We spend an inordinate amount of time on this blog arguing about what the re-emergent Rangers should be called. It is a rather circular debate with no way of finding any consensus. The dispute between Rangers (“The Rangerists”) or The Rangers or Sevco (“The Sevconians”) and its claim to be the club that was formed in the 19th century is spurious. Whichever way you look at it, the continuity of the “brand” is undeniable and as long those who wish to keep buying that package are satisfied that the wrapping is authentic – where’s the harm?
The red herring in the argument is that “history” is important. To the average football fan, it is nothing of the kind. As a Celtic fan myself, and a bit of a student of the history of the club, I am constantly dismayed by the Thousand Yard Stare I get from your average Celtic fan who is confronted with the names of people who contributed significantly to the club’s identity. Key figures like Sandy McMahon, Jimmy Delaney, Jimmy McGrory and (God help us) John Thomson rarely elicit recognition.
Modern football fans who live in the instant gratification society of the the WWW and mobile communications may pay lip service to their clubs’ history, but that’s not what gives the modern football fan wears as his badge of honour. That is a commodity often erroneously confused with history – the bragging rights associated with the trophy haul.
The ability to claim that “we have more titles than you” is far more valuable to a supporter than which 19th century attacking centre-back won the Scottish Cup with a last minute header; and the value of said cup wins is heavily weighted in favour of the most recent (save for the honourable exception of the European successes).
The maintenance of that illusion of superiority is crucial if Rangers fans are to believe that their club is still Rangers. Perhaps in time they may even come to fully believe it themselves, but the cataract of column inches devoted to propagating that myth, both from the MSM and from information outlets controlled by Charles Green’s organisation, betrays a lack of total belief by the chief Bear-existentialists. Protesting too much may not be subtle, but that never put off your average fitba’ man either.
The upshot though is this. There is a belief – or at least a hope – amongst Rangerists that the continuity argument holds. They will call the new club Rangers. Fans of other clubs who make up the vast majority of the Sevconian tendency, believe nothing of the kind. They will call it something else.
Many will remind Rangerists that the old club died, and this is factually correct (or at least will be very soon). Rangerists will counter that the Rangers ethos lives on at Ibrox, and despite the worrying overtones (for some) contained in that statement, that is also factually correct.
Rangerists will also point out, as Rangers fans on this blog already have, that the SPL bent over backwards to assist the continuity of the club in order to minimise the financial consequences for Scottish football, and that the SFL too, have agreed that they are the same club.
Why? Simply because Scottish Football thinks it needs to help perpetrate they illusion of continuity to avoid the loss of thousands of paying customers to the game altogether.
So round one has gone to the Rangerists, with the Sevconians pretty much taking an eight-count.
So is the name thing important? I don’t think it is of critical importance. The name in itself doesn’t matter, but to merely agree that everything is as before is to join forces with the MSM, SFA & SPL who have sought to give RFC and their tax theft a pass.
Whatever happens in the future though, the illusion hasn’t worked completely. The Sevconians’ wish to call the new club by a different name was for the purpose of making it synonymous with tax evasion, however the name Rangers now evokes exactly that response. There is now a discernible pause when people mention Rangers. A pause that reflects on the dis-service they did to the country, and to the game of football in Scotland.
Which brings us to the really important point. Throughout this saga rules have been bent. Conflicted individuals, alleged to have been involved in the tax and registration scam and its subsequent cover-up, have remained in positions of authority and power, despite being under a cloud throughout. The media have been complicit, except in rare cases, in allowing the wrong-doing to go unquestioned, actively campaigning for rules not to be applied.
What we have been saying all along is this. Please play the game by the rules, and do not manufacture special cases for the financially powerful.
Call Rangers whatever you wish, but deal with their transgressions appropriately in the spirit of sporting fairness, and within the framework of the existing rules. That is the least – and most – we expect. We don’t ask for much. Just give us back some pride in our sport .
From CQN:
Two important questions for Sevco share issue
11th October 2012
There are two questions to look out for when The Rangers provide information on their public offering share issue:
Are the public being offered shares at the same price as investors who sign up prior to the public offering?
In 1994 Fergus McCann offered you shares in Celtic at exactly the same price he paid, giving fans the same value as the consortium which acquired the club from the old board. Will Charles Green do the same? A £20m offering will dwarf the existing share pool but, if the new shares are worth a lot less, the existing shareholders will be able to retain control and the majority of benefits.
How will the prospectus explain to investors the potential consequences of the SPL Commission, and any future investigation if the First Tier Tribunal report, due this month, finds that Rangers did not pay their social taxes as Fifa regulations require?
The SPL Commission into the improper registration of players at Rangers, whose SFA membership the new company acquired, will, if Rangers are found guilty, impose sporting and financial penalties on the successor club which is benefiting from its membership.
If guilty, this will involve the return of prize money for each of the 12 years which are under scrutiny. The league awards prize money to each member club from TV income with the top two clubs earning a significant slice. This alone could consume the majority of funds from the share issue.
Sporting penalties would also be a consequence of a guilty verdict. There is no reference point in world football for issues on this scale, so speculation on what the penalties would be can only be regarded as such, but, if The Rangers eventually win promotion to the SPL, they are likely to face points deductions for multiple years, making it difficult to gain access to lucrative Champions League revenue streams.
The latter question will considerably influence when the new company can hope to break even and allow an informed estimate to be placed on the scale of working capital requirement.
Former directors of Rangers, including Sir David Murray, remain confident HMRC will not succeed at the First Tier Tribunal, but the possibility remains that the verdict will go against the soon-to-be-liquidated club, leading to a fresh wave of football penalties.
The Rangers should now issue potential investors with enough information to decide if this week’s Forbes Magazine article questioning the club’s feasibility is accurate. It should be quite a read.
Although the Sevco consortium promised a share issue since before they bought the assets of Rangers today’s announcement has the appearance of something carried out in haste. The domain name for investors to register interest (www.rangersshareoffer.com) was only registered yesterday and there is no web site yet. Visitors are presented with an alert from their browser informing them that the web site they are visiting has a problem with its security certificate.
Why the hurry?
torrejohnbhoy says:
Thursday, October 11, 2012 at 11:49
I remember those cold Saturday morning playing for the primary school back in the early 70’s and one day we happened to be playing my dads cousins school team that he ran. My father told me that he had been a great footballer and had played internationally for the Scottish Schools as a child so I was automatically in awe of him. When I complained about the cold weather and the mold master he advised me to rub olive oil in my legs before a game, that would keep me warm and a hit from the ball would be a breeze.That was it, off I went home and got the Olive oil out for the next game. The following Saturday there I was on the frosty ash pitches that used to be in front of the BarL pre M8 motorway and my father killing himself laughing at me all oiled up, stinking and ready for anything. Ten minutes in and I caught the old mold master on the innner thigh, oiling they legs had made not a blind bit of difference, I was greeting my eyes out.
BBC Good Morning Scotland, at 2hours and 36 mins interviews Justin Urqhart Stewart on the subject of the share issue.
Now if I were a forward thinking,reconstructed Sevconian, which I am not but if I were, who would I listen to ? City analyst/broker posh,red brace chappie or Charles Green ,straight talking ‘give me your money’ northerner of the limited wardrobe?
Now appearances are not everything ,but on the basis of the soundbite,this is a no brainer.
J.U.S has it
Agrajag says:
Wednesday, October 10, 2012 at 22:35
I take your point, up to a point, but, many of the costs are associated with the upkeep and operation of Ibrox and MP. As long as those two sites are in operation, there is not a whole hell of a lot you can do towards reducing costs, other than nibble around the edges.
briggsbhoy says:
Thursday, October 11, 2012 at 12:17
torrejohnbhoy says:
Thursday, October 11, 2012 at 11:49
I remember those cold Saturday morning playing for the primary school back in the early 70′s and one day we happened to be playing my dads cousins school team that he ran. My father told me that he had been a great footballer and had played internationally for the Scottish Schools as a child so I was automatically in awe of him. When I complained about the cold weather and the mold master he advised me to rub olive oil in my legs before a game, that would keep me warm and a hit from the ball would be a breeze.That was it, off I went home and got the Olive oil out for the next game. The following Saturday there I was on the frosty ash pitches that used to be in front of the BarL pre M8 motorway and my father killing himself laughing at me all oiled up, stinking and ready for anything. Ten minutes in and I caught the old mold master on the innner thigh, oiling they legs had made not a blind bit of difference, I was greeting my eyes out.
—————————————————————————————————————————
Wintergreen we were told.
Made not a blind bit of difference.
When you were only 10/11 years old,kicking a Mouldmaster was like kicking a brick. :thumbsup:
scapaflow14 says:
Thursday, October 11, 2012 at 12:26
0 0 i Rate This
Agrajag says:
Wednesday, October 10, 2012 at 22:35
I take your point, up to a point, but, many of the costs are associated with the upkeep and operation of Ibrox and MP. As long as those two sites are in operation, there is not a whole hell of a lot you can do towards reducing costs, other than nibble around the edges.
================================
That’s exactly my point.
essexbeancounter says:
Thursday, October 11, 2012 at 10:45
—-
Have a good few days- certainly off to a flyer if you’re in the Horseshoe already!
I was there a few weeks ago, not so much to have a drink, as for lunch upstairs- and very good it was too, and really tremendous value for money.
And then we had a drink.
.
scapaflow14 says:
Thursday, October 11, 2012 at 12:26
Agrajag says:
Wednesday, October 10, 2012 at 22:35
I take your point, up to a point, but, many of the costs are associated with the upkeep and operation of Ibrox and MP. As long as those two sites are in operation, there is not a whole hell of a lot you can do towards reducing costs, other than nibble around the edges.
____________________________________________________________________
In most businesses,staff reductions are the only way to make large cuts in expenditure.As far as we know,everyone whether on the football or non football sides of TRFC are still employed.They are also,as far as we know still on the same terms and conditions as before the takeover.IMO no serious reduction in running cost can be made whilst still employing all and sundry.
Like D&P,Green seems to be making no real effort to bring costs down.
For anyone wishing to hear Justin Urquhart Stewart on RS this morning.Interview starts at 2hrs.36mins in:
http://www.bbc.co.uk/programmes/b01n0z67
Long Time Lurker says:
Thursday, October 11, 2012 at 08:53
Remember the SFA who grantted TRFC a licence. I wonder IF the business plan put forward for the club included a share issue?
If it did and the share issue was a fundamental element required to sustain the operation of the Club then under what basis was a licence granted?
If the share issue was not presented as part of the business plan for the Club will the SFA now assess if the share issue is a necessary step to secure the financial stability of the Club and its continued operation?
What steps will the SFA take to protect the interests of its members and the fans of the Club, given recent financial failings?
===========================================================================
Bang on the money – what do the cashflow projections and business plan say about a share issue and are the SFA/SFL monitoring the situation. For example are they looking at the management accounts, on say a quarterly basis.
Did we ever discover if TRFC were required to put up a bond in case they failed to complete the season? Livingston had to put up one for £750k.
Regarding the cost cutting down Ibrox way.
A neighbour of mine had a company car from the old RFC, an Audi A3. Now the company cars used to be from the old dealer stock ie a “61” plate would be supplied even though the reg had changed to “12” I guess this was the dealers way of making their targets for that particular period. When the deal ended with Audi the car was immediately replaced by a spanking new 12 plate VW Golf. Don’t know the details or anything (we’re not on that friendly terms) but something doesn’t add up.
From
FT Alphaville
Ship of Theseus seeks flotation
Bryce Elder | Oct 11 11:00 | Comment |
Share
Those who argue for a further relaxation of the LSE’s listing rules may want to note the following announcement:
Rangers, the Scottish football club, today announces its intention to seek Admission to the AIM market of the London Stock Exchange.
Rangers intends to raise up to £20 million through an institutional investor placing and limited public offering. The funds raised will be used for strengthening the player squad, improving and developing the Club’s properties and facilities, as well as providing additional working capital. It is anticipated that Admission will become effective before the end of the year.
For those with only a passing interest in football’s backwaters, here’s a summary. The Rangers Football Club PLC awaits liquidation having failed to pay a tax bill just shy of £95m. Its assets were bought by an investment consortium fronted by Charles Green, who moved them to a holding company formed for the purpose in May 2012. He paid £5.5m.
Now, five months later, Mr Green’s consortium is seeking to raise up to £20m for an unspecified stake of these assets. Taking as an imperfect benchmark the £33.4m market cap of Glasgow neighbours Celtic, that target would suggest floating about 50-60 per cent of the equity. (Such a valuation would certainly line up with some tinfoil-hatted reports that Mr Green’s investor cabal had taken 22.69m shares and planned to issue the same again at the IPO).
So what has changed since May for £5.5m of assets to become a business worth circa £33m? There is a little more certainty now about Rangers’ competitive position (third in Scottish football’s fourth-tier league) and a little more clarity on the obstacles faced (which include but are not limited to a judicial inquiry, a player transfer ban and a criminal investigation into its previous owner).
Also worth noting, from an investor perspective, is the fact that Rangers Football Club Ltd has no corporate history whatsoever. The club may have been founded in 1872 but the company it has hermit-crabbed into has only existed since May and has never published a single page of accounts.
On Aim, that’s fine. There’s no requirement for companies to demonstrate a trading record, with the burden falling on the Nomad to weed out all potential cash transfers from the gullible to the cynical. As LSE’s briefing document puts it:
[A] Nomad would expect that a strong AIM candidate (other than a pre-revenue business or perhaps a natural resources business) has the following characteristics:
* a record of sustained growth over at least three years
* forecasts that show sales continuing to grow
* a record that compares favourably with its peer group.
It looks tricky to class Rangers Football Club Ltd as a “pre revenue business.” Nor can it be easily classed as showing growth over recent years, given it either did not exist or was put into liquidation. Mr Green’s stated justification for the float — “strengthening the player squad, improving and developing the Club’s properties and facilities, as well as providing additional working capital” — is also open to question: Rangers cannot sign a player until January 2014 and its 51,000-seater stadium looks adequate in a league where the average attendance last year was 475.
Some suspicious types may assume that the £5.5m Mr Green’s consortium paid to buy Rangers was actually a loan that the cash call will help pay down. But, with Mr Green today referring to the company as “debt-free,” such suspicions are surely misplaced.
Over to you, official Nomad Cenkos Securities. We await the IPO prospectus with interest.
Related link:
Rangers plans return with £20m float – FT
This entry was posted by Bryce Elder on Thursday October 11th, 2012 11:00. Tagged with IPO, Rangers FC.
With thanks to Lostbanner on KDS:-
Not all the MSM are cheerleaders for the sevco-nartcists
http://ftalphaville.ft.com/2012/10/11/1204671/ship-of-theseus-seeks-flotation/
justpedylan says:
Thursday, October 11, 2012 at 08:51
This article cites, among several reasons for the flotation, “to strengthen the player squad”. Exactly how is that possible given the transfer ban? Is it to simply be paid in increased wages to a team playing in the fourth tier or do the Scottish football authorities know something we don’t?
………………………………………………………………………………..
Is there not a possibility that many of the higher earners, including Sally and staff have deferred a large portion of their salaries to the end of the season? This would allow for the major (temporary) reduction in wages Green is claiming, however it would also take a largish slice of the 500quid donations being asked for from the fans.
Also if this flotation was half as good as Green and co. are claiming the big hitters would be lining up for a slice and he wouldn’t need to play to the fans in the first place.
Rangers Tax-Case @rangerstaxcase
Sevco- the world’s first start-up to have 140 years of history! lolz
angus1983 says:
Thursday, October 11, 2012 at 12:11
Of the stuff from RM there really is only one former shareholder and he seems to be very hesitant, very much a wait and see.
I think the difference this time round from the Murray sharehold offering is that nobody really understood the club was on its knees back then, they were not given the full picture. If they had I’m sure they would be jumping in as they will do now. The problem for some of them is that they are now caught between a Rock and a hard place. They have said they don’t do walking away and in a way have made a rod for their own backs by not questioning things. It’s the ultimate catch 22 , dont invest what happens, invest what happens. It’s bit like going into battle, The Charge of The Blue Brigade heading off for what will be folly and death or glorious victory and survival, for the decent Rangers fan I do not envy their position.
If it is a failure then they can always pick things up again because the club always survives doesn’t it it’s only the PLC that fails 🙂
Meanwhile, RM has got wind of that thread on the West Ham forum.
Among the expected responses are several pointing out that West Ham are, in fact, a diddy team who are only jealous of the stature of TRFC. Naturally.
The rest of the thread contains plenty sectarian abuse, as you would expect, including at least one example of a phrase which is declared in another RM “sticky” thread to be illegal.
I reckon we should just let Charlie get on with his “share issue”. These idiotic idiots deserve everything that’s coming to them.
Is the AIM a diddy stock exchange?
From time to time someone pops on to this site stating its sevco obsessed.
It’s simply the gift that keeps on giving.
If the share issue is as badly received and the fans shel out only low 7 digits, will sevco be able to limp along to the end of the season? Will the jig be up?
How will the SFA react to a second insolvency down Govan way?
This story has more legs than a horse with a conjoined twin.
Aren’t we due the FTT ruling tomorrow? Oct 12th was banded about last week.
Assuming no major institutional investors.
Then a a £20m target is achieved by 40,000 fans each putting in £500.
The 40,000 figure could not be achieved for season tickets, where the fans paid about £300 and got to watch a load of football matches in a UEFA supreme platinum stadium.
What chance 40,000 people making a £500 donation.
doontheslope says:
Thursday, October 11, 2012 at 13:11
Is the AIM a diddy stock exchange?
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Right result – my favourite kind of question – an easy one – and of course the answer is yes.
Agrajag says:
Thursday, October 11, 2012 at 12:33
Ah, thought that was it.
thespecialswon says:
Wednesday, October 10, 2012 at 11:01
Now we now that 36k season tickets have been sold and league game crowds so far have been say 46k therefore lets say this season that 10k pay at the door.
10,000 x £15 a pop – £150,000. Therefore it can be argued that half the pay as you go income has gone and even more if crowds drop as the season continues.
……………………………………………………………….
From the 36k s.t. sales a very large slice was oap’s and child concessions, and the 10k extra through the gates is nonsense, they have been giving away thousands of free tickets to each home game, this has allowed them to project a fuller stadium and also claim any number of thousands in the stadium the want as the exaggerations are covered with the free tickets.
I would suggest that an extra 4 or 5 thousand max are going to the games and again with a big mix of kids and oap’s amongst them.
Its all flannel, playing to the galleries until the 500 pound donations come in.
Does anyone know if CG has actually paid Nuffin Helps the £5.5m due or will the 1st £5.5m raised be used to clear the “Cash Backed Indemnity” agreed at time of purchase?.
For what little it is worth my own guess is somewhere in the £6m to £8m range, or 12,000 to 16,000 fans willing to stump up. I just hope they don’t resort to the likes of Wonga to do it.
bogsdollox
Is the AIM a diddy stock exchange?
+++++++++++++++++++++++++
Right result – my favourite kind of question – an easy one – and of course the answer is yes.
+++++++++++++++++++++++++
How diddy? Second tier? Third?
If I wish to invest, can I use my Post Office saving stamps? Green Shield? Embassy coupons?
I can see it now. Thousands of Wee Billy’s waking up on Christmas Morning – Not to Chopper Bikes, Super Striker, Magnetic Football, Teletuubbies etc – but to worthless peices of paper.
Mr Charles – Snake Oil Salesman extraordinaire right enough.
doontheslope says:
Thursday, October 11, 2012 at 13:36
bogsdollox
Is the AIM a diddy stock exchange?
+++++++++++++++++++++++++
Right result – my favourite kind of question – an easy one – and of course the answer is yes.
+++++++++++++++++++++++++
How diddy? Second tier? Third?
If I wish to invest, can I use my Post Office saving stamps? Green Shield? Embassy coupons?
________________________________________________________________________
Is it true that Doncaster & Regan tried to shoehorn them into the FOOTSIE 100,predicting armageddon for the LSE if this didn’t happen 😆
When Fergus McCann launched his share issue in 1994, the Co-operative Bank arranged loans to Celtic investors at very favourable rates. No doubt Fergus received commission from the bank for bringing the business to it. The Co-op Bank in turn benefited from numerous new customers including those that also took out a Co-op credit card – which displayed the Celtic logo.
I wonder if Sir Charles Green will also receive a nice little earner by pointing the bears in the direction of his fellow Newcastle United director’s Wonga loan company?
The point I am making is that we simply don’t have enough or any information other than to make broad brush inferences about The Rangers current or future financial position, they “could” be heading for anything ranging from breakeven or a small loss to a thumping great loss of many millions, we also don’t know how much the share issue will raise, it could be only a few million or else it could be ten or twenty million depending on the loyalty and gullability of the bears. Put simply the margins of error in our predictions based on the absence of current and credible information must by necessity be monstrous.
The range of possible financial outcomes is huge depending on how much income & capital is raised versus how much costs have been reduced, it also assume that Metro Bank etc are only prepared to offer them short term or limited credit facilities.
Basically we simply don’t know whats going on with Rangers finances at the moment so predicitions at this time are futile given the range of possible outcomes and unknowns.
I don’t believe on a broad brush basis that they are currently a lean or financially efficient company/club and they seem to be following the same patterns of behavior that lead to thumping losses previously but that’s about all we can say.
We need more information it’s as simple as that and so do the potential investors / mug punters.
Will the prospectus contain info on the deals with Apple,Adidas,The Dallas Cowboys etc?.
Good news like this could swing the outcome CGs way.
Tommy says:
Thursday, October 11, 2012 at 13:45
When Fergus McCann launched his share issue in 1994, the Co-operative Bank arranged loans to Celtic investors at very favourable rates. No doubt Fergus received commission from the bank for bringing the business to it. The Co-op Bank in turn benefited from numerous new customers including those that also took out a Co-op credit card – which displayed the Celtic logo.
I wonder if Sir Charles Green will also receive a nice little earner by pointing the bears in the direction of his fellow Newcastle United director’s Wonga loan company?
_______________________________________________________________________
So just APR of 1200% then!
FT slam Sevco share issue , http://on.ft.com/SSSBBE
Tommy says:
Thursday, October 11, 2012 at 13:45
==============
That’s you you’re talking about faither.
Re AIM market just had a wee play with AIM figures going back to Dec 2010. Precisely 15 of the 151 publicly listed raised 20m plus. 45 Raised zero so far.
Of the ones raising “real” money they fell in these categories.
Oil & Gas 6 ,Finance 1 ,Investment 1 ,Banks 1 ,Chemicals 1 ,Food 1 ,Real Estate 1 ,Health 1 ,Services 1 ,Pharma 1
Lets face it 20 million in the cuurent market in “Entertainment Sport” is unlikely in extreme.
Just call it a gift to Charles and friends and be done with it.
Have look here
http://www.growthbusiness.co.uk/news-and-market-deals/aim-deals/
pau1888 says:
Thursday, October 11, 2012 at 13:51
Ouch! Should be required reading for the Guidi’s, Traynor’s Keevins etc of this world.
Loved the headline
Is there anything of interest wihtin the legal notice from rangersshareoffer.com?
In the UK, share registration and associated services are provided by Capita Registrars Limited (registered in England, No. 2605568) and regulated services are provided by Capita IRG Trustees Limited (registered in England, No. 2729260), which is authorised and regulated by the Financial Services Authority (FSA) with register number 184113. VAT number 618184140
Capita Investor Relations is a trading name of Capita Registrars Limited. Capita Share Dealing Services and Capita Share Plan Services are trading names of Capita IRG Trustees Limited.
The registered office of each of these companies is The Registry, 34 Beckenham Road, Beckenham, Kent, BR3 4TU.
Brief extract – more available from: https://www.rangersshareoffer.com/forms/LegalStatement.aspx
Interesting that the site is SSL based https://
Are they planning on-line payment for the shares?
Aim average company raises is 10mil in same period.
torrejohnbhoy says:
Thursday, October 11, 2012 at 12:55
‘—-
Thanks for that link to FT Alphaville.
Love this para:
“…Also worth noting, from an investor perspective, is the fact that Rangers Football Club Ltd has no corporate history whatsoever. The club may have been founded in 1872 but the company it has hermit-crabbed into has only existed since May and has never published a single page of accounts….”
Within hours of The Share Issue announcement,Both J.U. Stewart and the FT have rubbished it.I would think that institutional investors or even serious private investors would be more likely to listen to their advice than CGs.
The chance of attracting major investors may already be gone,after only 6hrs.
The FT piece. I particularly liked this bit:
“For those with only a passing interest in football’s backwaters, here’s a summary. The Rangers Football Club PLC …”
Football’s backwaters? Can he really be speaking about the WORLD’S BIGGEST AND MOST FAMOUS AND MOST SUCCESSFUL CLUB? Obviously written by a (insert your own word meaning Celtic-minded individual here). 🙂
Long Time Lurker says:
Thursday, October 11, 2012 at 14:01
Is there anything of interest wihtin the legal notice from rangersshareoffer.com?
——
Yes – “Shares” means shares in the Company.”
Otherwise looks like all the standard arse-covering stuff. I suspect when the front page goes live, it’ll just be a registration thing.
scapaflow14 says:
Thursday, October 11, 2012 at 13:36
For what little it is worth my own guess is somewhere in the £6m to £8m range, or 12,000 to 16,000 fans willing to stump up. I just hope they don’t resort to the likes of Wonga to do it.
_______________________________________________________________________
Probably safe to assume that tomorrow morning the MSM will regale us with stories of a “World Record” uptake of shares,web sites crashing due to demand etc.
No serious questions asked,though.
Rangers Tax-Case @rangerstaxcase
FT take on Sevco AIM floatation http://ftalphaville.ft.com/?p=1204671 Get ready to hear more about Nomads- whose reputation is key to trusting an issue.
Rangers Tax-Case @rangerstaxcase
Guess the name of one AIM nomad firm? Yes- Zeus Capital. Will Zeus be “selected” to be Sevco’s nomad?
Rangers Tax-Case @rangerstaxcase
AIM nomads (Nominated Advisors) do the background checking on firms issuing shares on AIM. They’re supposed to sort crooks from real deals.
Rangers Tax-Case @rangerstaxcase
Need to check more, but I don’t know of any rule preventing a Nomad from being a current shareholder. Will Zeus Capital be the nomad?
The Ship of Theseus Paradox (Or Triggers Broom)
“Imagine a wooden ship restored by replacing all its planks and beams (and other parts) by new ones. Plutarch reports that such a ship was “(…) a model for the philosophers with respect to the disputed arguments… some of them saying it remained the same, some of them saying it did not remain the same”. Hobbes added the catch that the old parts are reassembled to create another ship exactly like the original. Both the restored ship and the reassembled one appear to qualify equally to be the original. In the one case, the original is “remodeled”, in the other, it is reassembled. Yet the two resulting ships are clearly not the same ship.” — Relative Identity, Stanford Encyclopedia of Philosophy
RTCs recent tweets jogged my memory wrt a couple of tweets from Barcabhoy a few days ago:
Barcabhoy @Barcabhoy1
Coming soon,Zeus Capitals previous members voluntary liquidation in 2009.Interesting reading.You are in trouble if this lot are your savior
7 Oct Barcabhoy Barcabhoy @Barcabhoy1
Nice to see Zeus Capital don’t limit their hopeless causes work to Sevco
http://ftalphaville.ft.com/2012/08/08/1111411/
Zeus Capital 🙂 🙂 🙂
You’ve got to admit it guys, the planning has been superb. If it wasn’t for the Ordinary Joe carnage to come it would be funny too.
Ach, it is funny, it’s as funny as feck!
torrejohnbhoy says:
Thursday, October 11, 2012 at 13:51
1 0 i Rate This
Tommy says:
Thursday, October 11, 2012 at 13:45
When Fergus McCann launched his share issue in 1994, the Co-operative Bank arranged loans to Celtic investors at very favourable rates. No doubt Fergus received commission from the bank for bringing the business to it. The Co-op Bank in turn benefited from numerous new customers including those that also took out a Co-op credit card – which displayed the Celtic logo.
I wonder if Sir Charles Green will also receive a nice little earner by pointing the bears in the direction of his fellow Newcastle United director’s Wonga loan company?
_______________________________________________________________________
So just APR of 1200% then!
===================================
That’ll be a Representative APR of 4214% thank you very much. (according to Wonga’s website)
An idiosyncratic take on the Rangers story
http://msn.foxsports.com/foxsoccer/usa/story/americans-bocanegra-edu-painful-exit-from-rangers-100912
From the AIM rules for NOMADS:
Independence and conflicts
21. Independence on a continuing basis
A nominated adviser must be able to demonstrate to the Exchange that both it and its executives are independent from the AIM companies for which it acts such that there is no reasonable basis for impugning the nominated adviser’s independence.
Where the Exchange requires a nominated adviser to demonstrate clearly that neither its independence nor that of any of its executives has or will be compromised by any potential conflict of interest, the burden of proof will be upon the nominated adviser.
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So no way Zeus qualify, as one would expect. Cenkos in any case have been put in the frame as advisor to the capital raising (albeit as far as I’m aware not yet formally the Nomad). It is their duty to try to polish the turd……I image they are regretting it already. Forget about Capita…the registrar is a glorified postbox.
STV Sport@STVSport
Celtic have been found not guilty on an SFA charge following complaint over fans’ behaviour against Norwich http://sport.stv.tv
to put Evening Times article on Sevco Share issue in context
google search results….
“Glasgow Rangers” “Master Plan” – 45,000 hits
“Glasgow Celtic” “Master Plan” – 5,210 hits
“Greenock Morton” “Master Plan” – 4,170 hits
FTTT decisions issued in October 2012 now being published: http://www.bailii.org/uk/cases/UKFTT/TC/2012/
Nothing yet on MIH v HMRC.
Can you imagine what sort of trouble the FT will be in if Sevco fans start a boycot? The circulation figures will probably plummet by 5-10.
Further expansion on the AIM rules for NOMADS:
Schedules
Schedule One – Independence in relation to rule 21
For the avoidance of doubt:
• A nominated adviser may not act as both reporting accountant and/or auditor on the one hand and nominated adviser to an AIM company on the other unless it has satisfied the Exchange that appropriate safeguards are in place;
• No partner, director, employee of a nominated adviser or associate of any such partner, director or employee may hold the position of a director of an AIM company for which the firm acts as nominated adviser;
• No nominated adviser or partner, director, employee of a nominated adviser or associate of any such partner, director or employee either individually or collectively may be a substantial shareholder (i.e. 10% or more, taking into account options, warrants or similar that it may hold as if they have been exercised) of an AIM company for which the firm acts as nominated adviser;
• A nominated adviser or partner, director, employee of a nominated adviser or associate of any such partner, director or employee may be a significant shareholder (i.e. 3% or more, taking into account options, warrants or similar that it may hold as if they have been exercised) of an AIM company for which the firm acts as nominated adviser provided adequate safeguards are in place to prevent any conflict of interest;
• No nominated adviser or partner, director, employee of a nominated adviser or associate of any such partner, director or employee may deal in the securities of an AIM company or any related financial product for which the firm acts as nominated adviser during any close period of that company;
• When calculating an interest in a client company a nominated adviser is permitted to disregard any interest in shares pursuant to rules 5.1.3 to 5.1.5 inclusive of the DTR; and
• If a nominated adviser breaches any of the above limits as a result of its underwriting activities it must make best endeavours to sell down its holding to within the guidelines as soon as reasonably practicable.
Note: As guidance, bullet points 3 – 5 inclusive above will only apply to the corporate finance function of a nominated adviser firm and not to other areas adequately separated by chinese walls or similar safeguards. In such situations the burden of proof required of the nominated adviser under rule 21 remains.
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Theoretically, if Ahmad and Stockbridge resigned their Sevco directorships, RTC would be correct that Zeus being a shareholder would not automatically debar them, but it ain’t going to happen.
FT Alphaville is the most widely read blog in the City, the deal is already dead for any half-serious investor.
torrejohnbhoy says:
Thursday, October 11, 2012 at 14:15
Probably safe to assume that tomorrow morning the MSM will regale us with stories of a “World Record” uptake of shares,web sites crashing due to demand etc.
No serious questions asked,though.
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What we may also find is the MSM being helpful to Sir Charles by giving him free publicity of the share issue. Remember that hack from the Herald (name escapes me) who printed details of one of the first Sevco fixtures at Ibrox this season? I wonder if he will once more remind Sevco fans where they can apply for their prospectus packages by kindly displaying the URL.
pau1888 says:
Thursday, October 11, 2012 at 13:51
10 0 Rate This
FT slam Sevco share issue , http://on.ft.com/SSSBBE
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Wow! Succinct and to the point.
“So what has changed since May for £5.5m of assets to become a business worth circa £33m?”
Be nice to know the answer to that.
I suppose the charges against Celtic surrounding the ‘Zombie’ banner at an untelevised event, weeks after the event took place, (with the add-ons inserted by a corrupt and compliant MSM), played their part. It did what it seemed to say on the tin: Deflection, crank up the antipathy etc..
One of the things these charges did crank up though, is the utter laughing stock which is Scottish Football governance, in the eyes of ordinary fans.
(SSN saying that they will be interviewing Charles Green within the next hour. Anyone got a question they would like put to Mr Green?)
Danish Pastry says:
Thursday, October 11, 2012 at 15:40
pau1888 says:
Thursday, October 11, 2012 at 13:51
10 0 Rate This
FT slam Sevco share issue , http://on.ft.com/SSSBBE
————
Wow! Succinct and to the point.
“So what has changed since May for £5.5m of assets to become a business worth circa £33m?”
Be nice to know the answer to that.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Hover pitch(es), a casino and a great big Tesco Extra with Ample parking
Had a wee look at FF to see the reaction to the FT piece, aside from the inevitable remarks about the author’s surname, the posters were in some sympathy with its arguments. I may have to revise my guesstimate of Mr Green’s likely take downwards
The STV report on the zombie banner has the following words ‘Rangers supporting zombie’. Why do i find those words funny? Maybe it is the whole ridiculousness I find funny.
FFW and Travers Smith score roles on Rangers’ £20m IPO
http://www.thelawyer.com/ffw-and-travers-smith-score-roles-on-rangers-20m-ipo/1014851.article
Still love that picture.
start digging the names up
Didn’t understand the Green comments reported on stv. He says that the club is debt-free, then later says it isn’t:
“Rangers is debt-free and a huge club with enormous support and a 140 year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”
then …
“The debts of the club need to be removed, we need to get finance into the club and I need to list the club on an appropriate exchange. Until those three hurdles are overcome, I won’t achieve anything and there is a percentage of the newly-enlarged company that will come to me once it is done.”
All very confusing.
http://local.stv.tv/glasgow/194327-rangers-football-club-announces-intention-to-float-on-aim-market/
torrejohnbhoy says:
Thursday, October 11, 2012 at 12:30
6 1 Rate This
briggsbhoy says:
Thursday, October 11, 2012 at 12:17
torrejohnbhoy says:
Thursday, October 11, 2012 at 11:49
I remember those cold Saturday morning playing for the primary school back in the early 70′s and one day we happened to be playing my dads cousins school team that he ran. My father told me that he had been a great footballer and had played internationally for the Scottish Schools as a child so I was automatically in awe of him. When I complained about the cold weather and the mold master he advised me to rub olive oil in my legs before a game, that would keep me warm and a hit from the ball would be a breeze.That was it, off I went home and got the Olive oil out for the next game. The following Saturday there I was on the frosty ash pitches that used to be in front of the BarL pre M8 motorway and my father killing himself laughing at me all oiled up, stinking and ready for anything. Ten minutes in and I caught the old mold master on the innner thigh, oiling they legs had made not a blind bit of difference, I was greeting my eyes out.
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Wintergreen we were told.
Made not a blind bit of difference.
When you were only 10/11 years old,kicking a Mouldmaster was like kicking a brick. :thumbsup:
My joy was heeding the moldie. Good days doon Glega Green. Wind blowing like a gale. Being goalie was no fun, having to get the baw after it went by, no nets in those days.
Danish Pastry says:
Thursday, October 11, 2012 at 16:10
Mr Green seems to understand that all warfare is based on deception
angus1983 says:
Thursday, October 11, 2012 at 09:53
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Yes, yes you did. You missed the RFFF meeting where Green stood up and told them he needed the £650,000 in the fund to pay for upfront tax securites demanded by HMRC from the pheonix club.
Lets imagine octopus investments now own rangers. How can it be beneficial for them? Tuck Away assets, ibrox, murray park, car park. Do a float issue, contract the work out to companies in your portfolio. Rangers are pretty influencial, lots of potential for octopus to explore. Even running at a loss for a few years, rangers will be the 2nd strongest team in scotland soon, back to playing in europe, and being self sufficıent. Personally, i think they could make a fortune, happy to be shot down.
Worth a look at this chap’s twitterings.
https://twitter.com/BigStuart1888
angus1983 says:
Thursday, October 11, 2012 at 14:13
Long Time Lurker says:
Thursday, October 11, 2012 at 14:01
Is there anything of interest wihtin the legal notice from rangersshareoffer.com?
——
Otherwise looks like all the standard arse-covering stuff. I suspect when the front page goes live, it’ll just be a registration thing.
========================
Standard indeed – spot the difference
https://www.rangersshareoffer.com/forms/LegalStatement.aspx
https://www.frodobond.com/forms/LegalStatement.aspx
Like it says, ‘share the vision’…
From the comments section on Bryce Elder’s FT Article
Question:
Bryce, can a company choose which Nomad company is appointed? Basically, although Cenkos Securities have been mentioned, is it possible that Zeus Capital (current shareholders) could be selected, or is there a law prohibiting this scenario?
Answer:
“A nominated adviser must be able to demonstrate to the Exchange that both it and its executives are independent from the AIM companies for which it acts such that there is no reasonable basis for impugning the nominated adviser’s independence. Where the Exchange requires a nominated adviser to demonstrate clearly that neither its independence nor that of any of its executives has or will be compromised by any potential conflict of interest, the burden of proof will be upon the nominated adviser.”
expectinrain says:
Thursday, October 11, 2012 at 16:24
same guy after practicing his cutting pasting on the invoices?
As the national broadcaster funded by license fees this lie is outrageous,even for the MSM. There was no hood and no scarf of any description. What is the agenda behind this piece of blatant propaganda?
http://www.bbc.co.uk/sport/0/football/19911519
Celtic found not guilty by SFA over banner charges
Celtic have been found not guilty of four alleged breaches of disciplinary rules, which all make reference to an “offensive banner”.
The Scottish Football Association charged the club after the banner was displayed at a friendly between the club and Norwich on 24 July.
The banner featured a hooded gunman firing a rifle at a zombie wearing a Rangers scarf.
The English side won the match courtesy of Grant Holt’s late strike.
The alleged rule breaches included failing to “ensure the good conduct and behaviour of Celtic FC supporters” and “prevent misbehaviour by spectators” as well as allowing the banner to enter the ground and be retained by fans so it could be displayed a second time.