Prospectus sums, tax relief and Teenage Cancer


I’ve had an initial read through the prospectus for yet another Newco, this time Rangers International Football Club plc, which “was incorporated with the intention of acquiring RFCL upon Admission in order to allow an investment in the Company to qualify for VCT and EIS tax relief”.

There can be no qualms from HMRC that anything has been hidden from them this time, incorporated to allow an investment to qualify for tax relief.  RFCL (Rangers Football Club Limited) is not eligible for VCT and EIS tax relief, so the incorporation of a new company was necessary.  HMRC provisions require VCT and EIS schemes to be used for genuine trading purposes, not as part of a tax avoidance scheme, so I’m sure the Newco’s lawyers have got all their details correct.

On the subject of getting details correct, the prospectus notes there are 33,415, 200 RFCL shares in issue.  It then goes on to list the shareholdings of entities which own over 3% of the company, and lists 36,385,200 shares in this category.  Shares held by entities with less than 3% of the company’s shares, such as the £700k-basic-per-annum-Ramsdens-Cup-flop McCoist, are on top of this 36million.

The prospectus also notes that if the issue is fully subscribed the new shareholders will own 63.3% of shares, not the 53.6% my calculator suggests (existing shares: 33.4152m, placing: 24.242875m, offer: 14.285714m).

Charlie Green is paying £2.5m for this issue, perhaps the cost of a calculator would have blown the budget.

Most curiously of all, the identity of those behind Blue Pitch Holdings, remains undeclared.

As you should know by now, the year ahead is an enormous one for the club.  Many among the support, and at the club, want to use our 125th year to reaffirm why we are more than just a football club – we are a humanitarian phenomenon.

You are going to hear a lot about this over the next 12 months but this week you, me and everyone else are called to assist Teenage Cancer Trust and Celtic Charity by supporting a totally unique opportunity.

One of the world’s genuine A-list celebrities is lending his talent to our cause.  Today, Rod Stewart’s new single, Have Yourself a Merry Little Christmas, is released in aid of Celtic Charity and Teenage Cancer Trust.  You can download or buy a CD from Amazon, Play.com or, if you really want to, iTunes.

I want the objectives of the 125 4 125 campaign to succeed.  This is a year when the Celtic Movement can push ahead in a way no other club or group can.  The Rod Stewart brand gives us an opportunity to raise the profile of the larger campaign higher than the combines efforts of thousands of us online. He’s also a genuine, bleed-green fan with Celtic in his heart.

Encourage everyone you know to buy the single and get it as high up the charts this week as possible.  You Have Yourself a Merry Little Christmas now.

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  1. “@OHenleyAlex: Sources down south tell me Gary Hooper’s exploits for #Celtic in the Champions League will be rewarded with an England call-up.”

  2. Book Him, Thommo! He’s a fenian bassa! Wasting time with a minute to go. Somebody have a word with the SFA about their referees.

  3. jolly bhoy john on

    Guys watching this manchester derby


    do we really fancy our chances against man u yes they are leaking goals but its what they have up front that scares me…. then again we have super sami up front.




  4. Sorry for the repost …..



    Afternoon all, just found out I will be free on Wednesday night but now the challenge is finding tickets and transport up to Arbroath. If anyone hears of a couple spares and a bus leaving from Edinburgh please let me know on here or email me at asithought99@yahoo.co.uk




  5. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Its going to be a fascinating year.





    SPL inquiry


    Sevco share issue


    Commonwealth games issues


    FTT appeal



    If 3% ??? Of our profits end up going to charity …. We need to publicise it. I know its not the done thing but it will curry more favour with the neutral.




    Whats not to like ?



    I had a terrible nightmare last night where. bjmac and Canamalar were asking me to take a CQN skirmish offline last night ;-)








    You gave us ALL nightmares thinking of you getting thrashed by a Buddhist…………

  7. Awe_Naw_No_Annoni_Oan_Anaw_Noo on




    A differnt kind of dream … Come on be honest now ;-)




  8. BMCUW



    ‘Thrashed by a Buddhist?!’






    Do they have the equivalent of Opus Dei?




  9. Awe_Naw_No_Annoni_Oan_Anaw_Noo on







    Bobby is using literary artistic license ;-)




  10. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    I went onto Amazon to order Rod’s ‘have yourself a merry little Christmas’ …… Is that the right ost £1.99 …… ????


    Rio Ferdinand nearly pokes out his own eye while celebrating.








    He didn’t.



    Got hit by a coin.



    Dear oh dear.

  13. turned into good game, manu no push overs bhoys, Rod on just now to get me in the mood. Well done Celtic. Nice touch with Rod.




  14. ArranmoreBhoyLXV11 on




    Imagine the MSM spinning Ferdinands cut to the level of a civil war. It’ll be over tomorrow down there.



    MSM would get years out of it..



    Someone asked re Rod single. It s £0.99p on I tunes..



    Get in there!!!




  15. Afternoon all.



    Further to my musings this morning, it occurred to me that we have just beaten home and away a team to whom we sold our most valuable asset a couple of years back, to keep the books straight. There is no way we should have been able to do that. But, as you all know, we are more than a club.

  16. Always happy to see teams like City and Chelsea beaten – just toys for ego maniacal rich owners. I would point them at the strength and financial set up of the German Bundesliga.



    On the January transfer window, when are we going to sign a Lubo-type play maker to crack the massed defences that we face particularly at home? It’s all very well paying square passes and looking for crosses, but if we learned anything from Barca matches, a clever ball through the middle takes lines of defenders out of play and creates chances. A look at out home record shows how unsuccessful we have been against these packed defences. Any thoughts bhoys?



    On a different matter, is anyone else experiencing problems with the duplicated ads next to Paul’s article, particularly the overlapped horizontal one which causes page scrolling or is it particular to Firefox (17) ??

  17. Wonder if the huns throwing coins at the Stirling Albion supporters yesterday will receive the same media coverage as the incident in the Manchester derby?!

  18. We are still not producing nearly enough home grown talent. Apart from Forrest no one else has came through the ranks who can get near the first team

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