Well I have come across a few mysteries in this Long Downward March of Rangers and here is yet another one but hopefully contributors might be able to help identify a mystery Rangers shareholder.
Here is their signature and if you recognise it then let me know.
Let’s go back to 31 July when the Press Association (PA) issued the undernoted as part of a press release which was duly picked up and run by the rest of the sloppy Scottish Media.
‘Shareholders have voted in favour of Rangers owners Sevco Scotland Limited changing its name to The Rangers Football Club Limited.
‘An extraordinary general meeting of ‘oldco’ shareholders took place at Ibrox today, where procedures were approved to enable the name change.’
Very interesting but seriously wrong.
The so-called EGM was at most a meeting of ‘Sevco Scotland Ltd’ which voted to change its name to ‘The Rangers Football Club Limited’. The ‘oldco’ was Rangers Football Club PLC (IA) and is now RFC 2012 PLC (IA).
But it was a very convenient error as it shifted media and public attention away from the mystery shareholders behind Rangers (newco) to the oldco which is of no relevance in terms of who now owns Rangers and its assets.
So who are the shareholders of Sevco Scotland Ltd, which bought all the assets of the failed Rangers? Companies House documentation shows that Sevco Scotland Ltd has two £1 shares and that as of 29/05/12 Charlie Green is shown as the only subscriber although, to me, it is unclear whether he has 1 or 2 of the shares.
On 31/07 Charlie Bhoy proposed as ‘sole director’ that Sevco Scotland change its name to The Rangers Football Club Limited. I should make it clear I am not a lawyer or an accountant so I take the meaning of ‘sole director’ at face value.
I then can’t understand how he can be ‘sole director’ on 31/07 when on 14/06 three other directors were added to Sevco Scotland viz Malcolm Murray, Brian Stockbridge, and Imran Ahmad – all members of Rangers Board as is Green.
I am also slightly puzzled by the grand-sounding ‘Extraordinary General Meeting’ of shareholders of 31/07 as the documentation appears to point to the matter being dealt with on a straightforward ‘Written Resolution’ basis which is a legitimate device to handle company business without the need to specifically arrange a physical meeting.
But before mick gets worked-up about the catering and pies for an EGM – it appears to me that only two people at a maximum could have been present which would have been Charlie either talking to himself or to the mystery signature at the top of the article.
The mystery signature is undecipherable. But it could start as ‘Ian’ I suppose or at a stretch might be Imran Ahmad – who founded Allenby Capital and who currently works with Zeus Capital. I’ll start going through his various directorships and see if I can find one to match – I have already checked Sevco Scotland but the documentation doesn’t show a signature for Mr Ahmad.
Interestingly in the name change documentation the mystery signer doesn’t say they are a director of Sevco Scotland but just a person entitled to vote on the resolution on 31/07. Again I plead my lack of knowledge in this field but the only explanation I can come up with is that the mystery signer was relying on the ownership of one of the two Sevco Scotland shares to give them voting entitlement.
If that is the case then I can only presume that the other directors of Sevco don’t have a shareholding and one wonders why anyone would invest £1 million in a company and not have any share voting rights. All seems strange to me but then I am not a non-executive director.
But it leaves the conundrum that Charlie says he is ‘sole director’ and that might be a legal thing that the other directors with no shareholding aren’t classed as ‘directors’ for voting purposes. But if the mystery signature is that of Imran Ahmad that rather blows that theory out of the water.
Oh well, looks as though the digging will have to continue and first thing I am going to do is check back Charlie Bhoy’s statements as I have a distinct memory that he said he would never be a shareholder of Rangers or own the company – but he certainly has at least 50% of the shares and possibly 100% depending on how you read Companies House documentation. Send for Bomber Brown methinks 🙂
Posted by Ecojon
Editor’s Note – (that sounds grand, doesn’t it!) – I will have a post up soon with clarification of some of what Ecojon is looking into above.