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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kitalba
11:57 on
11 October, 2012
Private assurances to the aim do not make people part with money.
The value of the club must be known, this figure alone would be enough to stop people parting with cash. ( like the use of the word INTEGRITY ) never seen this and Rangers together before!
Paul…………………………….
Great post buddy………………………..
BUT will any of the OLD media look into……….
clams that Sevco are 12M in the red.
Weather update…………………………………….
Now 31.5 °……………………………………..
BigJoeinDaaaaaaaaaaaaaaaaaaaCostaBlanca
Are Rangers fans really that daft?
Are they really going to lend these shysters their chips so they can cash out?
Is Charles Green relying on them investing heavily to spite those who are pointing out what a bad investment it is?
‘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.”
can someone please explain this to me
Lance Armstrong story,the biggest cheats in sporting history.
Newco/oldco/sevco missed a chance to bury some news of their own.
BBC Radio 5 Live @bbc5live
Coming up: Money Saving Expert Martin Lewis joins Dominic Laurie and Shelagh Fogarty on @bbc5live, listen here >
Martin Lewis ” huns, don’t invest in Sevco”
Is it time for all of the concerned fans who pledged money to that web site way back to make another appearance? I’m sure Mr M Mouse, Mr IP Freely, Mr B Pope and so on will fancy some shares …
tigertim:
I am almost positive they don’t have to publish a prospectus if they don’t want to. I know I read about it earlier but I can’t remember which LSE page it was on. However, I’ll try and find it tomorrow. In the interim:-
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In place of standardized regulatory requirements, the LSE delegates oversight of AIM firms to Nomads who in turn determine the appropriate level of oversight.
Nomad reputations are potentially at stake, as well as their ability to continue to oversee firms because they can be decertified by the exchange. As a result, it is up to the Nomad, in conjunction with the firm, to provide an appropriate degree of oversight, making them the “gatekeepers, advisers and, ultimately, regulators of the AIM” (Medoza, 2008).
This regulatory structure can be cost effective for the firm in several ways. First, in terms of direct costs, the Nomad can relax disclosure; auditing and governance standards as it deems appropriate. Consequently, public disclosure and oversight can be customized for the specific firm. Second, indirect costs can be lower than on traditional exchanges because public disclosure of proprietary information can be limited, as can the amount of time and effort required by management in obtaining the listing. At least in theory, public disclosure can be replaced by private disclosure to the Nomads who publicly attest to firm quality.
On the other hand, the lack of a formal regulatory structure means that the effectiveness of oversight hinges on the role of the Nomad. The Nomad relationship is complicated by the fact that the Nomad is hired and paid by the listing firm.
Furthermore, the requirements for admission as a Nomad are quite light. Hence, it is unclear how much oversight Nomads provide in practice.
As noted by Taylor (2009), “in AIM’s 14-year existence, only four companies quoted on the market have been publicly censured, with just one fined.”
ProphetOfRegret
Proph it means Rangers don’t owe anyone any money, they’re the biggest club in the Universe with mullions and mullions of supporters all over the galaxy and the wulrlds most sucessful club, awe haud oan Beyonce’s goat ma lunch oan the table be back later wi’ a full explanation of the glorious huns and their plan for wurld domination…
Will the brochure for the sale describe Ibrox as a run down asbestos ridden hovel in need of major refurbishment or will they get Ellis the estate agent to work his magic and call it ‘A Charming Period Property with Bags of Redevelopment Potential’………..
And has Ian Black finished repainting the rather flakey looking Auchnhowie ‘Conveyor Belt’ in time for the share issue. I heard he wasn’t injured at all but couldn’t play because Green had him on double time getting the place ready for the share issue.
Paul67
Aye,if the huns are claiming they have history then they can pay back what they owe Celtic and other teams.
See how that affects the share issue.
Starry Plough – are you saying Beyonce is two timing me?
Bomber Broon was rightly interested in The Deeds ..
Has anybody checked the relevant Sasine Register ?
Whit aboot the relevant Valuation Rolls ?
32 degrees -hotter than the Costa Blanca -way down south.
Brogan, Rogan, Trevino and Hogan
Just a couple of points……
Firstly, splitting hairs a bit but the Giro D’Italia and the Vuelta Espana have been tougher races than Le Tour for many years now. As Grand Tours go Le Tour has been left trailing as the easiest of the three.
Secondly what is your reasoning for Indurain and Cadel being clean riders?
Just like Duff and Phelps (sort of) – the Nomad is hired and paid by the listing firm….
Gordon J – have just been in touch with Fr O’Shaughnessy who loves Sevco so much he pledged thousands the last time. He is very keen to get his name down for some shares…….
RobertTressell
Rob been telling you that for months man, acceptance is the cure to all our problems…
Gordon_J backing Neil Lennon
lol!
I loved that site, ended up pledging about £300,000!
Paul67
The hurry is BDO coming in within the week and asking some very awkward questions about the acquisition of the property.
HydroElectric will be looking forward to getting that £200,000 Electric bill paid right enough…
ProphetOfRegret
12:09 on
11 October, 2012
‘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.”
can someone please explain this to me
———————————————–
Yes. Mr Green is confident he will be away back to yorkshire with a bag full of cash before BDO gets round to shutting down the latest incarnation of The Rangers.
So he can claim what he likes.
Nothing a con man likes more than a gullible audience……
I think we should keep quiet and let him get on with it.
Starry
Is she wearing a pini?
kitalba
12:15 on
11 October, 2012
Not questioning whether they have to issue a prospectus, just questioning why anyone would buy shares, which privately a Nomad has asured.
This is a public sale, private assurances mean nothing.
Remember that if we are unlucky enough to get the zombies in a cup competition then we need to be ready for them.
This site will make sure you are ready!
http://www.endofthreefitness.com/are-you-fit-enough-to-survive-a-zombie-apocalypse/
starry plough
12:20 on
11 October, 2012
RobertTressell
Rob been telling you that for months man, acceptance is the cure to all our problems…
————————————
Well, with the help of Angelina Jolie, who is coming round later, I think I might be able to work through this.
Can you ask B for my cordless drill back? She borrowed it months ago to put up some shelves and never gave it back.
Pauloantony, I don’t think there will be anything left for other SPL clubs to pursue so would ignore this as a possibility. No inquiry raised in Europe yet but the possibility remains.
Big Joe, it’s getting hotter.
Lennon n Mc….Mjallby, should be an interesting few weeks.
ASonOfDan, could be.
Paul 67
Surely any credible instituitional investors will give this the bum steer, otherwise casino investing is not dead
Is there a Moonbeam Academy somewhere in Scotland this is what the other Murray, the Blue Nightie one is claiming today :
“The dynamics of power have changed a bit from the SPL to the SFL,” he said.
“The SFL have now, perversely, got quite a bit of power because they have now got Rangers as one of their member clubs.
That’ll be the powerful The Rangers then unable to win away from home and just about to go into administration, aye okay then Paul if you say so..
Bluejeans and Moonbeams…
TheCamelWoreANighty CSC
tigertim:
I agree with your assesment but remember… it is the newhuns were talking about and I just know somebody will remind me of the bench-mark for stupidity.
Gordon_J backing Neil Lennon 11:30
Is Green arguing that he is offering shares in a football club or just in some company that owns one??
I pointed that out yesterday.
What does he say to the previous shareholders of ‘Rangers FC’?
If SevcoFC is he same club, then they still partly own it. Surely?
Or, as we all know, the co/club are the one entity, so the new shareholders will lose their stake should it go belly up.
Hats off to him if he pulls the wool over their stupid Sevconian eyes.
SPF
If they had the Financial PR company in place two months ago, what else have they been up to?
South Of Tunis
12:18 on 11 October, 2012
32 degrees -hotter than the Costa Blanca -way down south.
……………………………………………..
never mind that…………………
I hope you have all your frute and the likes, collected
BigJoeTHINKSis2HOT
I hear that three potential investors in Sevco have broken cover and come out into the open, pledging to invest millions in Chucks venture. They have been named as:
T. Crilly, J. Hackett and D. McGuire.
HH!!
The Falcon
Indurain actually did fail a drug test, but it was due him having to use Salbutamol for his Asthma.
His main advantage over everyone else was his resting pulse rate that was in the 20s compared to the average person who would be in the 60s, meaning their was less strain on him when exercising and the size of his lungs compared to even other cyclists.
He was a true freak of nature
Chuck Green 11/10/2012
“Rangers is debt-free”.
Duff&Duffer 29/05/2012
Mr Green’s Sevco consortium has agreed to buy Craig Whyte’s 85% stake in the club for £1, the only part of the proposed deal that does not involve the group getting repaid. The £8.5m loan to cover administration costs of around £3m, as well as all creditors, and will be repaid by the club with interest by 2020.
The deal is secured against all of the club’s assets, including Ibrox stadium and Murray Park, and is dependent on Rangers staying in the SPL and continuing their membership of the Scottish FA. If the club did not have to cover any further HMRC liabilities by winning the first tier tribunal appeal, this offer by Sevco represents around 9p in the £1 for unsecured creditors.
Administrators also state that should the CVA fail, on July 23, Mr Green is “contractually obliged” to purchase the club’s assets for a newco for £5.5m. Whether this cash is also in the form of a loan is unclear and details of this proposal are “confidential”.
Debt Free? lol!!!
My birthday tomorrow, liquidation of the Zombies would be a marvellous present.
Hail! Hail!
I for one would love to invest my hard earned cash on Mr Green’s very sound investment.
Hang on a minute, the Mrs has just flushed all my money down the toilet.
Strangely, both investments give about the same return for my money.
Gordon_J backing Neil Lennon 11:30
Posted on here the other week I was informed that previous debenture holders got a hold of Green at the Motherwell game about his “same club” statements and asked why they no longer had theirs, as they invested in the club and not the business.
A couple were supposedly talking legal action.
Auldheid
11:13 on
11 October, 2012
O.G.
Its a fake Britney!