Not in Front of the Children

The outbreak of internecine warfare at RIFC is being acted out through a real pea-soup fog right now. The war is being fought on so many fronts that it is difficult to see just exactly how many armies are involved, and how the alliances are shaping up.

Craig Mather would appear to be in the Charles Green camp, but it is difficult to imagine that he would be happy to hear old blunderbuss-mouth peppering Ally McCoist with shot. McCoist’s in-character but inelegant riposte, whilst a valiant attempt at deflection and self-preservation, put his mentor and chairman, Walter Smith in a rather awkward position. It gives Mather a double headache as he tries to head off Clyde Blowers boss Jim McColl – and his blowhard ally Paul Murray – at the EGM-pass.

If Mather stands by Green, and Smith does the same for McCoist, then the two main officers of the company will be in opposite, and hostile, camps.

As I say, making sense of it is difficult, but one thing is as clear as an empty window frame: the acrimony, which has been in existence for months, is only now being aired in public because the season ticket drive is over. The one policy that the warring factions have been in agreement with is “Not in Front of the Children”.

Now that the fans have been compelled to buy season tickets in substantial numbers through a mixture of fear, loyalty and a never-ending stream of press spin telling them that “Rangers are on the cusp of greatness if only the supporters cough up”, it seems acceptable that the real war can begin – but what is the prize?

There can be little doubt that all of the factions are aware that a conservative business model is necessary if Rangers are to establish themselves in Scottish football – certainly a more conservative one than that followed by RFC (IL). I infer therefore that the war is not over a Murray vs McCann approach. My best guess is that the war is one of ideals – between one faction which aims to make as much money in the short term as possible, and another which, whilst not averse to a bit of nest-feathering, sees the health of the club and the notion of a continuity Rangers as paramount.

The trouble for Rangers fans is that it is the former faction which holds all the cards – all the shares in fact. I think that all fans of the game of football would hope that people with football at heart would win out here, irrespective of what their partisan loyalties dictate on a day to day basis.

The problem for either warring faction is that the loyalty of the Rangers fans is finite. The “long road (back)” to the top is one which might engage them for while. It is a great journey which is not without its rewards and adventure, but expectations will be massive if and when they get to the top league. When the acceleration of progress meets the buffers of premier championship aspiration, gate money will be in the front passenger seat.  Managing unrealistic expectations is extremely difficult, and evidenced by the use of McCoist’s recruitment sledgehammer to crack the nut of the bottom two divisions.

But here are some questions to which I honestly do not know the answer;

  • How does the Rangersness faction wrest control away from these spivs?
  • How will the spivs attempt to ensure that the Rangersness faction fails in their objective?
  • Can the people in the Rangersness camp REALLY be trusted to act in the best interests of the club even if it is at odds with their own? This, given the close association with the terminal decline of the club they all profess to love.
  • Is there any realistic scenario which allows this club to prosper and challenge for honours within a ten to fifteen year period?

My belief is that the key to the new club being able to establish itself is managing the expectations of the fans. Despite the MSM willingness to cut and paste RFC and RIFC press releases unadulterated, the ability of that same MSM to impress a message of realism into Rangers fans is zero. Not in front of the children in fact.

Is it really a sociological bridge too far to expect Rangers fans to turn down the expectation-ometer? I don’t believe it is. In the eighties, if I recall correctly, a seriously underachieving Rangers team were not met with demands for big spending. There was pressure on them to get better managers who could pick better players, but no demands for Fort Knox to be breached.  If Rangers fans really want a club called Rangers playing in blue at Ibrox, and competing fully in the game, they need to find leaders who can sell the long-termism of such an aspiration. Many will hope, including the spivs and the MSM, that no such leader emerges.

 

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Tom Byrne

About Trisidium

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

2,305 thoughts on “Not in Front of the Children


  1. TSFM says:
    August 14, 2013 at 12:25 am
    17 0 Rate This

    Can we keep a bit of perspective with the Longmuir thing folks?

    It is only an allegation that an allegation has been made so far. No facts, no corroboration, nothing other than a suggestion that someone might have asked a question at a meeting. Ditto the alleged job offer – only gossip with nothing else to suggest anything more concrete.

    We like to wait for slightly more before we start to ink things in as facts.

    Thanks
    ===============================================
    I agree with your sentiments here TSFM. Innocent until proven otherwise etc.

    On a separate note though when all the Rangers stuff kicked off last year Longmuir was being portrayed in many quarters as the only one of the three ruling body heads who had any integrity. I wonder if the well known fact he is a Rangers man had anything to do with that!


  2. upthehoops says:
    August 14, 2013 at 6:04 am
    ————————————-
    Alex Thomson’s eyebrows certainly shot up at the time when he found out that both Longmuir and Ballantyne owned shares in the corpse


  3. @Pmacgiollabhain Here’s another email with the SPFL raising concerns about the Longmuir appointment.

    http://i.imgur.com/NibrsVa.jpg

    Phil,
    Are we sure this isn’t something someone typed up and stuck a crest on,or is there much more to it?


  4. slimshady61 says:
    August 14, 2013 at 6:57 am
    ————————————-
    Alex Thomson’s eyebrows certainly shot up at the time when he found out that both Longmuir and Ballantyne owned shares in the corpse
    =========================================================
    To an outsider that is something that will raise eyebrows, but in Scotland where the starting point is traditional Rangers men are all considered to be honest, dignified and trustworthy it is the norm. I remember a few years ago during the endless Refereeing debates we get here is Scotland a caller to Radio Clyde claimed to be an-ex lower grade Referee, and stated as far as he was aware, over 90% of Grade 1 Officials were Rangers fans. He even claimed some wore Rangers anoraks to training. The response by all and sundry on Clyde was ‘so what…, even if what you say is true they are all honest and any mistake they make is an honest one and not out of bias’. How were they all so instantly sure of that?

    Until the time comes there is an acceptance that traditional Rangers men are no different from the rest of us we can’t really move on. That means they have the same good points and bad points as other groups of people, and are as capable of lying and cheating as other people.


  5. wottpi says:

    August 13, 2013 at 10:43 pm

    essexbeancounter says:
    August 13, 2013 at 10:22 pm

    My comments re Mr Stockbridge are made with tongue fully in cheek, other than those relating to his recent performances which publicly show he is a disgrace to the accountancy profession -not for being incompetent but because he knows full well what he is up to.
    ===============================================================================
    Wottpi…point taken.
    However, his “unease” I think stems from the fact that despite having known and worked with this cabal of spivs for some time, he knows the end game more than a little intimately and cannot hide his unease at the thought, particularly the contracted £200k bonus on top of his already inflated basic of £200k. Hands up those who think he will waive his entitlement to £200k…?
    As for “disgrace to the accoutancy profession”, I could recall a few greater, but not for this glorious site…!


  6. fergusslayedtheblues says:

    August 13, 2013 at 11:09 pm

    A bit like the dinner lady at my old primary school shouting “who wants seconds” when caramel cake and custard was the dessert ,the poor woman was nearly trampled to death in the rush of weans only too willing to clear the lot .
    ===========================================================================
    Caramel cake and custard..!…..the mere thought makes me salivate and will no doubt help me through a meeting with a boring client later this morning.

    Many thanks for the memories Fergus…!


  7. wottpi says:

    August 13, 2013 at 11:28 pm

    fergusslayedtheblues says:
    August 13, 2013 at 11:21 pm

    I wouldn’t complian about the edit and delete feature, it is there to help us not make arses of ourselves.
    =====================================================================
    Wottpi…how true…!
    I will make that my “thought for the day”…!
    Thank you.


  8. It is all too much …

    One revelation after another and no sign that it will stop. I had a clear idea in my mind where the Rangers saga would end and spoke confidently about my beliefs. I can honestly say I have no idea now this will end now – who will be standing at the any, if anyone, and what the landscape will be when the dust finally settles. I’m not even entirely sure it will end badly for Rangers. I have an enduring thought that they will wriggle out of it somehow (though I can’t guess how).

    Ahmad’s claim to £3.4M, Longsnout gets in the trough too, UTT to come, Safety Certificate issues (?), and the inevitable insolvency event. There are too many questions unanswered, too many lies, too much spin. Noone will come out of this with credit, but I’m sure some will come out of it a little wealthier.

    I have a feeling the worm has turned in the media, finally. I have a feeling that Charlotte is warming up to something explosive. I have a feeling that things are about to turn ugly. Will it be enough to harm the “establishment” club? We shall see.

    There is a book is this somewhere. Are you taking notes Phil?


  9. At the end of all this (If it indeed has an end), will the the rangers fans start greetin end moan, “Why did nobody warn us about it?”

    Jeezo, even the good folks of Sheffield warned you that nothing but misery lay ahead. What did you do?
    Aye, that’s right, stuck yous fingers in your ears and screamed, nananananana!

    If indeed the ‘big hoose’ (copyright the big fat guy outside Ibrox) closes, the rangers lose their history (officially this time), the next reincarnation get humped and humiliated by diddy teams on a regular basis.
    Will the cry still be surrender no! Or watp?

    I am sometimes reminded of the old Glasgow film ‘Just another Saturday.’ When the big walk takes place, the star of the show, the young band member throwing the stick has quite a traumatic day to say the least.
    At certain times it looks like his eyes are being opened to the pointless violence and hatred on display.
    He has one such moment of clarity as an old man is brutally attacked by the ludge maister.

    At the end of the day, as he lies in bed reflecting on it all, his final words of the big day are ‘We are the people!’

    Sorry for straying into dodgy territory there, but that’s what we’re dealing with.


  10. The Glen says:
    August 14, 2013 at 1:06 am

    Unfortunately the “go to guys” for TV interviews etc seem to be Mark (Grandmaster Suck) Dingwall and Chris (Fury) Graham, who really do reflect the mentality of the Rangers support who use online social networks.

    There is no reduction in levels of arrogance, supremacism or sense of entitlement that I have seen. In fact quite the reverse. The wagons really have been circled and the sense of grievance, timmy conspiracy etc have reached new levels of paranoia. They really are the people and they really don’t care what anyone else thinks about them.

    People like Dingwall and Graham have played on that and stoked those fires. They are the architects of their own downfall. Ably assisted by a media only too happy to mislead the fans in order to put out blatant propaganda in place of actual reporting. It’s the cheap and easy option to fill space, either in the papers or on the air waves.

    I’m afraid willful ignorance really isn’t an excuse for the fans.


  11. beatipacificiscotia says:
    August 14, 2013 at 8:29 am

    At the moment if you asked me for an end game I would forecast a Blue Knights riding on a horse called Rangersness wearing a King’s crown (possibly sucking a Murray Mint – too far now?) to the rescue. All the bad men will have gone and as long as you don’t look too closely at the future balance sheet for assets, nor ask what the exceptional figure in the expenses section of the P&L under Rent is, you’ll be just dandy, or a bear to be more exact. The only minor issue still remaining will of course be the complete inability of the 11 men in blue to turn out without burning (generously) £5m per year with no bank, institution or historic creditor looking anywhere near them.

    Won’t stop the Jackshun exclusives on warchests or hovver pitches right enough.


  12. TSFM says:
    August 14, 2013 at 12:25 am

    Well said.
    We have been bitten far too many times before when relying on the decisions of others to bang people up.

    However if the Longmuir story has legs then I believe the tide has turned and we may see some results if there is substance to the allegations.

    There is far too much going on for the footballing authorities and the new ruling body for the league to once again turn a blind eye and the persistence some valiant TSFM posters in questioning the authorities may yet see results.

    On a side issue I get the feeling many on here are not going to be forking out to Mr Murdoch to read the Sun. However for all our bad mouthing of the SMSM they still have there uses and may have stories to tell.

    If TSFM is currently cash rich would a subscription on behalf of the site be in order to allow for relevant articles to be mentioned or reproduced in the interest of balance and research?


  13. End?

    The end for Rangers??

    This is like the end of Lord of the Rings.
    The cinema audience has stood up and sat back down a few times already.

    If admin for TRFC was announced today there would still be a long way to go.


  14. wottpi says:
    August 14, 2013 at 9:22 am
    TSFM says:
    August 14, 2013 at 12:25 am

    Well said. We have been bitten far too many times before when relying on the decisions of others to bang people up.
    =====================================================================

    The one thing about the allegations is that they can’t be ignored whether they are true or false.

    The story can’t just be allowed to fester. A statement must be made by the SFA either confirming an investigation into allegations is underway or dismissing the claims made against the two people involved.

    However the SFA better get it right and I think they know by now that if they attempt to hide or deflect then it will not go away and the facts will eventually come out. So for once in their life the suits have got to person-up and start acting for the better good of Scottish Football.

    As to the apparent job situation then that is either pure stupidity in terms of Rangers and the applicant at best or, at worst, a barrel of stinking fish. However that may be resolved following the required SFA statement.

    I feel sure that the SMSM will feel the need to cleanse their soul and wash their hands to make-up for all their grotesque failings in recent years brought about by a mixture of bias, cowardice and lazy p*ss poor journalism.


  15. essexbeancounter says:
    August 14, 2013 at 7:42 am
    fergusslayedtheblues says:
    August 13, 2013 at 11:09 pm
    A bit like the dinner lady at my old primary school shouting “who wants seconds” when caramel cake and custard was the dessert
    ====
    At our school it was called either Toffee Tart or Caramel Flan (I think they were just f=cking with our minds since they were identical) and it was without doubt the best school pudding ever. I still remember having nine seconds one blissful lunchtime.
    Sorry for the Off Topic but I just had to…


  16. One of the continued and extraordinary myths put about by sports hacks has always perplexed me.

    On the one hand trumpeting the business case for a strong rangers and the economic benefits of such a situation to Scottish football in general, while on the other pleading ignorance of all things business and economic related as a cover for their non reporting of a story.


  17. James Doleman says:
    August 14, 2013 at 9:13 am

    Mr Ahmed explains his £67 million figure
    http://billmcmurdo.wordpress.com/2013/08/14/imran-the-deals/
    ====================================================================
    A fascinating mix of fairy tale and wishful thinking on McMurdo and Ahmad’s part.

    Looking at some of the income streams claimed it seems to me that a cast of thousands has been involved in generating it. Indeed there are so many slices of commission apparently payable to known and mystery people that the pay-offs probably amount to far more than the money raised.

    What that Ahmad seems to be banking on is his 5% commission clause in his contract – obviously any legal action will hang on the wording employed, And the chances of legal action – I reckon absolutely zilch because there is no way he or Green will want to appear and be cross-examined in court. And any resolution would be a couple of years down the line and we could be at Mk 4 or 5 Rangers by then so who would be paying any settlement figure.

    Imran is trying to squeeze a settlement out by threatening court action but as the pot is empty and the warchest a myth he has no chance.

    Also TRFCL was his employer and they won’t survive until any court action – even Paddy Power wouldn’t offer odds on it for a laugh.


  18. Yakutsuki@8:40am

    A phrase from another Peter McDougal classic Just A Boys Game ‘ I think is apt for the sevconians. “YER TEA’S OOT!


  19. helpmaboab says:
    August 14, 2013 at 10:24 am

    1

    0

    Rate This

    Yakutsuki@8:40am

    A phrase from another Peter McDougal classic Just A Boys Game ‘ I think is apt for the sevconians. “YER TEA’S OOT!
    =================================================
    Haha, like it! 🙂


  20. While we’re on Just A Boy’s Game…

    Frankie Miller’s character was Jake McQuillan.

    In A Shot At Glory, Mr McCoist’s character was Jackie McQuillan.

    I don’t like coincidences.


  21. I note the BillMcMurdo is publishing the “claims” of Ahmad in relation to money he has brought in himself. £12.5m pre- and £23m post-IPO cash. So what was Charles Green doing? What were Cenko doing – tdidn’t they get commissions for bringing in investors? Was all this cash really down to “wan guy”?

    Sports Direct Puma is a 5 year contract and apparently should produce profits of £4m per year for the next 5 years. That’s £20m of benefit to Rangers Imran directly negotiated on Puma. – and what if it doesn’t? A lot can happen in five years – Rangers could go bust another couple of times for example, Sports Direct cold take over the running of merchandise for another.

    By buying Albion Car park he (alone apprently) “saved the club £3.5m over 10 years as lease was an astronomical 350k per year”. £2.4m for Edmiston House & the car park – Ahmad says EH was £1.5m so the car park was bought for just £900k? For a site generating £350k a year? Unlikely, but we’ll go with it. So the House will bring in £2m a year “when developed”? And the saving of £350k a week is banked. That’s payback in one year for the £2.4m purchase price (excluding, er, unspecfied development costs). Awesome work.

    However, again, the promised £2m a year isn’t banked is it? And projected savings kind of aren’t worth the paper they are printed on, especially with a horizon of 10 years. And it was dependent on investing 10% of the IPO money upfront. Opportunity cost of money spent might prove fatal.

    On Azure “I got them to cough up another £7m over existing contract” – for nothing? For no quid pro quo? Wow, just wow. How long is this contract and what is that per year? And is that guaranteed? I assume Azure will be sacking their negitiator if you take this claim at face value.

    As I say, I don’t know many salespeople who get paid up-front on the basis of multi-year deals, let alone get paid commission on cost savings, again over long time horizons. Obviously I haven’t seen Imran’s contract but I think doubt this this claim would be more than for a few hundred k based on 5% commission if it underwent much scrutiny.

    Final thought: as the saying goes, there’s no “i” in team but there’s a “u” in c…….


  22. From the McMurdo blog, this is apparently the money Ahmad is claiming he has, or will, bring into the Rangers’ coffers.

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

    Sports Direct Puma is a 5 year contract and should produce profits of £4m per year for the next 5 years.

    That’s £20m of benefit to Rangers I have directly negotiated on Puma.

    £12.5m pre-IPO cash I directly negotiated and introduced.

    £23m of IPO Cash I negotiated via Cenkos.

    By buying Albion Car park I saved the club £3.5m over 10 years as lease was an astronomical 350k per year.

    On Azure I got them to cough up another £7m over existing contract.

    Bought Edmiston House for £1.5m which when developed will bring £2m per year into club.

    My 5% bonus is only based on cash profit into club. Total size of Puma deal over 5 years is circa £100m of cash-flow but I’m only making my claim on the profit Rangers would get i.e. £4m per year for 5 years if that makes sense.

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

    It is worth noting things like the Sports Direct Puma deal will bring in £4m profit to Rangers per year for the next 5 years, not turnover, profit. The actual “cashflow” over the period is £100m. Fortunately he only wants a cut of the profit, not the turnover.

    He negotiated £12.5m pre IPO and £23m at the IPO, with Cenkos. I don’t even know what that means, he negotiated that with Cenkos (the NOMAD) how exactly.

    This is so mental it can only be a distraction. It will serve as a squirrel whilst other serious matters are going on and as a major victory for the club when required. It is positive propaganda in the making, cynical maniupulation of the hard of thinking.

    Bear in mind, as I understand it, he has not actually taken any action just talked nonsense in public. That wouldn’t be the first time things like this have happened.


  23. Compare and contrast

    http://billmcmurdo.wordpress.com/

    Here is the list of deals that Imran Ahmad claims he is owed money on in his own words:
    -Sports Direct Puma is a 5 year contract and should produce profits of £4m per year for the next 5 years.
    -That’s £20m of benefit to Rangers I have directly negotiated on Puma.-
    -£12.5m pre-IPO cash I directly negotiated and introduced.
    -£23m of IPO Cash I negotiated via Cenkos.
    -By buying Albion Car park I saved the club £3.5m over 10 years as lease was an astronomical 350k per year.
    -On Azure I got them to cough up another £7m over existing contract.
    -Bought Edmiston House for £1.5m which when developed will bring £2m per year into club.
    -My 5% bonus is only based on cash profit into club.

    http://www.heraldscotland.com/news/home-news/rangers-aim-for-100m-turnover.20455502
    He (Stockbridge) said: “The Puma deal is a very good one. Typically, a manufacturer pays upfront and will claw that back at the end through the shirt prices.
    “With Puma, I negotiated that we get a very high royalty rate on everything, even what we sell in the shop here at Ibrox.”

    http://tyneandwear.sky.com/newcastleunited/article/32759/ashley-eyes-rangers-stake
    Sky Sports understands that Newcastle United owner Mike Ashley is IN TALKS with Rangers’ CHARLES GREEN over buying a stake in the Glasgow club.

    Seems different people are all claiming credit for negotiating the same deals while at the same time I’m guessing some fees have also been paid out to others for thier part in negotiating the same deals.

    I am sure many posters have come across people in business who were awarded OBEs for
    Other Buggers Efforts. Seems that principle is alive an well in Govan


  24. Look like within 5 minutes a handful of people have pulled apart IA’s claims.

    On what planet do these people live that they are born with such thick brass necks.

    It is all a game to them and they have no moral compass.


  25. Gee69 on August 14, 2013 at 10:43 am
    1 0 Rate This

    While we’re on Just A Boy’s Game…

    Frankie Miller’s character was Jake McQuillan.

    In A Shot At Glory, Mr McCoist’s character was Jackie McQuillan.

    I don’t like coincidences.
    @@@@@
    This was also the last time that JT got to play a real reporter!
    Incidentally, when Davy ‘the brain’ Dodds stated on the BBC that ‘…EBTs were just one of the things on the go at that time….’ Anyone know what he meant?


  26. TSFM you are right the DL situation is just accusations with no prove at the moment.
    I suggest only IMO I may add that it is true. I wait to be proven wrong but at the moment and over the last 2 years the events surrounding the sfa and Sevco is steeped in corruption. What ex rangers director or supporter in high positions with shares or allegiance to the Govan club can you REALLY trust. Just tell me the truth I can handle it.


  27. @ecobhoy

    Your operating costs of 28 million are not dissimilar to mine( I predict 30 million) but your income estimate is too low, Stockbridge confirmed the income from last year was 20 million. A 10 million trading loss looks likely,and savings of 1.5 million in running costs and 1 million in players wages will reduce total costs down to 27-28 million for this year.

    ” Any way you look at it, he circle is not being squared. The payroll , it is claimed , is now £8 million. That would still require an increase in income , over current levels, of more than £4 million. And all of this is before the amortisation of player registrations of £800,000 every 6 months, mostly because of the value they placed on the players who Tupe’d over. ”

    I believe the new income ( not in last years accounts) from Puma, Blackthorn and Sports Direct will more or less cover the deficit of 8 million, and Stockbridge agrees with me, maybe a few million short.

    To put this into context, Rangers have downsized from losing a million a month to possibly a few million a year, and this is not too bad given the chaos in the boardroom. Rangers are not going into administration for a few million, especially when income for the next year will rise by 3 million from ticket increases alone.

    People cannot have it both ways, on one hand they are focusing on the cost of a 3.4 million claim from Ahmad but disregarding what the claim is for, he has increased income by 67 million over the next 5-10 years. I am not suggesting it is all pure profit but we must assume it will redress some if not all of the income deficit.


  28. Carl31 says:
    August 14, 2013 at 9:36 am
    ==================================
    Really just thinking out loud here.

    The value for the “investors” is twofold: in the heritable property and the intangible club brand. But those inherent values can only be realised if someone is prepared to pay hard cash.

    There are, I think, around 65m shares in RIFC, which is currently trading at around 41p per share – giving a market capitalisation of almost £27m.

    It would appear that RIFC’s subsidiary TRFC Ltd, owes the parent company something around £30m; but only has £10m in the bank. The obvious thing to do, would be to allow TRFC Ltd to keep some of the cash and place the heritable property (currently valued at around £34m) in a different subsidiary to cancel out the debt. TRFC Ltd then sign up to a long-term FRI lease committing to say, £3.5m per year to the property arm.

    They then have two options:

    1. If the RIFC shareholders think a members voluntary liquidation is appropriate – they would almost certainly sell the subsidiaries individually. An investment company might think that properties would be good value if they could achieve a 10% yield. If they were bringing in £3.5m per year, that would make Ibrox, MP and the Albion worth around £35m. TRFC Ltd has, on the other hand, little prospect of profitability in the foreseeable future so would only be worth its sentimental value. I’d guess a symbolic £1 plus whatever cash is left in the bank at the time of the sale.

    2. Alternatively (and perhaps more likely) there is a demerger of the footballing operations from the property ownership and initially at least – the existing shareholders of RIFC plc have the same proportion of shares in both the footballing operations and the property company. However, a new share issue in the footballing club – say 200m new shares at 5p – will massively dilute the original shareholdings and give “control” of the club to the Rangersy men. £10m of new money keeps them going to the end of this season; but they start next season and every subsequent season, £3.5m down – as the annual lease cost of playing at Ibrox.

    Whichever way I look at it – unless someone is prepared to stump up £35m – £45m for the entire operation, the investors only get out with their cash by owning (and perhaps selling) the heritable property with someone else paying for the footballing operations.

    As I say, just thinking out loud.


  29. Disclaimer : I am not a financial expert

    OK, Imran claims HE (alone) raised

    £12.5m pre-IPO cash I directly negotiated and introduced.
    £23m of IPO Cash I negotiated via Cenkos.

    £35.5M in cash into the club.

    I am going to assume the 12.5M includes the original £5.5M to buy the assets from D&P (but who knows)

    So, if I am right – and please corect me if I am wrong

    £35.5M in Pre IPO + IPO cash
    @£10M in season ticket + walk up sales last season
    @£8M in ST sales this season

    £53M in total income (i’ve ignored tv, sponsorship and other revenues – i’m being conservative!)

    £10M left in the bank as of last week.

    So, in just over 12 months, they have burned through £43M??

    isn’t that SIGNIFICANTLY more than we have been basing our calculations on? I reckon that is about £2.9M per month, not £2.4M


  30. stevensanph says:
    August 14, 2013 at 3:36 am

    “Your right in saying it raises massive suspicions about the conduct of those at the top of the Scottish game.”
    —————————
    None of us can know the machinations that have taken place to allow a situation to arise where Scottish football appears to have been financially disadvantaged concerning its TV deal. For me though the picture you have outlined has a shape and aroma of scenarios I have encountered in my working life; where deals were done to benefit individuals rather than the organisations who pay their wages.

    In a truly commercial environment the ignorance of the final outcome of a negotiation spurs service providers to make their best offers since to do otherwise would leave them culpable if they were unsuccessful. However when proposals are made with foresight of the final outcome the commercial pressure is not exerted. Best offers are not made.

    I worked for a company that were involved in overseas projects where this difference was in plain contrast. We were doing well. The clients were happy. Then it was decided to award some contracts via an old ‘friend’ of the managing director. The result was that the contracts were a disaster. Since the contracts were not awarded on a commercial basis the overseas service provider knew in advance that they were getting the work. Instead of deploying their resources on our projects they concentrated on more commercial work where failure to execute timeously would mean no repeat business. Our projects overran on time and budget. We had no commercial leverage you see. No-one could ask awkward questions because this might upset the managing director’s friendship.

    So the MD’s ‘pal’ got his cut. The MD no doubt got his cut. Me. I got my job cut when the client concerned decided to pull all their work out of our company. This deal between friends is characterised as ‘networking’. It used to be called corruption. All that commercial benefit wasted to line a few people’s pockets for a wee while.

    So that’s my experience of how you leak commercial advantage from a project. What parallels this has with the Scottish football TV rights is open to conjecture.


  31. PMacG pointed out in tweets that a £3.4m debt to a party is significant should there be an admin.

    If it is more than an HMRC debt, then the taxman cant make the call on a CVA. Could it be that a vote on pence in the pound is controlled by the cabal because of this claim?

    Could the Ahmad claim be a (another) dodge or scam?


  32. Following on from my previous post I’d like to write a eulogy to the Scottish International team. I hope it is premature or merely a prompt but it is what is in my mind at the moment.

    Last night the under 21 team were humiliated by their auld adversaries. England will have a good team but the margin of defeat may be a symptom of a deeper malaise.

    Being from the minority ethnic tradition I have subconsciously become accustomed to accepting second class status in my community. As I’ve become more aware of this in my later years I changed from being subordinate and compliant to being rebellious and ever questioning. This type of attitude is not acceptable in certain circles. Nevertheless, to quote ‘La Passionara’, I’d rather die on my feet than live my life on my knees.

    When Neil Lennon became Celtic manager (bear with me here), he seemed to exhibit similar characteristics of rebelliousness and inability to subordinate. He was chastised in the press in what we would now easily believe was an orchestrated campaign. I think he was rebelling against an establishment that he found deeply unfair. Had fate not taken its latest twists he might easily have been crushed under the weight of the criticism that was being levelled against him. However what has happened instead is that he has instilled a self belief in his team that has allowed them to achieve above their apparent status.

    So to Scotland. A divided nation. Ever since the Normans. Once the group of tribes that not even the mighty Roman Empire could subjugate, we have become humbled by our own internal divisions. Divisions that were probably sown hundreds of years ago to quell this fearsome race. In the divide and conquer strategy you favour one tribe over another. You make it clear that compliance brings benefit whereas insubordination reaps hardship. Anyone born into this environment would inherit their ancestors attitudes though over time some of the rebellious would be worn down. The result would be a compliant nation. Only permitted to be proud when such pride did not spill over into self determination.

    The ‘networking’ that has wrought this subordination has rotted the heart of this once proud people. Merit is not recognised; only association brings advancement. Endeavour is no guarantee of success. The book has already written and for some they will never be the hero of the tale. Ambition has been stilted in favour of the maintenance of the stauts quo.

    So how can we expect 11 Scotsmen to take to the field of sporting challenge and excel in their efforts when such excellence is not in play in their wider society? Why should we anticipate that these mortal men will gloss over our inadequacies for a wee while when we ourselves struggle to come to terms with them.

    Yet it ‘could’ all be so different. They could be representatives of a unified nation that strove for pride and glory. They could in those moments of pressure call up hidden reserves of energy stored up by their compatriots in their own personal hopes and dreams.

    Good luck Scotland. We send you into the field ill equipped to undertake the task you have allotted to accept. We can have no expectation of your success when we ourselves can only grasp at an illusive success that forever seems out of reach. Know that if you fare well it is by your own efforts and though we may rejoice in them, we still have some way to go to match them.


  33. More on Imran’s claims

    “My 5% bonus is only based on cash profit into club. Total size of Puma deal over 5 years is circa £100m of cash-flow but I’m only making my claim on the profit Rangers would get i.e. £4m per year for 5 years if that makes sense.”

    OK, ignoring who actually struck this deal – Stockbridge/Green/Imran….It’s pretty clear that Puma haven’t paid up front and that Sevco are paid based on shirt sales.

    In one sense, this is a good idea for a fledgling business with little capital resources. They use an existing retail network (SD) and an existing manufacturer (Puma)

    They don’t pay upfront for production runs, they don’t hold vast amounts of stock essentially tying up capital and they don’t worry about any surplus stock not sold. They don’t fund the retail/logistics infrastructure to sell these. But they simply receive a cheque every qtr based on sales.

    And it IS all profit.

    But imrans claim that he is only taking a % of the profit isn’t strictly true in this case, he is taking a % of the total additional revenue to Sevco

    There will NOT be £20M in sales passing through Sevco’s accounts, there will not be £16M in cost of goods passing through Sevcos accounts – their revenue and costs will largely be unaffected by the costs of doing this, they will just receive a qtrly cheque.

    Of course, if they were cash rich, or already had their own retail structure – they could make a hell of a lot more doing this themselves. Maybe something for the future

    Also, if they weren’t in the 3rd tier of scottish football, maybe Puma would actually pay them to wear Puma kit and they wouldn’t have to worry at all about keeping the orcs on side to buy the tat.

    But they are where they are.


  34. @Carl31
    “PMacG pointed out in tweets that a £3.4m debt to a party is significant should there be an admin.

    If it is more than an HMRC debt, then the taxman cant make the call on a CVA. Could it be that a vote on pence in the pound is controlled by the cabal because of this claim?

    Could the Ahmad claim be a (another) dodge or scam?”

    It depends on whether or not TRFC have been kicking money up to RIFC.
    If the parent company has no cash then this could be a move to put RIFC into liquidation and stiff the other shareholders.
    Imran and Charlie could-by some route hold onto TRFC and-crucially-the assets.
    This would be a Plan B if a collapse in the share price made the Dump worthless.
    This scenario was put to me by an Insolvency expert.


  35. My take on Imran’s latest is that in due course he not only withdraws his threat of legal action and gets a payoff instead, then he fishes out an old receipt from his back pocket showing that he paid rangers’ electricity bill in the sum of £50,000 .

    That seems to be the current route for people trying to launder their reputations with TRFC fans


  36. More Imran claims

    “By buying Albion Car park I saved the club £3.5m over 10 years as lease was an astronomical 350k per year.”

    how much did you BUY it for? £1.5M? So, you’ve actually saved £2M over the 10 years – not £3.5M (if we are taking PROFIT – and you state you ARE only talking profit)


  37. davythelotion says:
    August 14, 2013 at 11:02 am

    “……Davy ‘the brain’ Dodds stated on the BBC that ‘…EBTs were just one of the things on the go at that time….’ Anyone know what he meant?”
    ==============================================================
    A wee mistake there billythelotion?.


  38. So the bears are going to cough up £20m per year on replica kit 😀 😀 😀 😀 😀

    memo to self: must stop laughing at outrageous statements


  39. Not The Huddle Malcontent says:
    August 14, 2013 at 11:13 am
    ===========================
    There was something in some of the CF stuff that suggested that some of the pre-IPO investors were repaid from the 1st seasons STs cash – I’m not sure that the amount was ever quantified; but I think it was said that some of the early birds had doubled their money.

    I’m pretty certain that the £12.5m pre-IPO and £22.5 IPO income cannot simply be added together to give a net figure.

    The £12.5m pre-IPO fundraising may also include the £2.1m prize-money expected from the SPL that did not materialise and various transfer fees they had assumed they would get. Also, the costs of the IPO were something around £2.5m and the VAT from ST (both seasons) & match-day sales would be something close to £3.5m. Add in 5% commission payments for fundraising activities and you can probably take something around £10m – £12m from that top-line figure.

    Don’t forget the payments to Charles Green and the cancellation of player contracts which probably come to another £3m or so.

    I’m still working on the premise that they have around £2.4m per month recurring costs with the outstanding capital expenditure (stadium repairs etc) the real unknown.


  40. PhilMacGiollaBhain says:
    August 14, 2013 at 11:57 am
    It depends on whether or not TRFC have been kicking money up to RIFC.
    If the parent company has no cash then this could be a move to put RIFC into liquidation and stiff the other shareholders. Imran and Charlie could-by some route hold onto TRFC and-crucially-the assets.
    This would be a Plan B if a collapse in the share price made the Dump worthless.
    This scenario was put to me by an Insolvency expert.
    =============================================
    Just which company does own the assets i.e. Ibrokes, the car park, office block & Murray Park?

    Is it The Rangers Football Club Ltd (ex-Sevco Scotland Ltd) or is it Rangers International FC PLC (the holding company for the The Rangers Football Club Ltd )?

    Am I alone in being confused on this issue and if I am not is it not a scandal that there is such a lack of transparency?

    The ownership of these assets is most likely key to what next takes place. I had been under the impression that RIFC PLC had ownership of these assets and was thus well positioned to cut TRFC Ltd loose and put it into administration or sell it to ‘Rangers Men’.

    The ‘Rangers Men’ would most likely pay a rent to retain the use of Ibrokes with perhaps a one year rent honeymoon to speed them on their way.

    The property assets would then be sold on by RIFC PLC to ‘institutional investors’ or CW or SDM’s pension fund (!) with a sitting tenant in one or more of the properties (TRFC). RIFC PLC itself would then be subject to a Members Voluntary Liquidation (MVL) with CG and co waltzing off into the sunset with bags of swag overflowing with fivers.

    Scottish football needs some figures of integrity to put their heads above the parapet and ask what the heck is going on…..


  41. tomtom: good point, that’s over 444,000 shirts A YEAR @ £45 a pop. I guess they’re making projections basing it on Charles Green’s estimates of the NewGers global fanbase….


  42. redlichtie says:
    August 14, 2013 at 12:22 pm

    IIRC the evidence to date is that the Land Certificate show the name on the titles as being Rangers Football Club Limited.

    Not sure what suits the Spivs best but rest assured, if required, a pre-dated and pre-signed but yet to be submitted transfer will be sitting in Charlie’s office desk in France 🙂


  43. Castofthousands says:
    August 14, 2013 at 11:50 am

    Being from the minority ethnic tradition I have subconsciously become accustomed to accepting second class status in my community. As I’ve become more aware of this in my later years I changed from being subordinate and compliant to being rebellious and ever questioning. This type of attitude is not acceptable in certain circles. Nevertheless, to quote ‘La Passionara’, I’d rather die on my feet than live my life on my knees.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Delighted to learn you have dropped your victim status at last. Now have you any ideas on how to deal with people with a superiority complex because I know Dolores did.


  44. The properties were bought with the proceeeds of the IPO so are the property of Rangers International FC Plc, Shirley?


  45. The issue of the number of shirt sales has been covered before by reference to this article from a few years back

    http://www.sportingintelligence.com/2010/08/31/exclusive-manchester-united-lead-global-shirt-sales-list-liverpool-chase-as-england%E2%80%99s-second-best-310805/
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    A “big” club like Ajax in a “small” league like the Dutch league might expect to sell 100,000 shirts and probably fewer in most seasons. Celtic (a Nike club) are believed to be the biggest sellers among Scotland’s clubs, with “good year” sales at the lower end of the top 10, ie: several hundred thousand per year, many of them overseas in North America, Canada and Australia.

    Dr Rohlmann says: “Because of the fact that most of the clubs and the kit suppliers do not publish their shirt sales, you have to analyse information over a longer period to find reliable data. Our research [published by sportingintelligence today] encompass the period from 2005 to 2009.
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    Therefore even considering the period when in the Uefa Cup final in 2008 Celtic strips were still outselling the oldco’s.


  46. jockybhoy says:
    August 14, 2013 at 12:32 pm

    The properties were bought with the proceeeds of the IPO so are the property of Rangers International FC Plc, Shirley?
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Originally they were bought from Duff & Duffer by Sevco 5088 or Sevco Scotland depending on which liar you believe. Are you thinking they were then sold on to RIFC? Would it be possible to check for change of ownership at the Land Registry?


  47. PhilMacGiollaBhain says:
    August 14, 2013 at 11:57 am
    ============================
    As I said in my earlier post, there might still be value for the investors; but only if RIFC plc separate heritable property from the footballing operation.

    My bet at the moment is on a demerger by creating a new property investment company (lets call it RIFC Property Investments Ltd) that holds the deeds to Ibrox, MP and the Albion.

    A new share issue on the the football club (TRFC Ltd – sans la propriete) would get them to the end of this season. The original investors shareholding would be massively diluted in the loss-making footballing operation’s share issue; but they would hold their original stake in the profitable property company.

    The Rangersy people take the flak next season for attempting a massive cost-cutting exercise and are “forced” into one last push to get them to the top division. The new property company takes their rent regardless.

    This does not necessarily mean an insolvency event for the new club – if it is done within the next couple of months – but leaves them in a worse position financially than they would have been if Craig Whyte’s Ticketus wheeze had not been rumbled.


  48. HirsutePursuit says:
    August 14, 2013 at 12:13 pm

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

    don’t disagree with any of that

    However, if Imran is wanting 5% based on the profit, he cannot surely claim all of the IPO cash raised if

    1. There was £2,5M in charges for having the IPO
    2. The funds from the IPO then repaid the initial pre-ipo investors (in part or in total)

    Lets just assume he has a valid claim to 5% of profit on any commercial deal – then he clearly can’t claim 5% of the 2 IPO deals “top line” it would need to be the actual cash that was left in the bank after both rounds of fund raising

    Same with the Car park and Edmiston House – he is claiming 5% on total revenues – he is excluding the costs of purchasing and then then running/maintaining them. But he says he only wants 5% of profits

    He is clearly at it – or, more alarmingly, clearly thick!

    The PUMA stuff is just a work of fiction and i kinda hope the sevconians live just so i can see published accounts and details of the income actually raised.

    I doubt Sevco will get ANY income from merchandise sales as there are too many players involved

    Sports Direct – retailers
    Rangers Retail (a sports direct company)
    Puma – manufacturers
    Sevco

    I’d expect a £45 top to be split like this

    Retail – £45
    Retailer – £22.50
    Manufacturer £11.25
    Rangers Retail £5.60
    Sevco £5.60 (and of that, Imran wants £0.30p) so £5.30

    Even if they sold 200,000 tops, Sevco might see £1m


  49. Drew Peacock says:
    August 14, 2013 at 12:30 pm

    “Now have you any ideas on how to deal with people with a superiority complex because I know Dolores did.”
    ——————————–
    My quote came from the plinth of the statue commemorating those from Glasgow that fought during the Spanish civil war in the 1930’s. Only when I googled to check the spelling did I realise this was a real person and not just a motif. I’ll have to do some reading later.

    I’m a bit stupid in many ways and my method may be quite dispirit from Dolores’. Having never fully shrugged off my formative religious indoctrination I still try to meet attitudes of underlying hostility by deploying ‘love’. Some geezer a couple of thousand years ago suggested this was a good tactic; probably because it avoided tit for tat retribution. I can’t say its a wholly successful approach; embracing people despite their ill-treatment of you. I can’t even claim much consistency since the inevitable frustration built up by (understandable?) rejection of such a simplistic attitude has to show up somewhere. However violence inevitably breeds violence so someone has to take the lead and ‘take one for the team’. It does imbue a thick skin over time but I’d like to think I’ve retained some of my sensitivity.


  50. posts about which of the Old Firm sells more replica shirts, thereby adding to world polyester manufacturing statistics – to the benefit of nothing in particular – have that ‘who can pee the highest?’ overtone that really puts people off TSFM…
    other opininions are available…
    they’re wrong though…


  51. blu on August 14, 2013 at 11:59 am
    3 0 Rate This

    davythelotion says:
    August 14, 2013 at 11:02 am
    @@@@
    Enlighten me…


  52. It’s pointless trying to analyse Ahmad’s barmy arithmetic. He’s already said he would settle for half a mill plus costs. It’s just another (yet another) improvised scheme for extracting cash from the operation before it all runs out.

    It’s now 2 weeks since the EGM requisition and as yet a notice for its convening has not been issued. This has to be done by the 21st I believe and then it’s another month before it has to take place. In the meantime, when is the AIM interim report required? Will a chairman be appointed?


  53. Not The Huddle Malcontent says:
    August 14, 2013 at 12:46 pm
    ===================================
    Personally, I think IA is just playing his part in the prelude to the inevitable restructuring of RIFC – probably a solvent reorganisation (see my post 12:4pm); but I’m not ruling out admin/liquidation entirely.

    They need to have a reason (diversion) to do it and the Charles Green/ Imran Ahmad intervention just makes it appear a little more urgent. Neither man cares if he is cast as the bad guy amongst the new club’s supporters – as long as they can make money they will be satisfied.


  54. davythelotion – I assumed that your reference was to EBT 44 Billy Dodds and not Davy (Davie) Dodds.


  55. jockybhoy says:
    August 14, 2013 at 12:32 pm

    If you are talking abox Ibrox Stadium and Murray Park then surely they were bought from the administrators by Sevco (5088 or Scotland), which later changed to The Rangers FC Ltd.

    As far as I am aware they have not changed hands and are still owned by that entity, albeit that is wholly owned by RIFC PLC.

    I don’t think the IPO money had anything to do with the purchase of those assets.


  56. blu on August 14, 2013 at 1:01 pm
    1 0 Rate This

    davythelotion – I assumed that your reference was to EBT 44 Billy Dodds and not Davy (Davie) Dodds
    ######
    I am, not for the first time, enlightened!
    scotslawthoughts.wordpress.com/2012/05/29/billy-dodds-witness-for-the-prosecution-and-a-smoking-gun/ About half way down.


  57. Tif Finn says:
    August 14, 2013 at 1:08 pm
    0 0 Rate This

    jockybhoy says:
    August 14, 2013 at 12:32 pm

    If you are talking abox Ibrox Stadium and Murray Park then surely they were bought from the administrators by Sevco (5088 or Scotlsn), which later changed to The Rangers FC Ltd.

    As far as I am aware they have not changed hands and are still owned by that entity, albeit that is wholly owned by RIFC PLC.

    I don’t think the IPO money had anything to do with the purchase of those assets.

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

    but if the IPO cash (RIFC PLC) was used to buy Edmiston House and the Albion Car Park – then those assets would belong to RIFC PLC.

    So, maybe part of the long term future for the spivs is making a wee income from the Bar/Cafe/Shop/Ticket Office/cancer Centre/Car Park that they own and TRFC Ltd customers will use


  58. TW says:
    August 14, 2013 at 11:57 am
    ————————————–
    you’re left wondering how many times that leccy bill has been photo-shopped. First CW said he paid a bill in 2011, Malcolm Murray claimed a couple of months ago that he had to “keep the lights on” and now Imran Ahmed.

    It’s a parody of the Private Eye quip “…takes out lemon and cries……”
    In this case “….takes out electricity bill and lies……”


  59. Castofthousands says:
    August 14, 2013 at 12:50 pm

    OT!
    Dolores Ibarruri or ‘La Pasionaria’ made this quote famous as did Emiliano Zapata and for me it sums up everything I hold dear.
    Please do read about her, it’s fascinating stuff.
    Very relevant to this current struggle!


  60. Not The Huddle Malcontent says:
    August 14, 2013 at 12:46 pm
    5 0 Rate This

    HirsutePursuit says:
    August 14, 2013 at 12:13 pm

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

    don’t disagree with any of that

    However, if Imran is wanting 5% based on the profit, he cannot surely claim all of the IPO cash raised if

    1. There was £2,5M in charges for having the IPO
    2. The funds from the IPO then repaid the initial pre-ipo investors (in part or in total)

    Lets just assume he has a valid claim to 5% of profit on any commercial deal – then he clearly can’t claim 5% of the 2 IPO deals “top line” it would need to be the actual cash that was left in the bank after both rounds of fund raising

    Same with the Car park and Edmiston House – he is claiming 5% on total revenues – he is excluding the costs of purchasing and then then running/maintaining them. But he says he only wants 5% of profits

    He is clearly at it – or, more alarmingly, clearly thick!

    The PUMA stuff is just a work of fiction and i kinda hope the sevconians live just so i can see published accounts and details of the income actually raised.

    I doubt Sevco will get ANY income from merchandise sales as there are too many players involved

    Sports Direct – retailers
    Rangers Retail (a sports direct company)
    Puma – manufacturers
    Sevco

    I’d expect a £45 top to be split like this

    Retail – £45
    Retailer – £22.50
    Manufacturer £11.25
    Rangers Retail £5.60
    Sevco £5.60 (and of that, Imran wants £0.30p) so £5.30

    Even if they sold 200,000 tops, Sevco might see £1m
    ========================================

    I think there Is VAT on non kids clothing. £7.50 for her maj then.


  61. rabtdog says:
    August 14, 2013 at 12:52 pm

    The article re strip sales is relevant in relation to the claims made by IA with regard to what he thinks he deserves by way of a payment for his efforts while working at Ibrox..

    The only mention of Scotland in the article relates to Celtic and indicates they were the Scottish best seller at time when the oldco’s stock was high.

    It was merely reporduced to help give some figures and an objective baseline to what one may expect in terms of strip sales for a team playing in the third teir of Scottish football (and therefore IA’s compensation) who in their previous incarnation already recognised that the number of supporters clubs worldwide and activity within those clubs were dropping.

    No walls were pee’d on in the forming of the post, but of course you knew that – didn’t you?


  62. Not The Huddle Malcontent says:
    August 14, 2013 at 1:17 pm

    Or they could sell them to any new owner.

    Though to be fair do we really expect much development in the way of café, bar, musem, hovering cancer centre, flying hotel or floating charge.

    It seems the money for those things has already been spent, on ever increasing utilities bills.


  63. 20. tomtom says:
    August 14, 2013 at 1:22 pm

    Clothing is indeed standard rated for VAT purposes, other than children’s clothing which is zero rated. Given the £45 figure I take it the chap was discussing the adult replica tops. So 1/6th of any income would be due to HMRC.

    If Rangers cut was £5.60 then for the purposes of what they actually make it would be more like £4.66.


  64. Charlotte Fakeovers
    @CharlotteFakes
    Here’s the demand for the additional shares and the original laxey/Green agreement.

    scribd.com/doc/160196162/…


  65. Not The Huddle Malcontent says:
    August 14, 2013 at 1:31 pm

    So that blows the claim that IA was the only person who brought in IPO investors.

    It also begs the question to get £1m in terms of investment were other similar arrangments made with other institutional investors or were Laxey’s just ‘on the ball’ in trying to cover all bases, so to speak?


  66. PhilMacGiollaBhain says:
    August 14, 2013 at 1:46 pm

    Yes, after your revelations the other day and long standing suspicions a job at Ibrox was on the cards but ‘pre-emptive’ as in – before the SMSM break the news we already know about thanks to you and CF. 🙂


  67. Just to be clear, Laxey still haven’t got Charles Green’s shares: this will happen when his lock-in ends. The share transfer yesterday was from someone else (who though?).
    It’s clear from the CF letter that Laxey were slightly perturbed that he had agreed a similar deal with the Easdales and so were giving him a gentle reminder.

    Oh, and how on earth is Charlotte getting all these documents?


  68. y4rmy says:
    August 14, 2013 at 2:10 pm
    1 0 Rate This

    Just to be clear, Laxey still haven’t got Charles Green’s shares: this will happen when his lock-in ends.

    ———————————-

    it’s an interesting deal…..why would the shares be coming from Charles own personal shares and not new shares issued from the company?

    Will Charles be recompensed by RIFC plc when he transfers the 714k shares to Laxey?


  69. rabtdog says: August 14, 2013 at 12:52 pm

    No-one else is making this about the now dead grouping known as the OF. Why on earth are you?

    Oh – a squirrel !


  70. Not The Huddle Malcontent says:
    August 14, 2013 at 1:31 pm

    So that explains why anyone decided to invest at £1 per share prior to the IPO. That agreement ensures that Laxey’s were guaranteed extra shares for free if the IPO price was less than £1.20 a share.

    As it currently stands with a float price of 70p they are due 714,285 shares. Add this to the 1,000,000 they bought at £1 each and you’ve a total of 1,714,285 shares for an investment of £1,000,000 giving an average price paid of 58.33p per share.

    That calculation ensured that their final investment would be at a 1/6th lower than the IPO price, giving them a guaranteed 20% return, if the price didn’t fall.

    Wonder who else invested on the same terms? Certainly not the fans

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