We know that Bears don’t do walking away though first team players do but when it comes to Charlie Green he moves so fast I don’t know how he remembers what company he’s chairing.
In January this year he was chairing Formation Group PLC but company results were down and perhaps he felt his jaikit was on a shoogly peg because on 11 January the Bermudan registered Nova Resources Ltd announced Charlie was now company chairman and a non executive director.
The Singapore-based Nova had only just joined the Alternative Investment Market (AIM) two days before with a market capitalisation of £6.37 million and Nova said Charlie would be a key asset in the Company’s expansion. AIM was notified that Charlie was a current Director with Formation Group PLC.
Things appeared to go well because nine days after joining Nova he received a share option on 20 January of 1 million shares with an exercise price of 8.25p. But into each life must fall a little rain and on 22 February 2012 Formation Group PLC announced the resignation of Charles Green as non-executive chairman and director with immediate effect for personal reasons. As Charlie had been a founder chairman of Formation many years before his seemingly hasty departure was a bit of a surprise to say the least.
Another shock announcement followed on 17 May when Nova announced that Charlie had resigned with immediate effect in order to pursue other business interests had the immediate effect of losing his ONE MILLION share option. Ouch!
But days before quitting Nova the jet-setting chairman apparently had his sights on Rangers and a £30 million AIM Flotation which would give him a £3 million pay day making the cheap Nova share issue small fry by then. It’s hard to pin down exactly when Charlie turned blue but in all of these things timing is important as we have seen all through the process including the D&P bidding process.
The Eagle landed in Glasgow bearing gifts and Hope for the Rangers support – the media just wheeled-out the old Craig Whyte clips and dubbed-in Charlie’s face but I think they forgot to change the voice because when the Great Man’s lips moved I could have sworn it was Craig Whyte speaking.
However, I even think the sun shone as Charlie told tales of mysterious investors from the Orient aka the Middle East, Asia and Far East who had heard of the famous Glasgow Rangers and wanted to be shareholders in an iconic club with a world recognised brand who played in the Scottish Premier League – ah don’t think they thought we used a haggis instead of a pigskin but I sometimes ponder what they knew about the parlous financial state of Scottish Football and the curious but unique dynamics of the Old Firm – still I suppose that’s what financial advisors are for.
Anyway Charlie landed in Glasgow and before we knew it he had bought the oldco and began building SevGer on the investments pledged by 20 individuals and families with a guarantee that no one investor could own over 15% and all investors would be named. Well, almost three months later, the beneficial shareholders are still shrouded in secrecy which even the SFA seems to be having difficulty cracking. This lack of transparency scares the living daylights out of the Ibrox support still traumatised by Whyte’s plundering and Murray’s hand-washing.
The more cynical wonder if there’s enough left in the bank to pay the £5.5 million oldco purchase price and bets are already being placed on how many months the club can survive before a double-dip liquidation event. All wagers hinge on whether the shell-shocked Rangers support will buy season tickets with the deeply-divided bluenoses heatedly and bitterly arguing the pros and cons of whether they should starve Green out or back their club.
Club ownership exposes another fault-line as Charlie started off with the usual assurance that the fans could end up buying the club – I am fed-up explaining why this just cannot happen under the Charlie masterplan but it seems to be taking forever for the Ibrox support to waken-up to the real future they face. There can never be a successful AIM flotation of SevcoGers – resulting in a core group of founder shareholders making huge profits on their investment – if the fans were in control and formed the majority of shareholders with voting rights.
Green has apparently been jet-setting across Europe in the last few days presumably in a last gasp attempt to raise funding before the end of the month when the purchase price has to be paid. Help has come from two financial advisors, Imran Ahmad and Brian Stockbridge, previously associated with Nova in Singapore, who are now directors with Zeus Capital in Manchester which claims to have invested in SevGers along with anonymous associates. The two have been given seats on the SevGer board indicating their pivotal importance to Green.
Charlie and Zeus have crossed paths before as the company provided advice to the Formation Group while he was in the chair and in 2009 they advised on the sale of Proactive Sports Management, which Mr Green had previously chaired, to Gresham Private Equity for £22m.
But Charlie certainly didn’t waste time on his short sojourn in Singapore and managed to sign-up Jude Allen, a partner in the Kuala Lumpur-based Lumira Hotels Group, as a Rangers shareholder. Again I can’t help but wonder how far back Charlie saw blue as a lucky colour for him.
Posted by Ecojon