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Day of reckoning draws close for Rangers

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Companies have a statutory duty to produce financial reports in line with commitments made to shareholders.  The failure of Rangers to fulfil those commitments was put down to a lack of clarity over the future outcome of the on-going tribunal with HM Revenue and Customs.  As a consequence of this failure, trading in Rangers shares have been suspended by the Plus Stock Exchange.

The Plus Stock Exchange also told Rangers broadcast partner, STV, they were “currently conducting an investigation into the circumstances under which Craig Whyte’s seven year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011”.

Rangers today suggested there was “little, if any, tangible benefit for the club to be a listed company”.  This may be true but the benefit of a listing is heavily weighted towards shareholders and creditors, who should have received structured financial information in a timely manner.  Shareholders have also been denied the opportunity to attend an Annual General Meeting, which, in line with stock exchange rules, should have been held before 31 December 2011.

Many of you have watched Rangers speculate wildly for over two decades with the feeling that they would crash and burn.  This has been a painful period for those who follow clubs who stick to budget, unprepared to take a seat at the roulette table.  The day of reckoning draws closer.

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  1. Shameless repost:

     

     

     

    Only a matter of time before Rangers NewCo springs into life.

     

     

    What will they call it though?

     

     

    The Real Rangers?

     

     

    The Continuity Rangers?

     

     

    Rangers 2: The Legend of Whytey’s Gold?

     

     

    At any rate, a new Rangers deserves a new club motto.

     

     

    I suggest: “From hell’s heart I stab at thee; for hate’s sake I spit my last breath at thee.” (thumbsup)

  2. Repost from previous article…

     

    Meant to say earlier – did any of you see Soccer AM on Saturday? I don’t normally watch it now because I’m almost always working of a Saturday morning. They do a “Team Mates” section, and ask a player questions about his squad. Allan McGregor, McGregory to his colleagues, was the selected player. Every 2nd answer was Lee McCulloch – couldn’t even hide it when he was asked who the hardest player in the squad was.

     

     

    “Eh, big Jig (Lee’s affectionate training ground moniker) by far. He pure likes a tackle, likes leavin the fit in and that, know?”

     

     

    Aye, Beram Kayal knows only too well, Allan…

     

     

    HH

     

    Giggs

  3. Phil

     

     

    im getting worried about your place at the top of the podium chasers champions league table,

     

    thats two youve missed in succession, by my reckoning your only about 1500 ahead now.

     

     

    methinks there may be regular updates in the hours and days to come.

     

     

    on your marks…..

  4. Snake Plissken on

    Tik Tok

     

    On the clock

     

    And the Party’s gonna stop

     

     

    Ohhhhhhhhhhhhhhhhhhh

     

    Ohhhhhhhhhhhhhhhhhhh

     

     

     

    That should be a parody music video.

  5. I’m not sure how the suspension of trading in their shares will have any significant consequences, Paul. The Plus Stock Exchange’s investigation into Whyte seems more serious, but when will this investigation be concluded?

  6. When was the deadline to produce audited accounts for a UEFA licence for next season? Was it Dec 31st like last season?

     

     

    :)

     

     

    No **** In Europe

  7. Awe Naw, better watch what I say.

     

     

    St Martin’s Bhoy, ha!

     

     

    RogueLeader, “tick, tock, tick, tock” was the first comment ever posted on CQN.

     

     

    tomtheleedstim, fair play to them, they reported correctly, although a vigorous interrogation of Whyte could have taken place.

  8. Che – CQN style guide:

     

     

    Philvis does not “chase” podiums like some miscreant.

     

     

    Philvis simply, with leonine grace and impeccable personal grooming, assumes the podium.

     

     

    (thumbsup)

  9. Awe_Naw – I think that will be the accounting deadline they are really worried about. If this set of accounts contain a qualification from the auditor Re being a going concern due to the tax case it may well make it impossible for the SFA to do their blind eye act and they won’t be in Europe. This set will be the set they have to submit to the SFA.

  10. Since STV didn’t even show the FA Cup games yesterday this announcement of a ‘broadcast partnership’ with Les Horribles only confirms their abandonment of serious football coverage.

     

     

    Ole Arthur Montford will be birlin’ in his sports jacket.

  11. Don’t really know much about this sort of procedure that THEY find themselves in but does this not mean that their stock now has no value as it cannot be traded?

     

     

    Must be many orcs around the country looking at their shares and wondering if they’re any softer than a roll of Andrex!

     

     

    HH

     

    /Bishop B

  12. Its actually quite distressing to sit back and watch a world wide brand slowly but surely slip into the financial mire, the risk is that unless a robust plan can be found this organisation will disappear altogether, that to be honest would not be good for the UK or indeed Scottish economy,

     

    the brand itself historically held worldwide admiration, both from a financial markets perspective as a generator of vast amounts of cash, with turnover unsurpassed by any of its opponents, with massive land and building portfolios listed annually in the accounts, but also as a fair and generous employer who first and foremeost placed the well being of its employees first,

     

    its a sad sad time right enough,

     

     

    but enough about RBS lets get back to laughing at rangers.

  13. philvisreturns says:

     

    9 January, 2012 at 13:59

     

     

    who is this “leonine grace” you speak of and does she have any sisters?

  14. !!Bada Bing!! Kano 1000 on

    A Son of Dan- Sahili’s goal record is good,though not sure about standard of leagues he has played in Team Apps†(Gls)† 2002–2004 KS Vllaznia Shkodër 54(32) 2004–2005 Panionios Athens 5(0) 2005–2006 KF Tirana 34(28) 2007–2009 SV Ried 81(39) 2009– Rapid Wien 67(36) Total 241(135)‡ Nationa team‡ 2007– Albania 37(9

  15. Paul67

     

     

     

    I am with The ‘Whytemaster’ on this one and stock exchanges are clearly over rated. Far better to conduct your business on an obscure overseas island. That way pesky bloggers cannot dare to speculate about your money, honesty, character, etc…

     

     

    CraigWhyteCSC

     

     

    HH

  16. James Forrest is Lennon on

    Rogueleader:

     

     

    So what you’re saying simply mate is that without audited accounts, the Day of Reckoning, in terms of their ability to play in Europe next season, is March 31st?

     

     

    To be clear, further, if they do have audited accounts, and those include the necessary “going concern” clause, this will violate UEFA and the SFA’s criteria for granting a license, and they still won’t qualify?

     

     

    Lastly, you estimate their chances of securing a license, based on what we know, are low to non existent?

  17. Joe Filippis Haircut on

    philvisreturns. I have neither fishfingers or custard will brussel sprouts do ? H.H.

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