Reflections on Goalposts

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In respect of the re-emergence of Mr Whyte and his …

Comment on Reflections on Goalposts by Giovanni.

In respect of the re-emergence of Mr Whyte and his claim on the RIFC/TRFC assets I remembered a statement, which at the time I thought rather unusual, in the IPO Prospectus by Messrs DM Hall.

“ We have not had the opportunity of inspecting the Title Deeds of the subjects under valuation and, for the purposes of our valuation, we have assumed that the subjects are held under Title which is the equivalent of Heritable Ownership (formerly Feudal) unless otherwise stated as being subject to a Lease. We have further assumed that the properties are free from encumbrances, restrictions or outgoings of an onerous nature which would have a material impact on the value.”

I realise they’d only been asked to do a “desk top” valuation as they’d carried out an earlier full valuation but surely, under the circumstances, they’d have said “show us the deeds”?

NB. For the avoidance of doubt I am not that Giovanni. Nor am I in anyway connected with him

Giovanni Also Commented

Reflections on Goalposts
And now there are three: Laxley, Damille and now River and Mercantile. All investment vehicles which wish to maximise the return to investors. These aren’t the normal city investors that people associate with insurance companies etc these three all want, and need, a return on investment in the short to medium term. R&M have a lovely phrase they use “garnering investments”. They must all have calculated the realisable asset value is considerably higher than the RIFC market capitalisation, as that can be their only interest. I repeat, they are not interested in funding a football team in any league. Has anyone checked Graham Wallace’s membership of the Tufty Club? He’s the biggest squirrel I’ve ever seen.


Reflections on Goalposts
If Mr King is to try to take control of the clumpany he must first buy the shares from existing shareholders so he has to make an attractive offer to some of the spivs. Unfortunately to gain control he needs 51% of the shares and that’s when it becomes expensive.
When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced. That’s 88.5 pence per share if I remember correctly.


Reflections on Goalposts
PhilMacGiollaBhain says:
January 8, 2014 at 12:26 am

If that was a likely play then could the move of assets from TRFC to RIFC be kept…err…off the radar?

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The decision to move the assets will be taken behind closed doors, if necessary with a consultation with the majority shareholders, but certainly without a shareholder vote being required. I believe the spivs now control the majority shares. Then, provided the forms are duly signed and dated and lodged with a conveyancing solicitor at least one day before an application for a CVA is made, then it can be quite a few days later before this information appears on the Scottish Land Register. Solicitors are very busy people don’t you know.


Recent Comments by Giovanni

It Is Better To Offer No Excuse Than A Bad One
TRISIDIUM
December 21, 2017 at 11:19
Be surprised if the larger part of the loans is converted to shares.
Control of a structurally insolvent company lies not in virtually worthless shares, but with the major creditors who will retain control when the shareholders are all stiffed.
Going to happen.

———-
Whilst I’m loathe to disagree with Trisidium I cannot see ANY part of the loans being converted for the reason he states but why the allotment of shares announcement?

There has to be something going behind the scenes that I cannot deduce. Have they found a mug, sorry buyer, for the shares and the conversion gives the chose few larger slices of the pot of gold? Doubtful I know.


Who Is Conning Whom?
I note that JJ (sitonfence) is breathtakingly announcing that one of his impeccable sources tells him that Club 1872 bought shares from Mike Ashley for 28p. Unfortunately, in one of its many announcements, the Rangers Observer told us on June 23rd 2017 that the price was 27.5p.  I regard the Rangers Observer as a fully fledged Jim Traynor mouthpiece so I assume it is correct. 

Please keep up JJ.


The Vice Closes
Prior to the release of the accounts of RIFC later his month I though I’d re-apprise myself of the last couple of years accounts. However on the company website the previous accounts have all disappeared except for the unaudited work of fiction from this summer,
 
 
Luckily I retrieved what I wanted from the good old web-archive. I’m assuming this is just a IT glitch rather than something untoward happening.


The Vice Closes
I fail to understand how, over a ten year period, nobody involved in the SFA player registration process (Bryson S ?) could not spot that the galacticos being employed by Rangers must have been on considerably less wages than their Celtic equivalents and possibly even less than the mere mortals employed by other SPL teams. 
 
Every year for ten years and nobody noticed this glaring anomaly? Surely someone would ask what additional incentive was being offered. Although I’ve never worked for such an illustrious organisation I doubt that a world class breakfast would be enough to sway me.
 
Yet we are lead to believe, from the evidence submitted to the LNS commission, that they only became aware of this when Rangers hit the financial buffers.
 
 
Now I realise, that being a mere Stenny supporter, that I am not au fait with the complexities of player registration, but come on!


The Vice Closes
WOTTPI
SEPTEMBER 13, 2017 at 16:17
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Knowing Mr Mac Giolla Bháin he doesn’t ask questions that he doesn’t already know the answers to. This should get interesting.


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