I thought as the cash-handover date approached, I would do a quick look at the Prospectus and make some points which I have no doubt won’t change anyone’s already-held opinions.
There are many difficult to spot ‘fudges’ in the Prospectus which make it almost impossible for a potential investor to come to a balanced and informed investment decision. As usual, it would appear MSM isn’t capable of recognising them or has collectively turned a blind eye.
However, these issues may well be played-out IMO at a later date in other fora depending on what actually happens at Ibrox.
One truly significant thing which is missing from the Prospectus is Charlie’s steadfast refusal to join the SPL. In fact, the Prospectus has quite a few positive references about Rangers going to the SPL.
I would have thought that investors, especially institutional ones, might be a tad perturbed at Green’s position on learning of it just as they might also become unsettled at the financial implications of SPL boycotts in Cup Games over the next few years and then eventually at SPL away games.
The decision to boycott the SPL Commission in September and again next month is impossible to understand given the importance to Rangers of the issues being decided. They say they will robustly challenge any adverse decisions legally. Well I wish them luck but I wonder how much sympathy an Appeal Court will allow following their foolish, petulant and childish refusal to take part in the proceedings. To be fair it may well be that Chico has a change of heart before the January meeting after the share money is counted and stored in the warchests. We will see.
I personally don’t think the Scottish Media generally has covered itself in much glory in it duty to provide balanced and objective reporting on the Prospectus or the Rangers saga in general and this failure has helped create an embittered and entrenched support which tends to see itself surrounded by mortal enemies.
But perhaps the real nadir for any kind of questioning, let alone investigative journalism, is the Rangers and the Players’ Union tale and understanding what lies behind the PR smokescreen currently emanating from burnt succulent lamb at Hampden & Ibrox.
I refer specifically to the AIM Prospectus Page 105 section 11.3 – re Alan McGregor, Kyle Lafferty, Sone Aluko, Steven Naismith, Steven Whittaker and Jamie Ness.
‘Rangers’ commenced arbitration proceedings under Article 99 of the SFA Articles of Association on 5 July 2012 claiming the players had unilaterally terminated their contracts of employment in an unlawful manner. I have no idea what compensation would be payable if ‘Rangers’ won at arbitration but Coisty mentioned £30 million worth of players had walked so it’s a potentially significant sum.
Let’s ignore the morality of D&P throwing another £30 million into the newco Rangers £5.5 million pot for the moment and any compensation payable not going to the ordinary creditors.
The big arbitration problem ‘Rangers’ faced in its ‘The Rangers FC Ltd’ legal persona was that it wasn’t a member of the SFA at the time. So a tawdry deal was done by the SFA and presumably D&P (although there could also have been Green input as he was wearing two hats around that time). So, let’s claim a 3-way agreement – Amazing how afterwards nobody involved agrees to these agreements 😦
The upshot was RFC 2012 Plc (IA) was allowed to ‘front’ the arbitration proceedings and let them proceed on the basis that any compensation award went to ‘The Rangers FC Ltd’ because RFC 2012 Plc (IA) had stated it had no financial interest in the outcome. How can an entity with no financial interest be allowed to take arbitration proceedings on behalf of another body which is not a member of the SFA?
There is also the question of whether BDO has given permission for RFC 2012 Plc, which is now in liquidation, to continue to ‘front’ the arbitration proceedings. Or has it outlived the SFA purpose, been cast aside, and replaced by ‘The Rangers Football Club Ltd’. Well that wasn’t the case a week ago when the AIM Prospectus was issued but, as we know, the SFA can move quickly when it suits its purpose.
Just for the record – Up until 31/07/2012, ‘RFC 2012 Plc’ used to be ‘The Rangers FC Plc’ which was incorporated in 1899. ‘The Rangers FC Ltd’ changed its name on 31/07/2012 from Sevco Scotland Ltd which was incorporated on 29/05/2012.
Then we have the left-siding ‘ASDFGHJKL Ltd’ which was ‘RFC 2012 Ltd’ up until 31/07/2012 but had previously been ‘RFC 0712 Ltd’ up until 22/06/2012 just 24 hours after incorporation.
I’m sure everyone will be relieved to hear that ‘ASDFGHJKL Ltd’ had its first Gazette Notice for voluntary strike-off listed on 14/12/2012.
Of course there would be no show without ‘Punch’ in the shape of ‘Rangers International FC Ltd’ and again there will be much relief that “Cardigan”, if not quite getting his spurs, did take office officially as a NED on 14/12/2012 as did Messrs Hart, Cartmell, Murray & Smart. And with Chico and Stockbridge as execs, it looks as though the gang’s all here, and it ain’t half hot Mum.
The whole sorry saga over the arbitration points to rottenness and a lack of transparency at the heart of Scottish Football and if it isn’t exposed and dealt with well there really is little hope for the game which will slowly die IMO as the fans walk away and no one is left to boycott.
It’s time the SFA realised that fans do have a right to know and it will have to open-up better lines of communication to them.
Posted by Ecojon