Charles Green – AIM Flotation……Will Green have to buy the shares? – Guest Post by Andy

The impending Rangers share sale is another milestone in the most remarkable Scottish football and business story for many a year. As well as penning my own obsessed thoughts, I am delighted that other contributors have sent me pieces for posting on the present position. As you all know, I try to keep discussion here civilised, and despite the views of one prolific poster today, I do not operate a Nazi or Soviet policy to stifle opposing views (well at least until Peter Lawwell tells me to change).

Therefore I am pleased to welcome Andy, who has been a regular commenter from the Rangers perspective, with his thoughts on the latest news.

I therefore leave the floor free for Andy.


29 May 2012. The day Charles Green stormed into Scottish Football. As brash and forefront as you would expect of any Yorkshire man. His appointment, on the day Administrators announced his consortium preferred bidder a complete bolt out of the blue (excuse the pun). The Blue Knights, Brian Kennedy and the Millers had their shot and either chose not take the chance or didn’t put up enough cash.

And now, only 4 months since appearing the scene, here we are on the verge of a flotation, where the fans can potentially take considerable ownership of the club, along side some big hitting institutional investors. So how much can fans own? Well as this is a share issue, we currently have 22 million shares owned by CG and co, and a new batch of 22 million shares for new investors/fans. So dilution of original investors’ shareholding I assume will have to be compensated somehow. Taking that aside, and assuming original investors retain their 22 million shares, there are 22 million up for grabs, and fans can buy in at £500.00 a pop, if you’re a season ticket holder or proven Rangers fan via some other means.!?!. So on that basis if 40,000 fans buy in, fans could potentially own 50% of the club by fully subscribing the 20m. Sounds good. Unrealistic, but good. I think at best, you will get 15,000, so say 7.5m which only buys around 17% holding in the club, not all that much different than what was held under Whyte, albeit that Doctor Dodgy from South Africa owned 10% of them. Is that enough to create enough influence when it comes to investors (bearing in mind CG and co are also just investors) wanting a return and fans wanting a new player…easy answer. No.

So fans realistically are not buying any power. They are simply putting up some of the cash to what Green’s plans are. Which have changed, evolved, devolved, and disappeared so many times that nobody is quite sure what the final prospectus will look like, other than we can sure that is very glossy and will no doubt look the part.

It therefore comes down to fans trust in Green. Many have in my opinion have trusted far too easily, especially so soon after being so badly burned by Whyte, it would have been more rational to expect Green to be far more heavily scrutinised on every move, however he is playing to the mob, and whilst he controls the mob he retains the power. He sold tickets off the back of ‘No one likes us’ attitude, or more specifically ‘the spl don’t like us’, and to his credit (despite upsetting fans of other clubs) it worked and provided the club with much needed working capital. But now, he is asking fans and families for more money, just 2 months after season tickets were purchased (yes, at reduced rates, but still not as cheap as many believe), and just 2 months before Christmas. I think he is going to have to put a pretty convincing prospectus together if he wants anything like the take up he desires/needs.

He has stated in May his original plans, but it is fair to say, given circumstance (division 3 etc), that the majority of it all will have to have been ripped up and re-worked. Green probably doesn’t like it, but himself along with his initial investors are now stuck in a longer term project than they probably anticipated (3-4 years minimum to yield returns expected). And so on the basis that they will want to maximise returns, I do for the best part believe that the money will not be for remuneration of original investors. Though, clearly they have reached their investment limit, as why would Green not have simply raised the cash from them for his plans and asked fans etc to buy in 3 years down the line?

So the new plans as he has leaked so far state:

  • Investment in playing squad? That’s one of the headlines? What sort of institutional investor is going to put money in just to buy players. Players are a huge risk, and something that should be traded and purchased as revenue allows, not via share issues.
  • To provide working capital? Same question. What sort of return is an investor going to get from paying somebody’s wages?
  • Investment in Edmiston House and Bar 72. So we will have a new superstore and a couple of bars to generate additional revenue. Great ideas, fully behind this, I would enjoy a pint before a game if I wasn’t restricted to some of the establishments around the ground which just aren’t for me. Should yield a decent return. This isn’t going to cost much though and it isn’t going to generate the profits that would persuade someone to part with say a million pounds…
  • So what else do we have…..well nothing yet on since the announcement of the flotation…..

So if we take it on that basis, what the actual funds are for, from an investor’s perspective it does appear to be high risk, so begs the question, does Green expect the majority of, if not all, funds to come from fans…Surely not?…..expendable income is not something in abundance these days, and with Christmas just around the corner, take up could be relatively low.

I’m sure there will be other treats the money will be spent on such as:

  • Setting up academies in America and Asia….again unclear what the purpose is…is it just to promote Rangers or is it to find the next ‘star’?…or both. Again, it’s high risk, and without providing a stream of cheap talent or 1000s of merchandise buying fans isn’t going to yield much of a return…
  • Em….and well actually that seems to be the gist of it for now.

It is hard to see the big return appeal for proper investors unless, they were first in the door (CG and co) or there was truth in the formation of a Euro league discussions, at which point the share price should take a hike if invited in of course. For now, it sounds more like pipe dreams. Having said that, I’m sure there will be some, most likely those that believe their core business can benefit, i.e. Mike Ashley and Sports Direct, but how many of those can there be?

To summarise, the timing seems odd, it’s a hard sale to fans telling them that the money is for players at a time when we can’t buy players for another 16 months, and even then their shouldn’t be any requirement for significant investment in players…..I think the majority of fans (myself included) would have been more comfortable and willing to invest had Green been able to run the club for a year or two without any financial hiccups, and then at a time when the club could and required to invest in playing squad, then the sale would have been far easier.

For investors, unless there are commercial benefits to their other businesses to be had, then I think they will be few and far between, perhaps a small number happy to take a low level high risk punt at the possibility of a European league and the resultant share price increase. The plans thus far, do not offer much for new investors to get excited about, if they are expecting a reasonable dividend each year from profits, they will in all likelihood be bitterly disappointed.

The only saving grace, if it is one, is that Charles Green is ready and willing to underwrite the full flotation. I wasn’t aware that he was a man of such means……but we may soon find out how deep those pockets really are, if fans don’t have the cash and investors don’t see the benefits…

PS: Will I invest? Well, I’ll wait until I see the prospectus (I know, apologies predictable answer from myself)….Do I trust Green? Enough that I don’t think he means any badness towards the club, but not enough yet to invest on his word, I need to see numbers first.

Posted by Andy







Filed under Charles Green, Guest Posts, Rangers

64 responses to “Charles Green – AIM Flotation……Will Green have to buy the shares? – Guest Post by Andy

  1. mick

    what a great bit of work by andy highlighting greens all talk but no figures ,maybe green will spill the beans on numbers whats coming in and going out how much is the running costs and what he is taken in and going to take out ,also what is the panic for the share issue to happen now ,

    • Basically, Charles Green’s plan all along has been get in, buy the assets for £5.5m which I still find amazing that he was allowed to do, and cash in asap via a share issue. Job done, nice quick profit, and even better, at the end of it he can make his profit and still (with his mysterious co-investors) own maybe 50% of the club longer term, just in case that turns out to be worth something more down the line.

      Does Charles Green wish Rangers ill will? I doubt it, I think he’s just a smart business man. Smart enough to realise the opportunity when so many of my fellow Rangers fans seem willing to buy anything anyone tells them if they first take the time to spout a bit of rhetoric about how the whole world is against us. Go on any Rangers message board and you’ll see anyone who even questions this is immediately denounced as a Celtic fan (more derogatory terms may be used, but I shall not repeat them here).

      Investment in new players? Really?? As has already been pointed out above, we cannot buy any for a considerable time, and the reality is a few hard working journeymen of Scottish Football are what we need for the next few years, not overpaid foreign superstars.

      Academies in Asia and America?? FFS. Who is buying this. We have a good facility at Murray Park and access to a large pool of Scottish youth. If we can’t generate good footballers out of that then what chance we are going to turn things around through foreign academies. And who in America and Asia is going to weigh up their options between the elite clubs of Europe and a struggling Scottish team and decide, yeah we want to support Rangers. God forbid any of these potential fans are Catholic and visit our clubs message boards.

      Sadly having read the Forbes article, I feel like Bill Miller’s team had very much the right idea about Rangers and how they needed to be run going forwards. I feel we’d have been in much safer hands now had they gone ahead and bought, albeit they obviously understood well enough to avoid it. That so few of my fellow Rangers fans can see it is depressing.
      They will all be £500 poorer who invest in this, and Charles will be many millions richer. And these are not people that in general can afford to be readily parted from £500.

      • ecojon

        @ Ross W

        I always felt the whole Miller approach was open and honest and I was sickened the way a section of the Rangers support treated him.

        Still I was actually relieved to see that it wasn’t that that put him off but just the numbers which I suppose is bad enough.

  2. Tyke Bhoy

    Fairplay Andy but given you have discounted just about every use of revenues generated from this flotation why do you also so readily discount that its just to pay-off the original investors.

    Oh and you missed another couple of reasons on why player investment is a no-no, Ally, if he survives, can not sign anyone over 19 for the next 15 months. Even then the number of over 21s in an SFL squad is limited.

  3. There is a lot of unknowns here and unfortunately I feel that the whole thing is a scam. It would be heartbreaking if ordinary working folks are conned out of their meager earnings.
    Why oh why is there so much contradiction in Green’s statements?? Why the obfuscation??? This could end in real tears

  4. thembeatles

    I’m hoping this doesn’t come across as patronising, but its heartening to hear from a Rangers supporter who is genuinely interested in his club for all the right reasons.

    We know they’re out there as many of us have close family & friends in the same situation, but for some reason the minority seem to make the most noise about the wrong issues (in my humble opinion).

    Good luck with your prospectus, I hope it works out for you, either way.

  5. mick

    is it ticketus and whyte that have to get money out of this there is lots of romours on this which i for 1 believe that something is wrong from the day d&ps walked in to the present day there is something about green and no 1 has put there finger on it conspiricy or fact only time will tell

  6. Great post Andy, thanks for that. Glad someone with some common sense is in the blue corner! ;0)

    Seriously, I cannot see what the flotation is actually for, and why now, exactly. As you rightly point out, it makes far more sense for Green to show the faithful that he can really build up a properly run club & company before asking for them to invest.

    All the fluff – eg, bar/club/casino, sports emporium, etc – can easily be done via property developing – much more sensible, and simpler (and more normal), than by a company/club flotation.

    So why now, and why not after a year or two of prudent stewardship? There doesn’t seem to be a believable, rational answer to this in the public domain – no doubt partly because no journalist seems to have asked this of Green himself.

    Does anyone out there have one – a believable, rational reason why the flotation is happening right now?

    • Michael

      My plausible reason is still as it was when Paul wrote on the subject. This flotation is for the same reason as most IPOs; to allow the founders to cash in their chips. Normally the founders have put in many years of developing an idea, product or service. This is not the case here, but the purpose is the same. Believe me!

    • ecojon

      @ Kenny McCaffrey

      You could get punters in to build the bar stuff, if not for nothing, then a helluva lot cheaper than what an AIM Flotation costs. So you might only get a fraction of trhe revenue for a set period of years but eventually all profits would come to the club at virtually minimal capital outlay.

      Most of Greens career has been in and around property development and he knows there’s bigger bucks to be made in that than in Rangers FC.

      So we will see if Ra Cooncil will give him the land for free as he wants because he is going to build a railway station. I don’t really see why they should because the station would mainly be for the convenience of football fans on match day. The locals have got the subway network anyway.

      Let’s not lose sight of anything and over-obsess of football as is our won’t because it might have to do with property not owned by Rangers.

    • Jacko

      This may be completely naive but in reading Andy’s post, thumbs up Andy. I doubt any of us would be offered a similar indulgence on RM or FF, but some of his points got me thinking. He seems to put a good argument against full take up on the share offer. Institutional investors won’t be interested. No money generally in football clubs. So with season tickets paid for and Christmas round the corner then what’s the game here ?

      Is it at all possible that this is Greens plan ? He knows the take up will be under the max but say he gets £10 million ? And he and his investors have to put the rest in ? So what. He hasn’t given away the maximum 50% of the company. He and his investors are still majority shareholders of around 75% but he now has £10million of fans cash invested. The £10 million is a disparate group of small shareholders, who even if they did get together to block vote, still hold a substantial minority of the shares so their vote holds no sway or power against Charlie and the Boys.

      So expect less than full take up as it doesn’t make sense to float now. Grab what comes in and you’re still in charge and able to do whatever is next in the plan.

      As I said, probably completely naive but kudos to Andy for posting and well done to Paul for letting him. Hardly extreme moderation Boaby.


  7. dan

    Andy, I doff my cap.

  8. JimBhoy

    @Andy Good stuff mate, thanks for taking the time to see what the majority of the posts on this site are all about…

    However, I do NOT believe a word that comes out of baron Von Greenbacks mouth/@ss. So I asked earlier if the fans for arguments sake, put in £1m and other financial institutes do likewise, are we really suggesting Green is gonna put in £18m… If he had that sort of wedge at his disposal why is he working this crap for a £3m take home before tax? He talks about retiring with his 10%, I doubt he has wealth off the radar..

    Strange thing: We now know you can buy history, no pun intended but Whyte bought his google history, can anyone find anything on Green and his early background other than a wee bit of football and his failed business background, well I say failed in the normal UK man on the street, pay your dues don’t fuk anyone up kinda way.

    Follow the money, stay with the facts: The sums do not add up. Simple question to Green is he gonna make up the difference if the IPO is shy of £20m, if so the Rangers fans need not buy shares as the Baron will be throwing in his cash to do as he suggests in the prospectus, if he believes it is a worthy investment then let’s see the colour of his money… The fans can hold on until the next, maybe slightly more expensive IPO as he suggests and have some history with the wonderful Gentleman genius that Chico is…

    Personally I think the baron has been a good salesman to the current investors who will probably also be stiffed by the @ss clown…!

    We all know this is total Bull, I sympathise with the rangers predicament!!

    Chico rocks..!

    • ecojon

      @ JimBhoy

      As I posted yesterday I was quite surprised at Green’s tone towards the original investors it was a real I’ve got your money, you’re getting it doubled and if you don’t like it then sod-off.

      Methinks a bit of a fall-out there – the key is whether there is any time lock on selling their shares all under the guise of course of maintaining an orderly market 🙂

      • Michael

        No. Part of the act to get the fans to buy in. Institutional investors would be horrified by that tone. However as there will be no institutional investors it doesn’t matter. The audience for this is the fans.

      • Econ,
        I understand there is a bit of a fall out in the consortium. Some want their loans repayed and Chic has offered them debt/equity positions instead.The funder who lent Chic the £280k wants £350k back but has instead been offered shares (equity). He is not happy! Sounds like Chic is running a bit low on the cash front.

  9. Richboy

    Excellent piece Andy and kudos to you for clearly stating what most sensible Bears are feeling.

    You rightly intimate the apparent lack of necessity for this flotation and that raises many questions. Are Whyte and Ticketus due some cash? (there is a lot of chatter regarding this however I have yet to see any proof) Is this money required to simply keep the club operational? (if this is the case then it surely spells the end).

    One scenario I keep going back to is that Charlie pays off the debt (money lent to Rangers to buy themselves) gives his original investors a very nice profit, takes his two million and says I’m off, leaving Rangers debt free and a few quid in the bank. This is basically what he said he would do when he took over.

    • mick

      @richboy the float is to fill the gaps that are leaking cash its but or die even when they buy it will be the same in two years as there is the 20million black hole to fill, bill millers reason for back heeling the glossy deal put to him also theres bdo lord hodge and a whole load of other hurdles so its simple really if you dont buy its admin near end of season if you do buy its admin in a couple of years this is with out all the speculation of ticktetus and whyte in the back ground no matter the out comes the rangers football club or sevco scotland 2012 is well and truely fxxked and will never be the same agian tesco is not a dream its reality greens in to make a short term killing and ride of with sacks of cash everything is ok now seemingly but no matter what happens ever deal he does is for short term gain for him and his secret backers to get rich quick so rfc will never be a big club as greens projecting they cant even dominate div3 its such a joke from an spl point of view it is ozymandias no matter what happens

    • Richboy
      I have often said that this is his plan if he can pull it off.

  10. Andy.
    It is a simple choice.
    Give your money to the Reverend Al, write a cheque to the taxman (or one of many small businesses your club left to rot), or shut up.
    To date, I have never heard one word of contrition of your “clubs” past misdemeanors or how the “fans” could possibly make amends.
    Why not start a Victims Support website for all the people you left owing money to and ask for 500 quid donations?
    “To be? Or not to be?” I doubt if even Hamlet would have to pause for thought given your “clubs” history. This is a tragedy of Shakespearean proportions but obviously not for you or the thousands of investors who can raise 20 million quid to save a business where a bunch of overpaid lads kick a ball about for an hour and a half once a week but think NOTHING of the mess you left behind. The businesses you destroyed. The families whose livelihood you stole. The taxes you stole. The dreams you stole.
    Shame on you for even considering it. Go and sit in the corner. I am not interested in your pathetic deliberations whilst that fence pole bothers your piles.
    All that I would ask of you, is to do what is right, and that is nothing to do with football. Everyone in this universe knows the difference between right and wrong. I think Prot said that.
    So take your meditations an’ your preparations
    An’ ram it up yer snout
    Frank Zappa said that!

    • paul c

      Rangers collapse wasn’t Andys fault mate. I get that the debts, unpaid taxes and dual contracts have angered everyone that doesn’t support the club. You can’t seriously hold one fan accountable for all that.

      The fans are in a catch 22 right now, they buy the shares then most are sure Green will take the cash and run. You don’t buy then Green can say well I tried but I need the investment. Sure he said he would underwrite it, but anyone who has worn a blazer and rangers tie has lied.

      Green is no different to his predecessors, we all knew Whyte was a crook, and SDM was a braggart allowed a large overdraft. The stuff written about his dealings with panceltica medical shows he’s cut from similar cloth. What annoys me most about him is this pandering to the scum that support Rangers. Playing the bigotry card to get them onside and plans to give them another orange strip seem to overshadow some more pertinent questions that should be asked.

      Personally I see HMS dignity sinking back into administration and all the talks of training centres in USA and Far East are just the same moonbeams of super casinos and hover pitches.

      For what it’s worth Andy you seem like a nice, intelligent guy, I don’t think the share issue will work either for the doubts you’ve already raised.

      • Of course Andy is not personally responsible for the Rangers collapse, Paul.
        But in this case I can generalize from the particular to the universal. Call me a fool, but I firmly believe that in this case it really is black and white. The creditors of Rangers have received nothing. Zilch. Nada. Hee Haw. Essentially, giving money to resurrect the monster says *uc* you to everyone owed money and cheated by the previous club and to the wider society in general.
        I may be being pig headed but for me it is that simple.
        I despise the pathetic strains of injustice and the laughable reversed psychology of persecution bellowed from Ibrox. Elephants and Yorkshiremen may never forget. But, Mr. Green, Scotsmen don’t forget either. And this particular Scotsman will never forgive.
        So Andy. It is your money and you are a free man, so spend it as you wish. Personally I would give it to charity.
        And now that I have got that off my chest, I can say that I am in complete agreement with the rest of your comments, Paul.

  11. mick

    azure and close leasing had links to murray and whyte azure are still doing the catering after admin this contract should have been binned and put out to tender agian for the purpose of getting the best price and deal for fans why has green kept them on this is a strange bit of business also the shirts to mike ashleys offices via a Sport Direct company ,then theres ticktus why are they so silent ,greens well at it and has created web of intrigue that is is own doing with not being transparent .Whyte “sold” a total of 100,339 season-tickets to a firm which specialises in buying them. surely they have a legal team that would be up in arms if not getting paid for a man that likes the limelight he is certianly not answering questions on finance and why hes doing what and for what reason this to me makes him a crook in a suit

  12. Proud Scot

    I thought today was supposed to be liquidation day?????

    Where are BDO

  13. mick

    proud scot BDO Gratuitous Alienation is reality maybe they are prepering paper work that will out green as whytes mate in under value sale thats why greens hurring the share deal throw also hes already of load 20 mil shares its a web of desiet just like the whole rangers set up and whart it stands for

  14. ecojon

    @ Andy

    Can’t see anything you say that I would disagree with – maybe I would have a different emphasis on some things but we are all individuals with different viewpoints.

    I did note that on a specifically financial report chico today stated: “I’d like to see the fans with 15 or 20 per cent of the club. And maybe 50 per cent held by institutional investors”.

    That leaves 30-35% and my mind jumps, possibly wrongly, to the original investors as making that percentage up. Green has stated that none of them are taking any money out at the flotation. But that is quite a sweeping statement when 19 individuals are involved.

    I therefore think there is a lock on the sale of their shares but we won’t know that until the prospectus and we don’t know the length of time it applies for,

    From memory the share marketing presentation, which Paul has just returned to, outlined that the founder shareholders who together put in the first £10 million of shares got a bonus right to double their shareholding on a pro-rata basis to original shares purchased – I think it was at the price of £1 for each bonus share. But that was before the failure of the CVA which I think led directly to a drying-up of fresh investment from investors holding back a bit.

    So as a guess it could be that the original shareholders hold 10 million shares bought at 50p and that they got their bonus shares at the same price which creates 20 million shares and raised £10 million share capital. Throw in a couple of the various names mentioned at 1 million shares each costing £1 a time and you could have a total take of £12 million approx.

    I doubt if there’s much of that left but the more I look at what chico says I don’t think lack of money has set the flotation timetable as I think it was more or less always settled. I am convinced the CVA collapse and the consequences that flowed from that with the attendant publicity slammed the brakes on the investment.

    So what does chico do – he keeps going on about coming up for 60 and he’s an old looking 60 so maybe he’s tired and wants to reture as he has been saying. I honestly can’t see him going for another four years I just don’t see it. And yet if he is going to rip the club off will there be enough in this flotation to make it worthwhile if that is what is in his mind.

    Even if he has shares they degfinitely will be locked in I would say for at least 12 months and if he leaves he loses them or should except in special circumstances like serious ill-health. So he would be left with his 10% pay-off on the flotation price which would be the original investors cash plus flotation amount raised. For sake of argument if the flotation raised £10 million (at £1 a share) then he would be in line for £2.2 million and if it raised £20 million that would rise to £3.2 million.

    If he stayed for another four years share price could have dipped and I don’t know if he would retain his original deal – he might get that anyway whether he stays or goes. The only incentive I see for staying in reality is another successful flotation – But I reckon that would raise buttons unless the club was going into the SPL or equivalent which I think Bears would wear if there was a cast-iron guarantee that all loot was used to buy players who would be the key to Euro football.

    Other than that the only other way of raising cash would be the sale and lease-back of the stadium but there are just too many ways of arranging that to make it worth discussing at this stage.

    • ecojon.
      I always enjoy, and look out for your post because the are well thought out, well presented and well argued.
      But……and there is always a but!
      I remember many,too many years ago, my Psychology tutor took us down to see the decision making processes at the local council.
      2 hours were spent arguing over the price of a park bench to be bought and placed in Princess Street Gardens in memory of some chap who had contributed such and such to the community. I think it was eventually agreed to buy it for 10 quid from Archibald’s Furniture Emporium (or something like that).
      We were waiting on the debate on the education budget which was something like 15 million and I anticipated a lively debate on the numbers.
      The budget was passed in 2 minutes flat. No questions. Nothing. Nada.
      My tutor told me that the people on the council had a great understanding of 10 quid but when it came to millions, they didn’t have a scooby.
      It is exactly the same with the Rainjurs fiasco.
      We are talking 20 million. I will say it again for emphasis. 20 MILLION.
      That is a lot of dosh!! We can analyse the numbers all we want. This is not a park bench. It is 20 million quid.
      Unless Swally has the winning numbers for the Euro lottery, it will not happen. End of.
      I love conjecture and especially conspiracy theories. And I love all the rumours and devious politics behind the arras, but the numbers are just too too big. This is, after all, business. No one throws away that kind of money (unless they are very, very, very careless). ENIC springs to mind 🙂

  15. there will always be football supporters who will buy shares in their club ( or whatever company they believe to be their club, in the case of zombie co) and they will do so for the love of their club, not for financial gain. Having said that whether the zombies will plough in £20m remains to be seen, especially if they know it will most likely be split amongst Charlie and his backers who may or may not decide after making a profit to skidaddle as life in sfl3 doesn’t look as rosy as it was portrayed to them in the initial offer. There may also be a decline in the number of zombies who’s sense of duty to buy shares may be diminished now they have Charlie chalk saying he will basically underwrite any shortfall by snapping up the unsold shares for himself, that one little sentence could prove to be Charlie’s biggest mistake since he opened that trap of his, as we all know what happened when the last incarnation of zombieco issued shares and the fans knew their chairman would just buy the shares they didn’t feel obligated to buy 🙂

  16. mick

    0% on pies
    0% on merchandise
    0% on profit from players
    its 0% profit every were you look its buy or die its a short term fix to a pheniox company that is cloned out of the worlds most cheating club its all doomed to fail and the black hole that miller mentioned has got bigger due to no spl or euro income its comedy gold from a spl point of view

    my take on it is sevco is on a life support machine the hospitial want the leccie paid on the machine if its not paid the machine goes of and its a flat line just like oldco at some point the bill wont get paid the share money will run dry he will sell the brick and mortar then its armagideon all over agian

    • George

      mick, I like your comments, BUT PLEASE DEAR LORD, spell and grammar check before posting.

      mick, I have a blunt knife and many pills at hand and one more post MAY PUT ME OVER THE EDGE.

      • mick

        @george every1 says that put the knife and pills down and take deep breaths think happiness and and adjust your mind away from the clift edge lol

        • George

          mick, I have seen the light – thank you for seeing me through this dark time…..but wait a minute YOU DIDN’T USE ANY PUNCTUATION!!!!!

          • mick

            a never do ever and am the most prolific commentor on sevco ever as well basicly sevco were skelped in to the lower leagues by a bunch of lads that do typo errors or as andy sometimes says cant even string a sentance together lol

            • George

              all right, all right – I give in! Have a thumbs up, since that is what the lightblueside trade in, I presume they must be valuable>

  17. there will always be football supporters who will buy shares in their club ( or whatever company they believe to be their club, in the case of zombie co) and they will do so for the love of their club, not for financial gain. Having said that wether the zombies will plough in £20m remains to be seen, especially if they know it will most likely be split amongst Charlie and his backers who may or may not decide after making a profit to skidaddle as life in sfl3 doesn’t look as rosy as it was portrayed to them in the initial offer. The amount if zombies who are willing to put in there hard earned may be even further diminished by the fact the Charlie chalk has basically said he will underwrite any shortfall by snapping up any unsold shares for himself, that one little sentence could well be a ‘dear sentence’ (pun intended) for zombieco as we all remember what happened the last time there was a share issue and the fans didn’t feel obligated to buy them as they had a man at the helm who would ride to the rescue and make up any losses! And all this before you even mention any background characters or shysters who may or may not still be involved!

  18. PaddyK

    Nice piece Andy. Speaking to a Bear today who was going to buy shares for his kids as a Christmas present. Right up until all the financial analysis from various brokers in the MSM.
    The single biggest worrying phrase for me is “working capital”. Why do they need this? Two months into the season and the money from season tickets isn’t enough? Very worrying.

  19. mick

    Would it be true to say that LH refused D&P a handover to BDO otherwise we would have had an announcement today ?
    I`m wondering if the share issue announcement was rushed out on some optimistic hint to Green from D&P that LH was satisfied there was no COI issue and hence the sale to Green was most unlikely to be querstioned

    a copy and paste that from tsfm goosey who when it comes to criticial analysis is always spot on

    • Michael

      You had me worried there, Mick. The first part was full of punctuation. Then you mentioned “copy and paste” and I realised you were quoting. Phew! I thought someone had stolen your persona. I thought it was a zombie Mick…..

      • Mick

        Good morning Michael well spotted goosey from over at tsfm is always worth quoting he’s up there as a top commenter .zombie mick I like sevco Charlie green is good Declan bad a don’t like mint a like orange clubs lol

  20. Oh for God’s sake.
    A blind man on a galloping horse can see that this will not work!
    I work for a multi billion dollar NYSE listed company. To raise $7 million in cash for a new project requires reams of paperwork, credit evaluations, cap ex justifications, 5 year cash flows, Monte Carlo analysis, financial models, what if analyses etc. etc.
    For 7 million bucks cap ex on a total 5 year project of 35 million turnover!
    And that is before you get to pitch to the CEO.
    The Reverend Al has as much chance of raising 30 million bucks as I have of bedding Jessica Alba (how aptly named!) tonight.
    I watched Chuck and Swally’s pitch on SKY and believe me, it was pathetic.
    (Does Swally have an adenoid problem btw??) No investor in their right mind would give them the time of day. I would be sacked for that dilettantish attempt to persuade anyone to part from their money. They do not do that. Mr. Millar was right. Forget it.
    They have nothing to pitch. No numbers. No future. Nothing!! Not even a line of credit!! They have made not one attempt at cost cutting as many people have pointed out. Labour costs normally account for 45% of all operating costs including depreciation and are more in a labour intensive business such as football. The first thing to do in any company suffering this kind of business downturn is to cut labour costs. Drastically. And sell anything that isn’t nailed down. They have made no such attempt.
    30 million from a fan base who (like me) struggle to pay the mortgage every month never mind donating to a walking dead business with no future. The biggest Giro in Govan won’t stretch to more than a few quid.
    It has been proven that there is no saviour for Rainjurs. Not even one brain dead Qatari Shaik would put money into this deal. And believe me. They would put money into anything.
    They are an ex-parrot. Norwegian blue, funnily enough. All the speculation about the numbers is pointless. As Pritchett said. It cannot be turned around!

    • mick

      @goneinthemorning that was a great comment why dont you do a short post for us all to comment on your well on the ball

      • Thanks, Mick
        The worst words you can hear when you are pitching a project, whether it be 7 million or 300 million, no matter how much work, sleepless nights and weeks away from home, are, “So this number here. How did you work that one out??”
        Unlike our MSM, some clever bugger always asks the question that you don’t want to hear!! And usually that is the number that you have poakled (is that the correct spelling??) to make the project fly!

        • mick

          @gone in the morning a noticed that you did mention Psychology in 1 of your posts greens got them deluded to the point the are going to shower him with cash its similiar to selling the red indians whiskey and then raiding there land and stealing there horses ,the delutional disorder is a reality in scotland and green is well using it to his advantage to fleece them and keep any1 that questions the deal at bay

          • 🙂 I only did Psychology because the lecture was in the afternoon. Not that I went anyway (lazy b). Politics and Philosophy major. Run several businesses in the Middle East. How did I get here? As Talking Heads said.
            But, aye. It is smoke and mirrors. Businesses run on cash. No cash? Nae business. It can never make sense!!!!!

            • mick

              a was going to ask you to syhco analyis green as well ,politics and philosophy is very impressive its the same the world over no money no honey greens cloned tribute is bleeding cash and with him paying early returns on the loan to buy sevco its looking very bleak after the shares they only have brick and mortar to sell then its the admin agian tesco next time maybe we will just have to wait and see

        • Goneinthemorning
          The word is pochled which means ,in Ayrshire anyway,cheated. Sums it up really.

  21. lordmac

    IF THE investors are wanting to double there investment through the share issue, why don’t the Rangers fans pledge all there funds together
    to the one unit, or named conglomerate, and then demand that if they buy shares what part of there money doubles upfor them, and when they have 50% control they then can call the shots for there members a few years down the line, then they can divi up. Individual supporters shares, aint going to have any affect on Green. But with them all lumped together Rangers fans are in charge of there clubs own fate.

  22. ecojon

    I have included some quotes and notes from a chico meeting with fans.

    CG said “We are not for leaving – we are staying until the job is finished.” CG will receive 10% share ownership once the job is done, but FSA rules prohibit him from selling while he is CEO, so he kindly asked us to vote him out when the job is done so he can retire to France.

    Interesting that the 10% figure was originally given as a commission percentage of the flotation amount raised and would not have been subject, as far as I know, to any lock-in. Then we have the pure deid brilliant essence of snake oil slicked over the whole thing with the fans being asked to vote chico out when the job is done.

    As usual we don’t know when the job will be done and what will define ‘job don’ and perhaps chico should have explained how the fans or minority shareholders vote him out. And again the retiral with France as the destination – he really has worked up an appetite for all things French these days.

    Lock-in agreement

    The AIM Rules require that ‘where an applicant’s…
    main activity is a business which has not been
    independent and earning revenue for at least two
    years… all related parties and applicable employees as
    at the date of admission agree not to dispose of any
    interest in its securities for one year from the admission
    of its securities’ (it is likely that the Nomad and/or
    broker will require further lock-ins in order to protect
    prospective investors and maintain an orderly market).
    ‘Related parties’ include directors, shareholders owning
    10 per cent or more of the voting shares (an ‘authorised

    • Michael

      There are 2 shares (securities) in sevco. They won’t be disposed of in accordance with the AIM rules.
      The rest is debt + interest. That will be repaid with the monies from the fans.

  23. ecojon

    Oh I meant to add that the Darkside fan forums again are peppered with very serious sounding non football supporters – well not like any I know – declaring what a spiffing opportunity the flotation is to get behind the club and they are all supporting it all the way and will be investing thousands.

    The ordinary bears are saying nothing but I’m sure they can spot PR puffery at a million paces. The sites that have registration dates show that these rich punters have just recently been attracted to Rangers – ach maybe I’m being paranoid and they’re all savvy investors who spot an opportunity to make a killing on the shares.

    Aye Right Jimmy 🙂

  24. Well put together piece Andy and I’m sure that thousands of fellow ‘bears’ will be having the same hopes and thoughts.
    But it’s that uncommitted reasoning that will be giving Charles worrying doubts on his flotation strategy. Charles really needs you, but to get you and other fans to commit financially, he has to prove that all his plans are beyond reproach and the money raised will going solely to the club and the original investors in ‘Newco’ … and to do that I think he has to go back to one of his original promises; complete fiscal transparency, his reluctance to open the books is still niggling a lot of supporters and dilutes the trust they have in him. Let him demonstrate full disclosure and I can then see you and plenty of other fans getting on board and helping stabilise your team.
    It would also shut a lot of us internet bampots up!

    • mick

      greens hiding something big and sleekit simple as the lack of transparacy the deal going his way instead of the blue knights then last but not least the deeds issue raised by bomber ,hes been given a free rian by the msm up here and can do and say as he likes the tough as nails (threats and intimidation) makes him feel confident in achieving his greedy goals and aims for him and his mirky secret backers what he doesnt under stand is no 1 cares about the threats anymore they are a joke now and sooner or later the bampots that clatter will get the info that will nail him and his team to the wall

  25. COYBIG


    “The only saving grace, if it is one, is that Charles Green is ready and willing to underwrite the full flotation. I wasn’t aware that he was a man of such means……but we may soon find out how deep those pockets really are, if fans don’t have the cash and investors don’t see the benefits…”

    I think if someone is going to underwrite a share issue, they have to sign a contract, stating they’ll pick up any shortfall. If that’s the case, does anyone know if it would have to be disclosed? If it does, and if Charlie signs, it might make more people invest, knowing he couldn’t back out, as it would be legally binding. But will Charlie be signing a contract? Hmm…..

    @Andy – My thoughts on your blog:

    A blog from a fan, who just wants to support his team. But also knows something’s not right regarding the current situation. An honest and frank assessment, rather than the usual ‘you’re all obsessed’ mantra.

    I’m not being sycophantic, or just praising you because you’re begining to question Green’s actions. Rather because I believe your blog to be genuine.

  26. Andy,
    Very well done on this article and well done to Paul for allowing a Rangers position to be heard here. Any more of this and the silent majority of decent football supporters could become more important than the minority clowns that nobody respects.
    You know that I have preached caution about Chic since his arrival. Clearly you are of the same opinion. It might be good to write an article detailing all Chic’s quotes and subsequent actions/requotes etc.
    On the professional front Chic has ABSOLUTELY not underwritten this fund raising. He has said he will take up the share issue to create this illusion. It is, however, just an illusion and another example of smoke and mirrors. Charlie Green is one of the best salesman I have ever met and he can be a charming charismatic character. He is also ruthless and not too gifted intellectually outside the sales function. He has no personal wealth so I know for a fact that he cannot fund the unsold shares issue. More rubbish I am afraid. Ask him direct how can he personally afford his share take up position. Speak to his ex wife and ask her. She will probably tell you the truth. Anyway I am pleased that you are questioning his rhetoric and I hope I have got him all wrong for your sake. Keep asking the right questions………follow the deal not the orange strip nonsense. Good Luck

  27. This flotation on the AIM is a great money making opportunity for those prepared to take a risk. Here is how.
    On flotation day, ignoring dealing fees which makes the share cost a bit more, lets say shares are offered at 500 @ £1.00 each and are listed on AIM.
    On the same day, I sell via my broker/trader, 500 shares at 95p. These are 5p cheaper than the flotation so should be no problem finding a buyer. My dealing account now has £475.
    I’m predicting (that’s my risk, I do it quite often) that these shares are going to fall quickly to 80p at which price I order 500 from my broker/trader and £400 comes out of my dealing account.
    I have £75 profit.
    This is how the shareholding fan is going to be put at the mercy of the short-seller, and the short-seller will show no mercy.

  28. ian lewis

    A lot of people expect this flotation to fail.Short memories.How long is it since so-called savvy investors were persuaded to chuck a few billions at RBS?A prospectus only tells you what you want it to.

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