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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List of non-Ctic heroes.
1. Albert Kidd
2. Craig Whyte
3. Charles Green
4. HMRC
5. David Murray
6. Alex Thomson (No bog yesterday?)
7. Neil Simpson
8. ???
Ctic = Celtic (obviously)
MWD ,
OG Rafferty said that AT’s new blog will be up this morning and it’ll be a doozy !
HH mucker. How you keeping?
Sanna
asonofadan
Reminds me a little of Boris Johnston.
Stupid on the outside but dangerous inside!!!
MWD
Thanks Sanna.
Doing good-ish mate. You?
MWD
Public service announcement for any bilionaires wishing to buy ole CHico’s shares- the value of your Laughing Stock can go down as well as downer.
MWD ,
not too bad . another exotic assignment coming up to deepest , darkest , midlands – but , as they say , needs must.
While i’m on , general enquiry folks . anyone recommend a glazer to replace/repair misted double glazing units ?
sanna (wiki csc)
Estadio Nacional
08:16 on
12 October, 2012
Lionroars67 08:06
Its an old one but they have tried it before…
http://www.youtube.com/watch?v=VoMlCBKyh5c
Still no link thing?
Thanks EN………………… History at Govan seems to be on continual loop
DBBIA
Excellent! Where did you steal that from? ;-)))
Is it Turriff oor man Curly is from?
MWD
Anyone notice the stock exchange stories in the Sun today by 2 different journalist’s looks like Paul Thornton will be getting a few emails from the angry mob.
This section from Andy Devlin the Sevco fan:
The Ibrox chief executive yesterday announced plans to formally float the club on the AIM market in London.
This section from Paul Thornton:
Chief executive Charles Green unveiled plans to float the newco on the Alternative Investment Market by the end of the year.
This made me laugh
Why females should avoid a girls night out after they are married…
The other night I was invited out for a night with the ‘girls.
‘ I told
my husband that I would be home by midnight, ‘I promise!’ Well, the hours
passed and the margaritas went down way too easily.
Around 3 a.m., a bit loaded, I headed for home.
Just as I got in the
door, the cuckoo clock in the hallway started up and cuckooed three times.
Quickly, realizing my husband would probably wake up, I cuckooed
another nine times.
I was really proud of myself for coming up with such a
quick-witted solution, in order to escape a possible conflict with him.
(Even when
totally smashed… three cuckoos plus nine cuckoos totals 12
cuckoos–MIDNIGHT!)
The next morning my husband asked me what time I got in, I told him
‘MIDNIGHT.’ He didn’t seem pissed off in the least.
Whew, I got away
with that one!
Then he said ‘We need a new cuckoo clock.
When I asked him why, he said, ‘Well, last night our clock cuckooed
three times, then said, ‘oh, sh*t.
‘ Cuckooed four more times, cleared its
throat, cuckooed another three times, giggled, cuckooed twice more, and then
tripped over the coffee table and farted
Sanna. Take it the unit is misted between glass window panels?
MWD
By MARTIN FLANAGAN
Published on Friday 12 October 2012 02:29
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.
MWD , yep
Sanna, I was just checking to c if u were a Hun or not.
;-)))
MWD
ASonOfDan
I interpreted Chuck’s remark’s slightly differently, I though he was acknowledging that his fledgling club needs Celtic, which is irrelevant really, the real debate is do Celtic supporters need them.
Chuck Green is in the throes of selling a fantasy and there’s no limit to how far he’s prepared to go, but who’ll buy into the fantasy?
bigphil47
08:41 on
12 October, 2012
LoL.
BTW Sanna. The midlands is lovely, Birmingham, Coventry, Wolverhampton and the Midlands generally, apart. Enjoy!
MWD
GoooooooooooooooooooooooooooooooooooooooooD
Morning………………………………………………………………………..
C………………………………………….
Q………………………………………
N…………………………………………………………
It’s a fantastic day in the Costa…………………………………………..BLANCA.
But…………………………………………………
The forecast is……………………..
Rain…………………………………………………………
Rain…………………………………………………………
Rain…………………………………………………………
BigJoeINdaaaaaaaaaaaaaaaHOUSE
Murdoch, yermanfrimmk
I registered my interest last night
Mr Zombie Deadmanwalking
Walking Up Your Road Purposefully
iBrox
Zombie Nation
I’m in!!!
MWD
Moonbeams,
Yeah, I saw that earlier, again we’re presented with an opportunity to exercise our creative comedy skills.
We should have a competition for the most creative application.
Thommo Blog
Threats and silence: the intimidation by Rangers fans
43
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As I’ve said before my interest in Rangers stems purely from the standpoint of it being a spectacular example of a corporate omnishambles: British mismanagement so profound and bewildering it veers between performance art and social car-crash. With the loyal Rangers fans left mugged in the middle.
It’s still happening. Past mismanagement matched by the odious behaviour of a no-doubt small minority of Rangers fans apparently hellbent on proving the new Rangers will be like the old.
An element of the Rangers customer base remains out of order and neither Rangers, nor Scotland’s football authorities, nor the police appear willing or able to do much about it.
I’m talking intimidation.
Of the legal profession. Of football’s governing bodies. Of football club executives. Of publishing. Of bookshops. Of newspapers. Of TV stations.
Tellingly, in Glasgow this will come as news to nobody. Which should tell anybody half awake how sick things are in this singular aspect of that great city.
Outside Scotland people may legitimately wonder how or why this is tolerated? Or simply gawp in astonishment that such things go on almost daily this year.
And it is arguably getting worse.
Consider the following brief summary of just some of what’s happened in Glasgow since Rangers’ downfall began, not a year ago.
THE LAWYERS
In April a 3 man Scottish FA Tribunal dared punish Rangers for bringing the game into disrepute (so seriously it was deemed just short of match-fixing).
Gary Allan QC, Raith Rovers director Eric Drysdale, and former commentator, Alastair Murning had their identities disclosed as well as private details with threats so serious the police advised all three on security measures.
Their identities became public after the Rangers manager no less, Ally McCoist said: “Who are these people? I want to know who these people are.”
The Scottish FA was left, not for the first time, wringing its corporate hands, saying: “We are deeply concerned that the safety and security of judicial panel members has been compromised by a wholly irresponsible betrayal of confidential information.”
And: ” all three panel members have reported intrusion into their personal and work lives, including abusive and threatening communication”.
Yet the manager of Rangers itself, a man steeped in the ways of Glasgow football, was instrumental in this chain of events, knowingly, or not.
Hardly an episode of corporate social responsibility.
It has continued. In the past few weeks Scottish Law Lord and former Supreme Court Judge Lord Nimmo-Smith actually had to put out a statement pleading for his independence to be recognised as he embarks on yet another investigation of the fallen club.
Again – the sheer weirdness of this to outsiders, passes almost without comment in Glasgow.
THE FOOTBALL AUTHORITIES
Like anybody prepared to challenge or ask questions or charged with passing judgement on Rangers, both Scottish Football Association and Scottish Premier League directors have had a torrid time of it.
In the case of SFA boss Stewart Regan, there were death threats.
The SFA have said publicly this year that private details of SFA directors have been published online.
The SFA Chief Executive Stewart Regan has said:
” At times, that does make you wonder whether it is going to impact on your family and your personal life.
But it’s never once made me think about walking from the job.”
Incredibly, to those outside the Clyde Cauldron, the SFA boss said he’d had to speak to Counter-Terrorism officers over the nature of the threats and the security response.
Yes – Counter-Terrorism police officers.
This revolting behaviour from a minority continues to spike in activity when those running the game are forced to take action to try and clear up the Ibrox mess.
Nobody, but nobody, should have to put up with this in the course of doing their job. But in Glasgow football it is dangerously close to being accepted as part of the job.
THE PUBLISHER
There has been just one book published on the Rangers. As you’d expect it’s gone through several print runs in the few weeks it has been out. But for daring to print a factual account of the Ibrox meltdown, the publisher, Bob Smith of Frontline Noir speaks of having to deal with a catalogue of abuse.
It had a potentially serious affect on customers and shops buying the book ‘Downfall’ he says:
“There was definitely pressure applied and there were certainly some wobbles along the way from shops and customers. But we got through and in the end people were supportive.”
Material was published online to identify where at least one person lived who worked on the production of ‘Downfall’.
The abuse I received for simply writing the forward to this factual account of the Ibrox debacle was routine for me – for publishers unused to it, the experience was frightening.
THE BOOKSELLERS
Those outside Scotland will find this hard to credit, but several shops including major chains like Waterstones and WHS were unable to display the book openly in some shops because of reported threats and actual abuse of staff.
For selling a work of non-fiction and journalistic enterprise!
In at least one store copies were ripped up. In another Glasgow shop an angry individual wearing a Union Jack repeatedly entered the bookshop to scream at staff to send the offending tome back to the publishers.
THE BROADCASTERS
As I write a colleague at STV in Glasgow has received threats for successfully doing his job. This person wishes to keep a low profile on police advice and is constrained to say nothing at all about it.
NUJ officials say currently around 25 journalists have been threatened recently for attempting to tell the truth about Rangers.
Understandably most feel they cannot discuss it openly. As one told me in a Glasgow hotel this summer: “I’m not paid enough and I don’t feel I have bosses who’d back me up if it came to it.”
Silence…hoping it will all go away…totally understandable when you live in Glasgow. But it isn’t going away, is it?
THE FOOTBALL CLUB
Enter Raith Rovers and their redoubtable chairman Turnbull Hutton. For Turnbull it was who was somewhat thrown into the limelight this summer as a champion of sporting integrity. As the SPL set about making itself a laughing stock in its tangled efforts to defy fairness, reason and morality to try and keep Rangers up in the Premier League, it was club chairmen like Mr Hutton who said no, Rangers must be treated like any other club.
But why, exactly? Yesterday Turnbull Hutton told me: “We had to circle our wagons at Raith given what had been done to us by Rangers fans.”
And he listed the endless abusive phone calls – some from Belfast – to Raith staff, theats, heavy-breathing, silent calls and so forth.
The day Fife police passed on credible information from the Strathclyde force that two men has been paid to burn down Raith’s stadium is a day Mr Turnbull and Raith Rovers will remember.
And all of it because that Raith man Eric Drysdale had dared sit on that SFA Tribunal and pass judgement and sanction upon Rangers’ gross mismanagement.
After all that Raith and Turnbull Hutton would lead the charge to stop Rangers remaining anywhere near the SPL, whatever it took.
The would-be intimidators didn’t tame Turnbull, their cowardice only making the club bide its time and help Rangers down into the fourth tier of Scottish football.
THE NEWSPAPER
It seems an entire newspaper can be got at, when it’s Glasgow and it’s Rangers.
Recent weeks saw one of the more bizarre editorial u-turns of recent newspaper history in the UK when a Scottish Sun double-page splash promoting the author of ‘Downfall’ prior to serialising the book – suddenly became a non-serialisation.
In a somewhat embarrassed editorial The Sun admitted to receiving a large number of complaints about promoting the book, from Rangers fans.
The paper denied it was bowing to threats. Yet the publisher of the book says the threat of a Hillsborough-style boycott was real and instrumental.
It’s widely known the threats were real, nasty and yet again Strathclyde police were involved.
Many – including the book’s publisher – express real sympathy with The Scottish Sun’s dilemma. It editor and staff are known to have been shocked at the level and fury of complaints.
The difficulty here is that, whatever the paper’s reasons, in the end the mob got their way. The serialisation of a fast-selling factual book on Rangers never happened.
They couldn’t get Turnbull Hutton, Lord Nimmo-Smith, Eric Drysdale, STV and many, many more – but many believe they did get the Scottish Sun.
That should give us all pause for thought. Is this the reason why not a single Scottish newspaper has reviewed a book selling way beyond its publisher’s estimates?
What kind of power does the Ibrox mob have still, in today’s Scotland?
So against all this catalogue of attempted (and mostly failed) intimidation, the new Rangers owner Charles Green must surely take a stand and trying to kick this poison out of Ibrox and some of its support for good?
Already in his short ownership Mr Green’s referred to the football authorities as ‘the enemy’ at fans’ meeting on many occasions and he faced formal disciplinary action for saying other clubs were motivated by ‘bigotry’ towards Rangers.
Mr Green must lead from the top because if he fails to do so what chance has anyone got to stop the moronic element at the bottom of the Rangers food chain from lashing out with threats against anyone who dares speak truth unto Ibrox?
Related posts:
Rangers: Why I endorsed Downfall book
Rangers fans have their say
Fans look beyond scapegoats for the truth
Rangers fans’ decency not matched by the fat cats
What now for Rangers fans?
So are good Tims being encouraged to buy ole Chico’s Zombie bonds?
The Battered Bunnet
08:44 on 12 October, 2012
Interesting to compare that article from the Scotsman, and the Tim Sharp one in the Herald, with the drivel in the Daily Record.
It looks like Media House’s influence is restricted to the tabloid end of the media.
Do the Zombies not want to know what happened to Chuckie’s proposed multi million pound investment, (30 million I believe was the sum)before the end of July or do they just not bother with pesky details like that??
BDO, BDO, BDO, BDO, BDO, BDO…
Beyonce have you seen my Schadenfreude t-shirt???
I think it’s time for us to start ignoring chuckles and his band of attention seekers. He is a no mark ce of a diddy team in the third division.
It’s a bit like when a puppy learns to fetch a stick – amusing at first but less so when it starts following you everywhere and yapping for you to throw the damn thing.
Many sevco fans I know are warming to mr green and tentatively talking about buying shares.
We know this will end in tears and despite everybody’s best efforts at warning them, they continue to line up at the edge of the cliff.
Now when I hear fellow Celts try to engage in debate with sevco fans I just say – sssshhhh, just let them get on with it, it’s none of our buisiness.
Is this not the day that BDO enter into the formal liquidation of RFC?
sftb
Remarkable blog from Tommo. Highlights just how shameful this whole episode has been.
setting free the bears
Good effort from Thommo, I think it’s always good when someone lists the actual incidences of intimidation otherwise we are in danger of a “Mississippi Burning” mentality in Scotland i.e. that’s just the way it is is or what can we do about it.
When a cabal allegedly as powerful as the one at Rangers uses any means necessary to continue it’s reign it has to be opposed and I for one am grateful to Alex Thompson for raising his voice against it as I believe many in Scotland have just become numb to these everyday instances of intimidation and threat.
Ole Chuckie amusing as he is also has a dangerous side as he is stoking the fires of hatred whether with intent or unconsciously by playing to the more extreme element of the Rangers support.
The mafiaesque intimidation of football men and women and the officers of the court is unacceptable in any country that would like to think itself modern or progressive in it’s outlook.
Corruption on this scale goes much deeper than just the surface football story we are as Wee Eck would love to tell us talking about the very fabric of our society here!!
Sort it out….
Sent this to all the Sevco boys so let’s see many bites i get.
Does anyone know what day it is today ?
It’s officially liquidation day.
RFC 1872 no more 140 years of history doon the swanny all thanks to Sir Minty.
Hail Hail Sir Minty and happy liquidation day from all yer republicans.
Yay! Happy Liquidation Day to all!
starry plough 08:57
Another Timmy conspiracy theory.
1st RULE: You do not talk about ZOMBIE CLUB. 2nd RULE: You DO NOT talk about ZOMBIE CLUB 3rd RULE: If someone says “stop” or asks awkward questions, the scam is over.
Top of the morning to you all from a rain drenched Fife.
Thomo doesn’t miss them and hit the wall does he?
Excellent blog and the clowns who sought to silence Thomo will live to regret it. He is like a dog with a burst ball and is not going to let go on the Sevco shambles.
HAPPY LIQUIDATION DAY TO ONE AND ALL!!
ASonOfDan
09:30 on 12 October, 2012
HAPPY LIQUIDATION DAY TO ONE AND ALL!!
………………………
And to you too and one and all.
If the ole RFC are liquidated any more they’ll be vapour.
DBBIA/PaulLambdaPointCSC
The bold Leggat has his nose out of joint again.
The recurring theme from AT’s latest is that what he and others from the “outside” see the recent events as seismic, and cannot fathom out why there isn’t more outcry and investigative journalism from those who can.
Why tackle the biggest story in Scottish sporting history when you can have an easy life just passing on media house propaganda – lazy, lazy journalism.