Generic Sevco / Rangers meltdown thread

[green glory]

This quote is hidden because you are ignoring this member. Show Quote

That must be where the song "we shall overcome" originates from! :-o

Over who?

[pacorosssco]

first thatcher then rangers sevco whatever they see themselves as. mockery football sfa made have dong ding hypocrites corrupt butcher candlestick baker maker. exit left or right who cares. rangers fc killers of society

[Dashing Bob S]

This quote is hidden because you are ignoring this member. Show Quote

Intetesting wording from Regan there - "we have to seek the facts". By implication I read into that "have to" that they might be obliged to but wish they didn't have to, for whatever reason.

Maybe just me though.

I can assure you GG, it's not just you. Vatican- pedo priests, BBC - Saville, spring to mind. The subtext: "We will try our level best to ignore this, just as long as you aren't caught, on camera, in front of a thousand witnesses, testicle-deep in sleazy corruption."

[HUTCHYHIBBY]

This quote is hidden because you are ignoring this member. Show Quote

Over who?

Use your imagination!

[Just Alf]

Rangers International Football Club plc

(“Rangers”, the “Company” or the “Club”)

Response to Media Comments

The Company announces that it is commissioning an independent examination and report into matters raised in the media over recent days relating to allegations made by Craig Whyte, the previous owner of Rangers Football Club, concerning the Company’s Chief Executive, Charles Green and the Company’s Commercial Director, Imran Ahmad. Mr Green and Mr Ahmad strenuously deny any wrongdoing and lawyers have been instructed by the Company to address these allegations. However, the Directors believe that the review will help to ensure a swift conclusion to this issue. A further announcement will be made in due course.

For further information please contact:

Rangers International Football Club plc

Charles Green, CEO/ Brian Stockbridge, CFO


............ Did I read that right?

The contact for the independent investigation into Charles Green is...... errr..... Charles Green!

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

Rangers International Football Club plc

(“Rangers”, the “Company” or the “Club”)

Response to Media Comments

The Company announces that it is commissioning an independent examination and report into matters raised in the media over recent days relating to allegations made by Craig Whyte, the previous owner of Rangers Football Club, concerning the Company’s Chief Executive, Charles Green and the Company’s Commercial Director, Imran Ahmad. Mr Green and Mr Ahmad strenuously deny any wrongdoing and lawyers have been instructed by the Company to address these allegations. However, the Directors believe that the review will help to ensure a swift conclusion to this issue. A further announcement will be made in due course.

For further information please contact:

Rangers International Football Club plc

Charles Green, CEO/ Brian Stockbridge, CFO


............ Did I read that right?

The contact for the independent investigation into Charles Green is...... errr..... Charles Green!

You read correctly, It has been mentioned by a few on twitter. Been alluded to that there will be further damaging news mid week, also that the share price is falling. Shame eh?

[Jack Hackett]

This quote is hidden because you are ignoring this member. Show Quote

You read correctly, It has been mentioned by a few on twitter. Been alluded to that there will be further damaging news mid week, also that the share price is falling. Shame eh?

Another big drop today, going down to 62p. There was also a large 50k share trade at the death with a selling price of 58p, which will be reflected in tomorrows opening price. People are cutting their losses and it's the wee emotional buyers (ie the knuckle dragging fans) I feel sorry for.....
















.....NOT!

[CentreLine]

http://www.scotsman.com/business/med...lion-1-2879812

This report makes interesting reading but I cannot understand why such an astute businessman as David Murray would ignore the fact that HMRC are taking the Rangers case to a second tier tribunal and also why Rangers were such a poor business case as to be worth only £1 when he sold them. It just doesn't ring true and looks more like an attempt to deflect blame.

[greenginger]

http://local.stv.tv/glasgow/221738-c...gers-collapse/

Craig Whyte selling the film rights to the story of Rangers collapse.

Evil Dead ?

[s.a.m]

This quote is hidden because you are ignoring this member. Show Quote

http://local.stv.tv/glasgow/221738-c...gers-collapse/

Craig Whyte selling the film rights to the story of Rangers collapse.

Evil Dead ?

[ballengeich]

This quote is hidden because you are ignoring this member. Show Quote

http://local.stv.tv/glasgow/221738-c...gers-collapse/

Craig Whyte selling the film rights to the story of Rangers collapse.

Evil Dead ?

Sounds a great story. Let's hope for a sequel before too long.

[Dan Sarf]

This quote is hidden because you are ignoring this member. Show Quote

http://local.stv.tv/glasgow/221738-c...gers-collapse/

Craig Whyte selling the film rights to the story of Rangers collapse.

Evil Dead ?

A certain Oscar winner! Casting suggestions, please?

[EuanH78]

This quote is hidden because you are ignoring this member. Show Quote

You read correctly, It has been mentioned by a few on twitter. Been alluded to that there will be further damaging news mid week, also that the share price is falling. Shame eh?

Damaging midweek news as promised. Might have to copy/ paste link as on my phone

t.co/eJnDVII1aa

[blindsummit]

This quote is hidden because you are ignoring this member. Show Quote

A certain Oscar winner! Casting suggestions, please?

Unfotunately Marty Feldman is no longer with us, or he could have played Craigie. However as has been suggested before Christopher Macdonald would be a great choice.

[LeighLoyal]

This quote is hidden because you are ignoring this member. Show Quote

Damaging midweek news as promised. Might have to copy/ paste link as on my phone

t.co/eJnDVII1aa

Whyte's lawyers sound confident. Can't wait for the writ to land!

5088, be afraid huns, be very afriad.

[hibs0666]

This quote is hidden because you are ignoring this member. Show Quote

Damaging midweek news as promised. Might have to copy/ paste link as on my phone

t.co/eJnDVII1aa

Worthington is just another of Whyte's collection of shell companies - I'd be surprised if there's anything to see here except a bit of Whyte self-promotion.

[ano hibby]

http://www.londonstockexchange.com/e...entId=11552960

Announcement in full:

RNS Number: 5415C
Worthington Group Plc
17^th April 2013
FOR IMMEDIATE RELEASE
Worthington Group Plc
Worthington Group Plc (the "Company") - Diversification

The Company has been looking at ways to diversify the Company's activities in order to develop additional growth opportunities. It currently has a property in Keighley and a 44% stake in Trimmings by Design Ltd. Whilst these interests have the potential to deliver reasonable medium term growth the Company has been looking at other potential investments which may yield above average growth.

The Company is now pleased to announce that, as the first step in the possible acquisition of Law Financial Ltd ("LFL"), it has agreed to acquire a 26% stake in LFL for £250,000 payable in unsecured convertible loan notes. The Company has also been granted an option to acquire the remaining share capital of LFL. The full acquisition would be subject to shareholder approval and compliance with any applicable Listing Rules.

LFL, a recently incorporated company, has a number of subsidiaries, namely Sevco 5088 Ltd, Law Capital Ltd, Litigation Capital Ltd and Media Litigation Ltd (LFL and its subsidiaries hereafter being referred to as the Law Financial Group). The eventual aggregate purchase price for 100% of LFL will be £1m in unsecured convertible loan notes plus 33.33% of the proceeds of any assets, claims or rights currently owned by LFG or transferred to LFG or Worthington pursuant to the agreement payable in non-convertible unsecured loan notes which may be redeemed for cash at the option of the holder at any time after six months of issue. The Company's option to acquire the balance of the share capital of LFL is exercisable until October 31^st 2013.

The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel's advice is that there is a prima facie case to answer.

It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington. Those assets include the Book, Film and Television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course.
It is LFL's intention to enter the litigation funding and litigation funding broking markets. Litigation funding is a growing sector of the commercial litigation market and the Company is of the view that, in the years to come, the demand for litigation funding within the corporate sector can only increase.

The unsecured convertible loan notes issued as part of the consideration will only be convertible to the extent that the holder or those acting in concert do not exceed 29.9% of the voting capital of the Company.

The unsecured convertible loan notes will give the holder the right, at any time within 7 years, to convert each £1 of those loan notes into 20 new Ordinary fully paid shares in the Company, subject to shareholder approval. The Company will endeavour to obtain this approval within twelve months of the date of issue. If approval is not obtained within twelve months, then the holders may elect to be repaid in cash, or convert each £1 of the loan notes into 10 new Ordinary fully paid shares in the Company.

Douglas Ware, Chief Executive Officer of Worthington Group Plc, said:

"We believe that the transaction contemplated by this announcement gives the Company a major opportunity to increase shareholder value and thus to strengthen the Company's balance sheet, enabling the Company to look at additional opportunities as they arise."

Enquiries:
Douglas Ware, CEO Worthington Group Plc: [email protected]
Anne Alesbury, PD Cosec Limited,
Company Secretary, Worthington Group plc on 0208 940 0963
17^th April 2013

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Worthington is just another of Whyte's collection of shell companies - I'd be surprised if there's anything to see here except a bit of Whyte self-promotion.

You sure?

I have just had a look at their file at Companies House, and CW isn't mentioned anywhere.

[hibs0666]

This quote is hidden because you are ignoring this member. Show Quote

You sure?

I have just had a look at their file at Companies House, and CW isn't mentioned anywhere.

Am I sure? I'm not sure of my first name these days.

I think that Liberty Capital is a shareholder in this company, but I may of course be off-beam. Worthington does not appear to be a trading entity as such, and turns over only a miniscule amount.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

Am I sure? I'm not sure of my first name these days.

I think that Liberty Capital is a shareholder in this company, but I may of course be off-beam. Worthington does not appear to be a trading entity as such, and turns over only a miniscule amount.

The two directors are, in a swift Googling, business associates of CW. Doesn't, of course, necessarily mean that he is involved here.

If I can have a Hibs.net whip round for £1, I can check out who the shareholders are.

[CropleyWasGod]

Shareholders are, according to the Annual Return in August 2012:-

JC Dwek

Fitel Nominees Limited

Forest Nominees Limited

Barclayshare Nominees Limited.


However, the accounts for the year ended 31 July 2012 have some of the above, but also...ta da... Liberty Capital as having 7.6%

So... one of them is wrong, or else LC got rid of their shares during August 2012.


The company itself had a £45k turnover during 2012. Presumably from its property in Keighley.

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

The two directors are, in a swift Googling, business associates of CW. Doesn't, of course, necessarily mean that he is involved here.

If I can have a Hibs.net whip round for £1, I can check out who the shareholders are.

It does have the feel of a Craigscam but unless I'm missing something, how could Sevco 5088 be a subsidiary of Law Financial?

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

It does have the feel of a Craigscam but unless I'm missing something, how could Sevco 5088 be a subsidiary of Law Financial?

That had me thinking too.

It says that LF is "recently incorporated".

CH tell me that there is a proposal to strike off 5088. That can't be for late accounts, as none are due yet. It could only be an internal proposal. The 90 days is up.

Weirder still. CW was appointed director on 12 April, and resigned yesterday.

[LeighLoyal]

"The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel's advice is that there is a prima facie case to answer"






And the bad Sevco news predicted for today hasn't even been released yet.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

"The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel's advice is that there is a prima facie case to answer"






And the bad Sevco news predicted for today hasn't even been released yet.

So why would they have applied to have the company struck off?

And why would they be taking that stance, when Green is a director of 5088, and Whyte isn't?

Bizarre.

[Since90+2]

This quote is hidden because you are ignoring this member. Show Quote

"The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel's advice is that there is a prima facie case to answer"






And the bad Sevco news predicted for today hasn't even been released yet.

Are you guessing or do you know something we dont

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

That had me thinking too.

It says that LF is "recently incorporated".

CH tell me that there is a proposal to strike off 5088. That can't be for late accounts, as none are due yet. It could only be an internal proposal. The 90 days is up.

Weirder still. CW was appointed director on 12 April, and resigned yesterday.

I've just got the documents from CH - I got Craigy's appointment and Aidan Earley's termination - both are dated 9 May 2012 the April dates are the dates they were lodged a CH.

I also got the appointments form for Law Financial - they were formed on 12 March 2013 and Craig Whyte is the only human director - there's also Gold Manson Ltd. I'll leave you to explain the implications of all that.

[CropleyWasGod]

This quote is hidden because you are ignoring this member. Show Quote

I've just got the documents from CH - I got Craigy's appointment and Aidan Earley's termination - both are dated 9 May 2012 the April dates are the dates they were lodged a CH.

I also got the appointments form for Law Financial - they were formed on 12 March 2013 and Craig Whyte is the only human director - there's also Gold Manson Ltd. I'll leave you to explain the implications of all that.

Cheers for that.

So.... LFL could have bought the shares of 5088, hence Worthington's statement.

If so, Green is a director of 5088, Whyte isn't; but Whyte is a shareholder of 5088's owner. 5088 thinks it has a case against the curent Rangers.

And, if someone doesn't move sharpish, 5088 will be struck off.

Clear?

Oh, and CH doesn't have a Gold Manson Limited listed

[LeighLoyal]

This quote is hidden because you are ignoring this member. Show Quote

Are you guessing or do you know something we dont

According to Phil Mac tweet Sevco are trying to put an embargo on whatever it is, so must be good!

[Caversham Green]

This quote is hidden because you are ignoring this member. Show Quote

Cheers for that.

So.... LFL could have bought the shares of 5088, hence Worthington's statement.

If so, Green is a director of 5088, Whyte isn't; but Whyte is a shareholder of 5088's owner. 5088 thinks it has a case against the curent Rangers.

And, if someone doesn't move sharpish, 5088 will be struck off.

Clear?

On the appointment/resignation forms, the appointment one is handwritten and signed by what looks like Craig and Charlie (no, not the Reid twins) but the termination was submitted electronically. I reckon Craig got Charlie to sign the appointment form as insurance when the negotiations were taking place and Charlie has now terminated them as a reaction to Craig actually lodging the forms.

Doesn't explain why Worthingtons think Law Financial owns Sevco 5088 though.