There are two questions to look out for when The Rangers provide information on their public offering share issue:
Are the public being offered shares at the same price as investors who sign up prior to the public offering?
In 1994 Fergus McCann offered you shares in Celtic at exactly the same price he paid, giving fans the same value as the consortium which acquired the club from the old board. Will Charles Green do the same? A £20m offering will dwarf the existing share pool but, if the new shares are worth a lot less, the existing shareholders will be able to retain control and the majority of benefits.
How will the prospectus explain to investors the potential consequences of the SPL Commission, and any future investigation if the First Tier Tribunal report, due this month, finds that Rangers did not pay their social taxes as Fifa regulations require?
The SPL Commission into the improper registration of players at Rangers, whose SFA membership the new company acquired, will, if Rangers are found guilty, impose sporting and financial penalties on the successor club which is benefiting from its membership.
If guilty, this will involve the return of prize money for each of the 12 years which are under scrutiny. The league awards prize money to each member club from TV income with the top two clubs earning a significant slice. This alone could consume the majority of funds from the share issue.
Sporting penalties would also be a consequence of a guilty verdict. There is no reference point in world football for issues on this scale, so speculation on what the penalties would be can only be regarded as such, but, if The Rangers eventually win promotion to the SPL, they are likely to face points deductions for multiple years, making it difficult to gain access to lucrative Champions League revenue streams.
The latter question will considerably influence when the new company can hope to break even and allow an informed estimate to be placed on the scale of working capital requirement.
Former directors of Rangers, including Sir David Murray, remain confident HMRC will not succeed at the First Tier Tribunal, but the possibility remains that the verdict will go against the soon-to-be-liquidated club, leading to a fresh wave of football penalties.
The Rangers should now issue potential investors with enough information to decide if this week’s Forbes Magazine article questioning the club’s feasibility is accurate. It should be quite a read.
Although the Sevco consortium promised a share issue since before they bought the assets of Rangers today’s announcement has the appearance of something carried out in haste. The domain name for investors to register interest (www.rangersshareoffer.com) was only registered yesterday and there is no web site yet. Visitors are presented with an alert from their browser informing them that the web site they are visiting has a problem with its security certificate.
Why the hurry?
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A ceiler gonof rust
I just gave them 10 grand as mrs silly billy and still got excepted so god knows how they will collect it because there’s hundreds of silly Billy’s kicking about lol keep the comedy coming loving it.
Hail hail lets all laugh at sevco
Cheers Philbhoy – It’s just the beginning!
most appreciated.
Did I just hear CG say that the bond holders that were fleeced have the chance again to re-invest .
If they are the same club ,why would they need to re-invest ,won’t their original shares still be valid
hail hail
kmcbride
16:45 on
11 October, 2012
CG is playing them along nicely, he’ll be spouting that If Celtic can raise so much money from a share issue then we can beat them next to rally the sevco mugs, that’s all he has to say to get them going. I cant wait till there new club die’s like the last one, fingers crossed they dont try and create another one, surely they’d be too embarrassed but they are such idiots that you can never rule it out
—-
Sounds good news
My own preference is that they trundle along until Easter … Just enough dosh raised to keep breathing ….gasping at most…but not enough to jump ship
Then – they go bust in time for the Springtime – meaning their Winter just goes on and on …. and they will remember it
If they go now they can just call it a ‘false start’ and conveniently ignore it.
Prefer they wriggle in the line a little longer – it’s much more fun- a few more Stirling Albion results along the way ( surely the bookies are asking Questions about that one ..?)
Then crash and burn …again… lol
Pure dead raging…STV piece so wrong on so many levels, They say…rangers football club plan to float on the stock exchange…this is the latest chapter in the rise and fall in rangers football club…return this club to better days…and the 140 year history,
chuck says they rescued the club.
Their dead, killed after 140 years. Don’t any of them get it…
Sevco 5088 will soon be dead as well, FACT.
Keep the Faith!
Hail Hail!
leftclicktic
Aye and they could have been so well informed…if they weren’t so busy runnin’ roon shops rippin’ oot pages and defacing the book…….stupid huns.
Teuchter ár lá
Kris Commons sporting a green,white and gold Nikes at training today.Which is nice.
Patrick, first caller too SSB tonight clearly a CQN’r and unsurprisingly better informed than the panel.
SwanseaBhoy
Has Green only got the one suit?
‘Berserk’ doesn’t begin to cover the zombies’ ragings….one for instance calls for civil war to sort us out, as he/she/it states.
Yes…..I just had to go and have a look….for once it didn’t make me feel ill because the testy lot are practically at civil war with each other….I think Chunky’s share issue has them all aflutter: they’d love to invest, but in their dead hearts they know they’re in for a proper nightmare.(I am trying to be polite)
Chunky is going to give them that which they can only dream of. Hope they’re ready.
One suit is all that’s required when you’re a Zombie.
Chunky standing behind Sally…..aye,they’re inseparable.
Greggs warns sales will remain weak this year
Greggs, the UK’s largest bakery chain, has warned that sales will continue to fall for the rest of the year as customers continue to economise.
Its business has been hit by a combination of weak spending and bad weather since the summer.
Like-for-like sales, which ignore the effect of new shops, fell 2.6% in the last 14 weeks from a year earlier.
“We now anticipate like-for-like sales to remain negative in the final quarter,” the firm warned.
Greggs’ share price closed 4% lower following the release of the results.
Weather blamed
The 2.6% figure was nonetheless an improvement on the spring, when sales were reported to have fallen 3.5% from a year earlier.
The snack food retailer blamed poor weather in July and flooding in September for much of the poor performance.
Despite the shrinking underlying sales, Greggs’ overall revenues rose 5.9% during the last three months by its business expansion.
The chain has opened 70 new stores so far this year, reaching a total of 1,641. It has opened 30 new outlets at motorway service stations.
“Whilst we remain cautious about the economic outlook total sales will continue to benefit from the success of our new shop openings and expansion in wholesaling and franchising,” promised chief executive Kennedy McMeikan.
He said that he would seek to mitigate the impact of falling underlying sales on profit margins “through tight control of costs and the increased profit contribution from wholesaling and franchising”.
typical SSB
celtic fans ask clever questions
sevcozombiehun fans
ask stupid questions
miki67-You can actually see him making it all up when he’s asked a question.
Can anyone CONFIRM tomorrow is liquidation day?
Tomorrows my birthday.
Wat a birthday present that wud be!!!!
B-)
Listening to ssb……pmsl.
It’s priceless.
Oops I’ve done it again:
£5,000 pledged
Confirmation
Thank you for registering your interest.
We will be in touch in due course with details of how and when you can invest in Rangers Football Club.
Your details
‘****************
*******************
*******************
We will send you an email confirming these details to ***********@gmail.com
Please make a note of these details in case you need to contact us at a later date.
If you have any questions please call Capita on 0871 664 9271 (lines are open Monday to Friday, 9am to 5.30pm).
I never buy @ Greggs
I go to Bennet’s The Baker
Half the price and twice as good
Don’t tell Sally
She’ll go through the place like a Tasmanian devil on crack.
Well done the SPL for organising that Celtic have no home games to coincide with the school’s October break.
Enjoy Spain JoBo.
EC67
Pogmathonyahun aka Laird of the Smiles
18:29 on
11 October, 2012
Oops I’ve done it again:
£5,000 pledged
Cheapskate :}
The Dull Suited Man
“Rangers on their knees……” Doing what?
“A £6million pound team…” Worth nothing.
“No disrespect to Brechin…..” Aye right, ya fuds.
Two words:
Stirling Albion
FSTB
The worrying thing is that I believe it is not only the SFA /SPL/SFL triumvirate that have sat back waiting for Charles Green to come up with 20m but the ECA as well.
If Chuck can show them the money then they will turn a blind eye as long as all football debts are paid as that keeps UEFA out of the dirty picture. As soon as Chuck say look Mr. Plantini here is the 5m for the European clubs then they are off the hook as far as UEFA is concerned.
AND this is why it is all being tolerated …. to allow UEFA not to get involved.
Hail HAil
Eurochamps67 –
thanks, I’ll try.
jobo
have a great time mate..
you are a week too early though… o))
Paul67 et al – I don’t know if you did anything but CQN comments are making my work day worth working again! Thanks and Hail Hail!
I think the timing of the Forbes piece and the Murray retort and the Jeff Randall interview tonight are choreographed. Let’s not forget Randall had shares in the oldco.
I don’t know what to make of it except this Green guy is a very clever man when it comes to showbiz.
Ernie @22.14 yesterday,
To claim that my statement is “ridiculous” is completely meaningless as you don’t explain why. Most readers of this blog are smart enough to know that & I think that you’re among them – which raises its own questions.
Who is this guy Gary Ralston on Snyde ? Did Mr Charles sponsor his appearance ? FFS
For those with only a passing interest in football’s backwaters, here’s a summary. The Rangers Football Club PLC awaits liquidation having failed to pay a tax bill just shy of £95m. Its assets were bought by an investment consortium fronted by Charles Green, who moved them to a holding company formed for the purpose in May 2012. He paid £5.5m.
Now, five months later, Mr Green’s consortium is seeking to raise up to £20m for an unspecified stake of these assets. Taking as an imperfect benchmark the £33.4m market cap of Glasgow neighbours Celtic, that target would suggest floating about 50-60 per cent of the equity. (Such a valuation would certainly line up with some tinfoil-hatted reports that Mr Green’s investor cabal had taken 22.69m shares and planned to issue the same again at the IPO).
So what has changed since May for £5.5m of assets to become a business worth circa £33m? There is a little more certainty now about Rangers’ competitive position (third in Scottish football’s fourth-tier league) and a little more clarity on the obstacles faced (which include but are not limited to a judicial inquiry, a player transfer ban and a criminal investigation into its previous owner).
Also 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.
Over to you, official Nomad (we assume) Cenkos Securities. We await the IPO prospectus with interest.
Bryce Elder
Financial Times
Greggs find out the reason for poor performance
http://farm9.staticflickr.com/8192/8077283006_5ff4c365c9_z.jpg
I read the following on sevcomedia:
WATP-FOREVER
Mark Hateley
Posted Today, 02:37 PM
The only intelligence they own is to deflect. Even their lowlife politician reckoned when proddys were building the titanic, they were building an iceberg. Now they’re showing that proddys (RFC supporters) are neanderthals.
All from a group of gypsies that canny grow potatoes – never developed their country, the very reason for its inhabitance – and recently spiralled into debt in record time (and held out their hand to the ones that their sniper bullets were focused on), asking for help.
Who the f**k would chose to be oirish.
Not wanting to start a fight, but for a start how about practically every good young footballer in the north?
18:21 on 11 October, 2012
Patrick, first caller too SSB tonight clearly a CQN’r and unsurprisingly better informed than the panel.
SwanseaBhoy
———————————
Made some excellent points. Definitely a CQN’r :-)
There was a great CQN cul-de-sac recently with posters naming favourite movies.
What about movies or documentaries that posters have watched or been made aware of via YouTube?
Us being all interweb bampotty and stuff…
E.g. I watched Inside Job thx to YouTube. (Banking crisis one not 9/11 bobbins)
HH
Spirit of Arthur Lee @11.58,
Classic!
Zombie lemmings, http://www.youtube.com/watch?v=XOjw7_WUZMY if you’re impatient, slide progress bar to 40 secs!!
MurdochauldandHay
Mr Greggs clearly makes exceedingly good Steak Bakes.
Chunky has paid not paid out a penny to use rankers as a vehicle to swan around the globe on hefty expenses and big salary as c.e.o., funded by the orcs who can barely afford their rent.
How stupid are they?
And now he wants more.