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Two important questions for Sevco share issue

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By on CQN BLOG & Comments

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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  2. starry plough on

    Lennybhoy…Supporting Neil Lennon and CFC until I die

     

     

    Every so often I take a wee notion then I remember why I never listened to it for 25 years!

     

     

    I just found out last year you could listen through I-tunes..

     

     

    My blood pressure canny take that S***E

  4. leftclicktic on

    They are not pleased over on DEADclub media that some of you are exploiting their share offer website . RIGHT OWN UP :))

     

     

     

    Over 10k now, but with the obsessed m****s, that could be as low as 7k. They are actually so obsessed it’s no longer funny.

     

     

    11119 applications, but anyones guess how many will be fake.

  5. Snake Plissken on

    leftclicktic

     

     

    It’s like the pledges they had months before.

     

     

    Nick Leeson pledged a hell of a lot of cash on that site.

     

     

    Hee hee

  7. leftclicktic on

    Lennybhoy…Supporting Neil Lennon and CFC until I die

     

    How are you surviving the International break without the HOOPS.

     

    HAIL HAIL

  9. istanbulcelt on

    !!Bada Bing!!

     

    18:21 on

     

    11 October, 2012

     

    Has Green only got the one suit?

     

     

    !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

     

     

    Yes!

     

     

    makes it easier to run of with the cash if you travel light!

  13. O.G.Rafferty on

    Lennybhoy

     

    It is, though no visuals, just words, to enrage them. And he will deliver on that front

  14. Auldheid on

    Tamrabam

     

     

    I cannot answer your question but I do share your thinking that Ticketus are still involved.

     

     

    The ONLY way they will get their money back is from the Rangers support.

     

     

    CW does not have it. CG does not have it but I reckon that Ticketus will be patient and either get a lump sum plus an ongoing annual clawback from ticket sales if a share issue is successful or simply extend the period of clawback.

     

     

    If their income is around £10M now and they can reduce running costs then they do not need a £6M player wage bill to climb the leagues.

     

     

    Not sure what the next biggest wage bill apart from Celtic is, but a £3m wage bill should, if they adjust their football thinking, be enough to enable them to climb the divisions. That could leave £2m to £3m for a Ticketus clawback over 7 to 10 years. Better than a poke in the eye with a sharp stick and a grateful Rangers support at still having a club to follow will either accept that level of player or walk away – which Ticketus are betting they will not do..

  15. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    FSTB

     

     

    Another switcherooni without football debt so all they need for survival is 6m not 20m

     

     

    HH

  16. Pujol on

    I’m torn.

     

     

    Do I want Mr Green’s IPO to succeed, letting him pocket his pay-out and swan off?

     

     

    Or, do I want it to flop, forcing him keep up the fun and games for a few years?

     

     

    I’ll ask Michael Fagan and Fr Dougall McGuire for their advice when they receive their prospectuses (£10k each).

  18. O.G.Rafferty on

    The intimidation of the lawyers, the football authorities, the publisher, the bookseller, the football club, the newspaper.

     

    The involvement of counter-terrorism police, on and on it goes. If they had any shame they’d be ashamed … but then …

  19. bigjie on

    Why we should be bothering and wasting our energies about a third division club is beyond me …..

     

     

    Time to celebrate a wee bit of Celtic history , some may have been at the official opening of the old Jungle back in the day , we played Manchester United , heres a short video showing the jungle just before completion and a wee bit of the game itself …..i hope it stirs some memories amongst the “aulder hauns ” in here .

     

     

    http://www.kirkintillochemerald.co.uk/showthread.php?p=33272#post33272

  32. sipsini on

    Being up to date with all posts thought I’d have a look at the chaos on rm.

     

     

    What a hellhole that site is.

     

     

    Especially that twisted little turd mc.murdo.

     

     

    There is no Limits to the bitter venom he will spew to his zombie hordes.

     

     

    Don’t worry I showered and said 3 hailmarys.hail hail

  33. fergus slayed the blues on

    Awe Naw

     

    I always believed this was a scam hatched many moonbeams ago ,when a certain person could not give that mob away with the BTC hanging over it ,now that they have dumped all their old tied revenue streams too ,even better

     

    I think this share issue will give the consortium stooges a return on their investment for their part in muddying the waters and the real buyers, who probably gave a knight a wee piece of paper with a number on it as to what they would be willing to pay for a tribute act with manageable debt will buy CG out

     

    The only flaw in the plan was the Football fans sticking their noses in and refusing to accept a new club into the SPL.

     

    Thought I saw something from TBK tonight in the press ,funny I was wondering what happened to them

     

    Hmmmmmmmmmm

  34. Parkheadcumsalford on

    O.G. Rafferty,

     

     

    When can we expect the latest development you allude to?

     

     

    Would you know if tomorrow is Liquidation Day? I’ll have to get some ice cream and jelly in if it is, even though I’m not supposed to have the ice cream.

  35. bigjie on

    Parkheadcumsalford

     

     

    I remember talking to a well known Celtic winger from back in the day who said that even in training , you would have needed a doctors line for Kennedy to let you past him .

  38. fergus slayed the blues on

    Oh and I forgot to say

     

    No luck Hector ,looks like you have been duped ,at least it’s not your own money though …….IT’S OURS

     

     

    pheonix (and the blue) knights ,think that would be a good name for a comedy show …….

     

    maybe the titles just a bit long though

  40. THE EXILED TIM on

    Thanks for the info bhoys

     

     

    Just made a small contribution, time are hard….

     

     

    Name: Mr Ian Parsley

     

    Address: The Manse, Belfast, United Kingdom, BT61 8FU

     

    Email address: my usual

     

    Proposed investment: £10000.00

  42. fergus slayed the blues on

    CG will be out shouting that there has been 200m worth of interest in his share issue at this rate ,of course he will not say how many enquiries were spoofs and the MSM won’t think to ask .

     

    Does anyone know if this stunt was similar to the one he did at Sheff Utd ,were he stated it was the biggest share issue ever ,or some crap like that

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