist’s side have no creativity or drive.
They arguably have the best finisher in the country in Kris Boyd, but how many chances has he had to score?
I look at midfielders like Nicky Law and Ian Black and they are wasted shirts. When I played, my job as a midfielder was to try and make a killer pass to split defences.
Black spends his days swanning around Ibrox like he owns the joint, playing sideways passes like his life depends on it.
It’s nowhere near good enough. There’s others who are playing out of position.
Darren McGregor is a centre half — and not a ball-playing one at that — but he’s been shunted to right-back.
On the left of midfield it’s Stevie Smith, a left-back.
Throw in the likes of Mohsni and Arnold Peralta, two bog standard players if ever I saw them, and it’s a total shambles.
That’s been down to the signing policy McCoist went with.
He should have been bringing in youngsters like Andy Robertson — who he failed to spot the potential of, even when Gers played Queen’s Park four times in a season.
But it maybe comes back to the fact he knew he wouldn’t be making him any better.
So instead he signed players with so-called experience.
For me it’s not going to end well, but if McCoist isn’t going to quit or be sacked, then maybe he should at least try and change things behind the scenes at Ibrox.
He’s got to realise his strengths and weaknesses and if that means conceding he’s no good on the training ground them bring someone in who is.
But then again that may not be something he wants to do when his two pals, Ian Durrant and No 2 Kenny McDowall, are already doing that job.
_____________
knifes are out for s ally now
Carfins Finest says:
October 1, 2014 at 4:51 pm
7 0 Rate This
A fan speaks: Tackling the unsavoury minority in the Rangers support http://bit.ly/1rHMnUV
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Good spot Carfin
I’d spotted something on line from the less enlightened side of the Rangers support last night and had considered posting a link….it was thoughroly devoid of self awareness and reeked of arrogance.
On reflection I decided not to…nothing we hadn’t seen before…and I found myself wishing I’d run across something more positive from a Rangers perspective.
I found the piece in your link rather heartening.
andy says: October 1, 2014 at 5:59 pm
By MICHAEL STEWART (Published: 11 hrs ago)
To be fair Michael Stewart has been saying this on BBC Radio Scotland Sportsound and Off the Ball since the beginning of this SPFL season.
“Pundits” on SSB last night suggested that Ally McCoist will be in danger of losing his job only if TRSFC lose to Livi this Saturday. 🙄
Aside from the BBC pundit Michael Stewart’s newspaper column, he repeated all of it on Radio Scotland tonight. Also on SSB the Gers fans are going bananas about A.McC, it does not bode well for the Ibrox manager.
What are the SMSM sitting on?
Interesting if any criminality eventually exposed
SMSM should consider their backsides before the music stops
mtp
It appears that the fat lady is doing her warm up exercises. She will be singing soon. We know what happens after that.
McCoist could do the right thing by agreeing to go without immediate recompense – deferring his pay-off until the club could afford it.
The PR value to the manager would be enormous, and proof-positive of the his Rangers-ness. Certainly Chic Young would approve of his pal being endowed with that quality, but of course the value of Rangers-ness will not survive the rigours of administration in full.
In a nutshell then, that’s why McCoist won’t make the offer. To be honest, who can blame him given the others who have enriched themselves throughout this debacle?
The latest from Bill McMurdo
Armageddon Looms With Rangers The Winner
The Rangers boardroom battle looks set to get white hot in intensity.
As I blogged recently, we are approaching the end game battle between the incumbent shareholders and those seeking to wrest away control of the club.
My information is that yesterday’s trade of 4,265,000 shares is the first salvo in the battle – and it is a strike for the incumbents. There is a determination to rid the club of the millstone around their necks that is the rebel faction and it looks like it will come down to a simple battle of financial resources.
If what I am told is correct, then Dave King has yet to provide proof of funds to those who champion his getting involved at the club. This includes Philip Nash and Graham Wallace.
The incumbents, I am told, intend to fight tooth and nail to stay in control of the club and they have much deeper pockets, combined with the will to put their hands in. They also have access to a much bigger pool of investors than the King camp.
The bad news is that the next few months could be very rocky, with board members possibly getting chopped and Rangers no doubt being rag-rolled in the Rangers-hating media.
The good news is that the club is still a magnet for potential investment and so fears of Rangers going under are perhaps a bit unnecessary. That will be a relief to many, including yours truly.
I would expect that Philip Nash, Graham Wallace and possibly Norman Crighton may leave the scene, with sturdy replacements being appointed. It is my understanding that some shareholders are actually seriously considering calling for an EGM to effect dramatic change in boardroom personnel immediately.
One thing is for sure. After the looming head-to-head between the two warring factions, Dave King will no longer be able to string anybody along with talk of £30 million war chests. He will have to put up or shut up and my information is that whatever he puts up will be trumped by the other side. All good news if you want to see Rangers seriously funded.
It is one thing to be anxious about the club’s survival but it is quite another to see rich investors, corporate and individual, fighting to get control. Especially if the end result is that Rangers gets some serious investment that enables the club to progress.
I have said all along from my knowledge of the situation that there is substantial wealth available from investors in the club and others. People keep asking me why that money has not been forthcoming but it has to be understood that sensible investors will not invest in chaos, only in order. Those who have sought to destabilise the club know exactly what they are doing – keeping the big money away by creating the chaotic situation of boycotts, protests, card displays and the like.
These investors have a simple choice – cash in and walk away with a sore face financially. Or fight and crush those who oppose them. It looks like they have chosen the latter option.
As I said, this is good news for Rangers even if it means a few weeks or months more of racy headlines. Because one way or another, Rangers will benefit financially. Someone will lose the Ibrox boardroom war and it will be a spectacular loss.
But their loss could very likely be a massive benefit and win for Rangers Football Club.
That’s a result every true Rangers fan will take gladly.
Craig Whyte appears to be the master of timing. Any time he makes am appearance fr the sidelines the pace seems to ramp up.
Smugas says:
October 1, 2014 at 2:04 pm
‘JC
To be fair (to Rhaps, Ryan et al), its not necessarily the RIFC connection that taints them ..’
———
I accept that observation, smugas.
I should have made an ontological distinction between a connection with RIFC plc and a connection with the ‘spivs’. Not everyone with a connection to the club has a guilty connection or affinity with those spivs.
Big Pink says:
October 1, 2014 at 8:09 pm
To be honest, who can blame him given the others who have enriched themselves throughout this debacle?
___________________________________________________________
They did it so I’m doing it? Not an acceptable excuse in any way shape or form. I thought he was supposed to be a ‘Rangers man’.
“The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office.”
Dwight D. Eisenhower
Or as I prefer to call him, Mad Mental McMurdo 😆
Long Time Lurker says:
Where have you been hiding LTL?
And where is tic67
And Campsie?
And many others well missed
[tp made me post this guys ;;-) ]
Hope all’s well
Daft Husband made me post!
mtp
andycolo says:
October 1, 2014 at 8:23 pm
The latest from Bill McMurdo
…Dave King will no longer be able to string anybody along with talk of £30 million war chests. He will have to put up or shut up and my information is that whatever he puts up will be trumped by the other side.
…sensible investors will not invest in chaos, only in order…
=====================================================================
I know I shouldn’t as it’s only McMurdo, but IIRC he has been used in the past as a mouthpiece/PR tool for TRFC ?
Anyway, per extracts above I now have an amusing mental image of Dave ‘Smiler’ King trying to force a big bag of £30M cash onto the big table in the Blue Room…but he’s being pushed aside as ‘others’ are trying to force an even bigger bag of £40M cash onto the table…everyone desperate to ‘invest’ in the Govan club.
And – with a few notable exceptions aside – ‘sensible investors’ will not invest in a football club: they just don’t !
And I’ll have what McMurdo is drinking… 🙄
sannoffymesssoitizz says:
October 1, 2014 at 8:38 pm
Or as I prefer to call him, Mad Mental McMurdo 😆
___________________________________________________
That reminds me of ‘ Big, mad, mental Shug from Polmadie’ (Rab C Nesbitt) 😆
andycolo says:
October 1, 2014 at 8:23 pm
Not unsympathetic BUT
No substantive logic in any of that
Looks and sounds like a smokescreen
Please explain
If you can
Otherwise Bears JACKanory
mtp
StevieBC
You missed the inescapable mcmurdo logic that somehow ‘the table’ now endowed with the winning bag of £40m walks away with a financial sore face!
RTC well missed too
mtp
Smugas says:
October 1, 2014 at 2:20 pm
“remind me where the Beaufort Nominees entity as highlighted by Phil”
easyJambo says:
October 1, 2014 at 5:00 pm
—————————
EJ, as you say, Beaufort Securities sold a significant tranche of shares to Laxey whilst purchasing a similar amount at the same time. When I looked at this a few weeks ago it looked like it might have been a price triggered transaction (~41.5p) and that there was maybe some kind of price support mechanism in play concerning Beaufort and Laxey.
Beaufort Nominees name is quoted in relation to the Blue Pitch and Margarita share holdings. Beaufort Nominees has a telephone number similar to that of Beaufort Securities so I think there is a close relationship.
http://www.investegate.co.uk/rangers-int-f-c–plc–rfc-/rns/holding-in-company/201309201749205838O/
http://m.londonstockexchange.com/exchange/mobile/news/detail/11716976.html
ecobhoy says:
October 1, 2014 at 10:27 am
—————————————-
Was that in reply to a quote from the link I posted?
That was not ‘My’ opinion but it seems to have irked enough for a lengthy response based on almost a single quoted paragraph from a much longer article which highlighted various issues.
Allyjambo says:
October 1, 2014 at 5:38 pm
‘.BNP Paribas Arbitage SNC
Hmm, a French company, incorporated in 2010..
————
With a UK subsidiary with Real Estate Development interests, apparently.Could there be a tie in with Laxey Partners to try to push the admin/liquidation button a bit sooner?
But you might be nearer the mark, if you are hinting at CG being the mystery purchaser using BNP Parisbas as his broker.