Rangers Finally Issue Stock Exchange Statement and Omit Shareholders From List of “Most Important People”

I have mentioned the apparent delay in Rangers announcing anything official about its recent “issues”.

I can confirm that now they have notified the Stock Exchange of something – labelling it “Comment re Press Speculation”. Remember mind you that, at the weekend, a spokesman said that Rangers did not comment on speculation!

The announcement can be read here.

What it says, for those who do not want to click the link, is as follows:-

———————————-

16 May 2013

Rangers International Football Club plc

(“Rangers”, the “Company” or the “Club”)

Comment re Press Speculation

The Board of Rangers has noted the recent press speculation regarding a requisition for a General Meeting. The Board confirms that it has received such correspondence and is seeking to establish the validity of this requisition. Further announcements will be made as appropriate.

For further information please contact:

Rangers International Football Club plc http://www.rangers.co.uk
Investor enquiries: Malcolm Murray, Chairman

Media Enquiries: James Traynor

 

Tel:    0141 580 8647
   
Cenkos Securities plc  
Stephen Keys, Adrian Hargrave, Max Hartley (Corporate Finance) Tel:   020 7397 8900
Russell Kerr (Corporate Broking)

 

 
   
Newgate Threadneedle  
Graham Herring / John Coles / Roddy Watt / Fiona Conroy Tel:   020 7148 6143

———————————-

There has also been a statement published on the official website. It is a rather more detailed document. It reads:-

THE Club can confirm receipt of a requisition for a General Meeting.

The Board is seeking clarity on the validity of this requisition and in the meantime the Directors wish to assure all fans that they are working tirelessly to keep the Club on the right course.

It is vital Rangers continues to progress and no matter how many distractions or obstacles are placed in our way, the Directors are determined to meet all challenges.

The most important people in all of this are the supporters, the team, the staff and the management.

Rangers’ fans deserve to know that the Board will not be prevented from doing everything necessary to protect this Club for them.

———————————-

What do these statements tell us?

Clearly the Chairman is still in place, as he is the person to whom investor enquiries are to be made. Previously it was the CEO, Mr Green, and Mr Stockbridge, to whom these enquiries were to be directed.

I wonder why Mr Mather, acting CEO is not the person to contact?

I also wonder why Mr Stockbridge is not mentioned?

Is it appropriate for the non-executive Chairman to be answering investor queries like this? (That is a genuine question – I do not know the answer off the top of my head).

The Stock Exchange announcement is for the benefit of shareholders and prospective shareholders. Clearly the people who bought shares, institutions and individuals, are vital to the club – after all their money has been paying the bills for the last five months.

So I am sure that the official club statement would confirm this …

The most important people in all of this are the supporters, the team, the staff and the management.

No mention of the shareholders? Some mistake surely?

So we have a company which refuses to comment on speculation commenting on speculation.

We have a company whose Chairman is rumoured to have been forced to resign, who is alleged to have reneged on a deal to do so, and who has supposedly had a no confidence vote passed by the board, being identified as the “go to” guy for investor enquiries.

We have a company whose shareholders have been essential to the rise of the club back towards the heights, but those people do not get a mention in the four classes of “most important people”.

And after all, the announcement about the EGM requisition does not mention who has asked for it – why the Board needs clarity about the requisition and when it might decide if the requisition is valid or not.

It all gets ever messier.

And just at the time when season tickets are going on sale too…

Posted by Paul McConville

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67 Comments

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67 responses to “Rangers Finally Issue Stock Exchange Statement and Omit Shareholders From List of “Most Important People”

  1. JimBhoy

    Posted earlier by James McKinven, if you haven’t done so already you should take a look..

    • ecojon

      @JimBhoy

      Posted last night by yours truly 🙂

      Always first with the news 🙂

      • JimBhoy

        @Eco nice one mate I hope it is valid, This could be one of the most significant pieces of the Green & Whyte jigsaw and I would expect to see this as part of the Deloitte Whytewash, surely they would have to put some investigative hours looking into these facts.

        • ecojon

          @JimBhoy

          I won’t claim the credit as I had been following it for a couple of days on TSFM trying to make my mind up whether it was genuine or not. I think it mostly is although I think bits might have been bolted-on later and of course we really have no idea if it was ever sent.

          But that doesn’t necessarily detract from what is being exposed.

    • SairFecht

      But why the Charlotte Fakes name? Though it does seem extraordinarily structured and detailed. Is this Craig attempting to head off a boardroom enquiry whitewash at the pass, or just a piece of anonymous mischief?

      • @Sairfecht.
        Maybe a wee dig at Murray, who ran his empire from Charlotte square, or a link to Charlotte 18.

      • Michael

        When Murray was selling the old club, those buying it (andrew ellis) called the deal “Project Charlotte”. Not sure when whyte came on the scene, but it must have been at that time.

    • Budweiser

      Jim, – Thanks but it has been posted about ten times already.

    • Niall Walker

      Jim,

      I still believe this deal was for CVA only, they didn’t need CW or his shares if the CVA was rejected, that is where the dispute will lie.

      • JimBhoy

        Maybees I still think Craigie has more out there I wouldn’t try to second guess that shyster…

      • coatbrigbhoy

        why would you believe that Whytes interest would stop if/when a CVA was rejected, why would Whyte put in the £137,000+£25,000 to remain involved at Ibrox but be happy to walk away on an assets sale,
        your happy enough to accept Greens fronting for Whyte/Sevco for a CVA but not for an Asset sale.
        Maybe you can you explain why Whyte would bring in Green ,to have Green fronting for him, on a CVA, a CVA that any rational thinking person knew was unachievable if they read HMRC’s website, then for Whyte to walk away from the millions that Green and the rest were destined to make securing (nicking) the assets for £5.5m

        • Niall Walker

          coatbrigbhoy,

          If this document is authentic, read the bottom of note 7, it is nonsense, it is stating that purchasing the assets was impossible without CW, others had tried but failed and any offer would need his support. This statement is only true for a CVA and I think the asset sale extract has been ” added in ” to justify CW’s claim for a share of an asset sale.

          D&P and CG claim they were encouraged by HMRC to believe the CVA would be considered, and all parties seem to have been focused on this outcome. If both CW and CG were convinced a CVA was a non-starter then CG didn’t need CW at all, and I just cannot see CG giving away 3 or 4 millions worth of potential asset sale shares for 137,000, when he didn’t have to.

          But you are right, maybe one of the conditions for his shares was in the event of a CVA failure he would get a share in the asset sale, and CG never expected the CVA to be rejected. When it was rejected he decided to cut him out of a deal because he was of no further use.

          It is a difficult one to fathom.

          • Niall Walker

            Maybe CG felt the risk of tying in with CW was worthwhile if the CVA went through and he could explain this to the fans if it ever got out, once the CVA failed the explanation went out the window and the risk became too high.

          • coatbrigbhoy

            Charlie Green claimed he had got a nod and a wink from HMRC, this is the same CG that was plotting and scheming behind every ones back,
            Sevco (WHYTE) had a deal in place to go for a CVA backed up by an EXCLUSIVE, stuck on, deal to buy the assets, at what point do you imagine Whyte was prepared to say to GREEN, okay Charlie you take the assets, make your millions and give me the two pounds you told every one you were giving me, oh and by the way keep the £162,000.

      • arb urns

        read the IPO and the D and P ‘contractual obligations’ in ‘the purchase’

        • Niall Walker

          arb,

          The contractual obligations are mostly in the event of a CVA, and once it failed there can be no real objection to the buyer changing the actual entity that was issuing the cheque.

          Are you suggesting D&P were colluding with CW on one hand but were conspiring against him on the other ?

          • arb urns

            Sorry ‘contractually obliged’ cva/cvl was the one deal…..quite an astonishing one but it was………. Its really interesting nobody has gone for d and p in this …. chico didnt get what he thought he was getting from them and craigy has been shafted (so far)…… Remember who engaged D and P….. read the ipo in depth re craigys £137500……………………….

      • Niall Walker
        May 16, 2013 at 4:12 pm

        Jim,

        I still believe this deal was for CVA only, they didn’t need CW or his shares if the CVA was rejected, that is where the dispute will lie.
        =========================================
        I’m sure you’re right.

        Rangers have done nothing wrong.

        Its all those spivs.

        When the board, (whichever one it is this week) receive the clarity they seek, they will be able to refute the validity of the request for an emergency GM.

        Rangers are innocent!

        W.A.T.P.

    • gortnamona

      So Craigie, was misunderstood and had the best interests of Rangers at heart all the time. Restores ones faith in humanity.

  2. mcfc

    @Paul

    You beat me to it – posted this on the previous thread – I now know my place 🙂
    —————————————————————————————–

    mcfc
    May 16, 2013 at 2:48 pm

    I do apologize – I appear to be providing pro bono PR assistance to TRFC – who have now acknowledged the EGM announcement to the LSE on the TRFC homepage. Unfortunately I did not have sight of the final draft before publication so I’ve included my comments in line in brackets [ ].:

    THE Club [surely RIFC plc] can confirm receipt of a requisition for a General Meeting. [surely Extraordinary]

    The Board is seeking clarity on the validity of this requisition [what is unclear] and in the meantime the Directors [which ones] wish to assure all fans that they are working tirelessly to keep the Club on the right course.[which track is that exactly]

    It is vital Rangers [The surely] continues [sic?] to progress and no matter how many distractions or obstacles are placed in our way [by whom] , the Directors [which ones] are determined to meet all challenges. [meet? defeat surely]

    The most important people in all of this are the supporters, the team, the staff and the management.

    Rangers’ fans deserve to know that the Board [which one] will not be prevented from doing everything necessary to protect this Club for them.[from whom and/or from what]

  3. JimBhoy

    Rangers’ fans deserve to know that the Board will not be prevented from doing everything necessary to protect this Club for them.

    I think this is a strange way of framing this statement, sounds like it was written by Sally..I am not even sure I understand the message..

    At least they got the apostrophe in the right place, can’t believe you overlooked that point Paul…

    • Ed Paisley

      “The board are working tirelessly to keep the club on the right course”

      For a club in an impregnable financial position and with plans for world domination, this sounds a lot like the board alerting everyone to a crisis of such magnitude that it threatens the future of the club! Oh my God…where did I put my best champagne glasses?

    • Steven brennan

      Monti
      Tell JB what they really deserve.

  4. ecojon

    I thought Malcolm Murray was on restricted duties which I thought was another term for ‘gardening leave’. But here he is at the centre of things.

    Seems to me that, just like CW, the spivs have underestimated Malcolm who looks as though he will fight them all the way and I wish him well because his hands and feet appear to be clean unlike others wearing brown brogues.

  5. JimBhoy

    last week’s rangers board meeting making some big club decisions…

    http://www.killsometime.com/videos/10958/Newborn-Quadruplets-Think-Their-Dad-Is-Hilarious

  6. Amateurs, bloody amateurs the lot of them. Surely they should have sought clarity before putting out such a statement. This company is in a mess!!!

  7. smallteaser

    It would seem to me that one statement was specifically worder for the Aim statement and was issued on behalf of the company.
    The other was issued on behalf of the club and therefore had no reason to mention shareholders.
    Strange that all of a sudden the club and the company are yet again not the same anymore.
    Timing is everything here and it is no surprise that this again is rearing its head AFTER the season has finished and BEFORE the season has started.

  8. emmm …. was it … certain … ‘Principle’s’ ……….. think about it !
    Only Joking …………… !

  9. antoniousF

    was going to post a link to the Beegees 1st of may on utube given the significance of that date when mr green and mr whyte gazed into each others eyes and planned their switcheroo.
    but thought this more appropriate

  10. I hear the SFA are seeking clarity from Rangers on whether they have achieved clarity from the last time they sought clarity. Once they have clarity on that they will clearly be in a position to get clarity on the current quest for clarity and the last quest for clarity.

    Hope thats clear.

  11. ecojon

    More smoke and mirrors – no prob with SFA ‘fit & proper’ test then. Love the ‘Young Turks’ reference – what a hoot. I’m sure the promise of a ride in a McGills bus sealed the deal for Ahmad 🙂

    http://billmcmurdo.wordpress.com/

    Contrary to reports suggesting that Imran Ahmad is trying to block a Dave King takeover of Rangers, my information is that Ahmad is happy to sell his shares to King and that the two are in discussions over it.

    My understanding is that Ahmad can deliver shares to King that will help give him 29.9%, thus giving him a big say in matters Rangers.

    Imran is understandably unhappy at the way he is being portrayed as a villain in the ongoing Rangers saga and is keen to find a buyer who will be a safe custodian of the club’s future.

    Most Rangers fans would agree that Dave King fits that category and so it would be a great thing if the South African-based businessman could get such a substantial block of shares.

    If so, it looks likely that the Rangers board will then include King and James Easdale as the Easdales are also increasing their shareholding in Rangers.
    It must be emphasised that the Easdale brothers are bluenoses who have Rangers’ best interests at heart.

    Along with the young turks such as Craig Mather and Brian Stockbridge, the Rangers board could be a powerful force moving forward, particularly if Walter Smith stays on in a non-exec role, something far more likely with King’s presence in the boardroom.

    After turbulent times, the future is looking rosy at Ibrox, especially with the news that Malcolm Murray will be forced out after all the recent shenanigans.

    • JimBhoy

      @Eco rangers have hit the skids owing millions to investors, hmrc and various other creditors, they then become ranger #2 looking for a fresh start with men of business acumen and a solid clean background so they do not hit the wall again…

      — The McKrays and dodgy Dave to effectively take over the majority holding in this new clean entity..

      Makes sense to me.. Fit and proper – The man in the cardigan he said ‘yeah’!!!

    • dan

      Jeezus Eco! I didn’t realise you were quoting extensively from Mr. Mc Murder. I thought all that sanguinary pish was your very own, indicating that you had clearly descended into a state of acute lunacy. Whew! How relieved was I when I saw the link to Catweazel’s site. My apologies.

    • bfb

      Might I venture to suggest that it is not sufficiently clear that you are quoting Mr McMurdo and not saying these things yourself. I have been out contact with things but it seems that things are gathering pace.

      Quotation from tour Guide in St Petersburg; “The building on the right was erected in the 1930’s for use as KGB headquarters, The people called it ‘The Big House'” I started to smile at that but I cannot remember why.

  12. SairFecht

    It’s just sensational – the club that died from tax evasion/avoidance (tbc) – after much boardroom struggle within the new entity for ‘cleansing’ – after the kicking out of the villains who shafted the villain whose purchase from the original tax evader/avoider is the subject a police investigation – is going to be controlled by an alliance of – an assets-frozen tax evader and a convicted tax evader. Looks like they are cock-a-hoop at the news! Joy and redemption – Rangers are back! Tried reading Leggo’s piece today but ended up with the head spinning – it’s even more confusing than what I’ve just written above.

    • Ed Paisley

      @SairFecht
      Anyone who can make sense of Leggo’s rants has earned a gold medal from the Institute of Psychiatry

  13. Monti

    Paul, I noticed there’s a few phone numbers in there, you don’t have REGAN’S number do you? There’s a few things I’d like to ask him!!

  14. JimBhoy

    Very good article by James Forrest on TSFM, wordy but some very good points well made…

  15. Monti

    THAT LAD GLESGA1 ISN’T RIGHT IN THE HEAD!

    • JimBhoy

      @Monti I reckon the recent one off trolls are being instructed to come on here and just say what the hell they want making assumptions we are ALL Catholic, celtic supporting fenians.. I think they might get a wee badge for it from their ubermeister at the ludge, like a boy scout badge… They only come on when they can top up their phone credits on giro day with their bolt on allowing 5 hrs of timternet access from their bedsit in larkie… Shows what is out there attached to rangers.

      I did just want to say one other thing in all seriousness, nothing wrong with being in between jobs, tough times..

      • Monti

        Jimbhoy I’ve been out work myself at times, it’s just banter m8.

      • david

        STOP HAVING A GO AT DEAR AULD LARKIE!
        NO OTHER TOWN OF A SIMILAR SIZE HAD CONTRIBUTED MORE TO CELTIC!
        LEARN YOUR HISTORY
        THERE ARE NO BEDSITS IN LARKIE

  16. Monti

    What is it that REGAN does to justify his salary?

  17. Ed Paisley

    That SEVCO 5088 document is a fake isn’t it? Mind you I was laughin’ and greetin’ all the same. Craigy is accusing SEVCO Scotland of “unjust enrichment” and the damage to him includes “reputational damage caused by not being allowed conduct a successful corporate turn-around”.
    Jeez Craigy – you wiz robbed! You slung the creditors and somebody else nabbed the prize.
    Great laugh!

  18. Budweiser

    Jim, Sorry, but I posted this a couple of days ago.

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