Podcast Episode 3 – David Low

ByTrisidium

Podcast Episode 3 – David Low

davidLowDavid Low

represents a highly significant component of the history of Celtic FC and consequently a highly significant component of how Scottish Football has panned out in the last 20 years.

As Fergus McCann’s Aide-de-Camp, Low was instrumental in helping him formulate and implement the plans which ultimately allowed control of the club to be wrested from the Kelly and White families. Low also helped McCann to rebuild and regenerate Celtic as a modern football club.

His views are unsurprisingly Celtic-centred, and this interview reveals his ambition for the club to ultimately leave Scottish Football behind. That may or may not be at odds with many of our readers, but the stark analysis of the realities facing football in this country may resonate.

Podcast LogoHe provides a window on the pragmatism of the likes of McCann, Celtic and many other clubs in respect of the demise of Rangers. He pours scorn on Dave King’s vision of a cash-rich Rangers future, and provides little comfort for those who seek succour for our failing national sport, believing that Scotland will find it impossible to emerge from the football backwater in an increasingly global industry.

Agree or not with Low’s prognosis, it is difficult to deny his compelling analysis of our place in the football world.

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About the author

Trisidium administrator

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.

3,066 Comments so far

oldbhoy99Posted on8:59 am - Apr 25, 2014


Regarding Keith Jackson; Sports Writer of the Year is not quite the same thing as saying Sports Journalist of the Year is it? A subtle distinction, but I choose to make it.

And those are the kindest words I can muster for you Keith.

View Comment

Para HandyPosted on9:21 am - Apr 25, 2014


Campbellsmoney says:
April 24, 2014 at 5:44 pm
7 0 Rate This
————————–
Thanks Campbell, I take from your responses that the key to making it legal is that the money has to be kept somewhere effectively outwith the assets of the company going into administration, like a separate trust.

View Comment

ecobhoyPosted on10:11 am - Apr 25, 2014


I was wondering whether the synopsis of the 120 day review won’t be released until after AIM closes at 5pm tonight?

Rangers share price this morning has dipped to 25.02p. It’s approaching the lowest price ever of 24p which was reached on 14 January 2013. Big difference from the highest price ever I think of 91p which was reached at the end of December 2012 after a flotation price of 70p earlier that month.

It has basically been an unrelenting downward slide since then and the recent small rally has been all but wiped-out.

Unless there are firm commitments from named institutional investors for substantial amounts of fresh capital then I think things could go badly with the share price. Airy fairy assurances from mystery overseas investors just won’t cut it.

And then, of course, if any new capital is injected via a share issue there remains the problem of how it is spent and how much Ally will ‘invest’ in players to meet the fresh challenges ahead. These challenges actually will be the first sustained footballing test that Rangers have had to face in their journey and I certainly see no evidence that Ally is up to speed on that one.

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easyJamboPosted on10:34 am - Apr 25, 2014


Rhetorical question.

There are arguments for and against publishing the review today, but are the RIFC Board members the types that might want to bury bad news and avoid being questioned on the contents should they go ahead and release it?

View Comment

ecobhoyPosted on10:34 am - Apr 25, 2014


ecobhoy says:
April 25, 2014 at 10:11 am

Rangers share price this morning has dipped to 25.02p. It’s approaching the lowest price ever of 24p which was reached on 14 January 2013.
=======================
Typo – apologies.

Lowest price was actually reached on 14 January 2014 and not 2013 😳

View Comment

Danish PastryPosted on10:51 am - Apr 25, 2014


@apocryphal5, who seems to be well clued up, just tweeted:

@apocryphal5: Wallace to address Rangers staff ahead of his business review and then the media. Bad news all round.

View Comment

torrejohnbhoy(@johnbhoy1958)Posted on10:52 am - Apr 25, 2014


Con D Scend ‏@apocryphal5 4m

Wallace to address Rangers staff ahead of his business review and then the media. Bad news all round.

View Comment

scottcPosted on10:54 am - Apr 25, 2014


ecobhoy says:
April 25, 2014 at 10:11 am
13 0 Rate This

I was wondering whether the synopsis of the 120 day review won’t be released until after AIM closes at 5pm tonight?

I have wondered the same thing. The added bonus of that strategy is that the banks are closed by then, thereby removing one further day from the fans’ opportunity to cancel DDs.

View Comment

South0fThe BorderPosted on11:09 am - Apr 25, 2014


http://www.investegate.co.uk/rangers-int-f-c–plc–rfc-/rns/business-review-and-strategic-plan-update/201404251100045425F/

View Comment

bluPosted on11:16 am - Apr 25, 2014


ecobhoy says:
April 25, 2014 at 10:34 am
=====================================
ecobhoy, I think there was a trade of 2.2m shares on 14th January (a delayed announcement) for 20.5p. Any others with penny shares doing the same could cause a real problem.

View Comment

South0fThe BorderPosted on11:17 am - Apr 25, 2014


After all the advice on the bears forums about paying for season tickets by credit card to be protected:

A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.

The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.

As previously stated, the Board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually.

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torrejohnbhoy(@johnbhoy1958)Posted on11:19 am - Apr 25, 2014


Quick shuftie at the review.
Funds available for players.
Winning the premiership within 3 years
Investment in scouting etc

but you can no longer pay for STs by Credit or Debit Card as the card providers want Ibrox as security.
A crock of sh*t.

View Comment

Danish PastryPosted on11:23 am - Apr 25, 2014


Rangers Int. Football Club PLC
25 April 2014


Rangers International Football Club plc
(“RIFC”, “Rangers”, “the Company” or “the Club”)

Business Review and Strategic Plan Update

The Board of Rangers International Football Club plc (“the Board”) announces the completion of a comprehensive business review of Club operations as announced at the Annual General Meeting (“AGM”) on 19 December 2013 (the “Review”).

This release summarises the findings of the Review and outlines the Board’s future strategy to rebuild and reposition the Club at the top of Scottish Football and to allow Rangers to compete in Europe.

Executive Overview

The new Board was ratified four months ago at the AGM in December 2013, with a strong mandate to develop, support and enhance the performance on the pitch and also to ensure Rangers becomes financially strong and secure.

At the time of the AGM, the Board believed that there was sufficient cash in the business to fund the Club through the current season. However, the Review found that Rangers was in a more severe financial condition.

The Review process discovered issues in operating procedures, commercial contracts and strategy, all of which were more serious than anticipated.

The Club’s financial position was precarious as it had mismanaged almost all of its cash reserves following administration. The cash position today requires careful monitoring but will improve with the sale of season tickets, improved commercial relationships, the planned injection of further capital and cost management initiatives identified by the Review.

The Club raised £70.7 million through ticket sales, commercial revenues and share issue proceeds between May 2012 and December 2013, and spent this relatively quickly, and in some areas liberally, with only £3.5 million of this cash remaining at 31 December 2013.

The Board considers that the perfect opportunity to rebuild Rangers immediately post administration in a progressive, stable manner with a solid financial base has been completely missed through a series of
ill-defined, short term focused decisions with little advance recognition of medium or longer term requirements.

The Review has identified operational and organisational changes that need to be made. Business practices have already been tightened and a rigorous examination of total spend has addressed the outflow of cash. Annualised savings in operating costs of £2 million have already been achieved with more savings identified and in progress. These savings have not reduced the available budget for the playing squad.

The Board has developed and approved a strategic plan to re-build and re-establish the Club, to return it to the top of the domestic game within three seasons, and to thereafter be competitive in UEFA competition. This will require continued investment in the playing squad over the next three years and beyond to drive on-field success.

In financial terms, the business is now on track to meeting a key objective of being financially robust and the directors of RIFC (“the Directors”) intend for the strategic plan to drive the business to become sustainable by Season 2015/16, a significant improvement from the operating loss of £14.3m reported for the 13 months to 30 June 2013.

In order to achieve the strategy identified below, the Company will need to raise capital. The Board has determined that over the next three years it expects to raise between £20 million and £30 million to be invested in the Club. The Board will consider the most appropriate source of finance which may be available to the Club including equity and other sources in order to obtain the necessary funding whilst also seeking to ensure the Club’s financial stability is protected.

The Directors consider that the issue of equity is important and likely to be an appropriate method of achieving a strong balance sheet. The Board acknowledges the importance of supporters as shareholders as well as its institutional investors.

At the current time the Company is not in a position to carry out a significant equity fundraising as the required shareholder authority that was requested at the AGM to enable the Board to allot shares on a non pre-emptive basis was not granted.

Although this authority is routine for AIM traded companies, it was understandable at the time that it was not granted given the position of the business and the lack of apparent strategic direction. It does however mean that the Company is currently prevented from issuing small amounts of equity to third parties and new shareholders.

The authority given to the Board at the AGM in December 2013 to enable the Company to allot up to 43,400,000 new ordinary shares of 1p each in the capital of the Company on a pre-emptive basis to existing shareholders has not been exercised to date. In the event that season ticket sales over the forthcoming weeks are materially less than anticipated then the Company may seek to use this
pre-emptive authority which can offer a cost effective and efficient method of raising capital.

To implement the initial phase of the three year plan set out below, the Board intends to seek shareholder approval in Autumn 2014 for the issue of additional equity pursuant to Section 551 of the Companies Act 2006.

Continued negative external comment and campaigns have created significant operating difficulties and have been threatening the Club’s orderly and progressive recovery.

A current example of the difficulty being faced by the Club, and which will regrettably impact upon supporters, is that for next season supporters will now be unable to pay for their season tickets by credit or debit card. The Club’s merchant acquirer, which processes credit and debit card transactions, has advised that it would require extensive security, including standard security to be granted over Ibrox Stadium and an insurance policy at considerable cost to the Club, to protect itself against any potential liability arising from passing on monies from season ticket purchases ahead of next season’s matches.

The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.

As previously stated, the Board has no intention of granting security over Ibrox and therefore has regrettably decided that for the current season ticket renewal process it will proceed with direct payment only to the Club by way of bank transfer, cash or cheque payment. Any supporters who are on the automatic renewal scheme will not have their tickets renewed automatically and will also require to renew their seats individually.

The Club recognises that this will inconvenience a significant number of supporters, however in the Board’s opinion, the demands placed upon the Club by the merchant acquirer are not in the best interests of Rangers.

To assist supporters at this time, the Club is extending the season ticket renewal window until
16 May 2014, to give every supporter sufficient time to renew their season ticket. Additional information is being sent to every season ticket holder today to explain in detail the required process changes.

Should the Club suffer a substantial decrease in season ticket income in the next two months, then it would be unable to trade in the short term without seeking additional external funding as previously disclosed in the RIFC December 2013 interim results.

A successful and sustainable future for the Club can be achieved if the Club continues to be managed professionally, with strong stewardship and standards of governance and has the continued support of the Rangers fans, shareholders and commercial partners.
Business Review – Assessment of Current Operations

Following the Review it is the Board’s opinion that many previous decisions were ill thought out, unstructured and in some cases poorly executed. This approach permeated most operating areas of the Club. The following points give an indication of issues identified:

§ The Club raised £70.7 million through ticket sales, commercial revenues and share sales proceeds between May 2012 and December 2013 and proceeded to spend most of this relatively quickly with only £3.5 million of this cash remaining at 31 December 2013. An analysis of this spend is attached as Appendix 1.

§ £2 million was invested in capital purchases that were non essential and have not generated incremental income. In particular the purchase of Stadium Wi-Fi, LED displays and Jumbo Screens used cash that could have been retained to sustain current operations. A further £2.6 million was spent purchasing Albion Car Park and Edmiston House.

§ The financial forecast in place when the current Board was appointed contained several key assumptions that upon review were seriously flawed, e.g. assuming that £2m of capital expenditure which was funded in cash could be refinanced at a later stage in the year, the presumed availability of a £2 million overdraft facility, and the amount and timing of advance profit distributions from Rangers Retail.

§ Poor planning and forecasting of cash flows resulted in the Club utilising most of its cash reserves and the Club needing to secure short term credit facilities.

§ The Club has entered into a number of contracts that are onerous and not delivering value on price or service. In several instances it appears that the Club did not use lawyers to protect its interests. Work is in progress to terminate or re-negotiate these as appropriate.

§ The absence of any effective cash and business planning processes, and budget accountability led to a culture where there was limited responsibility and ownership for financial management.

§ Match ticket prices which were reduced by 33% for Season 2012/13, were kept unchanged for Season 2013/14 with a resultant loss of more than £1.5m of potential income.

§ The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford.

§ The first team squad has the second highest wage bill in Scottish football for a team currently playing in the third tier. The total player wage cost is well in excess of the level it should be primarily due to generous and poorly structured contracts that were awarded to some players when they joined the Club.

§ The ability to influence the composition and cost of the squad in the short term is limited due to existing contract periods and terms. Only a small number of current first team player contracts end in Summer 2014 and the team will require strengthening for the Championship next season.

§ There is no proper talent identification and scouting operation in place for professional players and at the time when investment in playing talent needed to focus on identifying value acquisitions, the Club dismantled its scouting and recruitment network.

§ Key football support areas such as Medical, Sports Science and Performance Analysis are
under-resourced and not equipped to the level required.

Future Strategy

The Board is committed to building and developing a successful, sustainable Rangers Football Club. Its focus is to restore Rangers to the top flight of Scottish football and to being competitive in UEFA competition.

A Strategic Plan has been developed which is based upon delivery in the following five key areas to rebuild and refocus the Club in a measured and progressive manner:

1. Developing Football Performance and Capability

2. Focus on Player Asset Management and Youth Development

3. Re-connecting effectively to our Local and Global Fan Base

4. Developing Best in Class Commercial and Operational Capability

5. Strengthening Commitment to our Communities

1. Developing Football Performance and Capability

The Board has set the following performance targets for re-establishing the Club in the SPFL Premiership:

Season 2014/15 – Building a team and organisation to deliver the SPFL Championship in the first season in the division

Season 2015/16 – Re-establishing the Club in the SPFL Premiership with a top two finish and the ability to challenge for the title

Season 2016/17 – Target to be SPFL Premiership Champions and establishing the platform to be competitive in UEFA competition

In financial terms, participation in UEFA competition via Europa League or Champions League, provides access to a prize fund that is a multiple of that available in the domestic game. Premiership league placing and domestic Cup success provides access to these competitions, via a series of qualifying rounds.

Rangers need to be playing in UEFA competition every season in order to obtain access to this substantial prize fund.

To deliver our strategic ambition, the following specific actions will be implemented:

§ Strengthen the Playing Squad – Funds will be made available on a targeted and phased basis over future transfer windows, starting in Summer 2014, in preparation for the Championship Season but also looking at future seasons with a more structured and planned approach.

§ Strengthen the Club’s Football Operations – With the creation of the new position of Chief Football Operations Officer, with specific responsibility for developing best in class football operations support. This new role will support the Football Manager and the Board and will concentrate initially on developing player talent identification, scouting and recruitment capability.

§ Create Football Partnerships – Work with leading clubs outside Scotland to access developing talent, and football operations expertise.

2. Focus on Player Asset Management and Youth Development

§ Invest in Academy Players – An Academy Development Fund will be created with dedicated annual investment, increasing over time, committed to the acquisition and development of high calibre young players at different stages of their careers with the target to increase the number of Club trained talent coming through to play in the first team at an early stage.

§ Develop Player Asset Management – Developing playing talent is one of the major challenges at any football club. The Chief Football Operations Officer will also have the remit to develop the Club’s player asset strategy which will build a long term structure and plan to deliver playing talent for the Club and maximize value from player trading.

3. Re-connecting effectively to our Local and Global Fan Base

§ Launch the Rangers Membership Scheme – Providing a consistent and better connected approach to the Club for local and global supporters, with a targeted range of benefits responsive to the input from the fan base. All season ticket holders will automatically be members.

§ Creation of the Fan Liaison Board – One of the clear messages from the “Ready to Listen” survey was the desire for a new approach to fan engagement with the Club. The Fan Liaison Board will be constituted from Club Members with a broad range of supporters represented and this board will be the primary conduit for direct engagement.

§ Improving the Match Day Experience – A rolling investment programme to improve the match day experience and refresh Ibrox Stadium to return it to a best-in-class venue will be implemented.

4. Developing Best-in-Class Commercial and Operational Capability

§ Restructuring the Organisation – A revised organisation and staffing structure for the Club’s non football operations is being implemented to ensure support for delivery of best-in-class operational performance. This includes assessing outsourcing opportunities to drive cost effectiveness and service delivery.

§ Improved Commercial Focus – A new commercial organisation will be created under the leadership of a new Chief Commercial Officer. This group will be tasked with maximizing revenues from existing products and services and expanding the Club’s commercial partnership offering on a national and international scale.

5. Strengthening Commitment to our Communities

§ Creating Opportunities through football – Through the positive promotion of sport, education and physical activity, the brand of Rangers Football Club has been a powerful force for good across many communities. The Rangers Foundation has a strong track record of success that can be enhanced for wider benefit to positively improve lives in the communities in which we operate.

The recent past has been a challenging time for Rangers and there is much to be done to restore this great institution back to the top of Scottish football and to once again be competing in Europe.

With the continued support of all Rangers fans we can deliver on the strategy and once again give the Rangers fans a Club capable of delivering top flight success.

For further information please contact:

Rangers International Football Club plc

Graham Wallace
Tel: 0141 580 8647

Daniel Stewart & Company plc
Tel: 020 7776 6550
Paul Shackleton / David Coffman

Newgate Threadneedle
Tel: 020 7148 6143
Graham Herring / Roddy Watt / John Coles

Appendix 1 – Summary of Income & Expenditure 29 May 2012 – 31 December 2013

Income
£m

Expenditure
£m

External Funding

Purchase of the Club

IPO Shares Issued
22.2

Purchase of the Club
5.5
Pre IPO Shares Issued
13.3

Repayment of OLDCO Debt
3.0

35.5

Commissions and introduction Fees IPO/Pre IPO
2.7

Pre Acquisition Payroll and other Expenses
1.2

Broker Commissions & Stamp Duty
1.2

Corporate Finance and Fund Raising Advice
1.1

Legal & Accountancy Fees
0.7

Other Professional Services
0.5

Professional Fees of Purchase and Incorporation
0.4

16.3

Football

Football

Player Sales
1.2

First Team Payroll Costs
10.4

1.2

Other Football Related Payroll Costs
5.6

Termination of Player Contracts
2.3

Purchase of Players
1.5

19.8

Operations

Operations

Match Day Income
26.3

Central Administration and Overheads
8.6
Commercial Income
7.7

Matchday and Direct Costs
8.4

34.0

Non Football Payroll Costs
7.0

Purchase of Fixed Assets
5.6

Director’s Severance Costs
0.9

Investigation Fees
0.6

31.1

Cash Balance at December 2013
3.5

70.7

70.7

View Comment

AquinasPosted on11:25 am - Apr 25, 2014


Richard Wilson said some thing interesting on the radio yesterday evening……………that shoud be enough, but I’ll go further, he suggested that the new PR guru is GW ‘s pall and is employed short term and he is there to ensure GW’s personal exit plan works leaving him an unblemished CV.

Sounds like a good plan if yer a dung shoveller with fans facing you.

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PW1874Posted on11:26 am - Apr 25, 2014


After 120 Days, I expected less corporate speak, less wishful-thinking and more plan.

It would appear the Review bemoans past mismanagement, lack of banking facilities and the inability to capitalise equity, but everything rosy and UEFA competition within three seasons!

I seem to be missing something.

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torrejohnbhoy(@johnbhoy1958)Posted on11:27 am - Apr 25, 2014


Share price down

Share Price: 24.00 Bid: 23.00 Ask: 25.00 Change: -2.00 (-7.69%)

View Comment

No1 BobPosted on11:31 am - Apr 25, 2014


Share price down 7.69%

http://www.lse.co.uk/SharePrice.asp?shareprice=RFC

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Sugar DaddyPosted on11:42 am - Apr 25, 2014


Oh come on, Graham. What about Paypal?

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TSFMPosted on11:44 am - Apr 25, 2014


A quick look through the published document confirms that anyone who needed 120 days to complete that isn’t doing his job properly. It really is embarrassingly bereft of either diagnosis or prognosis.

It is full of platitudes, neither quantifies not identifies the source of funds required to strengthen the team, and tells everyone what they already know – that the company has been badly mismanged over the last few years. No real plans – merely a wish list.

Interesting that Wallace claims on one hand that the wage bill is too high for the division they operate in, but then identifies the need for strengthening. A circle unsquared I think.

And what other D2 club has a higher wage bill than Rangers – or is there a syntax defecit in the books as well?

The first team squad has the second highest wage bill in Scottish football for a team currently playing in the third tier.

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tykebhoyPosted on11:44 am - Apr 25, 2014


The acquirer having doubts on credit card transactions does have a slight ring of truth to it because those payments are protected by consumer credit act(s) but debit card transactions have no such security. Monnbeams? Much like most of the rest.

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Carfins FinestPosted on11:45 am - Apr 25, 2014


127 days to produce a report that my granddaughter could have written. MOONBEAMS all the way to the holy grail of Eoropean Football. What a load of absolute nonsense.

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martin cPosted on11:47 am - Apr 25, 2014


70 million pounds have been p@**ed away, a complete farce and even the season ticket company want security, so what chance have DK if the appointed agents cant get security.

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easyJamboPosted on11:50 am - Apr 25, 2014


“The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford.”

“Strengthen the Playing Squad – Funds will be made available on a targeted and phased basis over future transfer windows, starting in Summer 2014, in preparation for the Championship Season but also looking at future seasons with a more structured and planned approach.”

They aren’t learning are they?

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GoosyGoosyPosted on11:50 am - Apr 25, 2014


Quite a clever statement really
Entirely consistent with blaming the fans for an upcoming Adminstration and probable liquidation of the club
Think about it
Would you now go through the hassle of buying an ST if the club have just told you the credit card processor has demanded Ibrox as security for handing RIFC the ST money?

Not a chance

The end game approaches

Fast

View Comment

easyJamboPosted on11:54 am - Apr 25, 2014


A PDF version of the document is available here

http://www.rangers.co.uk/images/staticcontent/documents/RangersBusinessReview.pdf

View Comment

torrejohnbhoy(@johnbhoy1958)Posted on11:54 am - Apr 25, 2014


martin c says:
April 25, 2014 at 11:47 am

70 million pounds have been p@**ed away, a complete farce and even the season ticket company want security, so what chance have DK if the appointed agents cant get security.
——————————————————————-
STs to be cash only and if enough aren’t bought then the company will not be able to trade in the short term.
A wee “I told you so” from DK would now probably be enough to ensure sales dry up.
I don’t suppose anyone at the SFA is concerned about this companys ability to fulfil its fixtures next season,even though the CEO has just warned them.

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wottpiPosted on11:56 am - Apr 25, 2014


Looks to me like King has been hoisted by his own petard and that more than one person can play at the ‘Ibrox Security’ game.

The message to fans is pay up or the club dies.

The message to King is we will soldier on and you have the opportunity to put your money where your mouth is in the Autumn.

The mixed message is how are they going to further cut costs but maintain and build on the current first team squad being players are on contract and, from what we know, for increasing amounts.
Clearly they had to spend £2.3m to terminate contracts presumably with Sandaza, Goian & Bocanegra.
How much to break McCoist and others contracts??

The accounts table at the end of the review is for a 19 month period.

It once again shows that the annual running cost for ‘Operations’ (the first three headings for reoccurring expenditure) is £15m per anum which is in line with the costs in the annual accounts going well back into the SDM days.

Where can savings be made here and how much?

Footballing costs excluding the termination of player contracts are running at £11m per annum.

Therefore at present we have a total (15 plus 11) of £26m income required just to break even.

Lets say 38k season tickets at £400 a pop = £15.2m so at least another £10m required from somewhere.

Oh an lets not forget they have to pay back the £1.5m loan by June.

They will limp on but once again the size of the operation is both a blessing and noose around the clubs neck.

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Night TerrorPosted on11:57 am - Apr 25, 2014


Ooft. Can’t accept credit card payments. Awkward. Can’t accept debit card payments? Why not?

That’s like one of those restaurants not long for this world with a permanent “due to a technical fault we are unable to accept card payments – cash only”.

It would be helpful if the Ibrox board indicated the locations of the nearest cash machines to the stadium.

With such grim news to chew on, why are people bothered about the price of their barely traded shares? I’m missing what relevance the share price has to anything at the moment except to make it easier for someone to buy the club/company as it sinks.

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twopandaPosted on11:59 am - Apr 25, 2014


“The Club has entered into a number of contracts that are onerous and not delivering value on price or service. In several instances it appears that the Club did not use lawyers to protect its interests. Work is in progress to terminate or re-negotiate these as appropriate. ”

Howsabout – Who benefitted from this largesse?
and – why not something done abour it long before now?

4 plus months for this `speak` is farcical

View Comment

twopandaPosted on12:00 pm - Apr 25, 2014


“The Club has entered into a number of contracts that are onerous and not delivering value on price or service. In several instances it appears that the Club did not use lawyers to protect its interests. Work is in progress to terminate or re-negotiate these as appropriate. ”

Howsabout – Who benefitted from this largesse?
and – why not something done about it long before now?

4 plus months for this `speak` is farcical

View Comment

torrejohnbhoy(@johnbhoy1958)Posted on12:01 pm - Apr 25, 2014


Alasdair Lamont ‏@BBCAlLamont 11 mins
It’s expected a number of redundancies will also be announced by Rangers today.

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JimBhoyPosted on12:01 pm - Apr 25, 2014


“Season 2015/16 – Re-establishing the Club in the SPFL Premiership with a top two finish and the ability to challenge for the title ”

How can this be….? Has there been any rangers team that has played in the SPFL?

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wottpiPosted on12:02 pm - Apr 25, 2014


Don’t ya just hate it when your post ends up at the botton of a page 👿

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Sugar DaddyPosted on12:03 pm - Apr 25, 2014


I imagine that statement is the very best, the very best turd polisher they could afford, could come up with.

A club that cant get a merchant account is going to win the Premiership in 3 seasons? Please, another Rangers might win the league in 2016/17 but not this version!

120 days for a PR puff piece to drag in as much season book cash as possible to stave off administration. Dave King will jump all over this. Fans are going to back DKs moonbeams.

Laxey at al are going to sit tight on Ibrox & MP to get their cash back and to hell with the football club/company/thingy.

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Night TerrorPosted on12:04 pm - Apr 25, 2014


indy14 says:

The Board believes that one of the major factors influencing the merchant acquirer to change its terms was the extensive negative coverage of calls in some quarters for supporters to refrain or delay purchasing season tickets.
————————-

Interesting.

As the Ibrox club are under very public scrutiny and their finances seem to be horribly transparent with leaks all over the place, I’m puzzled where the risk of fraud would come into it.

It’s obviously a horribly run business with real problems making it to the end of next season, so an obvious credit risk, but fraud?

View Comment

JimBhoyPosted on12:07 pm - Apr 25, 2014


No Overdraft facility, poor credit score so expensive loans secured on assets and no card payments… Stinks to high heaven… Truly hosed..!!!

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torrejohnbhoy(@johnbhoy1958)Posted on12:09 pm - Apr 25, 2014


Alzipratu ‏@corsica1968 1h

@FrPaulStone Told rumour in City is “Enron-like”

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wottpiPosted on12:10 pm - Apr 25, 2014


As a poster on the LSE site says the club is now effectively a cash only operation.

Will their suppliers now be asking for cash payments as well. How will that effect the cash flow situation.

What chances of this at HMRC this afternoon?

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torrejohnbhoy(@johnbhoy1958)Posted on12:14 pm - Apr 25, 2014


Another wee fall.Now down almost 10% in an hour.
Share Price: 23.50 Bid: 23.00 Ask: 24.00 Change: -2.50 (-9.62%)

Should AIM be thinking of suspension?.

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easyJamboPosted on12:15 pm - Apr 25, 2014


Ibrox 1972 appointment.

AP01 24/04/2014 DIRECTOR APPOINTED CHARLES RICHARD GOUGH

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easyJamboPosted on12:16 pm - Apr 25, 2014


43.4M new shares works out at two thirds of the current shares on issue. Dilution of today’s share price of 25p would mean that it would drop to 15p. In order to make the share sale attractive, they would really have to offer them at around 10p. That would raise £4.34M less expenses.

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wottpiPosted on12:30 pm - Apr 25, 2014


Just looking at the income included in the review.

As my earlier post said it looks like Sevco spend around £26m per anum at present.
The matchday and commercial income is coming in at £21.5m.
Therefore the gap isn’t so far apart.
I still see them limping along somehow but there is little room for developing the club in the way the board sees over the next three years, especially with McCoist at the helm. One hiccup and they will be back to square one and the begging bowl.

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Night TerrorPosted on12:33 pm - Apr 25, 2014


EJ
I thought the 43m shares were at 1p to existing shareholders, meaning they’d only raise £430k? Then, if those shareholders sold them on the open market, they might get something like 24p, but more likely a lot less as the price plunges. The profit on selling these 1p shares goes to the shareholder, not the company.

Have I got that wrong?

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wottpiPosted on12:35 pm - Apr 25, 2014


asyJambo says:
April 25, 2014 at 12:16 pm
1 0 Rate This

43.4M new shares works out at two thirds of the current shares on issue. Dilution of today’s share price of 25p would mean that it would drop to 15p. In order to make the share sale attractive, they would really have to offer them at around 10p. That would raise £4.34M less expenses.

==================================================================
£26m -£21.5m – £4.5m

Jings I think we have got next season sorted if we can only get someone to throw us £0.16m 😛

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Resin_lab_dogPosted on12:35 pm - Apr 25, 2014


I actually think GW has played a very bad hand not too badly at all here.
There is an honesty and openness about historical goings on. No attempt to put any veneer on it.
As clear a statement of how things are right now (i.e. mullared!) as you could reasonably hope for.

The fact that auto renewals aren’t going to happen and the fans have until May 16 gives him time to show that he is breaking with the past and walking the walk before they have to commit.

And the optimistic statements about the objectves and possible future state, what needs to happen to get there (i.e. a bag of cash to the tune of £30m needs to land in the centre circle!), how he intends to try bringing this about (rattle tins at the bears and try to raise equity/ rights issue) are defensible. What did you expect hime to say? ‘We’re fecked. Get the lights on the way past!’.

He has engineered any number of face saving exits for himself e.g. if shareholders don’t subscribe to rights issue, / bears don’t pony up,he can walk away saying he did his best, but arrived too late on the scene to save the wounded beast. And perhaps even with honestly!
I reckon his objectives have been achieved thereby.

If this is – as expected – followed up quickly with real evidence of serious cost cutting, this will give the best chance of any rights issue succeeding by showing that the structural weaknesses are being sorted out, therefore there may be something worth investing in at the end.

And it is correct that those individuals affected by such cost cutting should hear about it first, rather than reading about it in the red tops.

I’d give him a grudging 7.5 out of 10. Nothing to suggest that he is other than on the level from what I see. If I was a bear, I would back him as the only show in town.
But he is still quite likely to fail on the balance of probability. Too much of an ask!

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No1 BobPosted on12:43 pm - Apr 25, 2014


For me the withdrawal of debit and credit card payment facilities will prove to be fatal for the once mighty ‘Gers.

All of those fans who have renewed early by card will now be told that the transaction is cancelled and that before they get their season ticket they will need to turn up with cash. All of those fans who were happy to automatically renew will now be told that they will need to turn up with cash or it’s no st for you.

How many fans pay by credit card because they don’t have a spare £300-£500 lying around? How many of those will now decide to now just pay on a game by game basis? And start to pick and choose those games that they go to watch? Or just decide that it’s no longer worth the hassle and walk away for good?

This is a game changer. No guaranteed ticket sales. No guaranteed income. Increased costs for security to hold and look after cash.

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torrejohnbhoy(@johnbhoy1958)Posted on12:45 pm - Apr 25, 2014


Share Price: 23.00 Bid: 22.00 Ask: 24.00 Change: -3.00 (-11.54%)

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JimBhoyPosted on12:46 pm - Apr 25, 2014


So they are skint, hiring a new guy, Ally shouldn’t have been allowed to sign up players they cannot afford, they cannot pay those players off, the manager will get some money for players to win the championship and if the fans don’t hand over the readies (small bills appreciated) there will be no more rangers AND it was all the fault of others.. Is one of those others not Ally himself..? I wonder how they can finance all the new initiatives and players to win the spfl in 3 seasons with barely a sheckle…SPINtastic…

I liked the contracts without using a lawyer service, they could be tied up there good and proper also… I wonder who has gained from said contracts? :mrgreen:

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valentinesclownPosted on12:46 pm - Apr 25, 2014


From Paul Brennan

A statement to the stock market by Rangers International today confirmed that they are not a sustainable business, have no bank credit facilities and are unable to accept debit or credit cards for season ticket purchases.

These revelations contravene SFA licence requirements, which would need to be met if the club wanted to participate in Scottish football in season 2014-15. Before attaining a licence for the forthcoming season a club must demonstrate that is has the finance available to complete its commitments. Newco Rangers have confirmed they are currently unable to meet this requirement.

Perhaps anticipating their next move, the statement added, “Should the Club suffer a substantial decrease in season ticket income in the next two months, then it would be unable to trade in the short term without seeking additional external funding”. You suspect this two month timeframe will prove to be significant.

That supporters who chose to automatically renew their season tickets cannot do so is demeaning. The financial uncertainty behind a season ticket purchase is such that people have been asked to pay by cash, cheque or direct bank transfer. Utterly, utterly, demeaning.

I sincerely hope whoever is in charge of taking money from fans is in a position to pay them back in the event the club fails. With this weight of evidence, to bank and spend the money regardless would be despicable.

A few points to bear in mind:

No one is in control of this situation, it was not planned for and there is not a silver bullet to resolve things.

The shareholders and are not a homogenous unit, they have different priorities, aspirations and stress points.

These two things being the case, any amount of carnage can take place once the inevitable crash occurs.

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futbolPosted on12:47 pm - Apr 25, 2014


easyJambo says:
April 25, 2014 at 11:50 am

“The Club acquired a number of players in Summer 2013 that, based on financial forecasts, it should have known that it could not afford.”

“Strengthen the Playing Squad – Funds will be made available on a targeted and phased basis over future transfer windows, starting in Summer 2014, in preparation for the Championship Season but also looking at future seasons with a more structured and planned approach.”

They aren’t learning are they?

One would hope that anyone reading these statements, bears and media included, would have come to the same question: how?

The whole summary lists huge financial limitations, black holes and quite possibly contractual arrangements that will not be broken yet this is followed by invest, invest, invest.

Invest what?

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EnglandshirePosted on12:48 pm - Apr 25, 2014


Share price now down 11.54% to 23p

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easyJamboPosted on12:49 pm - Apr 25, 2014


Night Terror says: April 25, 2014 at 12:33 pm

EJ
I thought the 43m shares were at 1p to existing shareholders, meaning they’d only raise £430k? Then, if those shareholders sold them on the open market, they might get something like 24p, but more likely a lot less as the price plunges. The profit on selling these 1p shares goes to the shareholder, not the company.

Have I got that wrong?
==========================
1p is the nominal value of the shares, not the price paid. e.g, Celtic’s shares also have a nominal value of 1p, but are currently trading at 74.5p

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Resin_lab_dogPosted on12:52 pm - Apr 25, 2014


Night Terror says:
April 25, 2014 at 12:33 pm

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EJ
I thought the 43m shares were at 1p to existing shareholders, meaning they’d only raise £430k? Then, if those shareholders sold them on the open market, they might get something like 24p, but more likely a lot less as the price plunges. The profit on selling these 1p shares goes to the shareholder, not the company.

Have I got that wrong?

_______________________________________________

Yes. Shares have a nominal value of 1p.
In reality they are worth what anyone will pay for them.
The club can issue new shares at a niminal 1p plus a share premium of whatever people are prepared to pay for them. All this money (less costs) would go into the clumpany coffers.
Existing shareholders have first dibs, and must be offered them on no less favourable basis than new shareholders and in proportion to their existing holding (this is what is meant by pre-emption rights) so as to have the option of avoiding any dilution of their holding and voting rights should they wish, in exchange for stumping up cash themselves.
Otherwise, they will be offered on the open market.
They will not necessarily be taken up (undersubscribed).

Positive dilution occurs where a shareholder is diluted, but the share price rises on the back of the new capital injection by more than his holding is diluted (i.e. the cash influx means the market thinks the company is actually worth more than it was before the issue, so his cash value actually increases.) He loses influence, but gains cash. Negative dilution is where the number of shares increases, but the share price falls or rises less than the proportional dilution, and the existing shareholders are left with less value.. He loses influence and cash.

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JimBhoyPosted on12:53 pm - Apr 25, 2014


@NO1 BOB I think you are spot on mate, I would love to know why the credit facility was withdrawn as that is pretty severe. One poster suggesting a risk of fraudulent behaviour… Would that be anything to do with some board member’s past?

Just when you think it could not get any worse…

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ecobhoyPosted on12:54 pm - Apr 25, 2014


Night Terror says:
April 25, 2014 at 11:57 am

With such grim news to chew on, why are people bothered about the price of their barely traded shares? I’m missing what relevance the share price has to anything at the moment except to make it easier for someone to buy the club/company as it sinks.
================================================
I’m no expert in the ways of the City in terms of share dealing. But I would think that a major capital injection is necessary if Rangers is to survive although I obviously don’t know how long that would be for.

One of the ways of raising that cash is through a fresh share issue and I would think that the share price set for this offer would be linked to the prevailing existing share price at that time so IMO that’s the crucial relevance of the share price.

Very simplistically – the lower the price the more shares you need to sell to raise the required capital sum. There is also the question of dilution of the shareholdings held by existing investors which also has an effect on the shareprice of the existing shares.

It may be that the ‘barely traded’ shares become much more active as investors try to ditch the lead-lifebelts and search for a lifeboat to get away from the sinking ship pdq ❗

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thirdmanrunningPosted on12:54 pm - Apr 25, 2014


Sorry Resin Lab Dog, I think it’s a total sham.

Other than some actual facts and figures as to what was spent badly and when, there’s nothing in here other than management speak and aspirations, with some thinly veiled threats with regards to STs.

All of this could have been and probably was achieved within about 30 days.

The rumour mill is hinting still, at an Administration event as the only way out of the mess. And this is all about timing.

IMHO this review simply attempts to run the clock down.

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bluPosted on12:55 pm - Apr 25, 2014


Night Terror says:
April 25, 2014 at 12:33 pm
=========================================
They don’t have to be valued at 1p e.g. the IPO launched the same category of 1p Ordinary shares at 70p per share. The Board would have to calculate what shareholders would stomach in any future share issue.

Here’s a definition of Ordinary shares:
“Ordinary shares include those traded privately as well as shares that trade on the various public stock exchanges. Ordinary shares have a stated “par value”, but this value is more of a technicality, and will rarely be more than a few pennies per share. The true value of an ordinary share is based on the price obtained through market forces, the value of the underlying business and investor sentiment toward the company.”

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indy14Posted on12:58 pm - Apr 25, 2014


Interesting.

As the Ibrox club are under very public scrutiny and their finances seem to be horribly transparent with leaks all over the place, I’m puzzled where the risk of fraud would come into it.

It’s obviously a horribly run business with real problems making it to the end of next season, so an obvious credit risk, but fraud?
—————
They go hand in hand really they are scrutinized as a possible risk, they are then reviewed by other departments relevant to a low risk score, so FRAUD dept has a look. If there is a chance that payments received for a service/goods are not provided that is basically fraud, and the CC acquirer company can be, in situations where the merchant cannot repay because let’s say they are liquidated, liable to pay the debt. So it would be fraud, insofar as taking payments for knowingly unable to provide the service (it happened to me at xmas – mail order bottle of whisky not fulfilled) the merchant takes the money never delivers, closes the business and the CC company/acquirer swings in the wind for chargebacks. TRFC are a fraud risk, plain and simple. Their credit score will be poor and their ability and this is crucial to provide a security cannot be met to get the cc facilities.
I would also say that the fact that they have existing cc facilities which are now withdrawn speaks VOLUMES of the position they are in. Remember they have had a relationship with this crowd and fulfilled obligations which is no longer good enough for the CC provider…..to me that’s a massive negative

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torrejohnbhoy(@johnbhoy1958)Posted on12:59 pm - Apr 25, 2014


May as well keep it going!

Share Price: 22.50 Bid: 22.00 Ask: 23.00 Change: -3.50 (-13.46%)

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EnglandshirePosted on12:59 pm - Apr 25, 2014


Nose diving shares

Share Price: 22.50 Bid: 22.00 Ask: 23.00 Change: -3.50 (-13.46%)

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Resin_lab_dogPosted on1:00 pm - Apr 25, 2014


indy14 says:
April 25, 2014 at 12:58 pm

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Interesting.

As the Ibrox club are under very public scrutiny and their finances seem to be horribly transparent with leaks all over the place, I’m puzzled where the risk of fraud would come into it.

It’s obviously a horribly run business with real problems making it to the end of next season, so an obvious credit risk, but fraud?

__________________________________________

2 words:
Insolvent trading.

(=fraud)!

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Night TerrorPosted on1:03 pm - Apr 25, 2014


eJ, Resin, Blu – thanking you.

So despite the notional 1p value, these 43m shares can be offered to existing shareholders at whatever price the company thinks they can get, and then to open market for any shares not taken by these shareholders.

Got you. (I think).

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neepheidPosted on1:04 pm - Apr 25, 2014


http://t.co/bzy6xjrldQ

Compare and contrast? What do the SFA/SPFL have to say?

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ecobhoyPosted on1:06 pm - Apr 25, 2014


So if a Bear buys his ST up front and Rangers go down yet again I assume he just becomes an unsecured creditor with possibly no payback whereas if he had paid by credit card or credit facility would he not have had the security of a refund on the unexpired portion of his ST?

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torrejohnbhoy(@johnbhoy1958)Posted on1:06 pm - Apr 25, 2014


https://pbs.twimg.com/media/BmENDjyIIAA1ubi.jpg

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Night TerrorPosted on1:09 pm - Apr 25, 2014


I can see plotting the dropping share price minute by minute is giving some people tremendous joy, but is it really useful?

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ecobhoyPosted on1:11 pm - Apr 25, 2014


In the talk of the 1p shares let’s not forget that as well as the nominal 1p share situation that some/most of the origional consortium of investors in Sevco 5088 whose dosh paid D&P for the purchase of the Rangers assets and business only actually paid 1p a share.

This included Blue Pitch, Margarita and other anonymous offshore investors and, of course, Ally was another beneficiary of the 1p a share possibly for his services to ST sales. He might have been better accepting a knighthood but then that didn’t work-out for Fred the Shred although DM is steadfastly holding onto his gong 😎

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scapaflowPosted on1:14 pm - Apr 25, 2014


Resin_lab_dog says:
April 25, 2014 at 12:35 pm

A fair assessment. This is an unholy mess with no easy routes out, in fact, I’m not sure there is a route out. Admin seems one obvious route, but they have not pressed that button, which makes me think that there are forces who would be very resistant to that, with the none too subtle hints about contracts, I wonder who would not like an Admin/Liquidator poking around :mrgreen: ?

So, my money all 5p of it, cos that’s all this is worth, is on them limping on with some sort of sale of the club, lease of the facilities at some point, probably before the start of next season, but, really its anyone’s guess how this will play out.

The SFA/SPFL will do nothing, neither will want to be blamed for finally sinking the ship, even though the hulk is now little more than a hazard to their navigation.

If there are redundancies announced this afternoon, please remember that it will be the little people who will suffer, the Architects, Great and Small, will feel no consequences, today at any rate.

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Resin_lab_dogPosted on1:15 pm - Apr 25, 2014


thirdmanrunning says:
April 25, 2014 at 12:54 pm

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Sorry Resin Lab Dog, I think it’s a total sham.

Other than some actual facts and figures as to what was spent badly and when, there’s nothing in here other than management speak and aspirations, with some thinly veiled threats with regards to STs.

All of this could have been and probably was achieved within about 30 days.

The rumour mill is hinting still, at an Administration event as the only way out of the mess. And this is all about timing.

IMHO this review simply attempts to run the clock down.

____________________________________________

You may well be right, but I think there is sufficient doubt created to give him some benefit.

I agree btw that admin is most likely outcome. Agree with Sandy Easedale that this would probably prove terminal as well.

But is it a certainty?
If it is a certainty, GW fiduciary responsibilities are clear.

But if it is avoidable, GW has a fiduciary duty to do all in his power to remain solvent, and act in the the interests of the existing shareholders. I think he is discharging this duty appropriately here.
He has effectively outlined a strategy by which insolvency could be avoided whilst conceeding it is a risk, and explaining clearly why it is a risk, and not hiding any information in relation to this. I think he has presented the best chance of avoiding it, in an open manner, whilst pointing out to anyone who may need to investigate subsequently where the bodies were buried and by whom. This is exactly the correct thing for him to do in the circumstances I think.

If his strategy fails, Insolvency will result. Whilst there is still doubt about the inevitability of adminsitration, he is in the clear, I reckon.

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valentinesclownPosted on1:15 pm - Apr 25, 2014


the review is now in the public domain and IMO pretty bleak reading. Now I have just heard on BBC Scotland radio at 1 pm the sports news. When it reported on the review it opened with the statement that Rangers were going to invest between 20 and 30 million over the next 3 years. Now possibly they will but factually the fans cannot pay ST by DD or by credit card. If ST sales are low within 2 months the possible outcome may be an administration event, factual. IMO headline is misleading so please stop it BBC I pay a licence.

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John ClarkPosted on1:16 pm - Apr 25, 2014


I have just listened to the noon news on BBC Radio Scotland.
Is it just me , or does anyone else who heard the report of the publishing of the ‘Review’ believe that it must have been scripted by new temporary PR man at RIFC plc?
The BBC has been staunchly loyal all through this saga.Impartial? Not a bit. (As witness, for example, its initial truculent reluctance to quit the CBI because it (the BBC) is clearly committed, as is the CBI, to a ‘No’ vote.
My point being not the merits/demerits of the politics, but that BBC Scotland is essentially Unionist . It ought not to be.

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scapaflowPosted on1:20 pm - Apr 25, 2014


John Clark says:
April 25, 2014 at 1:16 pm

John, Id argue that the BBC is committed to the status quo, they will be just as pro Europe if that referendum ever actually comes to pass. It’s large scale change of any sort which scares the hell out of them

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Resin_lab_dogPosted on1:21 pm - Apr 25, 2014


ecobhoy says:
April 25, 2014 at 12:54 pm

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Night Terror says:
April 25, 2014 at 11:57 am

With such grim news to chew on, why are people bothered about the price of their barely traded shares? I’m missing what relevance the share price has to anything at the moment except to make it easier for someone to buy the club/company as it sinks.
================================================
I’m no expert in the ways of the City in terms of share dealing. But I would think that a major capital injection is necessary if Rangers is to survive although I obviously don’t know how long that would be for.

One of the ways of raising that cash is through a fresh share issue and I would think that the share price set for this offer would be linked to the prevailing existing share price at that time so IMO that’s the crucial relevance of the share price.

Very simplistically – the lower the price the more shares you need to sell to raise the required capital sum. There is also the question of dilution of the shareholdings held by existing investors which also has an effect on the shareprice of the existing shares.

It may be that the ‘barely traded’ shares become much more active as investors try to ditch the lead-lifebelts and search for a lifeboat to get away from the sinking ship pdq ❗

___________________________________________________________

If the share price falls far enough, that could be GWs trigger for the admin he needs.
Having outlined a recovery plan based on x shares at yp, if y is suddenly unrealisable, and x cannot readily be increased due to shareholder resistance, recovery plan becomes unworkable.
Big red button time… ‘The market has spoken, sadly etc… etc… ‘)

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easyJamboPosted on1:21 pm - Apr 25, 2014


ecobhoy says: April 25, 2014 at 1:11 pm
In the talk of the 1p shares let’s not forget that as well as the nominal 1p share situation that some/most of the origional consortium of investors in Sevco 5088 whose dosh paid D&P for the purchase of the Rangers assets and business only actually paid 1p a share.

This included Blue Pitch, Margarita and other anonymous offshore investors and, of course, Ally was another beneficiary of the 1p a share possibly for his services to ST sales. He might have been better accepting a knighthood but then that didn’t work-out for Fred the Shred although DM is steadfastly holding onto his gong 😎
============================
Only Green, Ahmad and McCoist got substantial shareholdings at £1p.

BPH, Margarita, Ashley & co all got half their shares at 99p and were given a bonus of the same number of shares at 1p, hence the average price paid was 50p.

The big losers were Laxey and a few others who paid £1, although some were paid off in cash or additional shares to make up the difference to the 70p IPO price

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ecobhoyPosted on1:22 pm - Apr 25, 2014


GoosyGoosy says:
April 25, 2014 at 11:50 am

Quite a clever statement really. Entirely consistent with blaming the fans for an upcoming Adminstration and probable liquidation of the club.

Think about it. Would you now go through the hassle of buying an ST if the club have just told you the credit card processor has demanded Ibrox as security for handing RIFC the ST money?

Not a chance – The end game approaches – Fast
==========================================
I can’t help but think that DK was aware the credit card company was wanting security over Rangers property and therefore his seemingly inane call for security for fans buying STs can now be viewed in a totally different light as being a stroke of PR genius IMO.

If it’s good enough for the credit card processor then it’s surely good enough for the fans although I most defo don’t see Laxeys being too happy with it and I reckon they have been a major stumbling block.

I think the Bears that support DK will feel vindicated by his arguments which were widely castigated as nonsensicasl and simpolistic by many – looks as though he was a few steps ahead of the game 😉

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