Generic Sevco / Rangers meltdown thread

[Off the bar]

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The blog is dated February and I'm fairly sure that its been repudiated in one form or another. There's no doubt that things look like they are imploding (again) over in Mordor, but I suspect this is not the reason.

As has been pointed already by CWG, an administrator would go straight after any shareholder who hasn't paid for allotted shares. It's the whole point of limited liability - it is limited to the extent of the share capital subscribed for. If you haven't paid for the shares, you are still liable. Can't believe for a second that Ticketus are THAT stupid.

oh well there goes my conspiracy theory!

[steakbake]

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oh well there goes my conspiracy theory!

Nil desperandum - dinnae worry. There will be a lot more twists and turns to come, I reckon.

[Off the bar]

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Nil desperandum - dinnae worry. There will be a lot more twists and turns to come, I reckon.

won't take me long to come up with another one, and with that lot there is not a lot that I would'nt believe! as one door closes

[Keith_M]

It would clear up a lot of questions if someone just supplied the names of major investors (i.e anyone with more than a handful of shares). Then there could be no speculating on who owns what.

[Off the bar]

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It would clear up a lot of questions if someone just supplied the names of major investors (i.e anyone with more than a handful of shares). Then there could be no speculating on who owns what.

where would the fun be in that?

[YehButNoBut]

Few rumours flying around re Rangers, as per below, hopefully Deano is coming back.

Richard McLuckie ‏@Acemcl Rumours galore from what I'm being texted ... Aird to A'Deen, Shiels to Hibs, Wallace to Notts Forrest & also more redundancies at the club

[Off the bar]

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It would clear up a lot of questions if someone just supplied the names of major investors (i.e anyone with more than a handful of shares). Then there could be no speculating on who owns what.

Also while they're at it they could show 'bomber' brown the title deeds for ibrox and get his blood pressure down!

[Keith_M]

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Few rumours flying around re Rangers, as per below, hopefully Deano is coming back.

Richard McLuckie ‏@Acemcl Rumours galore from what I'm being texted ... Aird to A'Deen, Shiels to Hibs, Wallace to Notts Forrest & also more redundancies at the club

I'd be happy with that.



I'd love to be a fly on the wall at the contract negotiations with Petrie.


Deano: "So, I was getting 5k a week minimum at The Rangers and would be looking for something similar"

Petrie: Falls off chair laughing.

[Keith_M]

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Also while they're at it they could show 'bomber' brown the title deeds for ibrox and get his blood pressure down!

Not if it says "Owner; Ticketus"

[Off the bar]

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Not if it says "Owner; Ticketus"

I like it I like it! If that were to be true I'm not sure what would be louder, Brown exploding or me laughing!

[CropleyWasGod]

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It would clear up a lot of questions if someone just supplied the names of major investors (i.e anyone with more than a handful of shares). Then there could be no speculating on who owns what.

Ackcherly, they are supposed to lodge them at Companies House .

The Football Club's Return is overdue; should have been lodged in June.

The plc's Return doesn't have to be lodged until December.

I am smelling a rat.

[Off the bar]

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Ackcherly, they are supposed to lodge them at Companies House .

The Football Club's Return is overdue; should have been lodged in June.

The plc's Return doesn't have to be lodged until December.

I am smelling a rat.

how funny would it be if it came back as Ticketus and Craig Whyte as majority share holders!

[ballengeich]

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Wasn't the deal with Whyte, though? IIRC, they are chasing him (or whatever company guaranteed it) for it.

http://news.stv.tv/west-central/2208...r-craig-whyte/

I suspect the chances of Whyte being able to repay that amount is slight, so Ticketus are likely to be taking other measures.

[Jack]

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Ackcherly, they are supposed to lodge them at Companies House .

The Football Club's Return is overdue; should have been lodged in June.

The plc's Return doesn't have to be lodged until December.

I am smelling a rat.

Gee wizzz, does Companies House have a lodge of its own?

[Seveno]

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I did say initial thoughts.... which, given my age, normally means mixed-up bulldust.

Breathe.

If it is correct, that Ticketus have these shares, and they haven't paid for them (which is what I'm reading it as)... they basically owe Rangers that money. I don't know if failure to pay for shares is an offence, but it's not very nice.

If Rangers go into admin again, I reckon the administrator will try to recoup that cash. And Ticketus won't get it back. Which means that Rangers will have stuffed them. Again.

They really do deserve each other, this lot.

Perhaps a condition of paying the purchase price was for an increase in the share price in excess of the IPO. A guarantee of a profit.

[Ryan69]

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Ackcherly, they are supposed to lodge them at Companies House .

The Football Club's Return is overdue; should have been lodged in June.

The plc's Return doesn't have to be lodged until December.

I am smelling a rat.

Could we perhaps get Sidney doing some overtime sending letter on this subject to? Surely the FOI act covers this too?

[CropleyWasGod]

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Could we perhaps get Sidney doing some overtime sending letter on this subject to? Surely the FOI act covers this too?

No. It's covered by the Companies Acts.

I have it monitored, just as I did with the Hearts, so Hibs.net will have the scoop, as always

[CropleyWasGod]

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Perhaps a condition of paying the purchase price was for an increase in the share price in excess of the IPO. A guarantee of a profit.

Guarantee? Rangers?

Have we learnt nothing?

[CropleyWasGod]

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Gee wizzz, does Companies House have a lodge of its own?

There is nothing CH can do, to be fair.

[Jack]

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There is nothing CH can do, to be fair.

Sorry "Lodge" ;-)

[CropleyWasGod]

Sketchy summary of the Rangers meeting tonight:-

https://twitter.com/RangersStandard

If, as claimed, they have £10m in the bank.....

They had (so they claim) £22m from the IPO, plus say £10m (?) from ST sales.

So.... um.....

Where's it all gone?

[Jack Hackett]

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Sketchy summary of the Rangers meeting tonight:-

https://twitter.com/RangersStandard

If, as claimed, they have £10m in the bank.....

They had (so they claim) £22m from the IPO, plus say £10m (?) from ST sales.

So.... um.....

Where's it all gone?

Swept under the carpet.....Like every other awkward question concerning Sevco

[HUTCHYHIBBY]

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Also while they're at it they could show 'bomber' brown the title deeds for ibrox and get his blood pressure down!

There must be someone on here that works at Meadowbank House who could provide such info, perhaps easty could use his contacts!

[ballengeich]

Rangers consists of a holding company with a wholly owned football club as a subsidiary. There must have been a reason for setting up this structure.

Would this be a good time for the holding company to sell its loss-making subsidiary? I'm sure you could find Rangers Peepul willing to pay £1 to become owners of the football club. Someone (Dave King perhaps) could then give the club an injection of capital without having to pay for CG's shares. The injection would have to be big enough to allow time for the club to cut its expenditure to the level of its income, or there may even be someone willing to subsidise its losses from other business like in the Murray era.

The club's expenditure in future would of course include a substantial sum to rent Ibrox and Murray Park. Everyone wins. Rangers football club is back in the hands of Rangers Men while the holding company turns a substantial profit on virtually zero outlay so the institutional investors get what they're interested in - dividends and a share price recovery. The fans are happy because they see a billionaire "investing" in their club.

I'm assuming the existing company does actually own the property. If so I can see this scenario occurring soon.

[Keith_M]

For some reason, T'Rangers are going to have a Boardroom vote to get rid of Green. Now, I realise I'm not all that bright but I would have thought someone only hired as a 'contractor' would just be given whatever notice is required to end his contract. (Herald)


Also, the War of Words is now getting quite funny, with Green's spokesperson using McCoist style rhetoric


"Charles Green pleads guilty to the following crimes - saving the club from Craig Whyte and now trying to prevent it from falling into the hands of men who haven't invested a penny.

"Talk is cheap as Paul Murray and Frank Blin have repeatedly proved. Action costs more, more than the £2.80 invested by billionaire Jim McColl.

"As regards Mr Mather it is clear he is confused and intimidated by the fans' robust actions. Perhaps he should return to a much gentler business atmosphere. As for calling a board meeting to discuss Charles, perhaps he should ask his fellow board members before pushing the panic button. Glasgow is a place for big boys not frightened wee laddies."

[Dunderhall]

A quick google for rangers interim results 2013 found this.
Interesting how they turned a £7M operating loss into a £9.5M profit.

[CropleyWasGod]

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A quick google for rangers interim results 2013 found this.
Interesting how they turned a £7M operating loss into a £9.5M profit.

IIRC, that was recognising that they made an instant "profit" on the value of the assets.

[Dunderhall]

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IIRC, that was recognising that they made an instant "profit" on the value of the assets.

Yup, mainly from a £5M uplift on property etc, and a £16M uplift in the Brand.

[JeMeSouviens]

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Sketchy summary of the Rangers meeting tonight:-

https://twitter.com/RangersStandard

If, as claimed, they have £10m in the bank.....

They had (so they claim) £22m from the IPO, plus say £10m (?) from ST sales.

So.... um.....

Where's it all gone?

They only have £10M in the bank ... and they're introducing a membership scheme (where have I heard that one before?). Could these seemingly separate facts be at all related????

[Jack]

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They only have £10M in the bank ... and they're introducing a membership scheme (where have I heard that one before?). Could these seemingly separate facts be at all related????

I think membership schemes will become much more common among football clubs.

There's already a number down south. The advantage is that clubs can learn more about its support and therefore provide a better service for them.

The benefits for the supporters is wide and varied depending on the club.