There’s those words, “prima facie” again. “After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer”, read a stock market statement this morning by Worthington Group PLC, after the Leading Counsel “who is also a Deputy High Court Judge”, examined the case of their subsidiary, Sevco 5088 Ltd’s claim for the business and assets of Rangers International Football Club PLC.
“It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets”.
As revealed in the document below, Companies House now record Craig Whyte and Aiden Earley as directors of Sevco 5088 Ltd, alongside Charles Green.
The court will examine if Mr Green acted appropriately when he removed the entitlement of Sevco 5088 to acquire the assets of Rangers FC (in liquidation) and assigned them to Sevco Scotland (now renamed and trading as a subsidiary Rangers International FC PLC.
Rangers International stand accused of not owning the business they operate.
Subsequent to the entitlement to buy Rangers FC’s assets being passed to Sevco Scotland, Mr Green became the beneficial owner of £4m worth of Rangers’ shares at a cost of £40,000. Rangers International then raised £22m through an Initial Public Offering on the AIM market and the company became owners of a business worth tens of millions of pounds.
The allegation that Duff and Phelps disposed of Rangers assets to a company controlled by Rangers owner will be of interest to liquidators, BDO, who are likely to ask Lord Hodge for an opinion on behalf of creditors.
I am sure Rangers International FC PLC will strenuously deny they inappropriately acquired assets of Rangers. They will also take steps to immediately assure Cenkos, the nominated advisors of their IPO, that investors money is safe and the IPO was appropriately handled.
They will, at the same time, assure Cenkos that these allegations were not made known to Sevco Scotland prior to the IPO, otherwise potential investors would have been alerted.
These are the most serious allegations leveled in the entire episode of the Rangers group of clubs. The first question for the independent inquiry setup by Rangers International should be ‘What the hell have the non-execs been doing all these months?’
The cheerleaders for Mr Whyte and Mr Green have done enormous damage.
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Agent Orange, wasnt that McMurdo senior?
Great to see Stan Petrov on TV this morning. The guy is showing great courage in the fight against his illness.
How about the Celtic fans show support for him by doing a ‘Stand up for Stan Petrov’ in the 19th minute of Sunday’s game against ICT?
Mort
09:16 on
18 April, 2013
20% reduction in ST cost would be welcome. They should make all domestic cup ties part of deal as well.
Real Madrid has overtaken Manchester United as the world’s most valuable football club, according to business magazine Forbes.
Presumably this was before the Sevco share issue?
Dennis Thatcher .
Did a Director / Chairman thing at several Companies where toxic chemicals were manufactured.
Memory tells me that Dennis Canavan regularly asked parliamentary questions re Mr T and a mega toxic gardening product.
Some say you can judge a man by the company that he keeps.
Maybe you can also judge a man by the sort of people who align themselves with him.
Gilmour’s company/supporters?
Paul67.
You have mail.
Well Donald Findlay is clear what is wrong with Scottish football – it’s all because those nasty SPL clubs wouldn’t let The Rangers join.
How that affects his club is not recorded …
Whoever got rid of 75,000 Sevco shares at 63p a pop yesterday lunchtime is a genius. I know little about the workings of the AIM market, but I would be interested to know from cleverer CQNers why it took until this morning, as far as I can tell, for that huge trade to show up in their ‘last five trades’ box.
Merci.
Just had my first roll n square sausage at the Plaza, East Kilbride.
Magic.
GCT
With margerine I hope ;-)
HH
Mort
Great news about the season ticket prices being reduced. I hope it is true.
Bring the crowds back for all games and let people afford it.
Well done the board if this comes to fruition.
It will be too soon for me in my current financial climate but if they stay at a similiar level for the following season myself and young LB will be getting one. He will be 3 by then. Too young for a ST???
LB
I have received my season ticket renewal forms – both tickets would appear to have gone UP in price by around 10%.
Left me gobsmacked !!!
So Charles Green loans out 2 new players to St.Mirren.
A wee click and I am able to answer my own question. The person or institution that got rid of 75,000 Sevco shares yesterday requested that publication of the trade be delayed.
Whither the cash strapped scrofulous hillbillies the day?
Celtic_First ,
it showed up last night after the market closed – it had a status of ‘OK’ which means they had requested delayed publication of the trade.
Price has gone up which generally indicates people buying – we’ll see . Price is showing downward movement again today .
Sanna (gordon gecko csc)
onlymallony
That’s not good. I didn’t even get to enjoy the thought of cheaper tickets for an hour!
Maybe this decision has been made on the back of the league re-contruction being kicked out the other day.
More people in the gates each week will make the club more money in the long run.
LB
Tom – and how’s the weather there?
Sanna Gecko
Thanks. It’s a lot of shares. I think in short order taking 63p for each of them will look like a smart move.
there was an interview with the csa and peter lawell and some of the main points were:
reduction in season tickets price
planing ap.for 3000standing
pay at the gate facility
reduced child costs
talked about dundee incident and more..
cant do the link thing..h.h
tom mclaughlin…enjoy yir roll and square welcome home h.h
I see the singing QC has made an appearance , with what seems to me a veiled threat to spl clubs about putting thems in the 3rd division , i wondered when he would show up again. If anyone on here knows george galloway , could they give him radio snydes phone no ,i think he,s just the man to explain to keevins et al that they have gone , a new club with no history . Surely they wouldn,t refuse his call would they .
Cardiff City manager Malky Mackay has already started planning how to spend the £25m promised to strengthen the squad for the Premier League.
£81 Million in debt, a one-off payment of £5 Million to previous owners to be made.
Financial Fair Play?
TMWTL -or asking Stan back to raise the Flag at the start of next season?
Sunny but very windy in south EK, Jobo.
celtic_first
09:47 on
18 April, 2013
Not an expert either but I think they may be trading themselves to try to shore up the price…. Something like that….LOL……whatever they are doing, there is no way ANYONE (externally) would buy those shares under the current ‘shambles’ that is sevco…
DBBIA
Yeh that would be a great idea. Lets do both!
Sevco share price has dipped to 61.50. Oh dear…
“Trading BETWEEN themselves” ….silly iPad
http://i.imgur.com/jCgAf8Y.jpg
ASonOfDan
Much as i wish Malky Mackay well in the PL next season i can see it going bellyup down there.
The Cardiff owner makes Charles Green look sane.
On the subject of Crazy Chuck, i see his hearing next week has been postponed as he is out of the country on business. The SFA have given him May 2nd or 9th as alternative dates.
So how long do we need to wait for Malky To Swoop For Welsh Stars … we can exclusively reveal that Maky McKay will be offering Joe Ledley and Adam Matthews a way out of the crisis hit SLP …
ASonOfDan
It’s exactly like the film Wall Street. I wonder who will wait until it bottoms out and then start buying?
LB
Stan raisin’ the Flag at the start of next season…?
Too Late….!
Wee Rabiu Ibrahim has already awarded himself that particular ‘gig’….
Still….Laughin’
This is what makes me suspicious.
Gilmour is “primarily” against 12/12/18.
If SFA mediate a deal that includes 12/12/18 but starting the season after next, then we will know that he has been at it.
Tom McLaughlin
Broon Sauce I hope with a well fired roll?
I was horrified to learn recently that HP Sauce is made in The Netherlands
Sevco shares and their fluctuating value with mystery buyers and sellers……just one more example of the scamming enterprise that is sevco.
And the sfa bending backwards and forwards to accomodate CG and his travel plans.
The more that changes…..
Are the hunchbacks deid again yet?
Imagine being a Govan hunchback: not an Esmerelda in sight.
Ding Dong
;o)