Following on from comments some, including me, have made about the declaration by Mr Green that his company is presently loss-making, I see from the excellent Bill McMurdo that a statement has been released by Mr Green “clarifying” matters.
“We are a public company and have to publish accounts at both the half year and full year stage. Everything will be laid bare. The trading position of the company up to the float was in the prospectus. There is absolutely nothing to hide and all will be disclosed.”
Who can have any argument with that? After all, as he says, the company will publish accounts at 6 months and one year. Although as this is the company formed in November 2012, even the six-month accounts will take a wee while to arrive.
However I wonder if the prospectus which is still on the Rangers official website is the same copy about which Mr Green is talking. You will note that he says that – The trading position of the company up to the float was in the prospectus.
I have looked in the prospectus. The figures contained in it are from the incorporation of Rangers Football Club Ltd (formerly Sevco Scotland Ltd) until 31st August 2012.
The float of the new company (in fact of the newco number 2 to take over newco number 1) was in December. Up to 31st August the “new” Rangers had played 7 competitive matches. Between that date and the float they played 16 more.
Is it impolite to suggest that Mr Green’s statement is slightly, and undoubtedly inadvertently, erroneous?
He might say that, as the statement was not on the official site but through Mr McMurdo’s site, that it was taken out of context or misinterpreted. However the quote above is the entire statement shown on the site. It would seem odd if Mr McMurdo would misquote a statement from the CEO clarifying financial matters. It would not be typical of Mr McMurdo for that to have happened. Therefore Mr Green must be mistaken.
It does not take much for readers and listeners to notice when Mr Green is mistaken, and it seems an all too regular occurrence.
Mr Whyte’s Achilles heel seemed to be the completion of official paperwork. Is that of Mr Green the challenge of making correct statements on these financial issues?
Posted by Paul McC0nville