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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From Wings over Scotland:
Dulce et decorum
Posted on October 12, 2012 by Rev. Stuart Campbell
We mark the anniversary of the liberation of Auschwitz, not the day it opened. Imagine if it were otherwise. Imagine if someone were to propose commemorating the dead of the Holocaust on a day in May rather than one in January, because it was on a mild spring morning rather than a frosty winter one that the first prisoners were marched through the infamous iron “Arbeit Macht Frei” gates. There would be revulsion, disbelief and horror at such a sick notion, and rightly so.
World War 1 killed ten times as many people as died in Auschwitz, and almost three times as many as were murdered in the entire Nazi extermination programme. For the past 99 years humanity has marked their deaths on the 11th hour of the 11th day of the 11th month, because that moment in 1918 was when the guns of the Western Front finally fell silent. Yet a little under two years from now, that solemn tradition will be cast aside in favour of a lavish series of public events held not on the day the slaughter ended, but on the day it began.
It’s hard to come up with a reason why.
Because there’s no conceivable justification or precedent for celebrating the start of a war. (And while apologists are already angrily pointing out that “celebration” and “commemoration” aren’t synonyms, the Prime Minister has made the reality absolutely clear by comparing the plans to the Diamond Jubilee festivities of this summer.) Readers can correct us if we’re wrong, but we can’t bring to mind a single prior occasion when the beginning of a terrible conflict rather than its end has been observed in such a manner.
There’s already a hoopla every time a “significant” anniversary of the Armistice comes around, whether it be 40 years or 50 or 60 or 75. Yet in none of those years have we also chosen to sanctify the day mankind made its biggest, stupidest and bloodiest ever mistake. (We find ourselves wondering if this idiotic notion has only come to pass now that not a single survivor of the trenches still lives to offer their view on it.)
So what’s different about the 96th? What possible purpose will be served in 2014 by marking August 4th that wouldn’t be just as well – or much better – achieved on the 11th of November? Why, suddenly, is there an apparent need to specifically memorialise the greatest act of collective idiocy ever perpetrated by our species rather than the day we came (albeit temporarily) to our senses?
Any detective would immediately start their investigation by seeing if anything of significance was due to occur between those two dates, and in particular anything which might be affected by a massive outpouring of national sentimentality. There is, of course, only one candidate.
The Herald notes today that the mortality rate in World War 1 for Scottish troops was two-and-a-half times that of he rest of the British Army (a horrendous 26.4% compared to 11.8%). In the century since, Westminster has not lost its fondness for sending the youth of Scotland off to die in foreign lands to no discernible purpose in affairs that are none of our business.
We hope the cynically-motivated political decision to remind the Scottish people of that fact in 2014 backfires on this barbarous, immoral, venal, dishonest and vicious London government as badly as it deserves to.
Watchin’ wee Catriona at 7 o’clock this mornin- no one can say the lassie doesn’t make an effort to look nice on the telly.
Has anyone seen the Herald article this morning??
Here is the headline…..”Celtic cleared over zombie banner but issue still rankles”
and here is the article……..
CELTIC have been found not guilty on charges relating to an alleged offensive banner displayed by supporters during a pre-season friendly against Norwich City.
The Scottish Football Association had issued a notice of complaint alleging four rule breaches over the banner relating to Rangers and their fans that appeared at Celtic Park during the game on July 24. The SFA charges alleged Celtic had fallen foul of the rules by failing to prevent supporters bringing the banner, which featured a gunman shooting a zombie next to a gravestone with a Rangers crest on it, into the stadium and displaying it.
Celtic were also accused of failing to deal effectively with an instance of unacceptable conduct “by allowing spectators to retain possession of the banner after it had been initially displayed, which allowed them to display the banner on a second occasion during the above match”. An SFA disciplinary panel, however, yesterday cleared the Parkhead club of all four charges.
A Parkhead spokesperson said: “Celtic Football Club opposes all forms of offensive behaviour and unacceptable conduct and our supporters are well aware of what is expected. We are surprised and disappointed that after providing a significant volume of evidence and information about our safety procedures, that today’s hearing was actually necessary.
“In addition to dropping several charges in advance of the hearing, the SFA’s Judicial Panel also accepted that Celtic had not breached any SFA rules. We believe that Celtic Park’s safety and security procedures are of the highest standard, something that was successfully demonstrated to the Judicial Panel by the club and by several witnesses, including independent industry experts.”
There was further cause for concern on the field, too, with Georgios Samaras insisting 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.”
Now, where in the article does it explain how the issue “still rankles”?
‘Rangers, in theory, cannot sign a player until January 1, 2014, although there is nothing to stop them registering free agents from September 1, 2013 when the embargo is up. The club, therefore, will monitor players whose contracts are set to expire at the end of this season in the hope that they can be persuaded to turn down offers from their current club or elsewhere and wait until the end of the window to sign for the Ibrox club.’
Is that not called ‘Tapping’ and is against the rules?
I didn’t realise today was the orcficial end of Rangers by liquidation. I’ll raise a glass to this day and to all you CQN’ers who have sore face muscles from laughing all year.
,20 million lira you’re havin a larf mate. you wiz lucky, how many pies can that buy. Who would have thunk that it could be so good. Another raise of the glass to Green and Whyte, not fogetting thicket Us and sir minty for zombification of the sevconians. They will go the way of third lanark and their grandchildren will Celtic supporters.
A big mate of mine has registered his interest in purchasing Rangers shares and got a reply to his registerd interest as follows:
Rangers Share Offer
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 William O’Orange
Address:
1 Mason Road, Dobberville, Hunhole, United Kingdom, G33 HUN
Email address:
kingbilly1690@hotmail.com
Proposed investment:
£10000.00
Your reference
Application reference:
00000015857
We will send you an email confirming these details to kingbilly1690@hotmail.com
Please make a note of these details in case you need to contact us at a later date.
If you have any questions please call Capita on 0871 664 9271 (lines are open Monday to Friday, 9am to 5.30pm).
Sounds like a likely investor, wonder how many other people have “registerd” a similar “interest”?
Made me laugh anyway!!
Hail Hail!
RobinBhoy
Tomtheleedstim
Obviously still rankles with the author :-))
A further example of pathetic journalism
All the best wee Oscar !
DBBIA
….her smile hides a dark secret…….so I’ve been told.
Awright, she’s ahun.
So the SNP think commemorating wars is wrong.
Guess the Bannockburn ceremony planned for just before the referendum will be cancelled then?
Thought not.
lionroars67
Good luck to you, for being able to grow up and continue to live with your head in the sand.
Illusions of grandeur? Did I declare myself the King Of Scotland or something?
The Facts of Scottish Life are obviously wasted on some people…
Philbhoy
She said she was a Jambo when she was on the radio ….same thing I suppose
asonofdan @ 10.15…rubbish!
lionroars67 @ 10.33…I’m with you!
bbg
asonofdan @ 10.48…these may be your own ‘facts’…they are not mine or my experience
bbg
PFayr………my thoughts exactly. Presumably a hurting hun who is not afraid of putting his personal feelings into the headline. Astonishing stuff.
…Pfayr
Re wee Catriona.
I suppose if she phone’s me up and asks me out I would consider it.
Although my favourite newsreader is the beautiful Susannah Reid.
Do’t ask what I’d do if she phones me up…….
Do’t = Don’t
see ol leggoland has been on the swally early today , a wee snippet from his daily
rantings ,
Now, as Celtic close in on their back-to-back love in with the Catalan rebels of Barcelona, can we look forward to seeing more displays of political banners from Celtic supporters?
Comedy gold is that guy , Happy Liquidation Day leggo , i’m sure you’ll enjoy some liquids today hail hail…………..
A wee point aside in relation to trials and jury.
According to my students in Slovakia there is NO jury.
Cases are heard in front of a judge with a defendant being dealt with by prosecutor and defense lawyer (obviously hearing evidence and from witnesses).
A judge hears the evidence and makes a decision.
Does anyone think that guy who attacked Neil Lennon or the bomb-makers wouldn’t have got a more fair trial over in my neck of the woods?
Which would you prefer?
A Jury in Scotland bringing ruling on those incidents or a Slovak Judge hearing evidence and making a call?
OH Susannah!
o! Don’t you cry for me
For I’ve just come off the golf course
Where I play off 23.
Snake
The bulk of criminal prosecution is done without a jury
ASonOfDan
10:42 on 12 October, 2012
‘Rangers, in theory, cannot sign a player until January 1, 2014, although there is nothing to stop them registering free agents from September 1, 2013 when the embargo is up. The club, therefore, will monitor players whose contracts are set to expire at the end of this season in the hope that they can be persuaded to turn down offers from their current club or elsewhere and wait until the end of the window to sign for the Ibrox club.’
Is that not called ‘Tapping’ and is against the rules?
+++++
Nope, a club can talk to a player who has less than 6 months remaining on his contract. There is nothing stopping der orkenkind from signing a player whose contract expires in three months time on a pre-contract agreement today, then having the player sit around twiddling his thumbs until he can be registered with the SFA next September 1st.
PF Ayr
Aye but over here none of it is.
O.G.Rafferty
Please can you now disclose what the You Tube gold alludes to?
A67
dirtymac » fast forward to the G.O.D
I assume he could not train with them until 1st of September and would have no pre-season training then.
Fat Sally never ceases to astound me…
Just having a wee glance at Companies House. Remember Wavetower? Became The Rangers FC Group Ltd. The holding company of Craig Whyte that registered the security over the assets etc.
Well it has filed hee-haw in terms of accounts (they were due in April) and its annual return is due on Monday that should list its members, directors, shareholders. It won’t be filed.
By default when a company fails to file or respond to correspondence Companies House issue a notice of striking off. This was allowed to happen and it was advertised in the Edinburgh Gazette, although according to Companies House the mortgage over the assets has never been discharged, only amended (to the benefit of Craigy’s offshore interest) as was highlighted last year.
In absence of an objection that would be that, the company struck off and the assets bona vacantia, become the property of the Queen’s and Lord Treasurer’s Remembrancer. The Crown. It’s all paperwork really and would be consigned to closed file.
Ah, but there was an objection to the striking off in August. I wonder who did that?
Anyway……. In a completely unrelated series of random words I want to just say things like Phelps, BDO, misconduct, Duff, gross, legals, and, em, #boom
Tradionalist1888
I’ argue that draining the swamp is a pragmatic rather than generous approach as opposed to trying to swipe every mosquito.
PF Ayr
I worked, socialised with many Rangers supporters who are anything but bigots. I’m talking about the hard core who lead the mob.
However I agree completely that the greatest barrier to tackling the issue is the collateral loss to those in and reporting on football.
A67
I think OG said that the AT blog released today was originally going to be filmed and put on You Tube but he didnt get a chance to film it so just released the blog.
Viv Nicholson, Nick Leeson and Michael Carrol all think the Sevco share issue is a sound investment.
@THE_TBK: Psalm no 1 in St Duff & St Phelps Letter to the #Sevconians
“and he said unto them, the company number SC004276 shall cease”
#LiquidationDay
@THE_TBK: Psalm no2 in St Duff & St Phelps Letter to the #Sevconians
“and he said unto them Rangers, the *Club & *Company shall cease”
#LiquidationDay
The Raven 11:00 on 12 October, 2012
My favourite bit was ‘the sinister Green Brigade’.
He really does have wood for Peter Lawwell though.
tomtheleedstim 10:41 on 12 October, 2012
The issue still rankles with the ‘journalist’, I’m guessing.
ASonOfDan
As dirtymac explained they can talk to players who are in the last 6 months of their deals.
Regards players who are free agents from Sept 1st 2013, i would imagine they will be similar to the quality of the free agents brought on board this summer like Faure, Cribari + Stella
Oh, and not forgetting the deadly goalscoring skills of Kevin Kyle :)
Dontbrattbakkinanger
10:40 on
12 October, 2012
Watchin’ wee Catriona at 7 o’clock this mornin- no one can say the lassie doesn’t make an effort to look nice on the telly.
=======================================================
I do ,done up like a chaise longue in a bordello.
ASonOfDan
11:14 on
12 October, 2012
dirtymac » fast forward to the G.O.D
I assume he could not train with them until 1st of September and would have no pre-season training then.
Fat Sally never ceases to astound me…
……..
How many players will sign a precontract deal with a club who will be having their second attempt to get promoted from Division 3?
The Battered Bunnet
10:22 on 12 October, 2012
‘Dear readers,
Please note that from today we are turning off the facility to comment on all football stories on our website.’
No point paying Media House to plant stories in the Record if a bunch of internet bampots can then ridicule them in the comments section.
I suppose the best and brightest at the Record are maybe hoping to switch to PR when the paper closes.
And it doesn’t do any harm to keep in with a prospective employer.
Seen on TSFM: :)) Chuck dontcha just love him.
———————-
wottpi says:
Friday, October 12, 2012 at 10:31
Green still making friends whenever he opens his mouth!!
http://www.dailymail.co.uk/sport/football/article-2216624/Rangers-join-European-super-league-says-Charles-Green.html?openGraphAuthor=%2Fhome%2Fsearch.html%3Fs%3D%26authornamef%3DSportsmail%2BReporter
DPP and Independent Police Complaints Commission to launch investigation into serving and former officers regarding the Hillsborough disaster.