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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Piffle, playing the sevco stockmarket is easier than I thought. It’s like monopoly but instead of securing a future for Park Lane or Mayfair you’re investing in a rundown, asbestos filled theatre of hatred.
No matter, I had an email today from a hitherto unknown Nigerian relative with impecable timing, god rest his poor soul. Apparently I’ve inherited a diamond mine, offshore Oil and Gas rights, three hotels and six nubile young wives.
I may just buy the whole club once my 100 doller bank set up fee clears the national bank of Lagos protocols. As the new Prince of the obugo bugo tribe I shall be in a position to purchase a huge bulldoser and plough the whole rotten place right into the Clyde.
What a day, eh? Um rich Ah tel ye, rich…………………………………………………Nice.
Keep fighting hard Oscar, like a true Celt.
Miracles do happen.
.
kilbowie kelt
23:53 on 11 October, 2012
Not really interested in the latest seedy scam by Govan’s motley collection of conmen & comic singers.
It is an irrelevance.
My thoughts are in Philadelphia where a drama that IS important is being played out by a wee hero & his anxious family.
I wish my prayer account was in better shape.
Sorry to hear that Curly has lost his Bankie mate, Steve.
May he rest in peace.
..
KK..
I woke up @ 6am its 10am Now..and All I have thought about is Wee Oscar..
My Thoughts were the Same as Yours..Re; Prayer donations..
A Wee Story l would like to Share with Oscars Supporters..
8yrs Ago next week My Best mate here Grandaughter was Born.. We knew before She was born she would have major Heart defects (Can’t remember the Medical term) She was in The Royal Children’s in Melbourne throught the Pregnancy her Mother and Uncle stayed with me..
By the Time she was 8 weeks Old she had 2 Open heart Operations and at that age they keep you open for 2-3 days I think.. Think Salvedor Dali Painting..
Many times we were Called for.. Like Oscar someone stayed at the Hospital with her 24/7 seemed Everytime her Mum was told to go home and rest.. she was called back..
Although my mate and family kept me Informed I never really believed the Wee Girl would make it.. Neither did my Friend.. But we just Prayed and Hoped..
On the Anniversary of my Wedding we were called again and Raced through Melbourne to the Royal Children’s.. Standing in the ICU looking down at this Little 8 week old Girl and Praying like never before (I’m Not really a Prayer person) My Mobile went off.. It was my Wife.. I ran out the room and said l could Not talk.. But she told me to Sit Down.. So l stopped.. what’s Happened l asked.. “Your Pregant..!!” she said.. We had tried for 4yrs and had ‘Gave Up’..
That is Not the Reason l am remembering this Story..
That Wee Girl in the Intensive Care Unit will Celebrate her 8th Birthday next Week.. She still has Some health issues but Her Heart is Strong that apart she is a Wee Fighter..
Wee Oscar is a Fighter that is for Sure.. Today l believe in Prayer..and the Power of Prayer..
God bless Wee Oscar and His Family..
001Bhoy
Oh dear, One wanted to donate One’s Jubilee money to that nice man Green, but the web-page seems to have crashed.
One’s buggerred if One can remember One’s postcode! One believes it’s W1 1AA
Oh well, One will get Phil to try again tomorrow, when he comes back with the rolls and papers.
Toodle pip!
Benthebisop / exiledtim, what,s the scoop on corvera airport. Is it opening next year? I,m buying a place near fuente alamo and that would be damn handy but i keep reading about problems and delays.
Cheers
ACGR
Summa
Stay strong, that wee ghirl will make it just like the wee fighter, our Wee Oscar will. Of to bed now so HH to all TIMS
Weefra HH
Summa of Sammi….00:10
Id say Emerald, go with that mate. In the Dulux B&Q sample thing its ‘YeWannaPieOoooftTheresAgoal’ Green 1976.
Milk
EN
This is bloody good.
Scotland v Wales at Anfeild, back in the day.
http://www.youtube.com/watch?v=foXf3n1Mv0I
.
WeeFra..
I’m Great.. Yea I Wear it Well.. Like Olde Rod the Mod Stewart..
Things are Good Sleeping great for the First time in 20yr Ha Ha.. So l miss a Lot of the Blog..Ha..
I think Me and Sammi are Going through our ‘Green’ Period.. The Green tinted Specs help..
Great You got to see the Wee one.. I bet You were Pwoud Wery Pwoud..;0)
Cannae wait Till the Barcà games..it will be on Terrestrial TV here @ 6:45am but I’m trying to Organise a Barcà Breakfast at the Mates Pub.. As for games like that You want to be with Celtic folk..
EnyWhooo hope Yir Guid..
001Bhoy
.
Estadio Nacional are You going to Estadio Nacional..?
If Ye Ken whit a Meen Ken..
Or You watching it in The DohaCSC..You Founded and You all have Never Seen Celtic lose Home & Away..btw Major Dissapointed in You..;0(
The You never Named it The Sammi Desert SandancersCSC.. Ha..
When You coming to Oz..?.. I have a Hammock in The Olde Van for Ye..
Summa
Summa of Sammi….
00:45 on 12 October, 2012
.
Thank You for posting this.
My Big Sister Corinne (she’s actually very small) defied all odds to make it to her first birthday. Her whole life has been devoted to charity and Life groups.
I can tell you a Definite Fact, Young Oscar and that Young Girl will go on and spend most of their lives being totally selfless and spending all their life doing charitable things.”Unfortunately” they are unlikely to be the coolest person or the most sociable person but their works because of the way the world has went will be the most noticable by the one that notices everything.
You Never Ever give up hope.
The Taxi Driver
http://www.youtube.com/watch?v=SHeFy1NM9P0&feature=youtube_gdata_player
Couldn’t help myself.
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
Name:
Mr Oliver Klozoff
Address:
Moes Tavern, Walnut Street, United States, 80085
Email address:
Proposed investment:
£10000.00
Your reference
Application reference:
00000033353
Summa
Av got ma ticket for the barca game. Pity you cannae be here for it as I would luv tae meet ye in the flesh, instead o toking through CQN for the last 5 years. Anyways, take care and the best of luck and well being to you and your family. :)))
Weefra HH
Their 5 line terms & conditions includes this gem :
“If you are in doubt about the merits or risks involved in a potential investment, you should consult a suitably qualified professional adviser.”
Uh Huh.
Summa of Sammi….01:09
The first Oficial meeting of the Doha CSC was for the game in Moscow, we are unbeatable, is a quickly growing club and KevBhoy from here and a load of others Ive met are into it, we will have plenty in place for the next CL game. Im still tempted to go to it but new job suggests I go to Lisboa and meet my mates at the same time.
The new job thing has fecked December/January Oz holiday plans but Im thinking February/March for it, Sydney (to meet my Sis and shout Lawwell GTF with Oour SydneyTim) then nip over to yours for a few days, Kitalba also, this is all speculation though. And Ive talked about Oz trip too much, need to put it into action.
EN
NIght night all.
Weefra HH
Estadio Nacional
You are the foundation of the Doha CSC.
The mustard seed.
http://www.youtube.com/watch?v=I0wt4G1U0H4
Current mix I’m enjoying from back in the day.
Wain and Weatherall @ the Rhumba
http://www.youtube.com/watch?v=iOtkBl_S3bk
.
Petec..
Yea Miracles do Happen..
I woke up the other day and the First thing l read was Wee Oscars latest set back..
And have been thinking back to that time and how they all came through it..
Summa
EstadioNaci..
Come Down-Under for Paddys Day.. I’ll meet You in Sydney as I’m planning a trip up there I’m New Year..Also March is Champoins League Quarter Final time.. It’s Sammis Destiny..Ha..
Get Tae Lisboa and See The Hoops and Yir Mates.. Get sombdy to Delegate The DohaCSC
Summa
Summa of Sammi….
That Wee guy is Spiritually strong, you can feel it.
Sammi v Ross County SF was the only one strong enough to take the ball, I also thought that day Broonie was hiding, and I have praised him constantly since that day.
I don’t blame anyone about that semi final display but the most important thing was to Praise those that were trying to make things happen. It never happened, I was very disappointed about that.
I’m guessing we were at the end of our (out of the loop) tether.
Summa
That really was a beautiful, uplifting tale.
Thank you for sharing it.
Hamiltontim
Kudos for giving one of CQN’s Greatest personalities the night he deserved.
Thank You.
http://www.youtube.com/watch?v=uP7GsCREwos
petec:
Broonie was the only one who even tried that day.
001:
My best mate is invited to the Barcelona game, along with his partner, as a guest of the club. His other half phoned me last Sunday and offered me her place, if I wanted it. Gutted to say I’ll be watching it on telly too just like you, but no matter the score, I’ll make the most of it, just like you.
Read your earlier post mate, keep that chin up and prayer might not be the panacea for all but it sure won’t hurt.
If EN makes it to Oz you should come up here in March, the weather is kinder.
http://www.youtube.com/watch?v=5ifiPznYFJk&list=UU0z5apok_7R_L0YSu6rjTsw&index=9&feature=plcp
FFM
Works tirelessly, constantly, but some people can’t see things that are IMPORTANT.
As Awe Naw says or does not even say…… to be or Not To Be.
NJOI Celtic to the Full.
http://www.youtube.com/watch?v=gq5RBJ4FPHM
We are Blessed to have people like AWENAW…. spending thousands so people experience Celtic.
Oz bhoys
Is the barca game on sbs ? Just picked up on summa sammi breakfast club idea .
Tim Sharp The Glasgow Herald
RANGERS last night insisted a £20 million fundraising drive is not simply designed to keep it afloat as chief executive Charles Green said the football club is worth up to £30 million.
Mr Green was in London meeting potential investors as he confirmed plans to list the Scottish Third Division club on the junior Alternative Investment Market alongside rival Celtic.
The club, whose assets were bought for £5.5m six months ago, said it would plough the proceeds into players, developing facilities and “working capital”.
This raised concerns among some in the City that the club needs the money to keep going.
Simon Denham, chief executive of financial services firm Capital Spreads, said: “The immediate thought is that this is probably the operating revenue shortfall for this season and the club will be looking for a similar injection every year until Premier League – or possibly near-premier – status is regained.”
Asked if the club needed the share sale to pay its bills, Rangers’ finance director Brian Stockbridge said: “We can continue without it.”
Instead, he insisted the money would “bring all the plans forward”.
Mr Green, who led the buyout of the assets, said the club currently has 19 investors after recently conducting a second fundraising.
Their number is thought to include Newcastle United owner Mike Ashley and Dubai-based Arif Naqvi, chief executive of private equity firm Abraaj Capital.
Mr Green said: “I think this business today is worth £25m to £30m.”
The former chief executive of Sheffield United said the share offering would allow fans a chance to buy a stake in the club and bring in institutional investors. Shares would be priced at £1 to £1.50 each, against the 50p-a-share initial fundraising and £1-a-share follow-up.
The minimum investment is likely to be £500, although Mr Green said fans who wanted to spend less could buy shares via stockbrokers and accountants after they list on the stock exchange.
While noting shareholding fans lost out when Rangers went into administration this summer, he insisted it was still the right time for a flotation.
He said: “In two years’ time the price of entry for the fans will be three to four times higher than we can bring them in [at] now.
Mr Green wants fans to end up with 15% to 20% of the club, with institutions holding another 50% to 60% and existing investors the balance.
No current investor would receive proceeds from the fundraising, the club said.
Mr Green insisted he would step in to buy shares if demand was insufficient.
Armed with maps and flanked by club manager Ally McCoist, himself a shareholder, Mr Green presented a series of plans to revitalise the club.
Dismissing previous development proposals as “not realistic”, he unveiled schemes including a hotel in the grounds of Ibrox and a £3m plan to buy and renovate Edmiston House next to the stadium and turn it into a members’ club.
Mr Green also talked of building links with fans overseas. He said: “The Scots diaspora is full of Rangers fans whether it is the Middle East, the Far East or America.
Mr Green revealed Rangers has a 51% stake in the merchandising joint venture it has established with Mr Ashley’s retail business Sports Direct, for which he plans to open a 20,000sq ft superstore at Ibrox.
He talked of increasing the club’s use of internet broadcasting and restricting press access to playing staff to boost coffers.
He said: “I am going to stop Ally and the players speaking to the press. We want to put that on to Rangers media.”
Mr Green floated the idea of a £2-a-minute phone line for questions to be put to the manager.
Meanwhile, Rangers’ wage bill will be capped at around 30% of revenues. Mr Stockbridge said this is half the level of Celtic’s.
McCoist said the last six months had been the most traumatic in the club’s history and the fundraising was a step forward. He added: “We must never allow to happen what has happened in the past.”
kitalba
03:08 on 12 October, 2012
petec:
Broonie was the only one who even tried that day.
_____________________________________________
I disagree my Friend in Celtic, I thought Scott was found wanting that day, and it is understandable.
Scott was the 2nd best player behind Sammi, the whole team was totally crap that day and they were all looking for people to Inspire them.
Please go back and look at the tape, especially the 2nd half.
Sammi is My kind of Person more than anything else.
Proudbhoy
Yeah the Barca game is on SBS. They annouced it last week during the CL highlights show.
HH
Rangers analysis: Financiers will take a lot of convincing
By MARTIN FLANAGAN The Scotsman
CHARLES Green, chief executive of The Rangers Football Club, talks a good game. He will need to if he is to get institutional investors and fans on board for what looks to be a high-wire new Stock Exchange float of the club.
That is not just to do with the pantomime of ownership and corporate governance that Rangers has become in recent times. It is the whole question of the suitability of football clubs for stock market membership.
There has been a far from glorious history of football clubs taking the stock market’s shilling. Manchester United, Tottenham Hotspur, Millwall and a host of others hardly set the world alight or became more profitable, thriving businesses through having a public listing.
In the mid-1990s one investment bank in the City even launched a football fund to try and ride the fad. It proved to be an own goal and was swiftly discontinued.
The problem is that football clubs and the supporters’ passion they inspire are the exact opposite of how most publicly listed companies are meant to be run. That is for the medium to long term and for profit, rather than for all-important glory on the pitch and paying nearly as much in player wages as revenue comes through the door.
It often resembles a ragtag madness: an attempt to yoke tribal loyalty and the need for instant bragging rights on results to pin-striped conventional financial prudence.
Manchester United eventually gave up their UK listing because they weren’t doing the job the then-boss, Martin Edwards, wanted, ie, providing a tailwind of shareholder backing to accelerate business expansion away from the turnstiles. The club has since relisted on Wall Street under the Glazers to largely pay down borrowings.
There was little chance United would have got the float away with any degree of success in this country, and even Asia was shunned. Well, they do say the Yanks don’t understand ‘soccer’ so maybe there was a reason there.
But the Rangers float faces significant credibility issues on top. Most businesses would not tend to try to attract City money when they have just been banned from their main field of action (the SPL), fined for not disclosing their owner was previously disqualified as a director (Craig Whyte), and gone into administration to boot.
That sort of ‘baggage’ tends to raise institutional eyebrows even when the amount Rangers want to raise on the AIM market – £20 million – is comparatively piddling.
The case of attracting even the legendary fanatical Rangers supporters to the float is also problematic. Consumers are really hard-pressed in austerity Britain, food and fuel prices are rising, job security is not brilliant. It is far from the best of times, therefore, to be asking for strong private shareholder support for Rangers.
Equally, many fans who were previously shareholders of the club on the Plus market lost their investment amid the ownership merry-go-round and corporate debts and now they are being asked to stump up again. Again, we are not in Tell Sid territory, the highly successful British Gas flotation of the mid-1980s.
So, are there any pluses for Rangers’ plan to go public again? Yes, and Green won’t be tongue-tied in telling investor roadshows about them.
Rangers have no debt as part of their rescue last summer – unlike Manchester United, for instance, who are drowning in the stuff, the Glazers having used the club’s own money to buy it.
The Scottish club has significant property assets, and credible plans to build more. Its revenue coming through the turnstiles is pretty copper-bottomed and would undoubtedly recover swiftly if its footballing fortunes turn up.
Green is targeting a step-change in Rangers’ merchandising effort, and it is true that over the past 20 years shirts sold have been a far more durable asset for the major football clubs than mercenary players’ shirt-kissing. Rangers have clearly under-achieved in the merchandising arena given the strength of the brand and the worldwide support.
The question is whether, on balance, Rangers will be able to convince big institutional investors in particular to make the leap of faith away from the poor history of football floats to a bright new dawn of commercial possibility?
Tough call. Sceptical investors might consider instead that the £20m is a short-term fix for Green’s property plans near Ibrox, some working capital, and to tide the club over a hopefully temporary revenue fall from playing outside the top flight. Oh, and an unquantified amount for manager Ally McCoist to strengthen the playing squad.
That’s the cynical take, and sometimes the City can be a cynical place. But I suppose that after the recent distressing history of Rangers, (?) a saga of embarrassment, a muted or even disappointing flotation would just be another relative setback rather than a life-and-death game-changer.
lymmbhoy
03:36 on
12 October, 2012
Proudbhoy
Yeah the Barca game is on SBS. They annouced it last week during the CL highlights show.
HH
Great news. Cheers for that
Does Mr Green really value Mr McCoist’s time as high as £120 an hour?
That seems like an awful lot of money.
Mr Green will try anything to keep Ally away from his young Turks lest they never win an away game in the SFL.
petec
Was Sammi playing through injury (that required surgery) with the aid of pain killing injections?
Georgios Samaras insists that he will play for Greece this evening despite still being troubled by the elbow injury sustained on international duty last month. The striker will take to the field for the World Cup qualifier against Bosnia in Athens wearing a cast, despite missing three weeks after dislocating an elbow against Latvia.
“My arm hurts and if I was selfish I wouldn’t play,” said Samaras. “But I love playing too much and I want to take part. My arm doesn’t feel great, but we play football on the ground with our feet, so I should be okay. I hope I am in good enough shape to help us beat Bosnia.”
How many honest reporting mistakes can you find in this article?
Also from the Scotsman.
By MARTYN McLAUGHLIN and MARTIN FLANAGAN
RANGERS have announced plans to raise up to £20million by floating its shares on the Alternative Investment Market (Aim) of the London Stock Exchange.
Executives at the Irn-Bru Division Three side, which was plunged into financial chaos earlier this year following the liquidation of the “oldco” club, hope the move will help Rangers back to “glory days”.
Charles Green, chief executive and leader of the consortium which acquired the club’s assets, said the money raised would be invested in the development of the club as it aims to move through the tiers of the Scottish Football League and reclaim its top-flight place in the Scottish Premier League.
The club hopes admission to Aim can be completed by the end of the year to help improve facilities at Rangers and bolster playing staff once a transfer embargo is lifted.
In a statement, Rangers said the “institutional investor placing and limited public offering” would benefit the club in three ways: strengthening the squad, developing properties and facilities, and providing additional working capital.
In a move designed to encourage investor confidence, the statement notes that Rangers is “one of the world’s most successful clubs”, with innumerable titles to its name and “one of the highest percentages of season ticket-holders in the UK, with over 36,000 having been sold for the current season”.
It also points to the 51,000-seater Ibrox Stadium, Scotland’s only Uefa elite club stadium, as well as the “world-class”, 38-acre Murray Park training facility, emphasising that “the club has been a major force in Scottish football for decades”.
Mr Green stressed that Rangers was a “debt-free” institution, which was now under responsible management following the takeover of his consortium. The flotation, he added, would allow fans to play a key role in the club’s rebirth.
He said: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition.
“Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days, whilst ensuring it is run efficiently and profitably.”
Malcolm Murray, the club’s chairman, added: “Charles has done a great job to bring the club back from the brink of extinction. We now move on to the next stage, which is full recovery and growth. The fans’ loyalty has been instrumental in getting the club on its feet, and the IPO [initial public offering] gives them the chance to have a say on club matters.”
Financial director Brian Stockbridge insisted that Rangers was able to continue without the projected £20m, but said the money would bring its plans forward.
Fans intending to invest have been invited to come forward, and a registration of interest for the shares opened at 5pm yesterday.
In a briefing later, Mr Green said Rangers’ demotion to the lowest league of the SFL was a blessing in disguise, in that “it takes the pressure off and allows us the chance to let players mature”.