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Loose lips and share issues

241

I remember interviewing Brian Quinn in 2005 ahead of the share issue Celtic announced would take place later that year.  For Brian, it was a relatively safe environment to speak freely, and he did on many subjects, on and off the record, but when it came down to money, the share issue and financial plans, there was a discernible pause before each answer.

Every word attributable prior to a share issue becomes a hostage of fortune, which the club had learned to its cost.

Within days of Celtic announcing this share issue a newspaper and a broadcaster (it was one journo working for both outlets) misrepresented one stated intent of the 2001 share issue to develop a Youth Academy (which Celtic did in customary winning style) as an intent to build a physical building (which Celtic didn’t, never raised enough money to do, nor included in any notice of intention or prospectus).  Readers bounced straight from the newspaper and phone-ins onto Celtic Quick News with their journalist inspired, but erroneous, complaints.  Proclaiming solid reasons not to trust Celtic at a share issue.  A muted retraction followed after the damage was done.

The short lesson from any of this is that when you advertise a public share offering you need to be careful when providing information, which casts so much of what Charles Green said yesterday in a surprising light:

“There’s not been anything underwritten in London in the past seven or eight years to my knowledge. Whenever it occurs someone takes a fee for it.”

“To my knowledge” is an enormously useful phrase.

“I’d be happy to underwrite it but what will happen is in three weeks’ time you lot (the media) will have my trousers around my ankles saying ‘Charles Green underwrit (sic) Rangers’ and took a three per cent fee when it didn’t need doing.

“The reality is we don’t need to underwrite it as there will be no shares left over.

“But if they’re not (taken up) of course we’ll take them.”
To potential investors this means a lot.  Companies raise capital because they have identified a need.  If the required sum is not raised it can jeopardise plans.  Enormously so, in some cases.  Having a share issue underwritten means that a company’s fall-back position is established.  The company knows that the minimum sum required will be realised before it takes money from investors – which, remember, is invested based on formal plans.

The phrase “of course we’ll take them” has a potential cost of £1m per letter.  The most expensive comment made in Scottish football, ‘to my knowledge’!

Click here to read the fabulous CQN Magazine for free, or strain your eyes squinting below. You can also buy a hard copy of the magazine here from Magcloud.

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  1. viewfaethewindae on

    I wonder if we’ll ever fully appreciate the enormous contribution of Brian Quinn to our club, how fortunate were we to have a man of his intelligence on the Board. Brian or Charles, Danny or Sandy, Wullie or Jimmy, how lucky have we been?

  2. During my search for the 1995 Airdrie cup final programme, (long story) I came across my share information pack, bit faded now, with TB on the front. In the folder was my coloured copies of the original loan agreement i had signed and taken into the Coop bank so i could own a bit of Celtic. Then on wednesday i receive my invite to the shareholders meeting in November.

     

     

    makes me laugh when i think of ‘their’ share issue, we were sold a vision, a timetable, a plan, they a being sold a plan to spend their ’20m’ on players wages and the up keep of a stadium, that may not be theirs.

     

     

    I’m intrested in how many of TFOD fans i have spoken with over the past year will actually be putting their hands in their pocket again in the same year. The RFF, black and red scarves, bucket collections, donations. After this share issue, this might actually be the straw that broke the camels back for a lot of them.

  3. Could some kindly Tim see it in their heart to copy the last three AT blogs onto here.

     

     

    The ancient browser I am on today will let me see them listed on the C4 site but won’t display the actual blog.

     

     

    Thanks in Advance

     

     

    HLD

  4. This share issue may just succeed.

     

    These nuggets are mental and common sense goes oot the windae.

     

    A67

  5. South Of Tunis on

    AWE NAW @ 13 20 .

     

     

    Krautrock CSC ?.

     

     

    Ah – I thought —- maybe some Ash Ra Tempel / Popol Vuh / Cluster/Harmonia or Neu . I clicked the link ——- I got no Krautrock !.

     

     

    Disappointed CSC —– Way down south.

     

     

    Neu ——— Hallo Gallo

  6. RogueLeader

     

     

     

    LOL!!!

     

     

    He was obviously born and raised on Fantasy Island.

     

     

    “There, the plane boss!”

  7. Hotel Palacio Estoril,

     

    I visited the hotel for a drink on my 40th with the wife and 2 kids, 20 euros for a sagres, vodka and two cokes. One round and a peek at the pool was my limit, the place puts a capital P in posh.

     

     

    Hail Hail

  8. KDC, here’s hoping this works – Alex Tommo’s post on 4th. October

     

     

    Going through the roof to bring Craig Whyte to justice

     

     

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    The old adage runs that it was not the gangster world that did for Al Capone – it was the more prosaic world of the taxman.

     

     

    Could it be that it will not be the police who unmask Craig Whyte – but the rather more everyday world of a roofing company?

     

     

    I refer, of course, to the reputable and hardworking One Stop Roofing Supplies.

     

     

    This small business likes to pay its way and likes to pursue others who do not always do likewise – like former Rangers owner Craig Whyte.

     

     

    04 whyte r w Going through the roof to bring Craig Whyte to justice

     

     

    It’s a matter of record that One Stop have already pursued Mr Whyte successfully through Glasgow sheriff court, where the sheriff reached the view that Craig Whyte is “wholly unreliable”.

     

     

    But One Stop is far from done. They remain out of pocket to Craig Whyte for a little over £86,000 and now want the matter heard in the Edinburgh Court of Session.

     

     

    For those without Scotland, this is the highest civil court, equivalent to England’s High Court.

     

     

    Speaking to Channel 4 News today, One Stop director Paul Martin said his lawyer described the coming court session as “as near to a public flogging as it’s possible to get in the 21st century”.

     

     

    Mr Martin said: “The situation is we’ll be able to ask Craig Whyte about anything and he’ll have to be there – or be arrested.”

     

     

    Possibly, and if so this promises to be some show. However late today, the Scottish Law Society’s Bruce Ritchie doubted Mr Whyte would be compelled to be there.

     

     

    It being a civil court, it could simply be dealt with in his absence.

     

     

    Paul Martin was the successful manager of Albion Rovers for around four years of sustained good performances from the team, and he says he’s been impressed at the way chairmen of smaller cubs and their fans stood up to be counted over the fiasco by which Rangers eventually entered Division Three.

     

     

    He says HMRC are “highly supportive” of the coming case against Mr Whyte which the company “wants to press through to the very end.”

     

     

    I asked what he made of Craig Whyte and he said –

     

     

    “It’s like he lives in a parallel universe. He’s quite a guy. I mean the man simply has no sense of embarrassment.”

     

     

    In a twist far stranger than any fiction, we now know that Craig Whyte set up a debt collection company in Glasgow in July (yes… I know).

     

     

    I wanted to check whether there was any truth in the rumour that this company — Credit Collection Services – has had the gall to approach One Stop, of all people, over unpaid bills.

     

     

    Director Paul Martin certainly sees the black humour in all this, but can confidently tell the world his company pays its way, thank you, and the outstanding debt is very much the other way round.

     

     

    He believes the case could come to Edinburgh as soon as November, and if so, could it will be the case that One Stop – the roofing people – will have got Craig Whyte into court with somewhat greater speed and efficiency than many other better-resourced agencies have thus far managed?

     

     

    The case will be worth watching all the same. One Stop’s fight against Craig Whyte has already thrown up interesting parallels with the Rangers saga.

  9. KDC Tommo on 5th. October

     

     

    Craig Whyte: further developments on the roofing front

     

     

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    It has become clear that Craig Whyte faces potentially serious sanctions, should he fail to appear at the coming debt-recovery case scheduled to happen in Edinburgh, possibly this side of Christmas.

     

     

    You’ll recall that the company, One Stop Roofing Supplies, of Glasgow, is trying to recover just over £86,000 owed the company by the former Rangers owner Craig Whyte.

     

     

    Although this is a civil case on the face of it, the powers under the Insolvency Act 1985 are far reaching if Mr Whyte decides not to turn up to the court hearing.

     

     

    On the face of it, the case will be the appointed liquidator taking action against the company Tixway, owned by Mr Whyte. But the force behind the case is very much the roofing company, who say they are determined to recover the money they say is owed to them, in the equivalent of an English high court, the Edinburgh court of session.

     

     

    04 craigwhyte r w Craig Whyte: further developments on the roofing front

     

     

    If they manage that, they will have beaten many much more powerful agencies also charged with investigating the former Rangers boss.

     

     

    It is possible in civil cases for the issue to be held in the court of session and ruled upon purely in front of lawyers, with neither interested party even being present. However, in this case the examination of Mr Whyte is being held under the insolvency act, which has some far-reaching powers.

     

     

    It is worth quoting the relevant section of the act in full so we all know what we are looking at this autumn in Edinburgh. This is section 134 of the Insolvency Act 1985:

     

     

    (1) If a person without reasonable excuse fails at any time to attemd his public examination… he is guilty of a contempt and liable to be punished accordingly.

     

     

    (2) In a case where a person without reasonable excuse fails at any time to attend his public examination… or there are reasonable grounds for believing that a person has absconded, or is about to abscond, with a view to avoiding or delaying his examination… the court may cause a warrant to be issued to a constable or prescribed officer of the court –

     

     

    (a) For the arrest of that person and

     

     

    (b) For the seizure of any books, papers, records, money or goods in that person’s possession

     

     

    (3) In such a case the court may authorise the person arrested under the warrant to be kept in custody and anything seized under such a warrant to be held, in accordance with the rules until such time as the court may order.

     

     

    So could it be the the Glasgow roofers end up being the people who get Craig Whyte into court and perhaps into the dock facing a contempt charge, should matters come to that?

     

     

    In that light, it is worth recapping how deep the questions and mysteries go in the alternative universe Mr Whyte seems to inhabit. We need to remind ourselves that Mr Whyte was, for instance, born twice. Now a Virgin Birth I can just about handle, if not believe, but I fully respect all those who have faith in such happenings.

     

     

    But getting born twice?

     

     

    It’s all there. Of course, there very well might by two men who both happen to have been born on 18 January. They could both be called Craig Thomas Whyte. They could both have a string of dissolved companies. They could both have said string in the same sector of financial mangement.

     

     

    They could…

     

     

    The records show our first Craig Thomas Whyte of Lancefield Quay, Glasgow was born on 18 January 1969 and was company director for a string of short-lived outfits which are listed as dissolved.

     

     

    Then there is our second Craig Thomas Whyte of Eaton Place in London who was born on precisely the same day but two years later, in 1971.

     

     

    With Craig, of course, anything is possible, and he could very easily have simply been reincarnated when two years old. I don’t care what the scientists say. Should our friends over at One Stop get their way, we might finally be getting some answers to this and many, many other questions swirling around the former owner of Rangers Football Club.

  10. During my regular perusal of the City AM freebie paper that gets thrust in my face as I leave the tube station every morning, I couldn’t help but read their story on The Rangers and its potential listing. The following quote from Mr Green was particularly… um… enlightening:

     

     

    “I’d like to get the cash in the bag. I’m 60 next year, I want to get this finished before I finish. The reality is, if Israel bombs Tehran this will not list – it’s nothing to do with whether it’s a good business, or whether Charles Green’s mad, just that someone took off in an aeroplane.”

     

     

    Pure poetry, ain’t it?

  11. KDC Alex Tommo today

     

     

    Threats and silence: the intimidation by Rangers fans

     

     

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    As I’ve said before my interest in Rangers stems purely from the standpoint of it being a spectacular example of a corporate omnishambles: British mismanagement so profound and bewildering it veers between performance art and social car-crash. With the loyal Rangers fans left mugged in the middle.

     

     

    It’s still happening. Past mismanagement matched by the odious behaviour of a no-doubt small minority of Rangers fans apparently hellbent on proving the new Rangers will be like the old.

     

     

    An element of the Rangers customer base remains out of order and neither Rangers, nor Scotland’s football authorities, nor the police appear willing or able to do much about it.

     

     

    I’m talking intimidation.

     

     

    Of the legal profession. Of football’s governing bodies. Of football club executives. Of publishing. Of bookshops. Of newspapers. Of TV stations.

     

     

    Tellingly, in Glasgow this will come as news to nobody. Which should tell anybody half awake how sick things are in this singular aspect of that great city.

     

     

    Outside Scotland people may legitimately wonder how or why this is tolerated? Or simply gawp in astonishment that such things go on almost daily this year.

     

     

    And it is arguably getting worse.

     

     

    Consider the following brief summary of just some of what’s happened in Glasgow since Rangers’ downfall began, not a year ago.

     

     

    THE LAWYERS

     

     

    In April a 3 man Scottish FA Tribunal dared punish Rangers for bringing the game into disrepute (so seriously it was deemed just short of match-fixing).

     

     

    Gary Allan QC, Raith Rovers director Eric Drysdale, and former commentator, Alastair Murning had their identities disclosed as well as private details with threats so serious the police advised all three on security measures.

     

     

    Their identities became public after the Rangers manager no less, Ally McCoist said: “Who are these people? I want to know who these people are.”

     

     

    The Scottish FA was left, not for the first time, wringing its corporate hands, saying: “We are deeply concerned that the safety and security of judicial panel members has been compromised by a wholly irresponsible betrayal of confidential information.”

     

     

    And: ” all three panel members have reported intrusion into their personal and work lives, including abusive and threatening communication”.

     

     

    Yet the manager of Rangers itself, a man steeped in the ways of Glasgow football, was instrumental in this chain of events, knowingly, or not.

     

     

    Hardly an episode of corporate social responsibility.

     

     

    It has continued. In the past few weeks Scottish Law Lord and former Supreme Court Judge Lord Nimmo-Smith actually had to put out a statement pleading for his independence to be recognised as he embarks on yet another investigation of the fallen club.

     

     

    Again – the sheer weirdness of this to outsiders, passes almost without comment in Glasgow.

     

     

    THE FOOTBALL AUTHORITIES

     

     

    Like anybody prepared to challenge or ask questions or charged with passing judgement on Rangers, both Scottish Football Association and Scottish Premier League directors have had a torrid time of it.

     

     

    In the case of SFA boss Stewart Regan, there were death threats.

     

     

    The SFA have said publicly this year that private details of SFA directors have been published online.

     

     

    The SFA Chief Executive Stewart Regan has said:

     

     

    ” At times, that does make you wonder whether it is going to impact on your family and your personal life.

     

    But it’s never once made me think about walking from the job.”

     

     

    Incredibly, to those outside the Clyde Cauldron, the SFA boss said he’d had to speak to Counter-Terrorism officers over the nature of the threats and the security response.

     

     

    Yes – Counter-Terrorism police officers.

     

     

    This revolting behaviour from a minority continues to spike in activity when those running the game are forced to take action to try and clear up the Ibrox mess.

     

     

    Nobody, but nobody, should have to put up with this in the course of doing their job. But in Glasgow football it is dangerously close to being accepted as part of the job.

     

     

    THE PUBLISHER

     

     

    There has been just one book published on the Rangers. As you’d expect it’s gone through several print runs in the few weeks it has been out. But for daring to print a factual account of the Ibrox meltdown, the publisher, Bob Smith of Frontline Noir speaks of having to deal with a catalogue of abuse.

     

     

    It had a potentially serious affect on customers and shops buying the book ‘Downfall’ he says:

     

     

    “There was definitely pressure applied and there were certainly some wobbles along the way from shops and customers. But we got through and in the end people were supportive.”

     

     

    Material was published online to identify where at least one person lived who worked on the production of ‘Downfall’.

     

     

    The abuse I received for simply writing the forward to this factual account of the Ibrox debacle was routine for me – for publishers unused to it, the experience was frightening.

     

     

    THE BOOKSELLERS

     

     

    Those outside Scotland will find this hard to credit, but several shops including major chains like Waterstones and WHS were unable to display the book openly in some shops because of reported threats and actual abuse of staff.

     

     

    For selling a work of non-fiction and journalistic enterprise!

     

     

    In at least one store copies were ripped up. In another Glasgow shop an angry individual wearing a Union Jack repeatedly entered the bookshop to scream at staff to send the offending tome back to the publishers.

     

     

    THE BROADCASTERS

     

     

    As I write a colleague at STV in Glasgow has received threats for successfully doing his job. This person wishes to keep a low profile on police advice and is constrained to say nothing at all about it.

     

     

    NUJ officials say currently around 25 journalists have been threatened recently for attempting to tell the truth about Rangers.

     

     

    Understandably most feel they cannot discuss it openly. As one told me in a Glasgow hotel this summer: “I’m not paid enough and I don’t feel I have bosses who’d back me up if it came to it.”

     

     

    Silence…hoping it will all go away…totally understandable when you live in Glasgow. But it isn’t going away, is it?

     

     

    THE FOOTBALL CLUB

     

     

    Enter Raith Rovers and their redoubtable chairman Turnbull Hutton. For Turnbull it was who was somewhat thrown into the limelight this summer as a champion of sporting integrity. As the SPL set about making itself a laughing stock in its tangled efforts to defy fairness, reason and morality to try and keep Rangers up in the Premier League, it was club chairmen like Mr Hutton who said no, Rangers must be treated like any other club.

     

     

    But why, exactly? Yesterday Turnbull Hutton told me: “We had to circle our wagons at Raith given what had been done to us by Rangers fans.”

     

     

    And he listed the endless abusive phone calls – some from Belfast – to Raith staff, theats, heavy-breathing, silent calls and so forth.

     

     

    The day Fife police passed on credible information from the Strathclyde force that two men has been paid to burn down Raith’s stadium is a day Mr Turnbull and Raith Rovers will remember.

     

     

    And all of it because that Raith man Eric Drysdale had dared sit on that SFA Tribunal and pass judgement and sanction upon Rangers’ gross mismanagement.

     

     

    After all that Raith and Turnbull Hutton would lead the charge to stop Rangers remaining anywhere near the SPL, whatever it took.

     

     

    The would-be intimidators didn’t tame Turnbull, their cowardice only making the club bide its time and help Rangers down into the fourth tier of Scottish football.

     

     

    THE NEWSPAPER

     

     

    It seems an entire newspaper can be got at, when it’s Glasgow and it’s Rangers.

     

     

    Recent weeks saw one of the more bizarre editorial u-turns of recent newspaper history in the UK when a Scottish Sun double-page splash promoting the author of ‘Downfall’ prior to serialising the book – suddenly became a non-serialisation.

     

     

    In a somewhat embarrassed editorial The Sun admitted to receiving a large number of complaints about promoting the book, from Rangers fans.

     

     

    The paper denied it was bowing to threats. Yet the publisher of the book says the threat of a Hillsborough-style boycott was real and instrumental.

     

     

    It’s widely known the threats were real, nasty and yet again Strathclyde police were involved.

     

     

    Many – including the book’s publisher – express real sympathy with The Scottish Sun’s dilemma. It editor and staff are known to have been shocked at the level and fury of complaints.

     

     

    The difficulty here is that, whatever the paper’s reasons, in the end the mob got their way. The serialisation of a fast-selling factual book on Rangers never happened.

     

     

    They couldn’t get Turnbull Hutton, Lord Nimmo-Smith, Eric Drysdale, STV and many, many more – but many believe they did get the Scottish Sun.

     

     

    That should give us all pause for thought. Is this the reason why not a single Scottish newspaper has reviewed a book selling way beyond its publisher’s estimates?

     

     

    What kind of power does the Ibrox mob have still, in today’s Scotland?

     

     

    So against all this catalogue of attempted (and mostly failed) intimidation, the new Rangers owner Charles Green must surely take a stand and trying to kick this poison out of Ibrox and some of its support for good?

     

     

    Already in his short ownership Mr Green’s referred to the football authorities as ‘the enemy’ at fans’ meeting on many occasions and he faced formal disciplinary action for saying other clubs were motivated by ‘bigotry’ towards Rangers.

     

     

    Mr Green must lead from the top because if he fails to do so what chance has anyone got to stop the moronic element at the bottom of the Rangers food chain from lashing out with threats against anyone who dares speak truth unto Ibrox?

  12. Nuclear Bovril and a Half Munched Pie on

    Rogue Leader

     

     

    Wow, he really is summat.

     

     

     

    “I would be disappointed three years down the line if we’re not doing £30m and making £7m just from merchandising. Now, if we then say we’ve done the property deal and get £5-10m. If we’re back in the top league, in Europe, that’s £60m. Merchandising, better sponsorship and we’re turning over more than £100m.”

     

     

    I must try the Greengo ‘think of a number and double it’ approach when explaining future business plans to bank managers

     

     

    ‘We may only be making £14m now but merchandising brings in another £8m so that’s £30m. And once you take merchandising into account that’s another £15m so that’s £70, £80m. So £100m a year from now. Gies the money’

     

     

    Am I getting the hang of it?

     

     

    Unfortunately my bank manager may be more accomplished at arithmetic than the average zombie.

  13. RogueLeader

     

    13:28 on

     

    12 October, 2012

     

     

    Drat, beaten to it… that’s what I get for adding fancy pants italics!

  14. Rosary Rally prayer vigil in George Square tomorrow.

     

    12 until 1pm.

     

     

    Get along and have wee Oscar in your thoughts.

  15. dirtymac » fast forward to the G.O.D

     

     

    I’m reading it twice, to be sure.

     

    TBB using to many big words for my feeble brain.

  16. Andrew67

     

    No, I never mentioned an embarrassing revelation in relation to today’s blog (which I thought was a fine read). I said two weeks ago there would be something coming, around this time, that would make them very cross (and if the filmed bit had gone ahead it would be Youtube Gold). I also said, in the great scheme of things it’s not huge and the pleasure to taken from it would be from seeing how badly they took it.

     

     

    I also said there was a real story being worked on and I was waiting to hear more on that. I now know it’s a good story (though concerns Rangers only as a part of that story). It’s still being worked on.

     

    That okay?

     

    11:58 on 12 October, 2012

     

     

    O.G.

     

     

    His latest blog is consistent, but it is not the embarrassing revelation that you hyped up.

     

     

    You raised my expectation’s, and this is a bit of a damp squib.

     

    Better do better next time.(:-)

  17. Neil Lennon revealed Celtic have lost 35 players to international duty this week. The club’s Lennoxtown training complex has been like a ghost town as nearly the entire first-team squad and many of the Academy players have departed to represent their countries in matches all over the globe.

     

     

    The Hoops boss has never witnessed such a mass call-up of players, from youth to first team, for national service. And although he is happy to encourage his players’ international aspirations, he faces a nervous wait until they all return.

     

     

    “It’s right through the club now from Academy level all the way through to the first team,” Lennon told the club’s official website. “I think we have 35 involved throughout the club which is quite a remarkable stat really.

     

     

    “Whilst I would never stop anyone going and representing their country, it can be a very concerning time for me personally, just knowing if the players are going to be okay. To compound it all, Scotland are playing Wales (tonight), where I know I have possibly five players playing against one another, and that again is a huge worry for me.”

     

     

    Celtic’s season began with the first Champions League qualifier against HJK Helsinki on August 1, and this international break has allowed the top-team players who remained in Glasgow this week to be given time off to recharge their batteries.

     

     

    Lennon said: “On Wednesday we only had Kelvin (Wilson) and Gary (Hooper) in out of the first team so we gave them a hard work day and then they will have Thursday, Friday, Saturday and Sunday off, just to go and rest because the amount of pressurised games we have had has been quite intense.

     

     

    “I want them to just go away for a couple of days, relax and take their mind off football and come back refreshed for going again on Monday. It gives them a chance to replenish their body, and it’s also important for their own mental approach to have a break.”

     

     

    In contrast rangers have only lost Dean Shiels to international duty. Makes you wonder why they are not playing tomorrow like Elgin and Queens Park?

  18. sannabhoy

     

     

    13:31 on

     

    12 October, 2012

     

    estorilbhoy , whereabouts in sunny g69 are you ? local lhad , myself.

     

     

    tomtheleedstim , you’ve got mail

     

     

    —-

     

     

    Sannabhoy – weirwood ave. garrowhill, where you hail from?

  19. South Of Tunis on

    AWE NAW –

     

     

    Holger Czukay ? ——- the Can guy ? . I still smile at the memory of their TOTP appearance

     

     

    I had a lot of time for Krautrock ———- lots of great stuff on Ohr and Brain . .

     

     

    Flip Flop Fly.

  20. From the Financial Times……..

     

     

    What’s worth noting, from an investor perspective, is the fact that Rangers Football Club Ltd has no corporate history whatsoever. The club may have been founded in 1872 but the company it has hermit-crabbed into has only existed since May and has never published a single page of accounts.

     

     

    On Aim, that’s fine. There’s no requirement for companies to demonstrate a trading record, with the burden falling on the Nomad to weed out all potential cash transfers from the gullible to the cynical. As LSE’s briefing document puts it:

     

     

    [A] Nomad would expect that a strong AIM candidate (other than a pre-revenue business or perhaps a natural resources business) has the following characteristics:

     

     

    * a record of sustained growth over at least three years

     

    * forecasts that show sales continuing to grow

     

    * a record that compares favourably with its peer group.

     

     

    It looks tricky to class Rangers Football Club Ltd as a “pre revenue business.” Nor can it be easily classed as showing growth over recent years, given it either did not exist or was put into liquidation. Mr Green’s stated justification for the float — “strengthening the player squad, improving and developing the Club’s properties and facilities, as well as providing additional working capital” — is also open to question: Rangers cannot sign a player until January 2014 and its 51,000-seater stadium looks adequate in a league where the average attendance last year was 475.

     

     

    Some suspicious types may assume that the £5.5m Mr Green’s consortium paid to buy Rangers was actually a loan that the cash call will help pay down. But, with Mr Green today referring to the company as “debt-free,” such suspicions are surely misplaced.

  21. JJP-ON

     

     

    If rangers had the CVA accepted Sevco offered £8.5 Million payable by loan that was required to be paid by rangers with interest by 2020.

     

     

    They refused to disclose if the £5.5 Million was a loan or the other clauses surrounding it.

     

     

    As Bumbler Brown would say, “WHUR IS THE DEEDS!!!”

  22. Two home wins in tomorrow’s rearranged third division fixtures would see the Zombies fall to fourth in the fourth tier, four points behind the leaders Queen’s Park. They would remain as Glasgow’s fourth team.

     

     

    Is 4444 the number of the zombie beast??

  23. estorilbhoy

     

    Small world. I am going to my niece`s 30th bithday party in Garrowhill Bowling Club and stayinh with my other niece in Maxwell

     

    Road(?)

  24. Dontbrattbakkinanger on

    ‘The European Union won the Nobel Peace Prize on Friday for promoting peace, democracy and human rights over six decades in an award seen as a morale boost as the bloc struggles to resolve its economic crisis.

     

     

    The award served as a reminder that the EU had largely brought peace to a continent which tore itself apart in two world wars in which tens of millions died.’

     

     

    -Lifted from ole Reuters.

  25. South Of Tunis on

    This could see the end of their money worries .

     

     

    Italian radio newsreader has just stated that ——-

     

     

    American scientists have announced the discovery of a new planet — given the name 55 Cancrie ——– estimated to be 3 times the size of Earth and made of graphite and diamonds .

     

     

    Only 2 snags —– it’s unbearably hot and @ 40 light years away .

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