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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. This is all I can find a la moment but it does show that I have not imagined Mr Kelly¬

     

     

    3 results (0.43 seconds)

     

     

    … Mirror carried the funniest football headline since a sub-editor with a crush on Julie Andrews once penned “Super Kelly Quite Fantastic QPR Atrocious”. …

     

     

     

     

     

     

     

    http://www.highbeam.com/doc/1G1-60619315.html

     

     

     

    26 Sep 1998 – … the funniest football headline since a sub-editor with a crush on Julie Andrews once penned “Super Kelly Quite Fantastic QPR Atrocious”. …

     

     

     

     

     

     

     

     

     

    http://www.highbeam.com/doc/1P2-24776984.html

     

     

     

    – … the funniest football headline since a sub-editor with a crush on Julie Andrews once penned “Super Kelly Quite Fantastic QPR Atrocious”. …

     

     

    JJ

  2. Celtic Soul Brother- Supporting Kano 1000 on

    googybhoy ♥ Celtic and Integrity says:

     

    9 January, 2012 at 14:47

     

     

    Let’s hope so!

     

     

    Same to you and yours.

     

     

    Like the new name btw!

  3. Gordon_J at 14:52

     

     

    Are you thinking what I’m thinking that the report will be accompanied by video of Dundee United beating Rangers on route to their cup success in 2010?

     

     

    Mort

  4. Gordon_J backing Neil Lennon says:

     

    9 January, 2012 at 14:06

     

    Wouldn’t it be wonderful if the huns went bust on Friday 16th March? Every year would then be a two day celebration of Liquidation Day followed by St Patrick’s Day.

     

     

    ———————

     

     

    oh the irony, what if they went bust on the 17th, Donald Finlays birthday, u hadnt thought of that.

  5. Ten Men Won The League on

    I appreciate the travelling aspect for the support regards the draw, but i’d rather be away than at home. We seem to play better recently in domestic cup competitions because of it

     

     

    Oh and i wouldn’t rule out Dunfermline beating ICT by the way

     

     

    Both our game + the Huns will be live although ernie lynch makes a very valid point earlier

     

     

    Will DU get their share of the gate money?

  6. The Honest Mistake loves being first on

    Gordon_J backing Neil Lennon 9 January, 2012 at 14:52

     

    Well we know what coverage will be on tv to accompany reports of the cup draw.

     

     

    I predict it will be Lenny snarling at the FPLG. Am I correct?

  7. The annoying little hun clique have wormed their way into Sky Sports News and in true lapdog fashion slant the scottish football news at every oppotunity.

  8. How many consecutive away draws in the SFA Cup is that now?

     

     

    Can any statistician work out the probability of so many consecutive away draws?

  9. the long wait is over – it is also very likely that it is not just the tax case making Grant Thornton jittery about them as a going concern. They have previous for asking Rangers to get a credit line prior to signing off accounts. If the rumours are true I cannot see how Grant Thornton could sign off the accounts on a company with that potential liability hanging over them, running at the loss they do, who are relying on asset sales for cashflow and as of 31st January will have no other significant avenues of raising capital.

     

     

    Without the tax case there will be very serious going concern questions.

     

     

    Chuck in the rumoured current NIC and PAYE debts, the “shady” director behaviour etc and you can see why they want to have everything dotted and crossed.

     

     

    I think 1st Feb could be a significant date. If there is no resolution of the tax case by then Whyte will know the exact amount of money he will need to keep the club running until season ticket money for 2012/13 comes in. If that amount is not sitting there, bearing in mind they will have no other avenues of getting capital, he will know if he has to pull the plug as his excuses for not doing so with regards to trading whilst insolvent will be very minimal. As by 1st Feb he will no precisely the lay of the land.

  10. DBBIA

     

     

    Not sure yet exactly what he’s alleged to have nicked, but they’re all certainly making a meal of it, and he’s being treated Chablis if it was

     

    just an ad Hock thing.

  11. bournesouprecipe says:

     

    9 January, 2012 at 14:55

     

     

    vogue

     

    I hope you are going to take responsibility for this one.

     

     

    BSR

     

     

    very funny

  12. the long wait is over on

    giggsy

     

     

    if Scottish cup looks like

     

     

    12 Jan 2008 R4 Stirling Albion Celtic Park 3-0 SC Vennegoor of Hesselink, McDonald, Nakamura.

     

     

    open to correction however

  13. tomtheleedstim on

    bournesouprecipe says:

     

    9 January, 2012 at 14:55

     

    Anthony Worrall Thompson allegedly stole some cheese and wine, and that was only for starters.

     

     

    hehehe

  14. the long wait is over says:

     

    9 January, 2012 at 15:11

     

     

    —-

     

     

    Cheers bud. Not that I’m paranoid or suggesting anything untoward, you see… :-)

     

     

    HH

     

    Giggs

  15. We have now had seven successive away draws in domestic cups since Inverness at home in the CIS Cup(Sept 2010 – a 6 – 0 victory).

     

     

    Assuming a 50/ 50 chance of a home/ away draw, the probability of that happening is 1 in 128.

     

     

    So – quiz question – what’s the probability of our next draw being an away one?

  16. Hullbhoy

     

    James Godwin, the regulator at Plus Stock Exchange, is investigating far more than a set of late unaudited accounts.

  17. The Honest Mistake loves being first on

    bournesouprecipe 9 January, 2012 at 15:09:

     

    Who drove the getaway vin?

  18. Gordon_J backing Neil Lennon says:

     

    9 January, 2012 at 15:16

     

     

    —–

     

     

    100%. Not that I’m again suggesting anything untoward…

     

     

    HH

     

    Giggs

  19. James Forrest is Lennon on

    I just created a nice wee countdown for my Facebook page regarding Rangers responsibilities for a UEFA Licence.

     

     

    You might be interested in the stats.

     

     

    There are 82 days left …

     

    There are 1975 hours left …

     

    There are 118546 minutes left, give or take …

     

    … and there were, at the time of creation, 7112819 seconds left!

     

     

    Man oh man, it’s like waiting on Xmas!

  20. the long wait is over on

    Rl

     

     

    Ahhh – the season ticket money.

     

     

    If it spins that long that will be a real quandary for Rangers and all who sail in her.

     

     

    Do the board do the usual and bang a big drum to get as much money in as possible and risk all that cash going to the tax case if they cant ship it out beforehand?

     

     

    Do the fans throw money at an entity that even the less cerebral of them are beginning to see is in some jeopardy?

     

     

    Decisions, decisions.

  21. Half Time Tombola on

    Gordon_J backing Neil Lennon says:

     

    9 January, 2012 at 15:16

     

     

    So – quiz question – what’s the probability of our next draw being an away one?

     

     

    Still a 1 in 2 chance – sneaky!

     

     

    Tombola

  22. James Forrest is Lennon on

    the long wait is over says:

     

     

    At the RSA meeting with Whyte, he told them he is changing the way the season ticket payment plan works. No more paying an installment and then 3 or 4 or 10 other payments during the season. He has announced that forms will go out earlier and that all monies must be paid BEFORE the season starts.

     

     

    Who, in their right mind, would actually purchase one under these circumstances?

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