A quick snippet from Duff and Phelps – remember them?
“We have written to all shareholders of The Rangers Football Club plc (in administration) to provide notice of a general meeting of the Company to be held at Ibrox Stadium on July 31.
“The resolution to be put forward at that meeting is to change the name of the Company to RFC 2012 plc and there will be no other business on the day.
“This is a procedural measure in order for Sevco Scotland Limited – which acquired the business and assets of the Company from the administrators on June 14 – to change its name simultaneously to The Rangers Football Club Limited.”
I hope this is all clear?
The Rangers Football Club PLC (in administration) was the owner of the “assets and business” of Rangers Football Club. It sold those assets to Sevco Scotland Ltd, which trades as The Rangers Football Club, and which wishes to change its name to the Rangers Football Club Ltd. At the same time, the Rangers Football Club PLC (in administration) is proposing to change its name to RFC 2012 plc. Coincidentally, on 21st June 2012, Mr Green incorporated a company of which he was sole shareholder and sole director. That company was called RFC 0712 Ltd. The following day it changed its name to RFC 2012 Ltd.
So the former Rangers Football Club PLC which traded as the Rangers Football Club will be called RFC 2012 plc which is very similar to RFC 2012 Ltd, a company set up by Charles Green, who also set up Sevco Scotland Ltd which is to become the Rangers Football Club Ltd trading as the Rangers Football Club.
Apart from the fact that I can now hear Rolf Harris singing those words in my head, to the tune of the Court of King Caractacus, I do have some quick questions for Duff & Phelps.
1 Who is paying for the letters to be sent out to the 25,000 or more shareholders of Rangers Football Club PLC?
2 Who is paying the costs of the meeting on 31st July?
3 Are D+P being charged by Sevco Scotland Ltd for use of Ibrox?
As D+P remain in place, till replaced by liquidators, for the benefit of the creditors, one would not expect that the costs of this resolution would be met by the company in administration. Why? One assumes that Sevco Scotland Ltd will have paid for the stamps, postage, security and the rest of the paraphernalia.
4 Did Mr Green, or Sevco Scotland Ltd, or Sevco 5088 Ltd, actually buy the shares in Rangers Football Club PLC from Rangers FC Group Ltd?
5 If not, then presumably Mr Whyte’s decision on the vote is final. If so, has he confirmed his agreement?
6 In that event, has Mr Whyte received or been offered any payment or other inducement to assist D+P and Sevco? As Mr Green has been less than complimentary about him, and D+P are suing him, one does not imagine Mr Whyte exercising the milk of human kindness to agree to the name change.
And a final one, which might become the new “Carthago delenda est”.
7 D+P, in the CVA proposal, said that they had a binding agreement to sell the assets to Sevco 5088 Ltd. They did not do so, and the above statement confirms that they sold to Sevco Scotland Ltd. What changed in the few days, and ought D+P to have told the creditors about who was actually buying the assets?
Posted by Sevco McConville