Generic Sevco / Rangers meltdown thread

[TrinityHibs]

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My preference would complete obliteration. Never to be seen again. But that's just me. :-)

Don't think its just you

[jacomo]

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http://www.bbc.co.uk/sport/0/footbal...medium=twitter

This news is absolutely laughable. What on earth are these people up to?

Less than 2 years on from going out of business and the club is having to borrow money just to meet its commitments through until the end of the season. What a joke.

[Weststandwanab]

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Don't think its just you

Me 3

[weonlywon6-2]

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http://www.bbc.co.uk/sport/0/footbal...medium=twitter

You would have thought they would have learned their lesson.Clearly they are struggling again.

If they cant get it right in the lower leagues then they haven't got a hope back in the premier league

[AndyM_1875]

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This news is absolutely laughable. What on earth are these people up to?

Less than 2 years on from going out of business and the club is having to borrow money just to meet its commitments through until the end of the season. What a joke.

Quite unbelievable that most of that IPO money has basically been frittered away. It's not the players wage bill that has done it though as the wages to turnover ratio is healthy. It's the boardroom spivs and various Directors 'wetting their beaks" on their way out the door that's done it.

Stupid people, stupid club with ideas way above it's station right now.

[PatHead]

Not unbelievable at all. Anyone could see what was happening. The titles don't come cheap you know.

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Quite unbelievable that most of that IPO money has basically been frittered away. It's not the players wage bill that has done it though as the wages to turnover ratio is healthy. It's the boardroom spivs and various Directors 'wetting their beaks" on their way out the door that's done it.

Stupid people, stupid club with ideas way above it's station right now.

[southsider]

Think i will go place a nice wee double.....admin 2 at ibrox and death at pbs. Will give all winnings to K F K. What a day that would be.

[andrew70]

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http://www.bbc.co.uk/sport/0/footbal...medium=twitter

I don't see how £1.5million will help them in the long term? Surely the wages this month and the general up keep of Castle Greyskull etc will amount to a figure close to that of which they are borrowing.

Perhaps CWG etc could help me here but could they use this money to fulfill an insolvency process and cut costs this way?

[Deansy]

http://www.scotsman.com/sport/footba...acel-1-3313053

'It is expected that the loans will not be repaid'


Wow - same arrangement as their famous 'EBT' scheme !!


And still the media will pander to these low-life, cheating filth - like their 'Wee Team' at the PBS, they've existed the last 30 years with money outwith their capabilities.

[green glory]

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I don't see how £1.5million will help them in the long term? Surely the wages this month and the general up keep of Castle Greyskull etc will amount to a figure close to that of which they are borrowing. Perhaps CWG etc could help me here but could they use this money to fulfill an insolvency process and cut costs this way?

Post of the week.

My guess is that's exactly what's happening.

[CropleyWasGod]

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http://www.scotsman.com/sport/footba...acel-1-3313053

'It is expected that the loans will not be repaid'


Wow - same arrangement as their famous 'EBT' scheme !!


And still the media will pander to these low-life, cheating filth - like their 'Wee Team' at the PBS, they've existed the last 30 years with money outwith their capabilities.

Not the same arrangement at all.

It is expected that the loans will not be repaid and instead converted into shares That's a fairly common situation, and there's nothing illegal about it.

[CropleyWasGod]

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I don't see how £1.5million will help them in the long term? Surely the wages this month and the general up keep of Castle Greyskull etc will amount to a figure close to that of which they are borrowing.

Perhaps CWG etc could help me here but could they use this money to fulfill an insolvency process and cut costs this way?

I am surprised that they need the cash now. I reckoned they had enough to keep them going for the rest of the season.

That said, it does sound like they are buying time to enable them to source some long-term cash elsewhere, or (as has been suggested) to do a sale-and-lease-back deal.

[Spike Mandela]

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I am surprised that they need the cash now. I reckoned they had enough to keep them going for the rest of the season.

That said, it does sound like they are buying time to enable them to source some long-term cash elsewhere, or (as has been suggested) to do a sale-and-lease-back deal.

Is it ridiculous CWG to suggest this money is to actually fund an insolvency event?..............

http://www.philmacgiollabhain.ie/blown-off-course/

[andrew70]

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I am surprised that they need the cash now. I reckoned they had enough to keep them going for the rest of the season.

That said, it does sound like they are buying time to enable them to source some long-term cash elsewhere, or (as has been suggested) to do a sale-and-lease-back deal.

In general, I doubt the board admitting they have been seeking outside finance or indeed financial help in return for shares will help to appease the Rangers fans. Their ST's will be due to go on sale soon, I'd imagine with a huge increase(my bro is one of them and has been paying a low amount since their demotion). If they had cash to last til the end of season would it not have been better to wait and sell the STs etc?

I think there must be a more serious problem...or maybe that's just me wishing....

[greenginger]

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Not the same arrangement at all.

It is expected that the loans will not be repaid and instead converted into shares That's a fairly common situation, and there's nothing illegal about it.

Is there a set formula for working out how many shares they will get for their £ 1.5 million.

Could this be a way of the Easedales getting overall control. Penny shares, 1.5 million x 100 is a lot of shares.

[Keith_M]

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If, or when, they go into Administration again - how much will it cost to negotiate a CVA ? My first thought is that no-one will get the same sort of deal as Green but then it may well be regarded as such a basket case that it might be hard to get a buyer. It will clearly need deep pockets to get them anywhere near the top of the SPFL. Swally has said £30m and that is just for players, never mind the cost of getting Castle Greyskull into a decent state.

Do you mean to pay off the debt? AFAIK, they actually aren't in any debt yet.


Administration doesn't necessarily mean a change of ownership. Companies can quite legally go into Admin, make a deal with creditors, then come back out again. It doesn't always have to end in the Big L or a case like Hearts.

[CropleyWasGod]

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Is it ridiculous CWG to suggest this money is to actually fund an insolvency event?..............

http://www.philmacgiollabhain.ie/blown-off-course/

I'm confused by the phrase "fund an insolvency event".
That, to me, would mean the money put up for a CVA. It doesn't sound like that is what is happening here.
If anything, they are DELAYING an insolvency event. Even that sounds a daft idea to me....if insolvency is inevitable, why put cash in now?

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[Weststandwanab]

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Is there a set formula for working out how many shares they will get for their £ 1.5 million.

Could this be a way of the Easedales getting overall control. Penny shares, 1.5 million x 100 is a lot of shares.

There is not.

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I'm confused by the phrase "fund an insolvency event".
That, to me, would mean the money put up for a CVA. It doesn't sound like that is what is happening here.
If anything, they are DELAYING an insolvency event. Even that sounds a daft idea to me....if insolvency is inevitable, why put cash in now?

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I wonder if the deal is put cash I now in exchange for x, y and z if there is a subsequent insolvency event.

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http://www.scotsman.com/sport/footba...acel-1-3313053

'It is expected that the loans will not be repaid'


Wow - same arrangement as their famous 'EBT' scheme !!


And still the media will pander to these low-life, cheating filth - like their 'Wee Team' at the PBS, they've existed the last 30 years with money outwith their capabilities.

This is not an EBT.

[ballengeich]

Is there another possibility? Income in the championship will be higher. Provided they get promoted again next season income will rise again in the premier. Could Wallace's business review be sufficiently far advanced to have persuaded the Easdales and Laxey that the cuts that will be made will allow them to stop further losses from next season and all that is needed is a relatively small sum to see them through a possible absence of cash in the next month or two?

Maybe I'm just being pessimistic and they are truly near the end.

[JAY-ESS GREEN]

Anyone else get the email asking to complete a survey on how to take the the rangers forward worth completing,serious mischief potential

[Hibernia&Alba]

Scotland's shame once again being required to public explain its humiliating lack of funds. I see Chief Exec Graham Wallace even came out with "there is no threat of people walking away" in his statement. You've borrowed that line from another prick, ye prick. Shameless organization; I despise that club much more than I do Hearts.

[AndyM_1875]

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I'm confused by the phrase "fund an insolvency event".
That, to me, would mean the money put up for a CVA. It doesn't sound like that is what is happening here.
If anything, they are DELAYING an insolvency event. Even that sounds a daft idea to me....if insolvency is inevitable, why put cash in now?

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Indeed. It sounds like Phil is howling at the moon.... Again.

The Easdale brothers & one of the Institutional investors are getting shares/share options worth £1.5m. The money they pay is going to the club. They're not going into Administration.

[Spike Mandela]

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Indeed. It sounds like Phil is howling at the moon.... Again.

The Easdale brothers & one of the Institutional investors are getting shares/share options worth £1.5m. The money they pay is going to the club. They're not going into Administration.

£1.5m though. Ain't gonna last long is it?

[AndyM_1875]

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£1.5m though. Ain't gonna last long is it?

Guess it depends if any Directors leave!

[CropleyWasGod]

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£1.5m though. Ain't gonna last long is it?

For me, it's about buying time until they can get something more substantial, and longer term, arranged.

If one can believe Phil Magubbin, they are having trouble getting finance from anyone, and this latest move bears that out.

[Ozyhibby]

Phil is a pr... But he has been spot on again regarding the new Rangers. They have run out of cash almost to the week that he predicted.

[CropleyWasGod]

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I wonder if the deal is put cash I now in exchange for x, y and z if there is a subsequent insolvency event.

.

That's the only reasonable explanation.... otherwise, WTF would one put in more money?

[AndyM_1875]

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Phil is a pr... But he has been spot on again regarding the new Rangers. They have run out of cash almost to the week that he predicted.

Nah, he was bumping his gums about Admin2 as early as last September saying it was "imminent".

Guys a roaster.

[Deansy]

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Not the same arrangement at all.

It is expected that the loans will not be repaid and instead converted into shares That's a fairly common situation, and there's nothing illegal about it.

I was being sarcastic - the EBT so-called 'Loans' were never in any danger of being repaid either as, IMHO, they were just tax-free bungs. My point still stands - 2 of our 'bigger' clubs have existed the past 30 years on levels way above their means.

[Ozyhibby]

@BBCDouglasF: #Rangers announces it’s secured £1.5m working capital from director Sandy Easdale and Laxey Partners. Repayable by 1 Sept.

RNS Number : 7355A
Rangers Int. Football Club PLC
23 February 2014



Rangers International Football Club plc
(“Rangers”, “RIFC” or the “Company”)

Credit Facility of £1.5 million

The Board of Rangers is pleased to announce that it has entered into two secured short term credit facilities for an aggregate of up to £1.5m. The credit facilities are being provided by Alexander Easdale, a shareholder in the Company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC, and Laxey Partners Ltd (“Laxey”), a substantial shareholder in the Company. These credit facilities will be used by the Company for general working capital purposes over the next few months.

Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the “Easdale Facility”).

Laxey will make available to the Company up to £1 million, with a premium payment equal to 15% of the nominal amount of the facility (the “Laxey Facility”).

The Easdale Facility and the Laxey Facility (together the “Facilities”) are both secured against the Company’s Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources.

The premium on the Laxey Facility is payable in cash or, at Laxey’s discretion, in ordinary shares of 1p each, at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement. The number of ordinary shares of 1p each which may be issued will be calculated using the lower of either 26.5 pence, being the mid-market closing price of the Company’s shares on 21 February 2014, or the lowest price at which any equity fundraising is carried out prior to the first anniversary of the date of the Laxey Facility agreement. The issue of any ordinary shares of 1p each in payment of the premium is subject to the Company obtaining authority from its shareholders at a general meeting of the Company.

Under the AIM Rules for Companies, the Laxey Facility is a related party transaction under Rule 13 of the AIM Rules. The Directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned.

For further information please contact:

Rangers International Football Club plc

Graham Wallace
Tel: 0141 580 8647
Daniel Stewart & Company plc
Tel: 020 7776 6550
Paul Shackleton / James Thomas

Newgate Threadneedle
Tel: 020 7148 6143
Graham Herring / Roddy Watt / John Coles

Media House International Ltd
Tel: 020 7710 0020
Jack Irvine

This information is provided by RNS
The company news service from the London Stock Exchange