Generic Sevco / Rangers meltdown thread

[CropleyWasGod]

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Significantly more than they've got to spare though.

Who's speculating at 50%? That's £250k gone out of the £1.2m cash they've got, plus maybe a five figure sum towards legal expenses incurred so far?

It really is utterly unforgivable that they are back in a financial mess two years after forming as a new company.

I forgive them.

[Malthibby]

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I forgive them.

Me too; we must always forgive and hope they continue to blow every peent that comes their way.

[jacomo]

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I forgive them.

That's very good of you. Can I ask why?

[jacomo]

http://www.theguardian.com/football/...shares-rangers

Mike Ashley ain't getting involved in this share offer. I'm not surprised - the more desperate Rangers get, the easier it will be for him to buy Ibrox off the club!

[shagpile]

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That's very good of you. Can I ask why?

Serious question? If it is ,read your own post again.

[CropleyWasGod]

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That's very good of you. Can I ask why?

Because I think it's wonderful the way they are steaming through cash like there's no tomorrow. It gives us all a good laugh and, of course, gives Hibs a slightly better chance of avoiding relegation.

[southsider]

UEFA rules state that a person (or company) cannot have involvement in 2 or more clubs. As neither is playing in European competitions, Ashley could do so for a fews years but the SFA would need to change/alter their own rules.

[robinp]

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UEFA rules state that a person (or company) cannot have involvement in 2 or more clubs. As neither is playing in European competitions, Ashley could do so for a fews years but the SFA would need to change/alter their own rules.

One of the papers said he can't own more than 5 or 10% of Rangers as he holds a controlling interest in another club, it is forbidden under UEFA and SPFL rules IIRC.

[Bishop Hibee]

Alasdair Lamont from the Beeb tweeting that Rangers raised £3.13m from the open share. One wag has already suggested it was from Ian Paisley's will!

[southsider]

He already owns 9% of rangers shares plus the rangers shops in Glasgow, Glasgow airport And Belfast (as well as naming rights to CGS). As well as, i believe a share in all the match day catering. A journo on radio scotland last night was trying to say he would sell his share of Newcastle Utd for up to £230,ooo,ooo and invest in the the rangers. Bit far fetched if truth be told but stranger things have happened.

[Keith_M]

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Alasdair Lamont from the Beeb tweeting that Rangers raised £3.13m from the open share. One wag has already suggested it was from Ian Paisley's will!

I wonder how long that will keep them going.

How much do they need to pay back for the two emergency loans they took (Easdale and the Fan)?

[southsider]

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Alasdair Lamont from the Beeb tweeting that Rangers raised £3.13m from the open share. One wag has already suggested it was from Ian Paisley's will!

Is the share issue now not cancelled ? As it was not underwritten and needed to raise £4 million they could not go ahead with this issue ???

[Col2]

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Is the share issue now not cancelled ? As it was not underwritten and needed to raise £4 million they could not go ahead with this issue ???

They scraped enough together to get past the 75% mark they needed i think. I think they have loans of £1.5m to pay back immediately and now some cash needed for out of settlement for Ahmed. A wage bill of c£850k a month and i would guess this would cover them for sept and october and possibly november.

They want to use agm to approve wider share issue...so its living month by month approach...

[Keith_M]

After a one year hiatus, due to their shares being suspended, The Worthington Group plan to continue with their ownership claims over The Rangers in the courts.

They're the company closely associated with Sevco 5088 and Craig Whyte.

[CropleyWasGod]

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After a one year hiatus, due to their shares being suspended, The Worthington Group plan to continue with their ownership claims over The Rangers in the courts.

They're the company closely associated with Sevco 5088 and Craig Whyte.

I'm too tight to pay for the Herald site. Are you able to cut and paste the article?

[Viva_Palmeiras]

From the Herald... (Admins pls remove if inappropriate)

RANGERS face fresh questions over their ownership after an investment company linked to disgraced former owner Craig Whyte said it would continue staking a legal claim over its business and assets.


The latest twist in Rangers' troubles came as a client of BNP Paribas Arbitrage SNC, the asset management wing of France's largest bank, became one of the club's big six shareholders by taking a 5.23 per cent stake.


The anonymous buyer has purchased 4.265 million shares sold by London-based investment managers Hargreave Hale.


It came on the day fans accused the Rangers board of being "incompetent" after it emerged certificates signed by former chief executive Charles Green and director Brian Stockbridge had been sent to shareholders involved in the recent open offer.


Union of Fans spokesman Chris Graham said: "It does not come as a huge surprise that this has not been done properly along with pretty much every other piece of governance within the club."


The legal action by Worthington Group, which has been connected to Whyte, appeared to disappear when the Financial Conduct Authority suspended trading in its shares at the company's request over a year ago.


But the ban was lifted over four weeks ago and now its chief executive Doug Ware has confirmed that the Rangers court case is back on the agenda.


It comes one year after auditors Deloitte flagged up the legal battle over ownership, saying it was a key uncertainty hanging over the Ibrox business. Rangers have consistently said Whyte's claims have no merit.


The case revolves around Whyte's allegations that Mr Green had acted as a "front man" for him to take control of the club - through the Sevco 5088 consortium that bought the liquidated assets of Rangers oldco RFC 2012 plc. Last year it emerged Worthington Group had 26 per cent of Law Financial Ltd, then one of Mr Whyte's companies and one which claims to have Sevco 5088 as one of its subsidiaries.


Included among Law Financial's assets was the legal action instigated by Whyte against Mr Green for the claim on Rangers' assets.


Mr Ware said yesterday: "Rangers litigation is a small and reducing part of our rapidly expanding investment portfolio.


"That said, the litigation will take its course and we'll have to see where it ends up, it's not on top of my agenda."


On Tuesday Whyte was barred from being a company director in the UK for 15 years. He has always insisted he was the main driver behind Sevco 5088.


Rangers assets were bought for £5.5 million in June 2012 and were transferred to a different company called Sevco Scotland, which then became The Rangers Football Club.


Whyte's main argument is that the transfer was illegal and Sevco 5088 remained the rightful owner of the club's assets.


Rangers said last night that their position remains the same as in May last year when it said it was preparing a "robust response" and that as legal proceedings were threatened it would not be appropriate to make public any further.


Mr Green has always denied he had ever been a "front man" for Mr Whyte.

[ancient hibee]

Interesting French purchase.Charles Green lives in France.

[Jack Hackett]

HeHeHe....a little something to lighten the long winter nights ahead

[CropleyWasGod]

Thanks for posting that up.

A couple of points:-

1. the share sale doesn't really help RFC in their current cash problems. However, as AH says, there could be a French-based move on les cartes.

2. the fact that Worthington are still pursuing their legal claim, and that RFC will have a "robust" defence, is not good news for the hordes. Cos that'll cost money.

[Billy Whizz]

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Interesting French purchase.Charles Green lives in France.

Thought it was Mike Ashley that bought these shares?

[Jack Hackett]

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Thought it was Mike Ashley that bought these shares?

According to the BBC story, the shares were bought by BNP on Ashley's behalf

[Keith_M]

According to various papers, Dave King has been meeting with Graham Wallace to discuss an (alleged) £16M rescue package.


Apparently, the Easdales still favour Mike Ashley.

[Keith_M]

FULL ARTICLE:

DAVE King has returned to Ibrox in an attempt to push through a rescue bid for the crisis-hit club.

The South African-based businessman was pictured leaving the stadium after flying back to Scotland for talks with the League One champions' board.

The former director has been engaged in a long-running battle for control with the ruling regime at Ibrox and has recently found himself faced with a fresh rival in the shape of Newcastle United owner Mike Ashley, who has increased his stake in the Ibrox club to nine per cent.

It comes after it emerged Mr King had teamed up with Paul Murray and supporter George Letham to launch a £16 million investment plan.

Asked if he was optimistic his bid would be accepted, Mr King told Sky Sports News: "Yes we are."

Earlier this year Mr King, who lost £20 million when the Light Blues were liquidated in 2012, vowed to plough another £30m into the club in return for a controlling stake.

His rescue plan has been privately backed by chief executive Graham Wallace, while Sandy Easdale, the chairman of the club's football board, wants to forge ahead with Ashley.

It is understood neither Sandy Easdale nor his brother James were at the meeting following a family bereavement. It is Mr King's first public appearance in Glasgow since March.

Sandy Easdale owns 5.21 per cent of the club and holds proxies for another 20.94 per cent.

Rangers declined to comment.

[Phil D. Rolls]

Archive Editor
BBC North Britain
Benedict Arnold Boulevard
RATVILLE
NB

Sir,

Is it two days or three since you showed the picture of Dave King leaving Glasgow Airport, looking for the nearest toilet?

Jim Treanor
PLAINS

[jacomo]

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FULL ARTICLE:

DAVE King has returned to Ibrox in an attempt to push through a rescue bid for the crisis-hit club.

The South African-based businessman was pictured leaving the stadium after flying back to Scotland for talks with the League One champions' board.

The former director has been engaged in a long-running battle for control with the ruling regime at Ibrox and has recently found himself faced with a fresh rival in the shape of Newcastle United owner Mike Ashley, who has increased his stake in the Ibrox club to nine per cent.

It comes after it emerged Mr King had teamed up with Paul Murray and supporter George Letham to launch a £16 million investment plan.

Asked if he was optimistic his bid would be accepted, Mr King told Sky Sports News: "Yes we are."

Earlier this year Mr King, who lost £20 million when the Light Blues were liquidated in 2012, vowed to plough another £30m into the club in return for a controlling stake.

His rescue plan has been privately backed by chief executive Graham Wallace, while Sandy Easdale, the chairman of the club's football board, wants to forge ahead with Ashley.

It is understood neither Sandy Easdale nor his brother James were at the meeting following a family bereavement. It is Mr King's first public appearance in Glasgow since March.

Sandy Easdale owns 5.21 per cent of the club and holds proxies for another 20.94 per cent.

Rangers declined to comment.

Just an idea, but if he's serious King could just try buying some shares. Isn't that how people normally take control of publicly listed companies?

[Cropley10]

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Just an idea, but if he's serious King could just try buying some shares. Isn't that how people normally take control of publicly listed companies?

Except that gives money to the anonymous backers. And won't go to cash strapped club

However more importantly I didn't think FFP allow individuals to simply pump cash into Clubs anymore.

And finally, surely Dave King doesn't fly in he 'jets' in, and isn't he a 'tycoon'?


Sent from a phone

[Hibernia&Alba]

It's a disgrace the Orange Order and the BNP haven't worked together to save The Rangers 2012 before now. Where are the loyal when their club needs them?

[Keith_M]

TODAY'S HERALD UPDATE:
---------

RANGERS are believed to have just days to accept a £16 million rescue package offered by former director Dave King.

The deadline came as it emerged the controversial (dodgy) businessman has put up £8m of his own money in a bid to take control of the Championship club.

It is understood that, during talks at Ibrox on Tuesday, Mr King set out proposals to invest heavily in Rangers with half of the cash coming from his own pocket and the remainder from other investors, including wealthy fan and shareholder George Letham.

Mr King, a South Africa-based businessman, is believed to have committed to remaining in the UK for a week (you've gotta week or I'm outta here) as the board decides on its next move, with a large influx of cash needed ahead of an annual meeting that must be held before the end of the year.

There are concerns that Rangers do not have the money to see out the season, while it has also been suggested they may struggle to pay staff wages this month.

Sources close to Rangers say it is highly unlikely the club's auditor, Deloitte, would sign off its accounts ahead of the annual meeting, as they would have to be strong enough to show the club is in a healthy enough financial position to trade for another year, whereas it appears to need a significant cash injection. (Admin 2?)

In a further development, it is understood the Rangers board is also in contact with shareholder Mike Ashley, owner of Sports Direct and Newcastle United, who could offer his own rescue package as the power struggle (Fight!) over the club's future enters a crucial phase.

Mr Ashley, who owns almost 10 per cent of the club, is understood to oppose Mr King's comeback and is attempting to oust chief executive Graham Wallace and director Philip Nash.

The only other realistic option to raise cash is a fresh share issue. However, after a similar move last month raised little more than £3m, significantly less than had been targeted, analysts believe the club is more likely to turn to Mr King or Mr Ashley.

Rangers declined to comment (shockerooney!)

----------

Sarcastic comments in brackets are my own

[HIBERNIAN-0762]

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It's a disgrace the Orange Order and the BNP haven't worked together to save The Rangers 2012 before now. Where are the loyal when their club needs them?

[ballengeich]

Why would existing shareholders accept the offer? Their holdings will be halved and there will be no significant increase in the value of the business so they can expect share prices to drop 50%. I don't see Laxey, Ashley or the off-shore investors agreeing to that.

If for some reason the offer was accepted, a lot of the new money will disappear in covering this season's losses, so there's not as much new investment as it sounds at first glance. In addition, wouldn't the new controlling group have to offer to buy all other shares at the same price? That would mean more millions going to faceless institutions rather than into the club.

I think this offer's either designed to be rejected to give King PR as the man who tried to save the club, or it's an initial stance for further negotiations. I can't see it happening as reported.