Rangers Share Prospectus Sees the Light of Day – Discussion Here Please

At midnight the “big reveal” took place. The Rangers Share Prospectus was released.

You can read the full document here – RIFC Prospectus

There is a lot contained in the document. For the first time for several years, there can be no complaints about the clarity and openness of information from Ibrox.

It is clear that Mr Green and his cohorts have brought a hugely successful share issue to market, and they deserve full praise for doing so.

It might help the structure of the debate if comments on the Prospectus, for now, are kept in this thread.

If anyone wants to post a “Guest Post” analysing parts of the document, then get in touch with me as indicated in the “Guest Post” section above.

Please note that nothing contained in this blog post, or in any other blog post on this website or comment hereon, should be taken as constituting an offer to sell shares, nor financial advice to buy or not to buy shares. It is simply a few folk having an interesting academic discussion.

If what is stated here forms the basis for anyone deciding to invest or not in Rangers shares, then they are a fool.

For clarity, I am not a shareholder in Rangers at present, nor do I hold any position in relation thereto.

Enough of the health warnings!

I will contribute thoughts as I look through the document.

Posted by Paul McConville



Filed under Charles Green, Rangers, Rangers Share Offer

227 responses to “Rangers Share Prospectus Sees the Light of Day – Discussion Here Please

  1. ecojon


    Rangers’ old owner David Murray could grab a cash bonanza out of the Ibrox share flotation.

    He has had talks with Chico and agreed to sell Edmiston House to him and it’s believed that the Albion carpark is also connected to the Murray Empire.


    The share prospective reveals Rangers Football Club Ltd concluded legally binding missives with Charlotte Ventures
    (Edmiston House) Limited on 20 November giving Rangers Newco an option to buy Edmiston House.

    Rangers sealed the deal by paying an £80k deposit +VAT but certain legal conditions require to be met by 20 December to finally conclude the deal and release the £720K +VAT balance of the purchase price.

    As I understand it, the sticking point is that Rangers 2012 Plc, now in liquidation, had a prior option to purchase the property and if the seller can’t provide a waiver or discharge of that right the deal could collapse. I’m not sure whether BDO, the HMRC appointed liquidators, are the people who can provide the documentation required or not.

    However, if the prior option is lifted, then the Rangers’ purchase option has to be exercised no later than 28 February 2013 and if not their £80k deposit +VAT gets paid to the seller.


    On 22 November The Rangers Football Club Ltd, which sub-leases the Albion carpark on Broomloan Road, concluded legally binding missives with Capital Bank Property Investments (6) Limited – the carpark’s Head Tenant.

    Basically the deal gives Rangers newco the option to have the Head Tenant renounce it’s carpark lease and also accept the surrender of the club’s sub-lease.

    A deposit of £150k +VAT has been lodged and if newco Rangers takes up its options then the balance of £1.5 million +VAT become payable. But if newco Rangers doesn’t exercise its rights by 15 January 2013 the Ranger deposit gets paid to the Head Tenant.

    As part of the deal the Head Tenant will provide a waiver to Newco Rangers to not demand or attempt to recover from the newco; or RFC 2012 Plc or its Administrators or Liquidators any rent or other sums due by the parties named arising from the sub-lease or their occupation and use of the Property.

    My understanding is the Albion carpark was part of the Rangers Oldco assets purchased by Newco Rangers from D&P after Rangers Oldco went into Administration but that a long-term sub-lease existed with a £300k yearly rental.

    This deal means that Newco Rangers is registered proprietor of the carpark and their title is free from any leasehold rights or other interest and they save £300K yearly rental.

  2. gents you have just missed the best birthday party in history 50,000 yes 50,000 a world record for a division three match and ibrox /sports direct arena oh well who gives a f**k what its called was bouncing not bad for a dead club , now were did i put that other bottle of chateaue de coatbrig !! hic hic hic hic !!!!!!!!


    The Rangers didn’t show a full year’s operation. So how can they claim to have profits of £13m from £40m revenue per year? Then there’s the £20m from ‘negative goodwill’. And as people on here have explained, ‘negative goodwill’ is not real money. So in reality, it’s a loss of £7m?

    And add that £7m to what Stevensanph said in the first post:

    “Wages of 3.5m over 3months, equals an approx 14.5m a year wage bill. 45 players, with 175 staff total… wow.

    Expenses of approx 2m = another 8m a year. Payments to directors, assuming promotion bonus’ is another 2-3m.

    That all equals 24.5m a year.

    Revenue was 1.7m, based on 3 home matches. Lets assume 22 home games this season. That would give around 12.5m in revenue.”

    That come the end of the financial year (excluding the money that will be raised from the share issue), The Rangers will have a deficit of £19m?


    @alex (@thekublakhan) & @carson

    Since you two are in a happy mood, surprising for two people who’ve just been to a, long overdue, wake. How about a wee quiz to round the night off? It’s all about The Rangers. Who is the biggest The Rangers fan, is it alex? Or is it carson? Right, here’s your first and final question. The first to answer correctly, wins…well, I say win, but with your team being in the 4th tier of Scottish Football, I’d guess you two think farting without following through is a win right now. So, the winner gets the comfort of knowing he won. Here’s the question:

    Who said the following – “No matter how Charles Green attempts to dress it up, a Newco equals a new Club. When the CVA was thrown out Rangers as we know them died.”?

    • tykebhoy

      It wouldn’t be the newly appointed Communications director who only opens his mouth to change feet would it.

    • COYBIG,

      Can I Play, can I? Pleeease!

      It was that living legend & defender of Ra Peepel, the slayer of Truth & garbler of facts…. No not Chick Young.. The Fat One..No not Leggat.. He’s fatter than him.. It’s. Him from Star Wars..

      He’s with Sevco now, Naw, not McCulloch Ach I gie in I’m rubbish at naming Has Beens..

  5. nickmcguinness

    It would appear that RIFC PLC have attracted some investment from Venture Capital Trusts.
    However, with tangible and intangible assets (over) valued at around £60m and almost no “external debt”, surely their gross assets are too great to qualify for VCT investment status? Which would mean investors would get ZERO tax relief.
    The HMRC guidelines state:
    For investments made by the VCT on or after 6 April 2012, the value of the company’s gross assets must not exceed:
    £15 million (previously £15 million) immediately before the VCT makes its investment, and
    £16 million (previously £16 million) immediately afterwards.

    So what is the Prospectus estimate of the Gross Assets of RIFC PLC?

  6. JohnBhoy

    Share me this…

    McCoist on the “greatest ever Ranger”: when Greigsy “did walk away… I knew something wasn’t right.”

    Two points:

    1. What was McCoist’s famous rallying call? WE DON’T DO WALKING AWAY. Somebody forgot to tell their “greatest ever Ranger”.
    2. McCoist knew something was wrong, so what did he do about it? Answers on the following pre-typed postcard: F*** All.

  7. Can anyone say if this would be a serious tweet.

  8. JohnBhoy

    So, that new club The Rangers hires a Director of Communications who thinks people who use the Internet are bampots. Go figure that one.

    Many of the fans of the old Rangers were TUPEd over to that new club The Rangers and here’s what Jabba wrote about them in 1997 when Rangers played Osasuna in Pamplona. The fans were set upon by the Spanish police after “spewing their sectarian bile” and furthermore, according to the new Director of Communications at that new club The Rangers, “probably deserve[d] a good hiding”:

    “As usual, there were the offensive sounds decent people have come to abhor. Unfortunately there was no evidence to suggest these chants are belted out by only a handful as some Rangers people would have you believe… the fans who were spewing their sectarian bile probably deserve a good hiding…”

    Best of luck with your new job, Jabba.

    • arb urns

      oops i can hear a distant chorus of your getting sacked in the morning but who is the crooner… it is i chico young pissed off i was second to jabba at final interview, i asked chico why u no employ chico a true teddy.

      i understand i missed out cos i was just a wee lamb and jt is a succulent won. sorry bout ma spellin he he he he he

  9. Cam Where are you. Alex, please note I have been quoting you. Isn’t this site more harmonious when Ecojon isn’t trying to stir it. Having read through all the posts today the tone changed when Ecojon went to bed. Keep up the good work.

    • Budweiser

      You really should be more careful of the friends you keep. alex has today posted a couple of ‘reasonable’ comments. However look at the majority of his comments. They are either nonsensical or just incoherent rants. The old saying ‘if you lie down with dogs——‘ comes to mind.

    • Gortnamona


      I am not an acolyte of Ecojon and I will accept that on occasion he goes over the top, but he has never posted anything as disgustingly sectarian as Alex’s attempts to belittle Hugh Keevins for the unpardonable crime of having a brother a priest.

      I wonder if you realise that your clever little picking is on the verge of becoming nasty and as you will probably agree the contributors to this blog are in the main decent people.

      • LAST weekend I took a day off from football because of a more important occasion.

        I walked my daughter down the aisle on her wedding day – a nuptial mass celebrated by four priests, one my brother.

        Later, we were joined by people from different walks of life and persuasions.

        On Wednesday night I was back in a press box again when Celtic played Motherwell in the Premier League.

        As some of the Celtic fans in the main stand filed into their seats they stopped to glance at me and shake their heads in a gesture of disapproval.

        When Tommy Johnson scored Celtic’s first goal one of the head-shakers turned to face me and drew the fingers of both hands from the base of his eyes down to his cheeks, the unmistakeable mime of a man pretending to be crying.

        It was his way of implying I would be in tears as a result of Celtic being in front against anyone.

        This man had the look of an otherwise respectable husband and father who is probably the mainstay of his family’s life when football isn’t driving him to irrationality.


        I am one of those people from different walks of life and persuasions.
        I can tell you Father Frank enjoys the craic, as does Shuggie.

        I prefer a nice piece of Gortnamona soft cheese must be my Antrim roots, it most definitely is lot stronger than your timid disposition.

        I would say sectarian is something you should look in the mirror for.

        • charliedon

          You have me completely confused. Are you really the same person who posts the other stuff? And what is this latest post actually all about because I really have no idea!

          • Gortnamona

            A juvenile exercise in sectarian parody. Attention seeking and looking for approval. So Violet, don’t let him down. Give him a playful slap on the wrist and tell him he’s being a naughty boy, like you did the last time.

      • ecojon

        @ Gortnamona

        Thank gawd you’re not an acolyte. I can handle warped stalkers but not acolytes 🙂

        Just in case anyone wishes to touch my hem you’ll find a Job Description for would-be acolytes at:


    • charliedon

      I enjoy some of what you write. However you elect to quote from the one and only reasonable post, as far as I can remember, that Alex has ever made. Just to balance things up a little, why don’t you provide us with a couple of more representative quotes from one of the countless examples of the purposefully annoying drivel that Alex usually posts.
      I’m curious.

      • Gortnamona

        Re Alex

        Fantasy and puerile repartee. It makes one wonder what type of mentality is producing the Alex posts. There is an obvious immaturity, and I have suspected from the start that they were the work of a non too bright teen or possibly someone older who has a problem with growing up and relating to people and modern day life. Is there a psychiatrist in the house?

  10. mick

    merry xmas the count down to jesus,s birthday has begun and after rod rocking stirling castle a feel enspired to have a tartan rod xmas theme with lots of traditional music am just hoping that we get snow as it makes it more athentic so merry xmas and a happy new year lets hope the world is warm and has food on xmas day and next year will be peaceful and will be the year that there is no eye for an eye fighting in the world heres 1 bright star sent from jesus to grace our lifes and expire us with her beuatiful voice i for 1 will lighting a candle for her and a know for sure see will be sing to jesus in heaven the late great whitney

  11. mick

    for any1 looking for nice back ground music to keep the mood warm a would recommend you listen to this whitney the voice and soul of a angel scotland love misses and prays for you this xmas

  12. mick

    if you dont know the full happenings of xmas heres a link for you to read


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