Yesterday Rangers International issued a statement saying, “Rangers International Football Club plc (“Rangers”) has instructed the law firm Pinsent Masons, supported by forensic investigators from Deloitte, to investigate the connections between Craig Whyte and former and current personnel of Rangers and its subsidiaries.”
Mr Green is both the club’s former chief executive and is a current director.
So what are Pinsent Masons going to look at?
Sevco 5088 Ltd paid Rangers administrators, Duff and Phelps, an exclusivity fee to become preferred buyers of the company’s assets. The company submitted a formal offer which was accepted irrevocably, whether the pending CVA stood or fell (it fell and liquidators were appointed to flush the club away).
However, Duff and Phelps subsequently reported to creditors that the assets were owned by Sevco Scotland Ltd (subsequently renamed The Rangers Football Club Ltd, which is now wholly owned by Rangers International Football Club PLC).
The entitlement which Sevco 5088 Ltd bought and paid for is now under the control of The Rangers Football Club Ltd.
Two publicly listed companies claim control of Sevco 5088, Worthington Group PLC (Craig Whyte’s vehicle) and Rangers International Football Club PLC (Charles Green’s vehicle).
A director cannot simply transfer a company’s assets to another company without shareholder approval (Peter Lawwell cannot setup Sharp Suit Stadiums Ltd and as a director of Celtic sell his company Celtic Park for ‘a Rangers’ (£1) without attracting the attention of the authorities). The assets can only be transferred by shareholders at a properly constituted and minuted general meeting.
If this authority was not granted, the transfer of assets (or entitlement) did not occur, no matter how long Sharp Suit Stadiums operated an illegal football business from Celtic Park. The stadium, and any other assets, would belong to Celtic.
Law firm, Pinsent Masons, together with forensic investigators from Deloitte, will establish if Sevco 5088 shareholders authorised the company’s entitlement to be passed to The Rangers Football Club Ltd.
The stakes could not be higher.
Just over two weeks ago, Rangers International Football Club PLC director, Charles Green (he still is), through the club web site, said, “In a discussion with Mr Whyte, who taped some conversations, I am alleged to have said: ‘You are Sevco, that’s what we are saying.
“This is correct but at that point I had signed a resignation letter and a stock transfer form because it was decided that a Scottish company should buy a Scottish institution. Sevco 5088 wasn’t required.”
This position is still being represented by the company on their web site. That stock transfer form (again, the existence of which is still being asserted on the company’s web site) will be a document of interest.
This claim by Rangers International PLC was updated by their stock market announcement yesterday morning, where they assert, “in addition to the directorships disclosed in the admission document, Charles Green… held directorships in… Sevco 5088 Ltd”. On the same statement the club admitted to 21 directorial omissions relating to Mr Green and fellow director, Mr Stockbridge.
Yesterday’s stock market statement does clarify one issue. Membership of the SFA was granted to Newco Rangers on the condition that Craig Whyte had nothing to do with the club. The club’s position now is that this is not the case. This club is not a member of the SFA. Peterhead and Queens Park have just had a championship door opened to them.
If you hope for effective oversight from the SFA I suggest you forget it, they are not up to the task and have no intention of applying their own rules. Pinsent Masons, not to mention City Regulators, are another matter. The Rangers International board have taken appropriate steps to quickly clarify matters.
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266 Comments- Pages:
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SuperSutton
Sevco (not sure which one) has full SFA membership and Associate Membership of the SFL.
Mort
SFTB,
welcome to the “These days i’ll be mostly lurking” club!
Welcome addition, but your posts will be missed.
HAIL! HAIL!
Token
Is this SB cut. agross the board,are they toffee noses getting a price cut as well.
SuperSutton
Also, Associate Membership of SFL was dependent on receiving membership of SFA and membership of SFA was dependent on no involvement with Craig Whyte.
Up to SFA to decide if their membership should stand and if not, then SFL have no choice but to rescind their associate membership thus they would not be able to partake in any games next season.
The SFA have to act quickly and without fear or favour.
Mort
minx1888,
its BT, you’ll know he’ll be moaning like feck!
:-)
HAIL! HAIL!
Token
Doctor Waddell – I presume
Sftb…
Obviously mainly lurk these days and I’ve seen many fine CQNers come and go for various reasons.
To miss out on your posts due in any part to Mr Potter’s aberration is indeed a pity.
Hail! Hail!
Now that would be absolutely dynamite if the independent investigator pulled the plug on this charade !
What’s Columbo doing these days and would they answer that final question ?
Has Minty declared his ticketus
…… Shares yet !
Didn’t think so …… Ooofffffttttt !
The Token Tim.
Are you heading for this wee swallie on Saturday, there’s only the one glitch for me and that is O’Neills. Terrible place to have a PARTY.
B/Tim braces himself for the ole bed bath
DR……………………………….Celtic cut prices because they need a strong Rangers
Well done to the board I hope there is a good takeup
Paddy t ward 3 east if you are about
Going to try the stairs tomorrow so maybe out Thursday
Minx ylu k ow how I feel about the wonderful work our nursss do.
Oldtim – The Toffee nosed ones should go up to cover the cost of us paupers! :-)
TTT – I was thinking the drugs might have calmed him… then again!
Hope they do Mort, Breath not being held mate.
KLV
Had one this morning dbbia
Good gesture from the club,lots of employees,overheads,bills to pay….not to mention Taxes,VAT,NI,PAYEE…………
TTT and oldtim ya pair of chancers
Get yourselves to ksc Blantyre snd give the good guys a turn
new article posted.
That wee stay in Hospital is working magic for B/T,First time I’ve heard him say anything good about the Board.
Minx1888.
I want all season books to come down.
Did yi read that wee post I wrote last night,I’ve not sent it in yet, but was it a goodish read.
oldtim67,
hoping to get in even for a couple beers before heading up to the Kano do.
However, im over in Malaysia just now and dont get back till Saturday morning, so not promising anything at this stage!
Will do my best though.
HAIL! HAIL!
Token
As one who struggles for a ST this may just have guaranteed that I have one next season,
Well done cfc
leftclicktic
14:53 on
23 April, 2013
Auldheid
CelticResearch@CelticResearch2h
LICENSING COMMITTEE
(Chair) Michael Johnston
(VC) Ewen cameron
Steven Brown, Andrew Dickson, Finlay Noble, Richard shaw, Dr Andrew Waddell
=====================
It is truly astonishing that the Licensing Committee should have a representative ofa club around whom such imprtant decisions are made in a position to influence said committee.
http://www.celticquicknews.co.uk/?p=12145&cpage=3#comment-1788217
TOSB, twists and turns
Agree with all you said.
I’ve never been more concerned for my safety at any game.
The police were appalling and seemed to think that so long as they were issuing orders – any orders – they were doing their job. They were trying to force people into narrow pens which were clearly overcrowded already. Fortunately, most of the supporters had more sense and simply ignored them.
At one point, as I was being swept off my feet in the crush, I genuinely though that the game was up. My brother and I were both trying to keep a grip of each other while we tried to anchor our feet to the ground and Ibrox 71 was going through my mind.
As you say, we were lucky that night. Very, very lucky.
French radio station saying PSG have agreed a 4 year deal with Cavani from Napoli.
SFTB
Keep on Keeping on.
125 and counting.
(:-)
TT
MSM call for prices to come down all year so lets see their stance now :)
setting free the bears
Will miss your posts which were always incise & informative, your knowledge will be a loss to this dear place, though hope to see you back posting on the 26th of August
Finlay Noble
I wonder if he can tie a bow?
TT
Paul67
Site now working fine on a mobile device.
niallo83
13:28 on
23 April, 2013
If you were a Dortmund fan you would pretty pissed off right now. Their club is in the Cl semi final (with a good chance of winning it) and their best young player decides to join their arch rivals!!!
Dortmund’s arch rival is Schalke.
marti sandino
13:36 on 23 April, 2013
Well said…but you missed out the prostitution of their dead club.HH
SFTB 12.59,
Sorry to hear that you’ll not be posting for a while. Tou’re one of the reasons I started on here, although I would now fit into the ‘reduced activity’ group you referred to.
I do hope you’ll still be attending the Donegal CQN AGM as usual.
Caint ar ball leat.
Árd Macha
*You’re*
Árd Macha
How many figure players are we going to see at deadco until the puppet master comes back to the fore?
I’ve never trusted a word that came from them.
There will be more twists.
livibhoy
Yeah true, showed enough to realise he was special, just old enough to remember Forests two European Cup wins, smashing team. Will get the book..
ntassoolla
Lol that bit where he cracks the ball into the goal, and say Can Don Revie do that..
Unique man.
GBBC
What’s the story with SFTB?
MWD