Generic Sevco / Rangers meltdown thread

***Keith_M*** · 30-03-2018 07:24 PM

Originally Posted by greenlex

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Is unaudited trading results a usual measure of said performance or total bull for prospective investors?

Interim results, poorly scrutinized, presumably in case questions are asked regarding their eligibility to play in Europe next season.

**Ozyhibby** · 30-03-2018 08:43 PM

https://www.scotsman.com/news/dave-k...mpression=true

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***CropleyWasGod*** · 30-03-2018 08:46 PM

I'm away for a wee while, on my phone, so can't read the accounts properly.

On the face of it, there has been a slight improvement....but they're still limping badly. 17.7m loans, plus another loan after the period end.

I'm not sure why they bothered publishing these. They're unaudited, so no good to any potential investors or the proposed share issue. They will neither help nor hinder the licence issue.

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**ancient hibee** · 30-03-2018 09:31 PM

They’re published so that supporters will know they’re doing great and rush to renew season tickets.

***Spike Mandela*** · 30-03-2018 09:33 PM

Originally Posted by CropleyWasGod

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I'm away for a wee while, on my phone, so can't read the accounts properly.

On the face of it, there has been a slight improvement....but they're still limping badly. 17.7m loans, plus another loan after the period end.

I'm not sure why they bothered publishing these. They're unaudited, so no good to any potential investors or the proposed share issue. They will neither help nor hinder the licence issue.

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Unaudited accounts could essentially just be a load of made up nonsense. Lucky they have a thoroughly trustworthy person at the helm in Dave King.😎

***CropleyWasGod*** · 30-03-2018 09:51 PM

Managed to get a swatch of them.

There's no Balance Sheet. IIRC, they did this last year.

The accounts are virtually useless.

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***silverhibee*** · 30-03-2018 11:10 PM

Murty won't be the manager next season, they have been interviewing candidates for a new manager for next season.

**HoboHarry** · 31-03-2018 12:24 AM

If that's the best that Sevco can produce for accounts, then I would imagine it will further encourage shareholders to sell to King if reports of an offer having been made are true......

***Jones28*** · 31-03-2018 12:47 AM

Originally Posted by Ozyhibby

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https://rangers.co.uk/news/headlines...cial-review-3/

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How does that feel eh? Making losses to complete with Hibs and Aberdeen for second?

**Ozyhibby** · 31-03-2018 06:58 AM

Originally Posted by Jones28

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How does that feel eh? Making losses to complete with Hibs and Aberdeen for second?

Not only that but making losses in the 6 months when all the cash comes in. Their full year losses is heading for about £7m.

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**Fuzzywuzzy** · 31-03-2018 07:09 AM

Originally Posted by Ozyhibby

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Not only that but making losses in the 6 months when all the cash comes in. Their full year losses is heading for about £7m.

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So they've lost the same year on year since the new club was born taking total debt to well over £20m??

**Fuzzywuzzy** · 31-03-2018 07:20 AM

Originally Posted by Ozyhibby

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Not only that but making losses in the 6 months when all the cash comes in. Their full year losses is heading for about £7m.

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So they've lost the same year on year since the new club was born taking total debt to well over £20m??

**Ozyhibby** · 31-03-2018 08:21 AM

Originally Posted by Fuzzywuzzy

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So they've lost the same year on year since the new club was born taking total debt to well over £20m??

Their debt in last nights statement was £17m + and that does not include the recent loan in Feb of £3m, so yes above £20m already.

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**FilipinoHibs** · 31-03-2018 08:24 AM

Originally Posted by Fuzzywuzzy

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So they've lost the same year on year since the new club was born taking total debt to well over £20m??

King making £11 million share offer for 70% of Sevco shares at 20p a share. Quoted at 27p on unlisted market but no buyers or trades done for some time. Shareholders will bite off King's hand at 20p. Dont know how he will fund it. Will really cash strap Rangers.

**ballengeich** · 31-03-2018 08:32 AM

I'm getting suspicious about King's offer to buy shares as ordered by TOP.

First, I thought that not only was the offer to be made by yesterday, but that there should already be enough money in an escrow account to pay for all acceptances. King's statement is that he'll send out offers soon and will pay once his Co-op divi arrives.

Second, the trust he's saying he'll use receives said divi in rands. This could make it liable to South African exchange control restrictions, so will he be back in a month saying I tried, but South Africa won't let me move my money to follow your instructions?

More delaying tactics in my opinion.

**Hibs07p** · 31-03-2018 08:33 AM

Allegedly he's making the offer through "one of his" trust funds and everything is tickety boo.

Reported in all the online MSM, make of it what you will.

King had until tonight to make the offer to shareholders after being found to have breached strict financial rules when he ousted the previous regime at Ibrox two years ago.

Rangers chief Dave King has tonight made an offer to buy millions of shares in the club just weeks after losing his long-running court battle with the Takeover panel.

The South African-based businessman was ordered by the Court of Session to make the offer as a penalty for breaching strict financial rules when he succeeded in ousting the previous regime at Ibrox two years ago.

The authorities ruled King was leading a “concert party” when he teamed up with a group of fellow fans known as the Three Bears – George Letham, Douglas Park and George Taylor – to hoover up 30 per cent of the club’s shares and boot Mike Ashley's allies out of the boardroom.

King and the rest of his takeover group always denied the accusation.

The Rangers chairman lost an appeal against the court ruling four weeks ago and was given 30 days to make the offer. That deadline was set to expire by the end of play this evening.

"I have defended this ruling on the basis that any offer should not come from me but should be made by one of my trust companies.

"The Takeover Panel has relented to my request for which I am grateful. I confirm that it will be announced today that one of my trust companies will now proceed and shall within a short period make a fully funded offer in compliance with the normal requirements of the Takeover Panel."

GGTTH
Scottish Cup Winners 2016

***CentreLine*** · 31-03-2018 08:39 AM

Originally Posted by ballengeich

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I'm getting suspicious about King's offer to buy shares as ordered by TOP.

First, I thought that not only was the offer to be made by yesterday, but that there should already be enough money in an escrow account to pay for all acceptances. King's statement is that he'll send out offers soon and will pay once his Co-op divi arrives.

Second, the trust he's saying he'll use receives said divi in rands. This could make it liable to South African exchange control restrictions, so will he be back in a month saying I tried, but South Africa won't let me move my money to follow your instructions?

More delaying tactics in my opinion.

I know nothing of these things but, from what I’ve read on here, does there not have to be a prospectus produced giving clear information on the financial situation of the club? This to include all liabilities and to whom? Etc etc.

**Ozyhibby** · 31-03-2018 09:23 AM

Originally Posted by CentreLine

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I know nothing of these things but, from what I’ve read on here, does there not have to be a prospectus produced giving clear information on the financial situation of the club? This to include all liabilities and to whom? Etc etc.

It does appear as if this fall some way short of a proper offer. Who knows if it’s enough to satisfy the takeover people. I would have thought that a full prospectus would have to be made available with fully audited accounts.

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**ancient hibee** · 31-03-2018 10:41 AM

Originally Posted by ballengeich

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I'm getting suspicious about King's offer to buy shares as ordered by TOP.

First, I thought that not only was the offer to be made by yesterday, but that there should already be enough money in an escrow account to pay for all acceptances. King's statement is that he'll send out offers soon and will pay once his Co-op divi arrives.

Second, the trust he's saying he'll use receives said divi in rands. This could make it liable to South African exchange control restrictions, so will he be back in a month saying I tried, but South Africa won't let me move my money to follow your instructions?

More delaying tactics in my opinion.

Think the trust is on the other side of the Atlantic from South Africa.

***lapsedhibee*** · 31-03-2018 10:44 AM

Originally Posted by Ozyhibby

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It does appear as if this falls some way short of a proper offer.

It falls short of any sort of offer. It's a promise to make an offer sometime later. He's in breach and, as he's not scared of the cold-shouldering sanction, should now be horsewhipped.

**ballengeich** · 31-03-2018 11:02 AM

Originally Posted by ancient hibee

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Think the trust is on the other side of the Atlantic from South Africa.

https://media.rangers.co.uk/uploads/...nouncement.pdf

This states that Laird is SA based.

It's a different trust from NOAL which owns King's existing shares. Is that the one you were thinking of?

**ancient hibee** · 31-03-2018 11:34 AM

Originally Posted by ballengeich

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https://media.rangers.co.uk/uploads/...nouncement.pdf

This states that Laird is SA based.

It's a different trust from NOAL which owns King's existing shares. Is that the one you were thinking of?

Very interesting thanks.As usual everything is smoke and mirrors.I was thinking of NOAL and I see that the trust that owns Laird is not named.

**Ozyhibby** · 31-03-2018 11:58 AM

https://www.sfm.scot/is-it-time-for-...in/?cid=169434
Did last nights interims need to be independently reviewed?

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***CropleyWasGod*** · 31-03-2018 12:46 PM

Originally Posted by Ozyhibby

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https://www.sfm.scot/is-it-time-for-...in/?cid=169434
Did last nights interims need to be independently reviewed?

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Nope

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***Godsahibby*** · 01-04-2018 08:38 AM

Red Bull Rangers? Just seen a tweet from red bull with them as the new sponsor.

***CentreLine*** · 01-04-2018 08:39 AM

Originally Posted by Godsahibby

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Red Bull Rangers? Just seen a tweet from red bull with them as the new sponsor.

Hang on! Must check the date?

**Ozyhibby** · 01-04-2018 09:02 AM

Originally Posted by Godsahibby

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Red Bull Rangers? Just seen a tweet from red bull with them as the new sponsor.

Someone had to fall for it.

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**Ozyhibby** · 01-04-2018 09:03 AM

http://www.thefootballlife.co.uk/pos...mpression=true

Don’t know if the conclusions are correct but a good review of the licensing procedures and worth a read.

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**ballengeich** · 01-04-2018 09:22 AM

Originally Posted by Ozyhibby

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http://www.thefootballlife.co.uk/pos...mpression=true

Don’t know if the conclusions are correct but a good review of the licensing procedures and worth a read.

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One clear error in the piece is the statement that King will be complying with takeover regulations by a share issue. To comply he has to buy existing shares. A fresh issue is still some time away.

I'm also not sure about the claim that Rangers' losses are ok because they've been covered by equity holders. I'm not certain about my understanding of the relevant regulation, but I didn't think that loans are acceptable. I thought the losses had to be covered by a fresh share issue so Rangers' would not meet the requirements.