Podcast Episode 5 – Hibs Takeover ?

A consortium led by David Low has been in talks with Sir Tom Farmer seeking to purchase Hibernian Football Club. The story has been embargoed for a few weeks, but David agreed to speak to TSFM to give us an exclusive interview and provide us with information about his intentions for the Edinburgh club.

Highlights of the interview include the similarities and differences between the Hibs situation and the one he found at Celtic Pak in 1994; how Scottish Football’s “new level playing field” as Low calls it has created an opportunity for a club like Hibs to be the main challenger to Celtic for honours; the contrast of his consortium’s approach to that of the recent debacle at Ibrox; the role of the fans at every level of the club; the future of Allan Stubbs and Leanne Dempster; and the journey back to the Premiership.

Low is frank about his reputation as a well-known Celtic fan, but highlights his Hibbee credentials and his affection for the club, eschewing the “I was always a Hibbee” line taken by so many people seeking to ingratiate themselves with the locals at various clubs.

Certainly, the experience and finance rolling around Low’s consortium is something that any club could do with, but the fans are crucial to their involvement and interest.

He says he won’t go ahead with the purchase unless the fans are behind them.

“Fans have never been so powerful as they are today, especially with the advent of social media like TSFM”

“We have seen in recent years what a body of fans are capable of when they re together”

“We want to have that togetherness at Hibs, because the only way forward is to have trust between the boardroom and the fans, you only have to look at the levels of distrust between board and fans at Rangers to see that it is a recipe for disaster”


powered by podcast garden

Podcast Download Link

ITunes Link

 

This entry was posted in General by Big Pink. Bookmark the permalink.

About Big Pink

Big Pink is John Cole; a former schoolteacher based in the West of Scotland, He is also a print and broadcast journalist who is engaged in the running of SFM . Former gigs include Newstalk 106, the Celtic View, and Channel67. A Celtic fan, he is also the voice of our podcast initiative.

2,528 thoughts on “Podcast Episode 5 – Hibs Takeover ?


  1. Is F5 Friday!”!!!!

    Wondering if we will see a Regulatory News item issued re what happened to the 1.8m shares see on the trading sites earlier in the week after the IM case. 🙂

    Friday at 6 for such statements is the norm.


  2. AGM to discuss new share issue likely to be ” September or October this year” says Rangers QC Alan Summers


  3. AGM to discuss new share issue likely to be ” September or October this year” says Rangers QC Alan Summers #bbcsportscot
    ========================================
    September? Cutting it fine!


  4. They better be quick getting the accounts out if an AGM is going to be in September


  5. Tbh if I was the judge I think I would smell the sweat and fear from Rangers that they are going to be beat by the bell and just can’t get over the line in time 💡


  6. BBCBMcLauchlin @BBCBMcLauchlin · 44m
    Club has a single loan facility in Laxey Brothers says Rangers QC #bbcsportscot

    Well, I find that one interesting. I wonder how much this ‘facility’ is for and how much it has been drawn on?


  7. easyJambo says:
    September 5, 2014 at 2:48 pm

    They better be quick getting the accounts out if an AGM is going to be in September
    ===============================
    Very good point


  8. easyJambo says:
    September 5, 2014 at 2:48 pm

    They better be quick getting the accounts out if an AGM is going to be in September
    ===============================
    Very good point

    There is no chance of a September AGM. If there is a special resolution to remove a Director, and I would imaging there will be resolutions to remove them all, I believe 28 days notice is required. We have yet to see accounts and I don’t expect to see those until after 12th September. AGM will not happen any time soon.


  9. ecobhoy says:
    September 5, 2014 at 2:47 pm

    2

    0

    Rate This

    AGM to discuss new share issue likely to be ” September or October this year” says Rangers QC Alan Summers #bbcsportscot
    ========================================
    September? Cutting it fine!
    ///////////////////////////////////////////////
    The auditors would have to qualify the accounts then.

    The going concern issue would not have been resolved in time for the accounts to be circulated to shareholders within the required AGM notice period.

    Being satisfied that the company can operate as a going concern for twelve months from the date of directors’ approval of the financial statements would require a massive turnaround in the financial position. We wouldn’t be commenting on today’s court proceedings if that was the case, and the QC representing The Rangers would only have to produce that evidence to have the application turned down.


  10. Another wee thought:

    If talks with two potential investors are at an advanced stage, why wasn’t that information passed to the current investors who are considering whether or not to accept the share offer? Surely any such talks will affect the decision, either negatively or positively, of all the current investors. If there was no court case, would they be hearing of this now? With a company that has tied itself into so many onerous contracts, sold shares at ridiculously low prices, given out untold share options, surely every potential investor should be made aware of ongoing investment discussions before they are asked to decide on making further investment themselves. It is not inconceivable that someone in the know could, should there be plenty shares available after a low acceptance, buy up a large parcel of what might become very valuable shares, because they know the details of this potential investment. I find it hard to believe that it is legal to be carrying out negotiations for further investment during a share offer, unless it is tied to the share offer, ie trying to persuade large shareholders to take up the offer.


  11. Eco said three F5s ago…

    Tbh if I was the judge I think I would smell the sweat and fear from Rangers that they are going to be beat by the bell and just can’t get over the line in time 💡

    just? JUST?


  12. I wonder if Imran’s guy pointed out yesterday that Rangers has no bank overdraft fascility?


  13. 21 days clear notice is required for the AGM of a PLC, so if notices are sent on Monday, that would set the date for Tuesday 30 September. That is extremely unlikely, since they clearly haven’t set a month yet, never mind a date. A bit economical with the truth there, I feel.


  14. scottc says:
    September 5, 2014 at 2:53 pm

    BBCBMcLauchlin @BBCBMcLauchlin · 44m
    ‘Club has a single loan facility in Laxey Brothers says Rangers QC #bbcsportscot

    ‘Well, I find that one interesting. I wonder how much this ‘facility’ is for and how much it has been drawn on?’
    ____________________________________

    Would be obvious questions to ask, and to see the documentary evidence.


  15. Based on the snippets coming to us, my interpretation of what Mr Summers is saying is—look your lordship, we don’t have any money, but we’re still going round with the begging bowl”.

    He says the club will soon be debt free and in the next breath talks about a loan facility.

    With regard to the debt, I understood TRFC owed RIFC in the region of £16m, pus the loans from Mr Letham and Mr Easdale.

    Where are the funds to clear those debts coming from?


  16. Allyjambo says:
    September 5, 2014 at 3:04 pm

    …Surely any such talks will affect the decision, either negatively or positively, of all the current investors. If there was no court case, would they be hearing of this now? With a company that has tied itself into so many onerous contracts, sold shares at ridiculously low prices, given out untold share options, surely every potential investor should be made aware of ongoing investment discussions before they are asked to decide on making further investment themselves …

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

    What if you stay just below the 5 million euros and as such don’t have to put out a prospectus.


  17. beatipacificiscotia says:
    September 5, 2014 at 3:03 pm
    easyJambo says:
    September 5, 2014 at 2:48 pm

    They better be quick getting the accounts out if an AGM is going to be in September
    ===============================
    Very good point

    There is no chance of a September AGM. If there is a special resolution to remove a Director, and I would imaging there will be resolutions to remove them all, I believe 28 days notice is required. We have yet to see accounts and I don’t expect to see those until after 12th September. AGM will not happen any time soon.
    //////////////////////////////////////////
    Good point about the additional notice period due to special resolution(s).

    Clearly the desire to fleece ordinary bears of their Christmas money would require the “big issue” to take place later this year. However, is it possible to get the auditors to sign an unqualified audit report in time to allow that to happen?
    Yesterday’s UoF statements shows a willingness to fund the gravy train and must have have set the pulses racing at spiv central HQ.


  18. This Laxeys loan facility, is this another piece of important information kept from investors in the share offer? If it does exist, is it on the same terms as the last Laxeys loan facility, the rather onerous one that George Latham rescued the club from? Or is it a bit like the facility provided to get Deloittes to sign off on the last set of accounts? The one that only seemed to last until that particular hurdle was overcome?


  19. BBCBMcLauchlin @BBCBMcLauchlin · 47s

    Handwritten letter from Charles Green to Imran Ahmed stated “bonus for 2013 will be no less than £500,000”
    ———————————–
    All pals together 😯


  20. 16 Sodium Atoms says:
    September 5, 2014 at 3:13 pm

    But they did put out an offer that contained financial information. To omit what one must presume is substantial loans/lending facilities (to make the least difference to the case) seems, at the very least, rather dishonest.


  21. Danish Pastry says:
    September 5, 2014 at 3:11 pm

    Can a judge necessarily recognize a financial crisis when he sees one?
    ———————————————
    Well Rangers and its fans didn’t see one after a 127 day review 😐


  22. BBCBMcLauchlin ‏@BBCBMcLauchlin · 14s
    Lord Stewart asks Rangers QC “Are you suggesting this is a I scratch your back you scratch mine deal?” Reply “Couldn’t possibly comment”


  23. oddjob says:
    September 5, 2014 at 3:11 pm

    4

    0

    Rate This

    Based on the snippets coming to us, my interpretation of what Mr Summers is saying is—look your lordship, we don’t have any money, but we’re still going round with the begging bowl”.

    He says the club will soon be debt free and in the next breath talks about a loan facility.

    With regard to the debt, I understood TRFC owed RIFC in the region of £16m, pus the loans from Mr Letham and Mr Easdale.

    Where are the funds to clear those debts coming from?
    ////////////////////////////////////
    Was that all company (TRFCL) debt or just external group debt?
    External group debt will (should) be repaid if the rights issue is successful.
    He may have been ignoring the internal subsidiary/holding company loan.


  24. BBCBMcLauchlin @BBCBMcLauchlin · 57s

    Letter also states Imran Ahmed was intitled to 5% of commercial deals. #bbcsportscot
    ===========================================
    All old stuff just to prove Imran has a claim


  25. We often wonder why the blog doesn’t engage more fans of a blue-hue. With the posts coming thick and fast, peppered as they are with what comes across as barely contained glee is it any wonder? IMHO the blog does not cover itself in glory indulging in such schadenfreude. TD’ers do your worst!


  26. BBCBMcLauchlin @BBCBMcLauchlin · 22s

    Lord Stewart asks Rangers QC “Are you suggesting this is a I scratch your back you scratch mine deal?” Reply “Couldn’t possibly comment”
    =============================================
    Now there’s a thought – good on you M’Lord 😈


  27. “Alan Summers QC claims Rangers will soon be “debt free””

    Aye, right!

    ‘Rangers’ aka ‘RIFC’ aka ‘The Company’ may well be debt free, but ‘Rangers’ aka ‘The Rangers’ aka ‘TRFC’ are in debt to RIFC to the tune of at least £16m. More Club/Company misdirection methinks.


  28. causaludendi says:
    September 5, 2014 at 3:30 pm

    0

    0

    Rate This

    We often wonder why the blog doesn’t engage more fans of a blue-hue. With the posts coming thick and fast, peppered as they are with what comes across as barely contained glee is it any wonder? IMHO the blog does not cover itself in glory indulging in such schadenfreude. TD’ers do your worst!
    =======================================================
    I not only think but know that Bears lurk on here and a couple of my drinking buddies do although when they mention it I just say naw I don’t bother with they bampots on the internet. They urge me to have a look and say this site is different. And yes they do know I’m a Celtic supporter 😆

    Perhaps I should have a look at the site you’re talking about 🙄


  29. causaludendi says:

    September 5, 2014 at 3:30 pm

    0

    1

    Rate This

    We often wonder why the blog doesn’t engage more fans of a blue-hue. With the posts coming thick and fast, peppered as they are with what comes across as barely contained glee is it any wonder? IMHO the blog does not cover itself in glory indulging in such schadenfreude. TD’ers do your worst!
    ==========================
    I’d suggest that you look at the thread on Follow Follow that is discussing the same information as being recorded here and you will find that there are many more derogatory posts regarding how Summers has presented the Rangers position.

    What you describe as “glee” is more a reflection on the knowledge that has been gathered over the past few years, thus enabling posters to question what is being presented to the court as facts.


  30. BBCBMcLauchlin ‏@BBCBMcLauchlin · 37s
    Rangers QC Alan Summers says company is NOT verging on insolvency but is not in rude health

    BBCBMcLauchlin ‏@BBCBMcLauchlin · 26s
    Rangers QC says ” This is a company with difficulties” but “is in better condition now than previous hearings”


  31. BBCBMcLauchlin @BBCBMcLauchlin · 1m

    Rangers QC Alan Summers says company is NOT verging on insolvency but is not in rude health #bbcsportscot
    ================================
    Well nothing to worry about then. I wonder why a company in rude health issues such dire solvency warnings. Ah maybe theyre talking about RIFC and not TRFCL or even Rangers retail 😆

    Even most Bears have woken-up to the company/club name shuffling 💡


  32. Causdluendi,

    Its glee that the entire farrago should come to this – yes. I’ll bet anything you like that Lord Stewart’s private thoughts tonight, regardless of the outcome, will be what a couple of schmucks those lawyers were, but they were a damn site more honest than those they were representing!


  33. BBCBMcLauchlin @BBCBMcLauchlin · 52s

    Company is “trading out of difficulties” says Rangers QC #bbcsportscot

    Replied to 0 times

    BBCBMcLauchlin @BBCBMcLauchlin · 33s

    Rangers QC says ” This is a company with difficulties” but “is in better condition now than previous hearings” #bbcsportscot

    ————————————
    Jaysuz – where can I get my hands on some shares – hopefully at 1p a whip of course 😆


  34. BBCBMcLauchlin @BBCBMcLauchlin · 38s

    Aim is to take Rangers back to ” The Promised Land” and ” Back into European Competition where the big money is” says Rangers QC

    ————————————————————–
    Rangers QC has fogotten to mention that Neil Patey has now taken the stand. When do we get the ‘Rightful Place’ mention?


  35. Re the two 1.6m trades not showing up in an RNS
    If one Spiv sold to another Spiv who promptly sold them back again then the holding would be the same at the close of trading so I don`t reckon there may not be any need to issue an RNS
    Why do this?
    To spook investors into selling before the sp drops 25%


  36. Good Grief

    “BBCBMcLauchlin ‏@BBCBMcLauchlin 4m
    Aim is to take Rangers back to ” The Promised Land” and ” Back into European Competition where the big money is” says Rangers QC”

    Beyond the Fringe right enough


  37. Rangers QC says ” This is a company with difficulties” but “is in better condition now than previous hearings”

    Its only a flesh wound


  38. Allyjambo says:
    September 5, 2014 at 3:27 pm

    I couldn’t agree more and have thumbed you accordingly.


  39. If this was a club in trouble I would tell you all to stop making fun of it but it’s obviously ‘sound as a pound’ – only one right enough 🙂


  40. BBCBMcLauchlin ‏@BBCBMcLauchlin · 15s
    Most of the quotes from Rangers QC Alan Summers are from sworn avidavit from Chief Executive Graham Wallace

    BBCBMcLauchlin ‏@BBCBMcLauchlin – Club has a single loan facility in Laxey Brothers says Rangers QC

    So who got it wrong then when it was reported that Laxey Brothers would provide a loan facility.

    Did BBCBMcLauchlin report incorrectly in his tweet or is that what Summers said.
    If Summers said it, his he misquoting Wallace?
    If not surely a CEO should know that its Laxey Partners or perhaps the Easdale brothers.


  41. Dear Mr Regan and Co

    Please read the tweet below from the BBC

    “BBCBMcLauchlin ‏@BBCBMcLauchlin 4m
    Aim is to take Rangers back to ” The Promised Land” and ” Back into European Competition where the big money is” says Rangers QC”

    The second you allowed separation of club and company this is precisely the can of worms that you opened.

    Yours sincerely

    Scottish Fitba

    ps good luck on sunday


  42. BBCBMcLauchlin @BBCBMcLauchlin · 22s

    QC for Imran Ahmed Kenneth Mcbrierty now making his statement #bbcsportscot

    Replied to 0 times

    BBCBMcLauchlin @BBCBMcLauchlin · 25s

    Rangers QC has now completed his evidence #bbcsportscot
    =========================================
    Would have brought a tear to a glass eye so it would 😎


  43. ecobhoy says:
    September 5, 2014 at 3:46 pm

    ‘Aim is to take Rangers back to ” The Promised Land” and ” Back into European Competition where the big money is” says Rangers QC’
    ___________________________________________

    And there it is, the ‘Moonbeam defence’! As every good judge, lawyer and internet bampot knows, dreams do come true 🙄

    Sounds a bit like he’s saying ‘TRFC are not in financial difficulty now because, in 2/3/4…years time we will be making money! Though he forgets to add the bit that says, ‘if every TRFC supporters’ dream comes true!’


  44. Is somebody taking the wee wee. 1888 RIFC shares just sold


  45. Ahh, good ol’ whitabootery, ye cannae whack it, eh?!

    eco – I don’t recall making any reference to any other site?

    eJ – The reflection / dissection of the evidence / arguments was not what I was passing comment on. As I stated it’s only my opinion, but we have been looking to be accepted as a credible alternative to the MSM for the past couple of years. Some of the posts in the last couple of hours, and again this is only my perception, have come across as childish and unnecessary and does us no favours.

    WRT Follow Follow, I have no desire or need to know what some of society’s most cranially challenged have to say – my ‘obsession’ doesn’t stretch that far! 😉


  46. causaludendi says:
    September 5, 2014 at 4:08 pm

    If you can’t laugh at the obvious bullshit being sold by Rangers today, then your just not getting enough fun.

    This bullshit, for that is what it is, does the fans no favours , if it is not called out for what it is.


  47. Of course today’s proceedings are all a bit of a farce because if, as Mr Ahmed says, he negotiated £67m worth of water tight contracts then why, when the Plc also raised a further £22m and have taken in three seasons of Ticket monies, strip sales etc, would T’Rangers need to be passing the begging bowl around and why would IA need any cash they do have ring-fenced ????!!!!!!

    IA is chancing his arm asking for money against contracts that are clearly not delivering.

    That will of course be someone else’s fault 🙂


  48. BBCBMcLauchlin @BBCBMcLauchlin · 37s

    ” There is no concrete evidence that their is a saviour (For Rangers)” according to the QC for Imran Ahmed #bbcsportscot
    ============================================================

    Looks as though Imran’s QC is into taking the p*ss big time – it just shouldn’t be allowed and certainly lowers the tone of the Court of Session 😆


  49. Sky Sports Scotland ‏@ScotlandSky 3m
    It’s understood Ashley views his interests in Rangers as purely strong commercial ones which he intends to protect #Rangers

    No Sh!t Sherlock :mrgreen:


  50. Numerology/

    1888 shares just sold

    £67m contracts for IA

    Someone’s taking the p***!


  51. BBCBMcLauchlin ‏@BBCBMcLauchlin 1m
    “Unbudgeted Liabilty”comment in affidavit by Graham Wallace the subject of an adjournment. QC Alan Summers seeking clarity #bbcsportscot

    Whats this all about then? We may get some genuinely new data today afterall


  52. BBCBMcLauchlin ‏@BBCBMcLauchlin · 58s
    Rangers FC currently have £1.2 million in the bank


  53. I just have this wonderful image in my mind of a Mo Johnston-esque press conference where RFC saviour Mr Mike NUFC Ashley is unveiled.

    Now then questions from the floor from our wonderful MSM

    Q1 Excuse me Mr Mike NUFC Ashley, could I enquire, who’s yer big team?


  54. RING & FENCED !!!!!!

    Lord Stewart has found in favour of Imran Ahmed and that some of the assets should be ring fenced #bbcsportscot


  55. BBCBMcLauchlin @BBCBMcLauchlin · now
    Arrestment order will be up to maximum of £620,000 #bbcsportscot


  56. scapaflow says:

    September 5, 2014 at 5:10 pm

    BBCBMcLauchlin ‏@BBCBMcLauchlin 1m
    “Unbudgeted Liabilty”comment in affidavit by Graham Wallace the subject of an adjournment. QC Alan Summers seeking clarity #bbcsportscot

    Oh come on. How can you need clarity on “I hope to flip there isn’t another unbudgeted liability but I can’t be sure, I’m just the CEO”


  57. Smugas says:
    September 5, 2014 at 5:17 pm

    Not very thorough that 120 day review was it.
    Seems like a lot of things still coming out the woodwork.
    Maybe CEO Wallace just talks a good game and looks the part?


  58. BBCBMcLauchlin @BBCBMcLauchlin · 53s

    Great deal of sympathy with Rangers fans says Lord Stewart. “This does not mean club will be involvement.”#bbcsportscot

    Replied to 0 times

    BBCBMcLauchlin @BBCBMcLauchlin · 16s

    Lord Stewart has found in favour of Imran Ahmed and that some of the assets should be ring fenced #bbcsportscot
    =========================================

    I thought Imran had a good chance of getting this today but even with just snippets of the arguments presented there was no way he could lose.

    £1.2 million in the bank and what about creditors? Unless Laxey or someone poney’s up immediately then they could be days away from going under again.

    I think Letham could get stiffed and tbh it seems unfair that Imram gets money ring-fenced and a real rangers supporter is left losing out.

    I honestly wonder whether AIM can allow this Offer to go ahead?


  59. wottpi says:
    September 5, 2014 at 5:16 pm

    BBCBMcLauchlin @BBCBMcLauchlin · now
    Arrestment order will be up to maximum of £620,000 #bbcsportscot
    =================================
    And with public knowledge that there is nly GBP1.2M in the bank, would it not be a good PR move for Ashley to make a magnanimous gesture ?

    He could offer to provide a short term loan, [with lots of ‘onerous’ conditions attached], to the value of any ring-fenced monies.

    This could help to get the bears onside with him personally – and to keep them shopping at Sports Direct ?


  60. so fair to say that on balance of probabilities, the Judge believes an insolvency event is possible. Blood pressure levels just ticked upwards at Ibrox and Hampden, as the Rangers board scrabbles around to secure funding for the September wage bill


  61. I honestly could not see any other possible decision the court could arrive at…

    But seriously 1.2 mill in the bank…with 620k arrested…who will pay the wages this month?


  62. So what’s the “Unbudgeted Liability” and how many are there and for how much?


  63. BBCBMcLauchlin @BBCBMcLauchlin · 6m
    Great deal of sympathy with Rangers fans says Lord Stewart.

    BBCBMcLauchlin @BBCBMcLauchlin · 2m
    Rangers QC Alan Summers has asked for leave to appeal saying there has been an “error of law” #bbcsportscot

    ===================================================
    Lord Stewart’s sympathy last all of five minutes and tells them to GTF 🙂

    Seriously what do the fans do now? £1.2m in the bank today (as opposed to the £1.5 free cash at end of June 2014) but half potentially unavailable until at least early next year and Mr Letham still wants his £1m.

    Not good news no matter how you look at it.


  64. If I was a TRFC creditor…

    Their next home league match is v Hibs on 29 September, long time to go with less than £600,000 in the bank for a club like TRFC. They will have to pray the leave to appeal is granted on Tuesday.

    With the word on the street, or at least Sky, that Ashley is, as many here thought, only interested in TRFC’s commercial side (ie his own pocket), the news today is mega bad. It won’t help the share offer either.


  65. BBCBMcLauchlin ‏@BBCBMcLauchlin

    Rangers QC Alan Summers has asked for leave to appeal saying there has been an “error of law” #bbcsportscot
    ============================================
    JC might be able fill us in on what the error is supposed to be. But from what I can gather about these type of hearings they allow the judge wide leeway in coming to a decision either way so I think winning an appeal could be very difficult.

    Are they hoping just to get past the Offer date? But can AIM ignore the financial state of RIFC or is it TRFCL. Who has only got £1.2 million in the bank? Which company?


  66. Long time lurker since late RTC days. This site is magnificent, enabling me to retain a modicum of faith that one day Scottish football might be a much worthier proposition than now.

    Many thanks, its been a revelation.


  67. wottpi says: September 5, 2014 at 5:29 pm

    Seriously what do the fans do now? £1.2m in the bank today (as opposed to the £1.5 free cash at end of June 2014) but half potentially unavailable until at least early next year and Mr Letham still wants his £1m.
    ========================
    The question you also need to ask is what happened to the cash the wasn’t available for use as working capital.

    From the open offer:

    The Company had an unaudited cash balance of £4.26 million as at 30 June 2014. Included in this unaudited cash balance is £2.72 million relating to Rangers Retail Limited, which is not immediately available as working capital to the Group as a whole.

    Has Ashley taken the £2.72M or has it been divvied up between him and TRFC.


  68. I would reckon any creditor will immediately be launching court actions including HMRC. Hector even if owed dosh probably wouldn’t have moved – to again be wrongly accused – of bringing Rangers down. That’s the problem with today’s judgement – it opens-up all sorts of problem such which just can’t be anticipated.

    But now they have to act to protect the taxpaper. If it isn’t over then I’ll be amazed but to even continue on life support will take lots of dosh more or less immediately.

    And it would take more to reach the Big Offer after the AGM – leaving aside the 75% barrier – but who is going to buy shares.

    I think at this juncture it is probably irresponsible of the two fan share organisations to commit money to the club by buying shares. They would probably be better advised to wait for the next Phoenix.

    In any case I’m not sure whether Bears would put another penny into Rangers shares for at least a decade and they shouldn’t IMO unless the club – wherever it plays – is fan controlled.


  69. £1.2m in the bank, does it include the ST money? What’s happened to the ‘untouchable’ £2.2m? I’d imagine all monies held in the name of TRFC would have to be included in that figure so that the judge could properly adjudicate on how much he could arrest in behalf of Ahmed.

    If the ST money has been used then maybe that was what was used to pay the last lot of wages and the ‘loans’ were just a smokescreen, perhaps for Deloittes’ benefit.

    If PMGB’s sources are correct, and there are £600,000 of bills overdue, can they last until the result of the share offer, even if it is a success?

    All these questions, and more, will be answered in next week’s episode of (Rangers) ‘Soap’.


  70. easyJambo says: September 5, 2014 at 5:38 pm

    ———————–
    I forgot to add…. Has the ST money been spent?


  71. ecobhoy says:
    September 5, 2014 at 5:48 pm

    …I think at this juncture it is probably irresponsible of the two fan share organisations to commit money to the club by buying shares. They would probably be better advised to wait for the next Phoenix.
    In any case I’m not sure whether Bears would put another penny into Rangers shares for at least a decade and they shouldn’t IMO unless the club – wherever it plays – is fan controlled.
    ———————————————-

    Agree entirely ecobhoy.

    Does the court decision today mean that there has been a material change to the circumstances of the company?

    Must AIM now take that into account and possibly require the share offer to be withdrawn pending clarification of the financial position? Will the lack of an underwriter be a negative factor too?

    If the fans act in a rational manner (!) and rescind their decision to take up their allocation then surely the share issue is doomed?

    AIM needs to protect these people.

    Following on from all this is a share suspension now a possibility if not a likelihood?

    This could all come tumbling down very quickly…

    Scottish Football needs a strong AIM. And where are the SFA/SPFL?


  72. Should this incarnation now go the way of the last, I do hope they do so before November 11th.
    It would be a relief to have that occasion unpolluted by their usual deeply disrespectful antics.

Comments are closed.