CNBC Quotes Rangers Shareholder – “Rangers FC – The Best Investment in Soccer”

The American website, CNBC, has a provocative story in its pages. It might not realise it is provocative, but it will, I suspect, generate some conflicting opinions.

It quotes Gervais Williams, a fund manager at Miton Group PLC, speaking highly of the value of the shares.

He is quoted as saying:-

“Because of the precipitous fall a lot of the debts have gone away. The business has got £20 million ($33 million) cash on the balance sheet. It owns its own ground which is worth about £70 million, the training ground worth another £10 million. They’ve really got great revenue coming in from the season ticket sales which will happen over summer. So, the actual business is capitalized at only £45 million.

“What’s been remarkable is how loyal that fan base has remained and that’s going to really drive its valuation going forward.

“There’s lots to go for in this business, I agree generally not a good place to make money in football clubs but this business, given it doesn’t have any debt, given it’s such a low cost outfit at the moment, it’s going to make plenty of profit.”

A contrary view for the future comes from Henry Dixon, co-founder and fund manager at Matterley Asset Management. Commenting on the wage bill for the players and the potential of a significant rise in costs, he is quoted as saying:-

“Is that enough to sustain a club in the Scottish premier league, is it enough to win? That’s going to be the tug of war between, if you like, economics and emotion and the heart.”

I think the words of the piece too are of interest, bearing in mind that this is written for a non-West of Scotland audience.

A sports team languishing in the fourth division of the national leagues may not sound like the best investment, but Gervais Williams, the fund manager at Miton Group told CNBC that one soccer club in Scotland is set for great things after a turbulent few years.

Glasgow Rangers FC fell from grace last summer as the club went into liquidation after being placed into administration and being docked ten points. The team lost to its arch rivals at the end of the season and was then placed into the bottom tier of the league following rejection from members of the Scottish Premier League.

Rangers may not be challenging for the same league title it has won 54 times previously. But a lack of debt, loyal fans, a new wave of young players and some astute clothing deals nevertheless mean this club is one of the best investments in soccer, according to Williams.

Results posted at the start of March showed a loss of 7 million pounds for the last seven months of 2012, with revenue of 9.5 million pounds and operating expenses at 16.6 million pounds. A new retail arrangement with retailer Sports Direct has been announced, alongside kit deals with manufacturer Puma and sponsor Blackthorn Cider.

I bow to experts like Mr Williams when it comes to assessing a company’s worth. However one factor which he does not address in his quotes and Mr Dixon does, is the financial v emotional aspects of football.

Gervais Williams of Miton Group -  a firm believer in the value of Rangers

Gervais Williams of Miton Group – a firm believer in the value of Rangers

Generally, despite all of the money which has gone into football clubs over the last few years, football teams do not make profits. Only in the English Premier League do we see profits being made, as a result of the huge TV deals, but, even at Manchester United, the profit effectively disappears paying interest on the money used to buy the football team.

Scottish football teams do not make profits.

No fans sing about having the best gross profit in the land.

No supporters boast (until Rangers fans this season) about how much money their team has in the bank.

Few fans chant about having the biggest market capitalisation.

Ask the supporters of Celtic, or Rangers, or Aberdeen, or Hamilton, or Annan Athletic which of the following options they would choose:-

1                    Profits made by the football club are distributed to the shareholders as dividends

2                    Profits made by the football club are re-invested into the team in signing better, or at least more expensive, players to the point that there is no longer a profit.

I suspect that answer 1 would get short shrift.

As I have repeatedly said, if Mr Green pulls it off, he deserves to be Businessman of the Year. As Mr Williams identifies, the fixed assets are worth £80 million and there is £20 million cash in the business. Market capitalisation is under £50 million. He does not even mention that Mr Green’s company acquired the fixed assets and the team and the history and the goodwill and the intellectual property for a measly £5.5 million!

Are we already seeing though the straws in the wind for the future?

After all, Rangers have succeeded in its initial missions under Mr Green.

There is still a football team playing in blue at Ibrox.

It is about to clinch victory on SFL3.

It has managed to get large crowds at most of its games.

But the fans are unhappy with the way in which victory is being achieved, and with the players, and with the manager.

To get through the next season successfully, whatever division the team is in, there will be demands from fans for better players to be signed. Would the supporters accept sticking with the same squad which, after all, is far ahead in SFL3, and which beat an SPL team earlier in the season, to ensure that profits exists for distribution to the shareholders?

Two Rangers shareholders celebrate increased turnover through sponsorship deal

Two Rangers shareholders celebrate increased turnover through sponsorship deal

It would be interesting if any of the Rangers fans who read this (I know there are some of you out there) wanted to offer their views on that.

From the perspective too of other teams how do you feel about profit v investment?

The final point to add about the story comes from the “Disclosure” at the foot of the CNBC piece.

It reads:-

Miton Group have holdings in the above stock.

I am NOT suggesting that an experienced financial man like Mr Williams is doing anything wrong by publicly stating that a company in which his company holds shares is a great investment. After all, as he will be paid by his results, surely it is better to spread this excellent news, rather than keep it to himself?

It is also a sign of his confidence that his company is a shareholder. Far better that, surely, than recommending a share which his company does not hold.

Ironically this piece came on to my radar just after posting Ecojon’s earlier today.

I am happy to offer a range of opinions on these important matters.

As per the disclaimer at the side of the page, nothing above should be taken as being financial advice and no liability is accepted for any investment decisions anyone makes as a result of reading my blog. (Thanks Alasdair!)

Posted by Paul McConville

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76 Comments

Filed under Charles Green, Rangers

76 responses to “CNBC Quotes Rangers Shareholder – “Rangers FC – The Best Investment in Soccer”

  1. I am not at all certain at this juncture that I would buy that for a dollar :mrgreen:

  2. jim62

    Buy buy buy!!!

    Or should that be Bye Bye Bye??

  3. Ed

    Methinks Mr Milton has seen his shares being absolutely tanked and knows that the revenues are about to drop of a cliff for the summer with the costs staying largely the same.

  4. TheBlackFlappyGoose

    Yet another bitter blog of bile on Rangers?
    What is wrong with you that you spend a lot of your one writing nasty hate filled items on a club you don’t support? It’s madness!

    Re “No supporters boast (until Rangers fans this season) about how much money their team has in the bank”.

    I’ve never read nor heard Rangers fans “boast” about monies in bank… Have certainly read a lot of Celtic fans do this especially over the last few weeks. But then you aren’t interested in Celtic fans are you?

  5. Given the obvious bias pronounced throughout the piece by Mr Williams and endorsed by the rider at the end the “wholehearted endorsement” comes as no surprise. The information is all historical based on reporting some 3-4 months ago. Bet they don t have anything like £20m in the bank and the operating expense -v- income gulf widens daily as we are all discovering. Perhaps someone should inform Mr Williams that historric information produced immediately after IPO is not a good financial guide to the future. His article should have been posted with a very heavy health and wealth warning. Seems chuky is busy with the old propaganda again.

  6. creaks ……what creaks? OH THAT CREEK now wheres ma paddle?

  7. Eddie

    Worth noting there is a big debate stateside as to the financial harm done by network financial gurus, repeatedly noted and mocked regularly by Jon Stewart amongst others.

  8. Thomas

    Selling Snake Oil to Americans! Now that is outstanding Chic, I salute you!

  9. Fisiani

    Mr Williams has shares that he needs to sell. Pointing out that it is a great buy gives him potential buyers of his stock that only has value when he finds a mug, sorry, investor.
    The Rangers will be in the third tier of Scottish football in 2013-14
    Perhaps in the second tier in 2014-15 and possibly in the top tier in 2015-16.
    That is a minimum 28 months from now. They are losing 1,000,000 a month and their income stream for the next two years is poor. They will be 28,000,000 pounds worse off then.
    This stock has a current value of just 36p in my opinion. Without a radical restructure there will be another liquidation.

  10. Dhougal

    Oh say can you see
    By the dawns early light……Chico ,Chico you are a genius .Didn’t know those great big hands had been dipping into the US market?

  11. Raymilland

    Charles Green appears to have come up with a novel way to keep the wage bill down for next season by suspending the guy responsible for scouting new players.

    Perhaps Mr Green is unhappy with the quality of player brought in since his involvement with the club; usually when new signings fail to deliver the buck stops with the manager.

    According to the Daily Record; RANGERS have been rocked by a fresh scandal after chief scout Neil Murray was suspended by Charles Green. Record Sport understands Green demanded the probe after being given emails relating to some of the transfers. The reason for concern over the part played by Murray in those dealings is as yet unclear.

    But an Ibrox source told us: “This situation is incredibly sensitive. Some very damaging allegations have been made but so far not substantiated and Neil is confused, outraged and distraught.

    ‘Inconsolable’ could soon become a word commonly associated with RANGERS and its followers.

    • JimBhoy

      @Ray And another two ditched also, they don’t need a physio, didn’t have physios in green’s playing days when he was the fastest man on earth.. Stadium manager job isn’t needed either plenty of open spaces at Ibrox these days.. I reckon Green is just freeing up a job for Sally, chief scout cos he has an eye for a player.. 🙂

    • Drama and intrigue Ray, Who was the sleekit wee beastie, who spilled the beans?. No doubt he will get a wee pat on the head from Fuhrer Chicco. It seems it is watch yir back time in the castle of clipes.
      As Neil was operating on behalf of Sevco in the transfer dealings, could this alleged behaviour invalidate the deal? Will Chicco disclose for the avoidance of doubt, they acted in good faith?
      It seems Sally is standing by Neil, as he has scouted out the best pie shops at every lowest tier away match, and has a heavy dossier on size, quality, and value for money!
      One thing is for sure, He will have to cut back on a lot more than a sponge man and scout to claw back a mill a month.

  12. JimBhoy

    A happy Good Friday to you all, I hope like myself you have a holiday today and you have a fab Easter weekend. The Missus is off the weekend and I aim to have a great family weekend…

    Hedgefund managers have killed most world economies, they have a guess as to where to invest our hard earned, get paid handsomely for doing just that and gain huge bonuses if their guess makes some cash, do they lose anything if they blow the lot, hell no… Let’s invest in the American housing market give out loans way above the means of the individuals…. I am not a finance man but trace back to when the sh!t hit the fan and you will see the facts above …

    Now back to Eco’s suggestion that Celtic thru their share price are valued at approx £55m and ranger even more… I would suggest on a good day Celtic’s footballing assets could be worth that figure.. Without including any property assets… Rangers playing assets would be worth????

    Celtic’s revenue intake this year will probably be close to £100m imo, rangers even with a share issue will be less than half of that…

    So my question is, does the share price mean anything at all in terms of the health of revenue streams or actual footing the club is on?

  13. BB

    ….and here’s me thinking those poor folk at Dunfermline being laid off was the story. Fat chance. Once again this blog us all about putting the boot into The Rangers. So much for random…. no doubt when it does get mentioned it will be Rangers’ fault, naturally. It’s only a matter of time before the Gers get the blame for global warming (remember that?) as well. I’m sure eco (warrior) john will be on the case.:-)

    • Monti

      It is fun tho isn’t it ?

    • There are 2 common denominators running through Rangers and DAFC. Murray and Masterton. I suspect getting to the bottom of the BCC, (Big Corrupt Cllub) shenanegins, will reveal the shananegins of the WCC, (Wee Corrupt Club).
      Both playing without audited accounts, with the blessings of the CSFA.(Corrupt Scottish Football Association) . Simples!

    • ecojon

      @BB

      I have already raised questions about how Ibrox intends to reduce its carbon footprint as independent monitoring has shown an enormous jump in hot air being produced in Ibrox since chuckie arrived.

      • TheBlackFlappyGoose

        @ecojon
        You’re consistently mad hate filled ramblings are a source of much mirth for me personally. But you also bring on a melancholic state in me as I lament that one individual can store up so much bile & hatred. Tell me Eco. Do you have a career? Do you work in a social environment where you have to interact with actual people? I suspect not.

        I’m actually starting to feel sorry for you.

        Anyhow, life goes on eh? You keep on doing what makes you happy Ecojon.

    • tykebhoy

      Will you be condemning the SFA/SPL/SFL if they aren’t as accommodating to DAFC as they tried to be to TRFC. I bet those three bodies won’t even be as accommodating as they were to TRFC when it became clear they would alienate their members and the customers. Will TRFC condemn that? Nope didn’t think so.

    • Already have BB ….. how come you missed that one ……. !
      Well ….. at least the connection ……

    • When Rangers 2 and Chuckles stop spreading propaganda we will stop contradicting it.

      The “Poor Rangers” card argument is wearing thin.

  14. Monti

    Off Topic ( surprise surprise Mont) The ‘Bears den’ are running a poll asking if they are allowed to sing all their favourite songs at the Orange fest v Linfield, the poll is saying that most fans are in favour of this?? This was brought to my attention ( I wouldn’t type this sites name on my keyboard) after I finish my bowl of Jelly & Ice cream,I’m sending an e-mail to the following: Strathclyde Police,Alex Salmond,Kenny McAskill,Glasgow city Council,Stuart Regan,David Longmuir & Vincent Lunny. I was going to send one to Campbell ogilvie but he’ll be too busy shredding papers! I will be asking this same question of all of them: WAS THERE SECTARIAN SINGING? HOW MANY ARRESTS WERE THERE? WHAT ACTION HAS BEEN ACTIONED AGAINST THE THE RANGERS? WILL THERE BE A PRESS CONFERENCE HIGHLIGHTING THE SONGS & CONDEMNATION FROM THE SFA & POLICE MATCH COMMANDER,IS IT EDDIE SMITH? WERE THE THE RANGERS & LINFIELD FANS KETTLED ON THEIR WAY TO THE GROUND? WOULD THE JUSTICE MINISTER COMMEND THE FANS FOR TJE ATMOSPHERE? WILL SALMOND ASK THE POLICE TO ‘ TAKE IT EASY FOR THIS MATCH’- MR.PLATINI & THE MSM WILL ALSO BE E-MAILED! WILL VINCENT LUNNY BE IN ATTENDANCE,WILL THE FLAGS & SONGS BE INCLUDED IN HIS REPORT?

  15. Fra

    Sevcos a financial basket case and are shafting staff to get them off the payroll. It’s going to start getting very messy shortly.

  16. arb urns

    golden rule of investment avoid dodgy hairstyles and unusually named investment managers, when the two come together…. run like ‘if you see kay’

    Gervais wee note to self …. “no external debt” the ceo corrected himself some time ago on this …. not too many ‘fannies on seats’ at the stirling albion title fest as u uncle sammys like to say…..

    what price did u plunge in at g ?

    was it perchance 70p and u gotta squeaky bum three months to go on the ‘old lock in’.

    ach whats a mill a month between friends anyway………….sounds like the old howdya get an investment manager t’make ya a small fortune ?…. giv im a big one !!!!!!

  17. mick

    what a great debate today with both topics just as we think we are nearing the end of the worst time in scottish football its now becoming apparent that green is worse than white and as spivvy as murray its lol constant at sevco

    • Monti

      Just shows what can be achieved when there are no bigots around,like David,Carson,Cam & Violet & MOT! Happy Easter Mick! HH!

      • mick

        hi monti happy easter to you to and all commenters and paul the bigotery on here lately has been at a high level as your a good tim monti they are well directing it at you there deflection from topic is so obvious and blatant they add nothing but insult hh

        • Monti

          Dinnae worry about them Mick,they are a figure of fun. I can handle anything they say,because anything they do say is out of hatred,that means I have already defeated them….pmsl

        • Monti

          It’s disgusting Mick,if they had a mirror in the house,they should take a look in it…..bigotry is wrong! HH!

  18. yes yer sevco fans, the question must be asked, are h–nz really people,when i heard that celtic fans made dosh from buying/ selling shares of seevco, i had to grab my laptop and run for ra cludgie,ah coodnie stop PMSL,how daft are the sons of h-nnery

  19. Monti

    JESUS CHRIST IS RISEN TODAY
    .
    . Jesus Christ is Ris’n today Alleluia
    . Our triumphant Holy day Alleluia
    . Who did once upon the cross Alleluia
    . Suffer to redeem our loss. Alleluia

    . Hymns of praise then let us sing Alleluia
    . Unto Christ our heav’nly king Alleluia
    . Who endured the cross & the grave. Alleluia
    . Sinners to redeem & save. Alleluia
    . But the pains that he endured Alleluia
    . Our salvation have secured Alleluia
    . Now above the sky he’s King Alleluia
    . Where the Angels ever sing. Alleluia

  20. Anyone who is after a decent return on their money then Scottish football, even the very solvent at the moment TRFC, is not the market to be in. Without European competition TRFC are years away from big money. Their income may just see them into the top tier, but if they do come up with a class youngster or two they could very well ending up having to sell them to generate cash and to keep the wage bill down. I’m not being hateful or full of bile, but TRFC have a long and awkward route back to the top and having a poor run in all of the cups this season has hurt their fiscal planning badly and anyone who says otherwise is not being honest. There are no guarantees that the next season or two are going to bring in anymore money than this season and they can’t have a share option each year. They may have money at the moment, but that advantage has got to last for some time yet.
    The only people who would get anything back from investing in Scottish football is the fan who has the satisfaction the he/she own a wee bit of the holding company that owns the club that they support.

  21. Ibrox worth £70 million? Only a £30 million drop in value since Murray had it “valued” at £100 million!

    • Monti

      It’s rotten through with Asbestos is it not? Pmsl…i mean would anybody buy a building that was toxic with Asbestos? I wouldn’t! would give them £1 for it…….oops is that no what Robocop sold it for!

    • jockybhoy

      And isn’t that £20m higher than the latest financial figures released by NewGers themselves only a month ago… Wtf?

  22. ecojon

    Marlborough’s Giles Hargreave at the beginning of January tipped the Rangers shares and explained why he had invested in them making Hargreave Hale the second-largest shareholders.

    The small cap stalwart in his piece, very similar to the CNBC article, said: “The cash-flow, profitability and balance sheets – it ticks all the boxes” and added he thought the stock, which had climbed to 94p, was still undervalued.

    But FE Trustnet has just featured Giles in a piece dealing with small cap disasters which have stung start managers.

    http://www.trustnet.com/News/411825/three-small-cap-disasters-that-have-stung-the-star-managers/

    It makes interesting reading especially Cupid – the online dating company which lost 75% of its value. Giles said in December that Cupid stock was one to watch in 2013 – it most certainly was and last week Ukranian media claims saw the stock drop 57% in a day.

    However things weren’t too bad for Marlborough as Giles sold out of Cupid in February. It just goes to show that it really is all about timing 🙂

    So I wonder if Giles still thinks Rangers shares are undervalued and is Hargreave Hale still the second-largest shareholders in the holding company?

  23. ecojon

    And amazingly, as I read on, I see that Milton Capital mentioned in the Buy Rangers CNBC article also gets a mention at: http://www.trustnet.com/News/411825/three-small-cap-disasters-that-have-stung-the-star-managers/

    Milton who have invested in Rangers have taken over the management of Henderson Fledgling Trust who listed their biggest holding in last year’s annual report as Phytopharm.

    Unfortunately clinical trials have shown its new wonder drug to be useless and the company has ceased all research and development, is sacking staff and cutting costs and trying to find a buyer for its remaining assets. Oh and its stock lost 81 per cent of its value in three days.

  24. ecojon

    A little about the Reading-based Miton Group Plc that Rangers share cheerleader Gervais Williams works for – A leading multi-asset and equity fund management specialist. The group manages £1.8bn of assets including nine OEICs, three investment trusts and segregated client accounts. Members of the fund management team invest in their own funds and are significant shareholders in the company. Miton has offices in Reading, Liverpool and London.

    Following shareholder approval at the General Meeting held on 24 January 2013, the name of the company changed to Miton Group plc (formerly known as MAM Funds plc).

    Does anyone remember MAM being mentioned as a Rangers shareholder? If it wasn’t one at flotation I wonder who they have got their shareholding from since December?

    The Miton board members are listed at: http://www.mitongroup.com/index.php/corporate/the-board/ and I wonder if anyone can see any interesting connections in their past company involvements?

    • mick

      hi ecojon flicked throw there very intresting group lords and so on but the 1 that stands out is Lloyds underwriting agency, its real academic people am shocked they would invest in newco and listen to green

  25. mick

    Advertising Standards Authority step into Scottish football

    28th March 2013

    26

    I hear the Advertising Standards Authority (ASA) have written to complainants confirming they are investigating adverts run by Rangers International Football Club plc, in which they claim to be Scotland’s most successful football club. You and I know that’s not the case, Celtic are Scotland’s most successful football club, followed at a distance by Aberdeen, Dundee United, Hearts, Hibs, Queens Park, Motherwell, Kilmarnock……. and ultimately East Fife.

    The confusion has perhaps arisen following the demise of The Rangers Football Club plc, who laid claim to 54 Scottish titles before their failure to pay creditors ultimately led to liquidation. Rangers International Football Club plc have traded for less than a year and would be pushed to justify their claim in the face of Celtic’s magnificent domestic and European history. They cannot, of course, claim to be a now liquidated company.

    The Advertising Standards Authority will write to both the advertiser and advert broadcaster asking them to submit evidence in support of their claim. The ASA will then send a recommendation to the ASA Council for adjudication.

    In the event the advertiser accepts the complaint and agrees to change future advertising claims the ASA will write to complainers to confirm the matter has been resolved.

    Celtic’s claim is simple, we are the champions of Scotland, winners of more leagues and cups than anyone else still kicking a ball in Britain, Northern Europe’s first European Champions and we observe all football, tax and civil laws.

    things like this will put of companys and should serve as a warning to any buyers crooks in suits weres lord hodge what will he say about d&ps and the whyte connection will bdo find a link to whyte via green and the secret backers there was movment via whyte last week and wavetower its getting near the bubble bursting and its going to end in bear permarage blaming timmy and the jacobites hes friends with

    the above article on saying something when its not should see puma panic if asked to do 5 stars on the orange strip lolpmsl

  26. Raymilland

    Off topic (again)

    “Scottish football on verge of civil war as rebel nine Division One clubs ponder forming SPL 2.”

    If that the rebel clubs are going to take action; it should be a takeover coup of the SPL; not simply opting out of the SFL to form SPL 2.

    The present proposal before the 42 clubs has one main objective; and that is to save face (and the jobs) of the SPL directors. If that any genuine proposal was made to expand the SPL to an 18 club format; that would be proof of the failure of the SPL (the SPL has patently failed in any event).

    The SFL should forget any merger with the SPL; a reversal of the coup when the SPL was first formed should now manifest in a new 42 club association (with the SPL Board of Directors ousted).

    Obviously the SPL clubs would require to be lured into any such union with the SFL. I would imagine that David Longmuir is shrewd enough to negotiate his way to the top table in such a way to appease the top 12 clubs.

    Scottish football is crying out for a revolution.

    David Longmuir may not fit the Che Guevara role; there must surely be a leader out there with some savvy?

    (Just to confirm; IMO any action of the above would require TRFC to remain in the lower tier)

  27. Weegie

    I wrote at the time of the flotation that the whole exercise was predicated on an ad hoc valuation of the stadium at £70m and training ground at £10m. At the “end” of the Administration these assets were valued at arms length by professional valuers at a fraction of this; the whole assets less than £5m. I would suggest that prudent accounting would put a reserve on the balance sheet to cover a gratuitous alienation claim by the liquidators for the difference. Then you would see a true valuation of the fixed assets and players. Projected valuations can then be made on realistic assessment of the team’s performance.

  28. tykebhoy

    Paul, it wasn’t until I saw $ and the word soccer that I realised you hadn’t mistyped CBBC as CNBC. However I think most of Auntie’s CBBC audience would have seen throught it.

    BTW for most referring to Uncle Sam, CNBC is actually the national broadcaster of a near neighbor (sic) 😉

  29. Montit , aka billy liar , youve got a cheek celebrating Easter as a Christian considering your support for the murderers of children .hypocritical liar .

    • mick

      carson what a disgusting post monti did not state that your a clown so either wise up or foff as your trolling at easter no reply to topic just on bashing commenters not very nice

      • Disgusting ? No Mick , what’s disgusting is montits support for child murderers.

        • Monti

          I want to but I’m not going to say it Carson, I DO NOT support children being killed!!!!! Anyway as our gallant leader said ” VICTORY WILL BE THE LAUGHTER OF OUR CHILDREN” HH! REMEMBER CARSON THE BRITISH EMPIRE MURDERED,RAPED & PILLAGED MEN,WOMEN & CHILDREN ACROSS THE GLOBE,NOW I KNOW YOU SUPPORT THE BRITISH EMPIRE! THE THE RANGERS PLAY MONTROSE TOMORROW….SSSSSHHHHH

          • Do you condem the scum who planted the Warrington bomb killing 12 year old Tim parry and three year old Jonathan ball ? And the murder of the children in omagh ? Or do you support the inla / ira ?

            • The Dublin and Monaghan bombings of 17 May 1974 were a series of car bombings in Dublin and Monaghan in the Republic of Ireland. The attacks killed 33 civilians and wounded almost 300 – the highest number of casualties in any one day during the conflict known as The Troubles.

              A loyalist paramilitary group, the Ulster Volunteer Force (UVF), claimed responsibility for the bombings in 1993. The month before the bombings, its status as a proscribed organisation in the United Kingdom was lifted by Merlyn Rees, Secretary of State for Northern Ireland. There are various credible allegations that elements of the British security forces colluded with the UVF in the bombings

        • http://irishconflict.webs.com/britishmilitary.htm

          Murderers !! full time soldiers of the British army working with ,
          aiding & abetting terrorists to kill innocent civilians

    • The RUC, along with the British Army, was also involved in the shooting dead of a number of unarmed members, or suspected members, of the IRA and INLA. These murders led to claims that the RUC was involved in a Shoot to Kill policy against suspected republicans. In April 2003 the Stevens report found that elements within the RUC had sanctioned the murders of suspected republicans and republican sympathizers.
      *******************************************
      The Stalker Inquiry into a number of the killings found that the SAS had indeed carried out Shoot-to-Kill operations against armed and unarmed republicans. ***In Court the British government was found guilty of breaching Article Two of the European Convention on Human Rights.***

      two excerpts, both mention UNARMED people getting killed by those that get paid by the crown to protect the people they were murdering.

  30. Monti

    I just wanted something cleared up, Rangers are gone aren’t they? I mean really gone,like a dodo gone….i mean Charles Green said it was all over if the c.v.a. failed,he did say that didn’t he? I mean it’s been concluded isn’t it,they died didn’t they? I mean James Traynor said so……..HAPPY EASTER!

  31. Avoiding the question montit ? Or are you too busy marking out landing strips for Argentinean paratroopers on the Falklands ?

  32. ” our gallant leader “… who montit ? A man who commanded a group who murdered children ?

  33. mick

    Carson do you feel as strong about all child killings or is just something you mention to point score its disgusting there was as many Irish as UK children killed its over move on and leave it out of topics and comments there’s children being killed now all over the world in different conflicts all soldiers have women and children blood on there hands its good Friday ,a wont mention all the stray bombs that have killed thousands of children over the last 10 years its sick and has no place in the comments leave Monti alone have you nothing to add but bitterness

  34. Ed Paisley

    Mr Williams is no doubt a very shrewd wealth manager but his comments on Rangers have the hallmarks of positive spin (conscious or otherwise).
    “A wave of new young players”!? Fit to grace the fourth tier – where are these pridigiously talented young footballers? “A stadium worth £70m”!? Yes, if you believe Charles’ assessment of future profitability of the football team. And what about the £5m of necessary improvements referred to in the IPO prospectus? Does he know that Celtic Park has a 20% higher capacity?
    Mr Williams refers to the fresh revenue from the sponsorship deals. Do we know how much these will bring in over the next 1 – 3 years? They might not be as lucrative as we are all assuming.
    He concludes that the club is going to move into profit very soon and the value & share price will rise accordingly.
    Wait a minute – Rangers have got Leggo fulminating about Celtic’s attempts to circumvent UEFA’s possible financial fair play rules (oh the irony), and the quota of home grown players rule. That tells me that Rangers are looking at a future of penury and not riches – and they are trying to peg back Celtic’s ability to outspend them.
    No I cannot see where these super profits ate going to come from unless it is the myth of the 500m worldwide support again. Didn’t Charles address 40 ex-pat supporters when he went to one of his supporter ralleys in Australia, and 25 in Dubai? Not quite Billy Graham was it?

  35. Rangers FC-The Best Investment in Soccer? ====================================

    I am not surpised the above headline was posed as a question and not an opinion. Rangers are a club who have been losing £1,000,000 per month since the start of the season.

    This is mainly down to the players wage bill. Statements from the owners’ spokesman Chuckles Green have acknowledged the need to get the the wage bill down, and assures us that he will do so.

    In a contradictory statement, he says the team is the worst in the history of the club and promises manager Ally McCoist a £10,000,000 “warchest’ to buy new players, even though the tribute act club are under a transfer embargo from the Scottish Football association for a litany of offences against Scottish footballing rules, and will not be able to buy even one player before the 1st of January 2014.

    If the writer, Matt Clinch, knew anything about this sordid affair he would not have written the above headline in any form whatsoever.

    Chuckles Green is a snake oil salesman, and the betting in Scotland is Rangers 2, the tribute act, will be following its predecessor into administration sooner rather than later.

    Rangers FC-€”The Best Investment in Soccer?

    That would be a no!

  36. mick

    mon the anvil

  37. Note …… I have NO interest in the share price of RFC or for that matter CFC. But since it seems to be the topic of the day, thought I would check them both out to form my own opinion.

    Now look, I am NO financial expert/analyst or similiar, and nothing I say should be taken as being financial advice of ANY kind, and no liability is accepted for any investment decisions anyone makes as a result of reading my own take on this …………. It could be total $@!t …….

    But, ………… I cannot help but notice that the Moving Average Indicator is Diverging. This is usually an indication of a selling (bearish) condition (one of many other indicators). I only point this out as it is currently a strengthening divergence. Of course this can change at any future time and is typically oscillatory over a period of time. Currently though it seems to indicate strong downward pressure …….. interestingly there seems to be no market reaction to supporting the price or otherwise so I guess in time it will find it’s own level with more stable MACD. ,,, A lessor Indicator seems to suggest though that there is a strong indicator for a trend reversal, but there seems to be far too little historical data to substantiate if this will have a strong enough effect to arrest the divergence …. My guess is that shortly it will have a bearing and so shortly stabilise …… remember, I am no expert here ….. But I do know my math and stat;s.

    The CFC analysis using the same indicator is also ‘bearish’, however, it is currently stable and shows no pressure of either Divergence or Convergence …. other than the same lessor indicator as above suggests to me more Divergence than Convergence …… again as above this can also change over a period of time.

    Remember …… I AM NO FINANCIAL EXPERT

    ….. and other than for the purpose of this post by Paul ….. I have NO interest !

    • Congratulation on your calcs and assessment Newtz, but they fly in the face of the reports from the Finance & Economic Committee (FEC) and the Knights of Economic. Development (KED).
      When you look at these two together, they clearly shoe they are FECKED !

      • @bara, Never heard of them, …… but imagine you will find a level of Convergence …. but would’nt come to the ‘F’ conclusion ….. !

  38. Mike A

    Is it a pure coincidence that Gervais Williams of Milton Group PLC (formely called MAM Funds) was the only ever institutional investor in Merchant House Group that was controlled by Craig Whyte?

    http://www.investegate.co.uk/merchant-house-group–mhg-/rns/holding-s–in-company/201202281548353047Y/

    It’s a small world……….

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