Charles Green and his initial backers have achieved a remarkable result with what is already evident in their prospectus. Page 66 notes: “In the period to 31 August 2012, a total of 25,340,000 shares were issued for a total consideration of £7,719,000”, issued at approximately 30.4p per share. At a price of 70p per share these shares would be worth £17.738m, a cool £10m profit.
Since that August date Green has enjoyed something of a windfall. Page 83 notes, “The contractual right to an option over 10 per cent. of the enlarged ordinary share capital of RFCL was exercised by Charles Green on 31 October 2012 by a partial exercise notice pursuant to which 5,000,000 ordinary shares of 1p each in RFCL were issued to Charles Green on 31 October 2012.”
That’s 5m shares, worth 70p each, which is a stunning £3.5m to add to the above £10m!
Have you heard how great the CQN Annual is? You can order online here, not many posting days left before Christmas!
Next month a raft of new bodies will have notifiable shareholdings, specifically: Hargreave Hale, Artemis Investment Management, Cazenove Capital Management, Legal & General Investment and Insight Investment Management, all of whom will seek returns for their money.
2012 was the year Rangers were liquidated. It was also the year the assets were snatched from the grasp of an array of Rangers fans by people who saw an opportunity.
2013 will bring an SPL Commission and Upper Tier Tribunal issues for oldco but the consequences of these share issues will determine the performance of newco for decades to come. I think you and me should keep quiet about this. Let Charlie carry on and do what he needs to do over the coming weeks.
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SNP to follow suit or is the Gay Marriage Legislation another stick to beat us Catholics with?
‘The Church of England and Church in Wales will be banned in law from offering same-sex marriages, the government has announced.
Other religious organisations will be able to “opt in” to holding ceremonies, Culture Secretary Maria Miller said.
But she added that the Church of England and Church in Wales had “explicitly” stated strong opposition and would not be included.’
garcia lorca
15:47 on 11 December, 2012
I remember that day so well. We were full of optimism, got in 5 minutes late and Davie Wilson had already scored!!
Neil canamalar it’s the “beneficial ownership” of the stadium which is the prize.
If you want to know what that means I’ll give you an example.
winning captains
13:46 on 11 December, 2012
We’re busy on the new issue of CQN Magazine which should be with you by the end of the week. The features in this edition are easily the best one yet so something to look forward to.
We appreciate the considerable support we have received to date on the CQN ANNUAL and thanks to everyone who has purchased and for the compliments subsequently posted on the blog and on Facebook and Twitter.
Can we encourage everyone on here to look at buying the CQN ANNUAL for the following very valid reasons:
1. It really is a fantastic read – with 196 pages all about Celtic and CQN – what better stocking filler? Great value at a tenner.
2. It allows you to put something back into CQN.
You can order directly from CQN from http://www.eklektik.co.uk/
Or you can buy from Amazon.co.uk or pick up a copy at Timland in the Gallowgate.
Online orders are shipped next day.
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Winning Captains
Have the annuals, so any Bhoys and Ghirls in Swindon /Gloucester /Cheltenham area who would like to purhase one can do so through me. I am out and about these areas over the next week, so I can personally deliver to you and save you the postage.
If you email Paul67 for my email he can put you in contact.
Fantastic production and all my family and friends will be getting one- except the wife that is.
CF
My tweet to John Greechan of the Daily Mail earlier this morning regards him contacting Hugh Dallas for a story on certain managers problems with refs this season
Check out his reply. Is that appalling or what?
TenMenWonTheLeague @TenMenWonTheLea
@jonnythegreek Disturbing to see you contact for a story, a former ref who was sacked for a deeply offensive e-mail to all Catholics #shame
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John Greechan @jonnythegreek
@TenMenWonTheLea Not offensive to all. Some of us laughed. No accounting for taste.
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Garcia..,
Get it onto CD and flog it, I’ve no doubt there would be quite a few who would pay a couple of quid. Also, the recording might have degraded over time, when was the last time you listened to it ?
Anyroadup, my point being its your recording if there’s any dough to be made from it you deserve it, even if you want to donate it to a charity of your choice, I’d rather see a Tim that a corporation get the benefit. You could still donate the original to the museum.
Hail Hail
Ten men-Shocking but unsurprising from the dogs in this country,the racism /secterian offences in England don’t transfer to the Catholic faith in Scotland
Tass..,
Go on then
Ntass..,
Even
Green wants to use the share issue to buy back the Albion car park from Lloyds who currently lease it to Rangers – the cost around £1.5m.
He also intends to pay Murray £1m for Edmiston House and to set up his own security company for match days with possible leasing to other teams (lovely!).
The IPO has been described as ‘high risk’ by one investment company I know and the presentation to them as being ‘a bit over the top’.
Say no more.
Sorry, Paul67, but where is he expecting to get £13m from ? …… Who’s Gonnae buy all these shares after day 1, or am I misunderstanding something, somewhere…?
Neil can let’s say I own a house and I grant you a liferent on it. As the term implies, that means you can stay there for the rest of your life. You are said to have beneficial ownership. I merely have ownership, which is of no benefit to me until you move on.
In the same way sevco might own the stadium. But if others own catering, naming, commercial and of course ticketing rights, then sevco only have titular. Not beneficial ownership.
Without seeing the agreements it is not possible to know.
One thing can be said with reasonable certainty. No-one passes up on £40m the way Ticketus seem to have done unless they have something to fall back on. No-one lends that kind of dough without cast iron guaranteess. IMO.
I’ll TASS you. ;)
who is johnny the geek – or does that even matter?
think i found his mother tho
http://www.youtube.com/watch?v=VTvFC7QNc0Q
One question about Chuckles – I would wonder how all this “we will never play in the SPL” rhetoric would play with new institutional investors, particularly as Chuck has no idea whatsoever how that argument is going to pan out?
Sounds to me that it’s all designed to part knuckledraggers from their hard earned giros in some emotional investment. Why would any institutional investor back a CEO who is openly waging a war without a certain outcome – or am I missing something?
ten men
Aye n Dallas thought it was a laugh until he lost his job which was an even better laugh!
Ntass…,
Would BDO recover any funds for the creditors if they declared the asset sale void ?
Dallas lost his job for being a liar and a cheat, not for sending dodgy sectarian mail.
Bawsman
He didn’t lose his job for being a cheat. He got sacked for sending a deeply offensive e-mail and then offering to end the referees strike if he could keep his job
Ten men..,
With all that’s hppening, he finds the subject of child abuse funny and this from a reporter in the national press. It’s no wonder it still exists when the people who should be investigating all seem to be sitting back laughing.
Bhoys,I have been out of circulation for a while,has hector appealed the FTTT verdict or are we just hoping he does
Bawsman, your getting you cheats mixed up, you are thinking about dougie dougie
Gord64
Hector has made it known they will appeal
canamalar
He now thinks that because he himself is a Catholic that its ok to laugh about it
It was a disgraceful comment from him
Re. RIFC impending share issue, does anyone think, like me, that BDO may well be waiting in the wings to try and “appropriate” any profits that Chucky makes, to help pay the creditors that he tried to shaft earlier this year? ………..or is that too simplistic? ……and optimistic!
HH
The latest from ChucklesVision
CHARLES GREEN, Chief Executive of Rangers, issued the following statement today:
“In view of the extensive and somewhat sensationalised media coverage of actions allegedly being taken against the Club by players past and present, I would like to clarify the position for our fans.
“There are three separate disputes or litigations ongoing. The first is the Club’s action for damages which has been lodged with an SFA Arbitration Tribunal.
“A number of players, Alan McGregor, Kyle Lafferty, Rhys McCabe, Sone Aluko, Steven Davis, John Fleck, Steven Naismith, Steven Whittaker and Jamie Ness objected to their contracts of employment being transferred under TUPE regulations from the oldco Rangers to the company as it now stands.
“The transfer was carried out as with every other member of staff in order to protect employees during oldco Rangers insolvency.
“The Rangers Football Club believes the players’ objections were incompetent and the players unilaterally terminated their contracts in an unlawful manner and is pursuing damages through the SFA Arbitration Tribunal.
“Discussions took place with representatives of some of the players and agreements were reached with Davis, Fleck and McCabe.
“Representatives of the remaining players have challenged the right of the Club to be involved in the SFA process and a preliminary hearing has been fixed for January 7, 2013 to determine these jurisdictional issues.
“Senior counsel has advised the Club that prospects of winning these preliminary arguments are good. If the Club is unable to pursue its rights through the SFA there are other routes available to pursue compensation from the players and their new clubs.
“Separately PFA Scotland has raised an employment tribunal claim against the Club supposedly on behalf of 67 unnamed players, alleging a failure to consult on the part of oldco prior to the players’ contracts being transferred on June 14.
“Senior counsel has given a robust opinion that PFA Scotland has no locus or standing to raise such a claim in the circumstances of the case.
“The fact that many of the supposed 67 players are still at Ibrox and have indicated they have no part in this action begs the question why it is being raised at all.
“Further, it appears that a number of players whose contracts were due to terminate at the end of last season and who were never in line to transfer under TUPE have been included in the numbers.
“Also, a number of former players have already signed agreements with the Club waiving any right to participate in this claim.
“In reality, we are talking about six players who have some form of dispute rather than 67.
“Rangers fans will note how the Club captain Lee McCulloch and a number of other players have quickly dissociated themselves from this action.
“I have also had the father of one player calling, quite furious that his young son has been attached to an action he knew nothing about.
“PFA Scotland has confirmed as much in its statement earlier today. That statement confirms that the failure to consult claim apparently lodged for the benefit of 67 players will be withdrawn if the Club’s SFA damages claim against the 6 players is dropped.
“The purpose of the failure to consult claim is therefore not to safeguard the rights of the 67 players but to attempt to persuade the Club to abandon its legitimate pursuit of compensation from players who in the Club’s view, walked out on their contracts of employment.
“Finally three players – Aluko, Lafferty and Ness – have also raised constructive dismissal claims against the Club as it stands now.
“We have challenged their right to do so and these are low value claims. It should be noted that the players were employed by new clubs almost immediately on terms we believe to be at least as beneficial as those they enjoyed at Rangers.
“It is disappointing that players who have left the Club to further their own careers rather than play in Division Three should be continuing with these actions or allowing them to be progressed on their behalf.
“I am in no doubt that the supporters who are showing such outstanding loyalty to Rangers will form their own views as the Club continues to rebuild.”
Neil can it’s unclear. If someone has a floating charge (a kind of security), then they have first call on revenues. So BDO would not waste their time going after that money, unless they were willing to prove the deal was in some way illegal.
It’s not the asset sale which is the issue. The issue, IMO, is who has beneficial ownership?
I pointed out on another article that for HMRC to allow the transfer to go through at such a low value and thus escape c.£2m Stamp Duty HMRC would need to be satisfied that under the circumstances that was the residual value after ticketus’ cut.
On a lighter note the whole thing could be a wheeze to avoid Stamp Duty. But to believe that you’d have to take the view that sevco might consider cunning plans to dodge paying a bit of tax.
Now some might say they would but we couldn’t even entertain that thought. Could we?
Darryl King joining Jaba
MWD
MWD-True ?
Rumoured Mon The Hoops Forum tweeting.
Neil can when I say the deal above, I mean the original deal between Ticketus et al and oldco.
I like the word oldco because it reminds me of the sombre, State Controlled drink monopoly in Finland, whose outlets were rather functionally named ALKO. They were like a cross between Argos and the broo, and functioned in the same way.
I’m off to do some work.
The job of his dreams,Snyde must chase him if true.Probably why another hun BFDJ has been brought back.
Ten Men Won The League
Neil canamalar Lennon hunskelper extrordinaire
Gents, Hugh Dallas attempted to bury the ‘Dougie Dougie’ story like he buried the linesman’s career who wouldn’t lie and cover it up, if that’s not the reason he was sacked then it should have been.
I would go on to profess amazement that he actually got a reference to take up a job with UEFA but how can I be more amazed than the fact that the man at the helm of the corrupt SFA actually holds money LOANED to him by a SFA member club (now deceased).
petec (from earlier)
Dylan played brilliantly v Arbroath and v Raith. At the moment we look really convincing in formations featuring 3 central midfielders, which would mean no room for the likes of Mcgeouch – I know he’s featured at CM before but he looks far better out wide.
If Neil looks at Arbroath and decides to go 4-4-2, I’d definitely like to see Mcgeouch given the RM berth with Matthews behind him – they were excellent together, while on the left, Izzy and Paddy are a great double act.
tbh, I was bowled over by how good Celtic were on Saturday and just can’t see past that 3-5-2 – so exciting to watch, and Scott Brown’s performance was incredible.
Cananalar,
Cheers wonder how the press will react when they do
Evening Bhoys, anyone have info on supp/buses travelling up to Arbroath tomorrow ?
Just got asked from a pal in a txt, and this is most certainly the best place to ask the question.
Many thanks.
Ntass,
But a resale of the assets would make £60M according to the prospectus :oD)))
Oh dear I’m off again :oD))))))
Bawsman,
There are enough huns in UEFA to ensure damage limitation.
I got the impression when they looked in to Dallas’ activities,they used the email to sack him,as there were much more damaging stuff in the bottom drawer.