Why Ally McCoist is not Finance Director at Ibrox

Some more on Rangers.co.uk’s comments from Messrs Green and McCoist.

My comments are in bold.

—————————

ALLY McCOIST has revealed his delight that Rangers are paving the way for supporters to have a chance to invest in the club. Thousands of Gers followers lost their holding in the old company and McCoist is pleased supporters will now be able to take on a more formal association with their club again through future investment.

By buying shares in the company which owns, and which could sell, the club?

“It’s another massive step in the process,” he said. “We’ve come a long way in a short space of time and we’ve still a long way to go. Today is another step in the right direction though. It’s a big step for the club in the respect we can hopefully raise income for it to go forward which will be used to benefit the club and the supporters.

Raise “income”?

Ally is not the money man, is he? Is this confirmation that despite what Mr Green says re infrastructure investment, this is actually to pay running costs?

“I’m absolutely thrilled the supporters can invest. It gives them the opportunity to invest in their club. That is very, very important – I know how important that is to them to do that. One of the major positives will be that the income raised will be going back into the club and being a supporter myself, I know how important it is to invest in the club.

There was publicity suggesting Mr McCoist was now a shareholder too. Did he buy the shares or was he allotted them, or options, or what? And traditionally fans “invested” in their clubs by buying tickets, and a pie and bovril, and a programme – share investment has always been rare.

“We’ve all had our traditions throughout the 140 years of Rangers so far. Families have supported the club throughout in that time and they’ve taken a keen interest in its future.

“Of paramount importance is that the future of the club cannot be put in jeopardy again. Looking back, I don’t think some people realise how close we might have been to extinction.

How could the club have come close to extinction, Ally? After all, it was the company in financial trouble – the club pre-dated the company. I am confused.

“That would have affected hundreds of thousands of people. That’s how important the club is to so many of us. That, it goes without saying, must not be allowed to happen again. We must be strong and solid and the supporters must see that and have faith in it because everybody involved with the club had a very traumatic time this year.”

And perhaps those hundreds of thousands of people are going to be interested in buying shares?

He added: “There were dark days, of that there is no doubt. At the same time, you can never give up hope and you have to believe you can come out the other side. There were times when the light at the end of the tunnel seemed a little bit further away than we would have hoped.

“Thankfully, we’ve come out the other side even if there’s still a long way to go in the natural progression of the football club.

“There is absolutely no doubt that after some worrying times, we are in a far better place now than before.

A far better place – I suppose writing off £100 million plus of debt improves the situation.

“The big thing is that we keep moving forward now. We should never forget what has happened but we don’t want to look back as we want to get back to where we belong.”

Never forget, but don’t look back!

Bearing in mind Mr McCoist’s involvement in Rangers involved both the Murray and Whyte regimes, then looking back might be worthwhile in helping his new boss prove he is not the same as the old boss.

Posted by Paul McConville

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43 Comments

Filed under Charles Green, Rangers

43 responses to “Why Ally McCoist is not Finance Director at Ibrox

  1. Tyke Bhoy

    Sweepstake time! How many posts on this thread by Cam before he mentions DLA?

    Another good analysis Paul. The only reason Ally is still in a job is that Chas needs a bluenose on board to con (oops make that persuade) all the potential investors into parting with their money. Letting Ally communicate with them though is a big mistake.

      • martin c

        sorry, too many beers i meant 1, are you allowed two goes? In fact can i phone a friend, I’m sure it’s still free.

        The penny has just dropped with Ally on the phone and banned from talking to the press it’s the end of succulent lamb. If you wanna know what’s going on you gotta phone Ally 0998 R-O-T-A-R-I-A-N.

    • Hang on a minute – didn’t one of Chico’s rants (sorry, statements) say something about not letting Sally/other staff talk to the press?

  2. Good idea to have the separate posts Paul – it really shows it up better.

    As for Ally, I think that’s about as much as he can really say about it that he understands – otherwise his head might explode.

  3. Another piece of futile rubbish from the word-merchant of Govan. Bet he’s glad that this con (share) has come along now to deflect attention once again from his total incompetence as a football manager. How many of their families will suffer again through hardship and neglect so that a worthless piece of paper can be bought with a dead rangers crest on it to help fund Charles Green’s retirement fund.

  4. mick

    sallys a pawn in green and whyte and ticketus game here hes not walked away as no 1 would employ him ,hes still never mentioned how he got his shares hes had it traumatic lately so at least he knows how his sevcoian zombie fans feel when swollowing the away matches of scotlands newest club sevco who entered the league ilegally with no accounts and a whole load of other rule breaking cheats then cheats now and cheats forever

  5. ecojon

    Gawd if ah hear him mentioning the light at the end of the tunnel another time I think i’ll crack – it’s actually a pity he can’t see the light himself!

    Now that he’s a big-time shareholder in the club he’s even learning the lingo of the city spivs by stating: ‘Thousands of Gers followers lost their holding in the old company’.

    ‘Holding’ Ally? These are mainly ordinary people, supposed to be your people, who have lost thousands of pounds in cash for shares and debentures that a lot probably couldn’t afford to lose.

    ‘Holding Indeed?’ Your’e a traitor not only to your class Ally but to your club – you know what that is? That’s the supporters that go on and on supporting through thick and thin. It’s not the snake oil sellers who will deftly take their money and just like all the times before leave the punters with nothing.

    Once the circus leaves town Ally you WILL walk away because you won’t be able to look decent people in the eye. And btw you couldnae manage yir way oota wet paper bag!

  6. mick

    @ecojon your well right there the rangers made him then he took part in there death hes as guilty as whyte and murray why did he not try harder to stop liquidation was he promised a good deal from green hes well a turd of a man and thats putting it mildly

  7. Forgive my ignorance, but legally can Charles Green float shares in ‘the rangers’ before BDO saction that asset transfer?

    If the shares are sold, all £20m of them (stop laughing at the back, sides and front) would BDO have the power to rescind those purchases if reversing the asset transfer?

    After all, scant months after buying the assets for £5,5m the floatation value is £20m. But these aren’t existing shareholders shares, so what does that truly value sevco at?

    £20m PLUS the existing shareholders share valuation? In division 3, with no European money for at least 3 seasons.

    voodoo economics right enough!

    • mick

      @plambie thats a great point BDO have not liquidated oldco and said its ok for them to proceed with the original deal lord hodge and BDO need to come out soon and sort these crooks

      • fish

        Bdo. Does anyone know when they actually start on this case? Must be soon surely.

        • Mick

          Who flow to close to the sun Pegasus a know it’s a little of topic but the myth could relate to green and Sally when the bears turn on them and they realise it’s a con

        • ecojon

          @ fish

          Doesn’t really matter when they start they could be investigating for at least a couple of years.

          • duplesis

            I agree – it’ll take a long time for the investigation and liquidation process to come to an end – the Leeds United oldco is still in liquidation now, more than 4 years after the start of the process.

            I don’t think it’s true to say that BDO have to sanction the asset sale, however. BDO may have the right to challenge the asset sale, but there is no positive requirement on them to sanction it for it to be valid.

            • ecojon

              @ duplesis

              Even if there was some legal mechanism it could easily be overturned because they couln’t come in and within say 6 weeks be able to declare that the flotation was off because not enough had been paid for the assets. They just couldn’t gather the evidence to support that in the time available.

              So either way they can’t stop the flotation but there remains an outside chance that they could find the assets were sold too cheaply and that could have an affect on share prices at a later date.

              I would be surprised if this possibility, albeit slight, wasn’t outlined as one of the risk factors in the AIM application document.

    • plambie, I’m certainly not any expert in these things, but then again, if Ally McCoist can give his views on finance, then I suppose just about anyone can have a go…

      In my unexpert opinion, the answer may lie in what they are shares OF – ie, a company which is laying claim (so far) to the assets that BDO will be having a look at. So, If BDO deems the selling of the assets to be have been erroneously carried out, or maybe (again, guessing, but hey, in for a penny) is empowered to charge Sevco a more ‘realistic’ figure for those assets, then surely it’s just a case of charging the company?

      Either way, I reckon it should be an argument over the assets, rather than the shares of Sevco. Worse-case scenario could be that the flotation could be used to pay ‘fair price’ for the undersold assets. I think that sounds OK – any experts out there agree?

    • ecojon

      @ Plambie

      The company would be worth more than £20 million if the flotation goes to plan as there has already been possibly £12 million raised from original investors so that takes it to £32 million and that’s at £1 a share although Green would hope for £1.50 a share.

      • Thanks for that update, appreciated.

        I saw in another article here that Green has publicly stated these shares are new and not from existing shareholders.

        Its still a terrible offering I feel, but at least it’s not one where the current guys are using as an escape pod.

      • Ecojon,
        The club are selling 50% of the shares circa 22m to raise up to £20. This creates a value or market capitalisation of £40m. Remember Chic has also said that all the current shareholders are staying. The key phrase in the first sentence is “UPTO”!
        The current shareholders have probably had to agree a locked in position as institutional investors are not going to invest to watch the original investors dissapear with their cash.As regards potential BDO action, this possibility, along with everything else will have to be detailed on the prospectus as a risk. There are likely to be a lot of disclaimers on this prospectus. The locked in position, if correct, will turn the shareholders position into a disastrous long term scenario instead of the short term winner that Chic promised. His only way to win back his shareholder strategy is to have a massively oversubscribed issue and place his existing shareholders shares to satisfy the extra demand. We will see!
        Another issue that is important to me is how Chic has organised his exit strategy. On reading back to the original deal I noted that Chic’s 10% sales bonus was relevant to a capital enlarged position. This means that his percentage was NOT diluted with the latest share issue. Everybody else took the hit to create new shares to sell but not Chic who gets a straight percentage of the bigger number. Asuccessful floatation will net Chic £4m. Next question is how he will be paid out? The answer must be cash as Chic is far too smart to play the losing long game of equity participation…..there will be no doubt that Chic will have a watertight contract already approved by the shareholders to this effect. So a successful floatation will see Chic’s £4 and the floatation expenses of circa £1m of £5m dissapearing on day one. As I think on the floatation expenses might be more as Chic will have done contingent deals with the London boys. A contingent deal is structured to pay less in a losing position although you get hammered in a successful float. Ask yourself who is the only man not to lose with this scenario and you get to the individual with a straight percentage of the total deal ie not nett of expenses deal. IT’S CHICO TIME!! Chic,s little deal should also be detailed in the prospectus so we will have to wait and see. In fairness my comments are not that novel and I am sure the switched on (alledgedly) institutional investors will see things as they are.

        • willmacufree

          100bjd,
          But could a maybe sympathetic fund manager invest/throw away say 2% of a substantial fund in this issue? £3mil from a good sized fund might escape notice. 3 or 4 of those would send C. Green home reasonably content. How can pensioners prevent a cash transfer from their funds to C. Green’s pension fund?

          • Will,
            The answer to your question is yes. Other answers to why fund managers fund in risky scenarios might be more in the “self interest stakes”. Regrettably pensioners can do little to affect fund decisions although given most funds less than stellar performance they could probably dp a better job. It should be noted that AIM shares have a tax advantage over a full listing relative to a a different and better treatment of capital gains tax……….I do not think this is going to be an issue here!

  8. COYBIG

    TO BE HONEST WITH YOU, I DON’T KNOW.
    Ally ‘Cheeky Chappy’ McCoist on The Rangers share issue

    Exclusive interview with the Ibrox boss/clown.
    By Hugh Keevins

    As I looked over at my good friend Alistair, I could see the wear and tear that the past year has taken on his wee angelic face. I also see a man who wants to take HIS club back to the very top. A place that everyone, not just in Scotland, but the World, know is were Rangers deserve to be.
    “To be honest with you Hugh, I don’t know alot about this share issue stuff” he said, with a cheeky wee smile, that’s our Alistair, always honest. He then went on to say that he thinks everything will be fine because, as he jokingly calls him, Chazza told him so. “We had a meeting in his office, and you should have seen it Hugh, he had a big spread set out, all for me. I walked in and he said, “‘eear you are Alistair, ah bowt orl dis food for you”. You know me, I got stuck right in, and Chazza was telling me about how the share thing works. To be honest with you, I wasnt really listening tho, the sausage rolls and pies were too good”. I then asked my good friend, if he left anything for Mr Green to eat, and he just laughed. That’s our Alistair.
    He knows that it will be a long way to get back to the SPL. But all of the things my good friend Alistair, has had to put up with over the past year, should not be forgotten. “Aye Hugh, it was really tough, you know, I honestly didn’t know what was happening”.
    But Alistair, the brave wee soul that he is, after having his club wrongfully relegated, has got a team of absolute world class superstars together. And Rangers are flying high, mid table, in the best league in Scotland, Division 3. “It’s a tough league, no dout about it. To be honest with you tho, I’ve been impressed. But nobody at Rangers ever said it would be a walkover. The SPL kicked us out, for what, I honestly don’t know. But we’re here now”. And we can all be sure, that with my good friend Alistiar in charge, Rangers will make alot of friends along the way, as they win three successive titles and get back to the SPL without losing a single game.

  9. COYBIG

    Did you know that ‘Charles Green’ is an anagram of ‘Rangers Leech’? As they say, if the shoe fits…

  10. james larkin

    there was a rumour that chico paid ally in shares…as they couldn;t afford the cash and it was also a way of locking ally in on the scam as they needed him to be onboard.

  11. On the BDO issue, I understood that a vote of creditors by a ‘correspondence meeting’ was to close at 12 noon on 12/10/12 and that a hearing at the Court of Session was booked for that afternoon to rubber-stamp BDO’s entry and D&P’s departure. However, I am unable to find a report on what actually happened on the day. Anyone shed any light on this or point to a report?

  12. Fisiani

    BDO will not be appointed if this does not benefit Rangers. Do you not know that rules are for everyone else?

  13. charliedon

    Ally’s latest satement “We should never forget….but we don’t want to look back…” reminds me very much of an earlier grandstanding speech he made. Praising the players who had taken salary reductions at the start of the administration, he said “their sacrifice will never be forgotten..” But in the very same speech he also said that the supporters will never forgive players who walk away! Their sacrifice will never be forgotten – unless they leave!
    Ally – the master of paradox.

  14. ““I’m absolutely thrilled the supporters can invest. It gives them the opportunity to invest in their club. That is very, very important…”

    Perhaps someone could ask Ally his thoughts on the thousands of Rangers supporters who have previously bought shares in “their club” and indeed invested heavily in the debenture scheme, with its attendant guarantees, that also offered supporters the opportunity to invest in their club… I understand those investments to be worth nada now. Can Ally explain what is different this time?

  15. mick

    dingwall charges a tenner to join rst ff hes a con man theres roumours green has leased back ibrokes to trfc sold murray and future season tickets if worse that whyte bomber and the deeds spring to mind theres not much hope for them

  16. ecojon

    Good interview at: http://news.stv.tv/scotland/194555-rangers-chief-executive-share-issue-plan-questioned-by-analysts/

    It has Fund manager for Finesco Financial Services David Low, who drew up the share issue strategy that allowed Fergus McCann to takeover Celtic in the mid 90s. Also Chris Graham and Richard Wilson commenting.

    • Eco,
      Chic says Rangers are worth UPTO £30m……yet tries to see half the shares for £20. Can they not count in Yorkshire? The institutions are going to love this sort of stuff…….not. Lose 25% of your projected market capitalisation in a day………that,s a bit like the Stirling Albion result in financial terms

      • Eco,
        Had a dyslexic moment with my last post…apologies will try again-:
        Eco,
        Chic says Rangers are worth UPTO £30m……yet he tries to sell half the shares for £20m. Can they not count in Yorkshire? The institutions are going to love this sort of stuff…….not. Losing 25% of your projected market capitalisation in a day………that,s a bit like the Stirling Albion result in financial terms

  17. paul c

    There will be fans who will buy shares ( I don’t think it merits the term invest) and its pretty unlikely they will see their money back let alone a return on it.

    I feel sorry for all those creditors who have been robbed, whether they were companies, debenture holders or shareholders etc. However I would say for any previous shareholder thinking of re-investing once bitten twice shy.

    Forbes and FT have been scathing enough on their analysis of the floatation to put off anyone other than fans to invest. We’re not talking about a lot of fans either as the RFFF couldn’t raise £1M when their club was close to extinction at the time, I don’t see anywhere nearly £20M being sold with all the uncertainty surrounding it, especially when it’s aimed at ordinary fans stumping up hard earned cash just before the run up to Christmas.

  18. ally, why are you coaxing fans to part with money, they will not see again.carry on they are daft enough

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