Anyone consuming media coverage would think that the on-going investigation into the registration of Rangers (since renamed RFC 2012) players over the last decade or so was the most pressing matter within The Rangers (until recently, Sevco). I really don’t think so, although it is a useful rallying flag. The EBT issue is not short of drama but there are more immediate concerns.
More importantly, I hear The Rangers are still trying to raise the initial £10m Founding Investors capital. The Sevco Investor Presentation offered these Founding Investors two shares for each one purchased, “effectively doubling their contributions” ahead of a stock-market floatation later this year. My understanding is they hope to raise £20m at that floatation, without the two-for-one share incentive, in order to see them through several years in the Scottish Football League and at least four years without European income.
If/when this matter materialises, remember, in 1994 Fergus looked you in the eye and allowed you to buy into Celtic at exactly the same rate he and the other early investors did. This model worked, anyone hoping to emulate Fergus’ success would do well to offer fans the same terms.
The size of the total capital requirement may be as much of a disincentive to early investors as the terms currently on offer. If you put significant sums in now and the floatation fails to deliver enough cash to allow the company to continue trading, your investment is at risk. I hope Laurel and Hardy at Hampden haven’t deleted their Armageddon slides.
Even selling 40,000 adult season tickets for Ibrox at £268 each would bring in only £9m (ex-vat), so there is a good chance this company will burn cash reserves for some time, assuming they pay taxes, of course, which was apparently optional for some in the recent past.
Target closing date for Foundation Investors was 6 July with Q3 / Q4 slot for floatation on the AIM market, so we should be seeing a prospectus sometime soon if plans are back on track. If Charles Green pulls this off he deserves some sort of Businessman of the Year award.
Anyone who thinks the drama is over still hasn’t realised the enormity of the situation.
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Philvis
As an ‘unrepentant capitalist’ you must therefore
acknowledge that you are morally bankrupt.
Only saying like. HH
Canamalar,
I suspect one of the offer terms from Green to the Administrators would have been for the name changes to happen. Green wouldn’t have been allowed by Companies House to change the name of Sevco Scotland Limited to The Rangers Football Club Limited if the company in administration was still called The Rangers Football Club plc.
It wouldn’t have been a big point for the Administrators – if Green said it was necessary to allow the sale to Sevco Scotland to complete they would agree to it.
.
I have had a Bad back all Week.. Seems Sammi has Too..
I’m going for a Ultrasound in a Couple of Hours..
Sammi going for a MRI..
I just Hope I’m Not Preggers..;0(
Summa of SiaticaCSC
blantyretim – my christian love.. o))
Back in the 90’s, I knew a wonderful young lady called Christian. She looked like Wynona Ryder and had the same kleptomaniac habits.
http://www.youtube.com/watch?v=z92bmlcmyq0 (thumbsup)
ooops
SoS back goodnight friends….. o))
Sky News broke the story of Mr Green choosing his advisers for the stock market flotation of the Rangers Football Club Ltd. Their City Editor will have riled some of the fans of the Rangers, by referring to their “re-constituted” club.
He also makes comment on the value of the items bought by Mr Green.
You can read my take on it here – http://scotslawthoughts.wordpress.com/2012/09/07/sky-news-city-editor-refers-to-re-constituted-rangers-and-cut-price-asset-acquisition/
It is a short piece and has Misha Sher in it!
SoS
only kidding my boosing budy… o))
PaulMcC
suprised I missed you last night at JOHS….
did you eat all the tea cakes?
petec – Gosh, I feel spoiled my friend in Celtic.
GnR and the Wolfe Tones?
I saw the latter in the Barrowlands many years ago, would have loved to have seen the former when Slash was still in the band.
http://www.youtube.com/watch?v=tbRfYDP5P28 (thumbsup)
Gordon64 – As an ‘unrepentant capitalist’ you must therefore
acknowledge that you are morally bankrupt.
Only saying like. HH
My friend in Celtic, I’m a capitalist because I care. Socialism is the equal sharing of misery. Capitalism is the equal sharing of hope. (thumbsup)
Canamalar,
No attachment. SC004276 used to be called The Rangers Football Club plc. It is now called RFC 2012 P.L.C – nothing to do with Green or his companies.
The name change of SC004276 was a pre-requisite to allowing SC425159, formerly called Sevco Scotland Limited, to be called The Rangers Football Club Limited.
If you want to complete the circle, SC426693 used to be called RFC2012 Limited. It’s name had to be changed on 31 July to ASDFGHJKL LIMITED – that was the trigger to allow the above name changes to be carried out.
Philvis
‘I’m a capitalist because i care’. What complete and utter nonsense.
Please do not insult my intelligence.
HH
Watever happened the fighting fund?
B-)
Gordon64 – Please do not insult my intelligence.
I’m not sure that’s possible.
http://www.youtube.com/watch?v=xDMNHvnIxic (thumbsup)
That’s why I/We hate international garbage games,more injuries ffs.
I’d love to hear Frank Sinatra in his prime singing these:-
Bad Liver
Grapefruit Moon
philvisreturns – I obviously don’t like a lot of the symbology that goes with these bands but the bottom line is, the music is quality.
Here you go, or come…..http://www.youtube.com/watch?v=vabnZ9-ex7o
And heres a Brucie Bonus.
http://www.zimbio.com/photos/Victor+Wanyama/Celtic+v+Airtricity+XI+Dublin+Super+Cup/O9l43r-4oz8
And the Good thing is we have brought in his Dad Efe to add experience to this team. The future is ours to embrace. ;)
Night bhoys,can you bet e/w on the Naps Table? will check in the morning as I got a wild outsider for tomorrow.HH.
Bhoylo83 – Watever happened the fighting fund?
I think the Fightin’ Round The World fund is temporarily on hold while they fight in Peterhead, Alloa, and other exotic locations. (thumbsup)
RIP
Morgan Freeman..
the hat,
so the administrators changed the name from “The Rangers Football Club PLC” to “RFC 2012 PLC”
If so does that make them complicit in the pheonixing scam
Philvis
Touche.
This dimwitted soshulist is no match for your rapier wit.
Philvis
Benjamin Franklin was, among many things, a fireman. He organized fire insurance co-op so that residents of Philly (see what I did there) could share the risk. Socialism: the worlds most misunderstood world? (Thumbs Up)
BT
Where did you hear that??
Are Sevco/The Rangers playing this weekend?
The lower Leagues usually play through International weeks. A genuine positive about being in the bottom tier, unlike the msm drivel that is peddled.
http://www.youtube.com/watch?v=1FE_dxZi9pE
petec – Ah, smells like the 90’s:
http://www.youtube.com/watch?v=r8OipmKFDeM&feature=relmfu
Our young Wanyama was either playing with his toys or shaving his moustache, depending on how cynical you are. But who cares? If you’re old enough, you’re good enough, according to David Weir. (thumbsup)
HT
At about 5 p.m. ET on Thursday, our beloved actor Morgan Freeman passed away due to a artery rupture. Morgan was born on June 1, 1937. He will be missed but not forgotten. Please show your sympathy and condolences by commenting on and liking this page.
on FB
blantyretim
23:44 on 7 September, 2012
RIP
Morgan Freeman..
__________________________________________
I hope not, an awesome actor.
PJBhoynyc – Buddy, if you think insurance = socialism, I have a very nice bridge in Noo Yawk to sell ya a loater.
BTW, I am a huge fan of your city and your country.
http://www.youtube.com/watch?v=aqlJl1LfDP4 (thumbsup)
Gordon64 – This dimwitted soshulist is no match for your rapier wit.
It’s more of a thumbsup wit. (thumbsup)
sooooooooooooooooooo excited
booked with TC for Barca
day trip (not ideal but what the hell!)
Bring it on
Morgan
http://www.youtube.com/watch?v=CWQYVYvoqDA
BT
Think it’s a hoax mate I remember he was a victim of the same thing a couple of years ago.
the hat,
glad I scrolled back and caught your post explaining my last question, now crystal clear, thank you
oh the scam thing, is it possible they could be repremanded for agreeing the name change
came from a FB page bhoys..
Ill check it out..
.
BT..
Re; Boosing Buddi..
A Think Ma Feckin Doc has Finally Sussed me.. He is Checking My Liver not my Back..;0(
Rumbled.com
Summa
sorry bhoys..
googled it and it seems to be a hoax..
Good Evening,
everyone is familiar with the term ” Pulitzer Prize”. Everyone knows that the Pulitzer Prize is awarded for journalism. What is not widely known is that there are numerous Pulitzer Prizes awarded each year– all in different categories which range from cartooning to photography to music.
Whatsmore, you can’t just draw something, write something, snap something and then if it is really good collect a Pulitzer. Oh No– you have to pay $500 and submit your entry, and then the 103 judges divided into 20 different juries beaver away like crazy to determine just who will be the nominated finalists in any given category.
Josef Pulitzer, was a Hungarian-American newspaper publisher of the St. Louis Post Dispatch and the New York World. Pulitzer introduced the techniques of “new journalism” to the newspapers he acquired in the 1880s. He became a leading national figure in the Democratic Party and was elected Congressman from New York. He crusaded against big business and corruption.
When he died he bequeathed his £2Million to Columbia University and established the Columbia School of Journalism– the only School of Journalism in the Ivy League— which opened its doors for business in 1912.
All very honourable eh?
Except that as publisher of the New York World he fully engaged in a circulation war with William Randolph Hearst’s New York Journal. Both Pulitzer and Hearst used “yellow journalism” for wider appeal; this opened the way to mass circulation newspapers that depended on advertising revenue and appealed to readers with multiple forms of news, entertainment and advertising.
If you are not familiar with the term “Yellow Journalism” it has been defined as a type of journalism that presents little or no legitimate well-researched news and instead uses eye-catching headlines to sell more newspapers.Techniques may include exaggerations of news events, scandal-mongering, or sensationalism. By extension, the term yellow journalism is used today as a pejorative to decry any journalism that treats news in an unprofessional or unethical fashion.
The author Joseph Campbell has defined yellow press newspapers as having daily multi-column front-page headlines covering a variety of topics, such as sports and scandal, using bold layouts (with large illustrations and perhaps color), with heavy reliance on unnamed sources, and unabashed self-promotion.
Any of that sound familiar in this wee land? Aye—- I thought it might.
Earlier in the week I mentioned the paper chase– that trail of business documents and letters etc that are the staple diet of lawyers and accountants who will seek to determine the facts and legal standing and implications of any contract or its breach.
Some made comment after that post saying that they had reason to doubt that the paper chase would be followed through and were sceptical about the true facts and information ever reaching the public.
I can understand that fully……. except.
The Paper Chase is not a creature of fiction or myth. Rules, regulation, legislation, banking procedures, accounting practice, professional standards, insurance conditions and all sorts of other business and regulatory matters dictate that certain paperwork for everyday standard business procedures simply MUST exist.
Whatsmore– in certain circumstances the absence of such paperwork raises more questions than answers– and if paperwork is repeatedly missing in key areas then a conclusion has to be drawn— and it is not a favourable conclusion.
What is readily available is years and years of print journalism– where Yellow Journalism has been deployed– sometimes most unconvincingly and without any real attempt at disguising it as anything other than exactly what is and was. Any such public statements can and should be checked and compared to all documents uncovered in the paper chase to see whether or not the press themselves were mislead at times in the past.
Take, for example, the virtual proclamation on or around 15th February that Rangers PLC would enter and exit the Adminsitration process all within a short period of time, and that they would come out the other end stronger and fully able to conduct business as usual!!!
To anyone who knew anything about it, this was a statement of complete and utter fantasy and could rightly have been dismissed as total rubbish. Yet it was pronounced as if it were a certainty!
Yes there was a statement from Craig Whyte but there was also lots of unnamed sources and mysterious so called spokesmen who were quoted up to and including that point.
Such pronunciations were common from the red tops to the broadsheets.
A few weeks later, Roddy Forsyth declared on BBC Scotland that he regretted the absence of financial journalists who could ask awkward questions of David Murray over the years, the implication being that Roddy is a sports Journalist while the Rangers PLC accounts– with their financial vagaries, EBT’s, Inter Company transactions, Amortisations, Valuations and so on— were matters for business and financial journalists— and not the likes of him.
The problem with that argument is that the likes of the Telegraph and the Herald are awash with business sections, money sections, financial supplements and the likes which have to have been written by someone.
Further, even a supposed dearth of financial experts does not excuse the promolgation of blatant inncuraccy in business matters without even a cursory check to see whether or not what is being said is true. Even the journalistic style used at times seems to set out what the paper has been fed as if it is a proclamation from on high with no hint of doubt or consideration of an alternative or counter argument.
This then takes me to Charles Green, who today announced that he was appointing a certain firm as financial advisers and consultants in relation to raising capital for The Rangers Football Club Ltd as it is now known.
However, did you notice that in his statement he now seemed to cast doubt on whether or not there would in fact be a share issue? After all his previous statements to an ever listening press, would that element of doubt be the kind of thing to prick the interest of an enquiring journalist or two?
You would think so– maybe even hope so!
Others have already mentioned the conditions for entry into the AIMS market– which seems to be Green’s preferred stage—and whilst they are less onerous than the main stock market exchange they still require a fair degree of compliance.
Rather than go through the tedious regulations ad nauseam, here is a pretty good guide to AIM flotations from one of the big law firms who get involved in such things.
http://www.makingaimeasier.com/introduction%20to%20aim.aspx
Perhaps of key importance is the part where they don’t talk about the rules and regulations, but about the AIM in the current financial climate:
“However, in the last 12 months the FTSE AIM All Share Index has dropped from over 1,100 to below 700 by mid- September 2008. The uncertainties in the markets are clearly impacting on companies contemplating coming to AIM and those already quoted.
So what does it all mean? In the short term there will be few IPOs and only those companies who are very strong candidates will be able to come to the market.
We also anticipate that a number of smaller AIM companies may decide to go private if the transaction can be financed and/or to de-list.”
If anything, things are fiscally tighter now than in 2008— back then the crash was bad but nowhere near as bad as it became and few thought it would last that long. Today, we are still in official recession if not double dip,there is no growth according to official statistics and few will brave a prediction as to when things will get better.
In other words, now is not necessarily a good time to be coming to the AIM market unless your offer is very very strong— and a football club of any size in the lower tier of Scottish Football– even with the room for progression that Charlie’s club undoubtedly has— does not strike me as the strongest of candidates.
However, the point is that to even get to the prospectus stage the company has to produce reams of clear, unequivical and binding paperwork……. a paper chase for all to see, yet a paper chase that some might want to remain hidden.
At the same time the FTT will start or be part of another paper chase, which under normal circumstances should be a matter of public record.
The SPL tribunal which sits next week will have its own paper chase, as should the SFA with all its powers— after all it is a public body.
The Rangers story has plenty of fat to tempt the football journalist, the sports journalist, the financial journalist, the public sector journalist and even the gossip columnist. It is all there, the paperwork exists…. it is only a matter of going in the right direction and asking the right people the right questions to uncover its whereabouts or to elicit that it is mysteriously missing.
Josef Pulitzer did indeed engage in Yellow Journalism, but his last will and testament decreed that his legacy would be best remembered for rewarding those who ignored such journalistic practices and who instead brought about quality journalism, literature, drama, art and photography. And of course over time Pulitzer has become associated as THE prize for that strangest– and perhaps in Scotland– rarest of beasts— top class investigative journalism.
If he were alive today he would smell a story…….. and not just the one he was being fed either.
The question now is whether Scotland actually has anyone who wishes to follow in Pulitzer’s footsteps or whether they would rather carry on down the Yellow Brick Road they are used to?
did somebody say that bitch thatcher is dead
Morgan Freeman isn’t dead, he’s just gone to Zihuatanejo. (thumbsup)