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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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.”
—
Surely neil must step in and take him and brown out of squads along with matthews.
We are in too good position in europe to lose these bhoys.
From LegalWeek
Waterhouse Travers and Field Fisher make legal team for Rangers AIM listing
Author: Suzi Ring
Field Fisher Waterhouse, Travers Smith Tags: Capital markets Field Fisher Waterhouse and Travers Smith have both taken roles advising on Scottish football club Rangers’ proposed £20m float on the Alternative Investment Market (AIM).
Field Fisher is advising Rangers on the listing led by London corporate partner Christine Phillips, while Travers is acting for Cenkos Securities, the securities adviser on the float, led by corporate finance and M&A partner Philip Cheveley.
Rangers announced its intention to list today (11 October) in a bid to raise funds for “strengthening the player squad, improving and developing the club’s properties and facilities”.
The news comes after Rangers went into liquidation earlier this year before being purchased by former Sheffield United chief executive Charles Green in June in a deal worth £5.5m. The newco club was subsequently placed in Scotland’s Division Three after a vote by the Scottish Football League.
Field Fisher advised Green on the deal led by sport head Patrick Cannon, alongside Phillips and corporate partners David Wilkinson and Amerjit Singh Kalirai.
Meanwhile, Rangers’ administrators Duff & Phelps are gearing up to take Collyer Bristow to court over negligence claims totalling more than £25m relating to the firm’s role on Rangers’ 2011 takeover and subsequent administration.
Collyer has instructed Clyde & Co for its defence, with commercial disputes partner Richard Harrison leading the action for the firm. Harrison has instructed 3 Verulam Buildings’s Cyril Kinsky QC and Matthew Hardwick as counsel.
Taylor Wessing is advising Duff & Phelps led by restructuring head Nick Moser.
Celtic defender Adam Matthews has been ruled out of Wales’ World Cup qualifier with Scotland on Friday evening.
“He has not played for two or three weeks with his ankle and he hasn’t done anything with us all week” – Chris Coleman
The 20-year-old has repeatedly missed being involved in training this week due to an ongoing ankle injury.
However, Welsh manager Chris Coleman was remaining hopeful that the former Cardiff City full-back would recover in time for the game in Croatia on Tuesday night.
“Adam is a problem. He has not played for two or three weeks with his ankle and he hasn’t done anything with us all week,” Coleman confirmed to Wales Online. “We think tomorrow is a no but he may have a chance for Tuesday.”
kitalba
03:50 on 12 October, 2012
McCoist is an adept, a Liar that has been cultivated as he moves up the pyramid steps.
Lyra Celtica – Haughs of Cromdale
http://www.youtube.com/watch?v=sk7umyjBOsA&feature=autoplay&list=UU0z5apok_7R_L0YSu6rjTsw&playnext=3
FFM’s and you can find that on 18.88 FM
It gets really frustrating when you just want to be honest and FREE with your comment.
When I said I believed the end times would be within the next decade, I said that because I believed it to be true after reading commentaries and especially because the Biblical events usually happen in cyclical years of 70s.
proudbhoy
04:00 on 12 October, 2012
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.”
–
Surely neil must step in and take him and brown out of squads along with matthews.
We are in too good position in europe to lose these bhoys.
_____________________________________________________________
I admire Neil’s stance in letting Broonie go to the Scottish squad, likewise Sammi.
Neil was DENIED the ability to play Internationals.
FFM’s wonderful videotubes are very……..
http://www.youtube.com/watch?v=DSfYK9N6siM&list=UU0z5apok_7R_L0YSu6rjTsw&index=6&feature=plcp
Was that on the Monday night after Dougiegate?
;))))))))))))))))))))))))))))))))))))
Dallas, Hugh, gallus,spew.
For the rambling gamblers out there…..
Adelaide United v Western Sydney Wanderers FC Over/Under 3.5 Goals
Over(+3.5) 3.60
Lajong FC v Salgaocar Over/Under 4.5 Goals
Over(+4.5) 7.50
When you get a win you bet on all sorts of random things.
Doubled up to 27/1,
Axis Mix (Complete) – Jeff Mills / Exhibitionist DVD ;))))
http://www.youtube.com/watch?v=THgeFErZI_4
Do the club get £25K per international call up ?
canamalar
Is that for all age groups?
I think I read we have 35 players out there.
More Saville diversion yesterday.
You are reading the MSM very well my Friend in Celtic.
A youtube video can never do a Jeff Mills DJ set justice. ;))
kitalba
03:28 on 12 October, 2012
Tim Sharp The Glasgow Herald
et alii
It seems no one in the Scottish media has ever heard the popular idiom:
Fool me once shame on you. Fool me twice shame on me.
‘GG
Demonology, it will become more and more common as Christianity is marginalised further.
I have to Strongly disagree with the fine CQN elder (youngish really) statesman Celtic First.
The real question is what is classed as normal 1 year and what is classed as normal 5 years further on.
I have GRAVE fears about where the human race is heading, underpinned by the THEORY of evolution, has anyone Really questioned things?
Sandman and any other idiotic critics, do the noble thing and SCROLL past, in fact don’t even take the time to listen to the nonsense I post, please, unless you have an open mind.
An amazing interview from a guy who destroys the MSM’s Discovery,Nat Geo,History Channel’s obsessive crap about Ancient Aliens……….
http://www.revelationsradionews.com/rrnews-interview-chris-white-ancient-aliens-debunked/
Hail Hail
GERS CHIEF DEMANDS TOP-FLIGHT CHANGES
Ibrox chief executive Charles Green
Friday October 12,2012
By Scott Burns
FUMING Charles Green is ready to lead the fight for top-flight change because he doesn’t want Rangers to return to the Scottish Premier League.
Green, who announced plans for a £20million share issue yesterday, will never forgive SPL chiefs for the way they gave the Light Blues the boot last summer.
The fiery Yorkshireman insisted he would be against a return to the SPL and hopes reconstruction might see the current set-up disbanded.
He said: “The SPL threw us out. They then stole our money due for last year and also are pursuing us to strip titles.
“It’s like coming home, finding your wife in bed with the milkman, asking for a divorce, then a week later asking, ‘Can you forgive me? We’ll make up.’
“I can’t make up. If the Rangers fans can make up, get on with it. But Charles Green will never forget what the SPL has done and that’s why I am anti going back where we were told we weren’t wanted.”
“It’s like coming home, finding your wife in bed with the milkman, asking for a divorce, then a week later asking, ‘Can you forgive me? We’ll make up.’
The Ibrox owner believes Scottish football is on its knees and there needs to be radical change from top to bottom. He feels there need to be talks and a master plan put in place to try and save the game.
Green added: “On the SPL, Stewart Regan said the other day they will be looking at reconstruction.
“Scottish football is broken. Attendances are not there, the gates are falling, the interest is falling and it needs to be fixed.
“Where we are, as the biggest club in Scotland – by fans, by numbers, by any number of multiples – we need to be sat round that table with Celtic and the other people to look at how Scotland can move forward.”
He also confirmed that he is due to hold talks with the SFA on their vision for the future.
“I can’t affect league reconstruction,” Green acknowledged.
“I don’t know what the SFL and SPL is thinking.
“I don’t know what the FA is thinking.
“We are having a meeting with Campbell Ogilvie and Stewart Regan shortly to see the SFA’s thoughts because we want to draw a line and move forward.”
Good morning friends and a Big Happy Friday from a fairly wet and dark East Kilbride.
GG:
It is not just that mate that rubs me the wrong way, I can’t make my mind up whether they are more stupid than sleekit or vice versa; what narks me is the way they perpetually talk of Rangers in the present tense (only) when it suits them.
Sevconians have got to ask the question, does CG and his mysterious backers offer the best hope for the long term rejuvenation of the club or is he more than likely just another CW who has managed to take control for now?
I suspect they will all find that CG is simply another CW with a bit more brains.
In the current climate, I would need someone to prove their directorship before I would be willing to invest my hard-earned cash.
So far, CG has failed in just about every single thing he has tried to do.
About the only success he has had was in getting a judge to overturn the tribunal decision on banning signing of players. Yet ultimately, even that has failed.
The CVA – failed.
The SPL parachute – failed.
The D1 parachute – failed.
Just as well he doesn’t run a skydiving club!
UTV
The Stars Come Out For Oscar
http://www.u.tv/News/Stars-come-out-in-support-of-wee-Oscar/836591b0-0578-4376-931f-7402ee222cfd
MWD
So the owner of a daft wee division 3 club thinks the SPL treated a club he thinks he bought the history of badly and wants the league reconstructed?
Aye?
Good luck with that. Also heard he was having a vote of his clubs fans to see if they wanted in the SPL, a deluded bewildered freeekin nutter.
Theres only three days left to cast your vote on me dating Jennifer Aniston and Celtic winning the Champions League (no that it needs our votes, its happening.) please vote sensibly…
An absolute head case who doesnt know his place as the owner of an irrelevant daft wee division 3 club, but good to see he is the kind of nutter that comes across publically as thicker than your average hun. They crazy bam sticks lap that utter madness up, will be funny to see how many nutters buy his magic beans.
He has all the makings of the next Craig Whyte given time.
Summa of Sammi….
00:45 on 12 October, 2012
Great story,my fellow Tim.
MWD:
That is exactly the sort of talk by Green that narks me. The Scottish media give him the platform to pontificate his lies and they do so without any challenge or comment.
Green is the CEO of a third division team, a third division team only at the expense of a more deserving and legitimate team.
Who does Green think he is to dictate to the Scottish game, to the Scottish people?
He is a chancer at best, he ought to bog off to whence he came before he is the cause of real trouble.
Kit
That was from the Express (national) online.
It’s not just Scotland.
MWD
Things the £94m the tax dodgers owe could get you…
£8 rise in bru money for all of Scotlands unemployed for a year, thats a significant increase.
A national football training centre as good as the new England one they got for £100m
A bottle fo Irn Bru for everybody in Scotland every day for a month.
8lb of the finest square sausage from Buchanans of Burnbank for every person in Scotland.
Estadio Nacional – will look forward to seeking membership of the Doha club when I arrive next month from India, not much demand for football here!
Morning,
So Auld Chuck has talked himself into a corner by stating he will buy any unsold shares.
Desperate times, call for desperate measures I suppose…
stephenpollock
Good stuff, give me a shout when you are over, you moving full time? Doha CSC can be found on that Facebook if your on it. Search Doha CSC.
EN
What no Jobo?
MWD
Magic Beans
An old cow stoped producing milk so wee fella went to try and sell the old worthless cow at the market, he was offered magic beans for it….
Hmmm
Fee-fi-fo-fum
I smell the ***** of an Englishman.
Comment in Scotsman
Just picture Charles Green in front of the Dragons Den making his sales pitch, followed by a chorus of, I’m out.
MWD –
last page, try to keep up old bhoy ;-)
Jobo
Moonbeams WD. Kano 1000 \o/ Supporting Neil Lennon 100%. Champions. C’mon Wee Oscar.
07:05 on
12 October, 2012
Thanks for the link MWD
Keep fighting Oscar God bless
Lionroars67 08:06
Its an old one but they have tried it before…
http://www.youtube.com/watch?v=VoMlCBKyh5c
Still no link thing?
EN
Whither the cash strapped scrofulous hillbillies the day?
Apologies if posted already from the Scotsman.
Charles Green does not want SPL return for Rangers
Charles Green. Picture: PA
By ANDREW SMITH
Published on Friday 12 October 2012 00:20
RANGERS chief executive Charles Green yesterday ramped up his hostility to the idea of his club ever joining the Scottish Premier League as he set out plans for a share issue he claims he will personally guarantee raises £20 million.
Green refused to accept that adopting such an oppositional stance towards the top flight was counter-intuitive. All evidence suggests any return for investors would require Rangers to be playing in the Champions League and earning the millions that come from competing among Europe’s elite. Access to the competition can only be won through playing in the SPL.
The chief executive remains defiant, however. League reconstruction, semantics and the possibility of Green not being around in years to come would seem to provide the Yorkshireman with the wriggle room to make good on his pledge.
“I want to play in the top league [but don’t assume that] will always be the SPL,” he said. “The SPL threw us out the league. They then stole our money that was due for last year [in prize pot and centralised revenues that were due to oldco Rangers] and are pursuing us to strip titles.
“It’s like coming home, finding your wife in bed with the milkman, asking for a divorce and then a week later asking: ‘Can you forgive me? We’ll make up’. I can’t make up. If the Rangers fans can make up, get on with it. But Charles Green will never forget what the SPL has done and that’s why I am anti going back where we were told we weren’t wanted.
“I can’t affect reconstruction. I don’t know what the Scottish Football League is thinking. I don’t know what the SFA is thinking. We are having a meeting with Campbell Ogilvie and Stewart Regan shortly to see the SFA’s thoughts because we want to draw a line and move forward.
“Scottish football is broken. Attendances are not there, the gates are falling, the interest is falling and it needs to be fixed. Where we are, as the biggest club in Scotland – by fans, by numbers, by any number of multiples – we need to be sat round that table with Celtic and the other people to look at how Scotland can move forward.”
Green says his “personal view is that £20m figure is low”. He is at pains to stress that all the money raised will go “into the club’s bank account” with “not a penny” being skimmed off by current investors who, instead, will bolster their current stakes or see them diluted.
Green expects that in the coming days supporters will register their interest in sufficient numbers with brokers Capita – the first step in the flotation, he says, barring “an international disaster” will see Rangers on the AIM market before Christmas – for any slack to be taken up by institutional investors.
“I am a confident guy,” Green said. “There will always be a few doubting Thomases but they are few and far between now. The fans are engaged. There were issues in the past when people tried to raise money and didn’t succeed but that’s not what will happen this time. If we don’t raise £20m then I will buy whatever the shortfall is. I’ve listed or floated maybe 30 companies and done fundraising as well.
“I’d be happy to underwrite it but what will happen is in three weeks time you lot will have my trousers around my ankles saying ‘Charles Green underwrite Rangers’ and took a three per cent fee when it didn’t need doing. The reality is we don’t need to underwrite it as there will be no shares left over. If they’re not all sold of course we’ll take them. We’ve put in £12m when we didn’t know there would still be a club, so why wouldn’t we?”
Green responded to the ‘why now’ question over timing by stating that he was making good on a promise from May – “and contrary to what the people say, I do what I say” – and was determined to allow supporters to buy into their club at a share price they could afford. Suggestions that there may be an immediate necessity for investment with cash reserves potentially running low was not countenanced. Indeed, he decried as an “idiot” Jon Pritchett, who, following on from advising Bill Miller on a Rangers takeover bid in May, had an article published in Forbes this week questioning the sustainability of the club’s business model.
“When we were put into the Third Division I should probably have made 25 per cent of the staff redundant,” added Green. “We haven’t done that. The board and the investors were happy to take on these costs but going forward the reality is there is sustainable model because the wage bill is dramatically down. We have 36,000 season ticket holders, why would we have less next year [if we are in a higher league] with higher prices? As you will see when the prospectus comes out, the broker will produce a note which has his assumptions for the business going forward [that will show] Rangers will be a profitable business, irrespective of what league it is
Chuck has pledged Sevco will regularly be in the semi-final of the CL. How do manage that from the First Division.
Hilarious how he thinks he will dictate to Celtic how things will be in Scottish Football from now on.
Glasgow’s Green & Whyte!!!
estorilbhoy
Dont suppose you can get a good deal at the Hotel Palacio in Estoril for the Benfica game? Always fancied a visit there.
EN
Jobo
Whereartthoughjobo?
Beautiful sunshine here in G53.
MWD
Actually Chuck is not funny he is dangerously warped! Spl threw them out and then stole their money.
How much did that cheating club owe everyone?
WE DONT NEED NO STINKIN RANGERS!