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Sevco 5088 claim ownership to Rangers Int assets

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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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970 Comments

  1. TheOriginalSadiesBhoy on

    My Kate’s sister graduated as a teacher and the girl sitting next to her was Lydia Kettle.

  2. tomtheleedstim on

    Walter on gardening leave?

     

    Phil MacGiollaBhain ‏@Pmacgiollabhain 2m

     

    Has it been confirmed by the Glasgow media that Charlie is tending his garden? The Sevco customers deserve to be informed.

  3. cliftonville celt from belfast on

    Tricoloured ribbon & anyone else interested

     

     

    Tickets for the Cliftonville v Glentoran Irish Cup final are now on sale from Solitude, the social club & all Sean Graham bookies.

     

    Adult £15

     

    Kids £8

     

     

    C’mon you Reds !!!!!!!!!!!!!!

  4. Just dropped in to say…..

     

     

    My late Mother, worked beside two blokes in the Hoover – Cambuslang in the 70’s.

     

    The two fellas names were – Pat n Mick O’Brien – who were huns !!!

     

     

    Anyway…one day in July in the 70’s – the walk was oot and, awe the huns went oot to see it going by.

     

     

    Well, a ghood Tim from Blantyre called – Hughie Sannachan(spelling ?)

     

    locked the door wi awe the huns still ootside and they awe goat docked for being late back from their t-breaks :)))

     

     

    Hail Hail n God Bless Yeez Awe

     

    Off oot.

  5. During the foot and mouth crisis ( 2002?? ) I had to draft a reply for my director to the National Farmers Union who had asked for the company to be considerate with farmers who were experiencing cash problems due to the crisis.

     

     

    The letter had to be sent to the secretary of the NFU who went by the name of Ruth LAMB.

     

     

    The draft I had to prepare was sent to my directors PA Debbie HOGG.

     

     

    AnimalfarmCSC

  6. TheOriginalSadiesBhoy on

    Tomtheleedstim

     

     

    Do you not mean Chuckles on gardening leave if you have quoted Phil correctly?

  7. Joe Filippis Haircut

     

    11:54 on

     

    18 April, 2013

     

     

    Buying shares in any single company carries with it a fairly high risk for example R.B.O.S. shares were once very high then along came Fred the shred and brought the company and the shares to there knees.

     

     

    I’m still recovering! To think I believed the prospectus Re the rights issue !

  8. I knew an RAF Squadron Leader B’stard,,,,,,,,,,,,,,,,,,,,He named his eldest Robin.

     

     

    Phone book……….Mr. R. Hole

  9. I once completely blew a sales call when I was introduced to the customer, who said “Hello, I’m Dr Dick Titball”. I’m afraid I asked him to repeat it.. “Richard William Titball” he said. The most I can say is that I kept a straight face while I was stammering.

     

     

    Exit, pursued by a bear, etc. Sales never were my strongpoint.

  10. Sevco share update.

     

     

    Four quite big trades between 11am and noon this morning, 5000, 2000, 8000, 2000 shares.

     

     

    The first three lots hovered at 61p per share and just under, but the last lot went for 59p each.

  11. Dead and Loving it on

    What about the brother and sister that won the radio clyde mad name competition a few years ago.

     

     

    Armani and Versace McLatchie.

  12. Hamiltontim

     

     

    Its generally accepted here (Belfast) that Murphys’ name was highly motivational in his killing of catholics,he was teased and bullied about it when he was younger.

     

    In the H Blocks we had screw,a chief,a position above principal officer and below assistant governor so he carried much authority,who was called Paddy Joe Kerr.He brutalized republican POWs,he went the extra mile to prove he hated us more than the loyalist screws.

     

    He was a devout christian who,like Murphy,paid for his crimes outside mass at Armagh cathedral

     

     

    BB