Why Was Charles Green’s Share Sale Not Mentioned in Rangers Prospectus?

On 19th October 2012 Charles Green, at that stage Chief Executive of The Rangers Football Club Ltd, agreed to transfer 714,285 shares owned by him to Laxey Partners Ltd once free to do so.

Under the terms of the lock-in agreement entered into by Mr Green with Rangers International Football Club PLC (RIFC) on 7th December 2012, Mr Green cannot transfer shares before 7th December 2013, without the consent of RIFC’s NOMAD, Cenkos Securities plc, other than in limited circumstances.

Some questions arise from that announcement.

How Can Someone Sell Shares in a Company Which Does Not Exist?

On 19th October 2012 there was no RIFC in existence. The share flotation was still almost two months away. Mr Green was facing another intervention by Craig Whyte, claiming he was responsible, rather than Duff and Phelps, for finding Mr Green as a buyer for Rangers.

Mr Green was also very busy at the time promoting the share sale, and announcing, on the day before the agreement, that over £17 million had been pledged in relation to the share issue.

But how, one might ask, could Mr Green reach an agreement to sell almost three-quarters of a million shares in a company which has not yet been incorporated?

There are two ways in which it could be done, I think.

Firstly, and most simply, the deal was agreed as stated in the announcement – namely that Mr Green agreed to sell over 700k RIFC shares, on the expectation that the share sale would proceed.

Secondly, the deal could have been one related to shares in The Rangers Football Club Ltd and when these shares were converted 1 for 1 into RIFC shares, the rights of Laxey Partners changed over to the PLC.

One wonders what price Mr Green is being paid for them. Is it market price as at date of sale? Or as at the date of agreement? Or at an agreed premium over what Mr Green paid for them? Hedge funds are not known for their charity – the acquisition of this part of Mr Green’s shareholding will be at a price which suits the buyer.

Mind you, it is only about 1% of the share capital which Laxey Partners are going to acquire, and still leaves Mr Green with over 4.25 million shares.

Why Announce the Share Sale Now?

As I have discussed here before, there are various duties incumbent on PLC directors regarding publicity. Normally any dealings in a PLC’s own shares by a director have to be publicised. Otherwise there could be risks of “insider dealing” and use of “inside information”. Directors’ dealings could affect the share price.

So how does the timeline work here?

When the deal was agreed, RIFC did not exist, so there could not possibly be a need to announce it in October 2012.

The deal was not announced in the Prospectus.

It has only been publicised, not when the sale takes place, nor when the intended departure of the CEO, Mr Green, was announced, nor when the sale is actually completed.

Instead RIFC have announced it now.

Should This Have Been In the Prospectus?

Here is what the Prospectus had to say, on Page 82, para 1.4, about outstanding deals which the Directors might have had at the time of the flotation:-

None of the Directors has, or has had, any interest in any transaction which is or was unusual in its nature or conditions or which is or was significant to the business of and which was effected by during the current or immediately preceding financial year or which remains in any respect outstanding or unperformed.

Maybe I am reading this too simplistically – but if Mr Green had agreed to sell 1% of the share capital of the soon to be floated company and the sale could not be completed until a year after the flotation – surely that is a “transaction which remains in any respect outstanding or unperformed”?

Now, it is unlikely that anyone will claim that the unreported sale agreement made any difference to decisions to invest or not, yet that is not really the point. There is a reason why the Prospectus runs to 122 pages. There is a reason why it is packed full of legal jargon – there is a reason why there are legal qualifications, disclaimers and exclusions.

The document matters, and what it says is important. Accuracy is required, both by good practice and by law.

Surely the fact that the person who is to become CEO of the company has already agreed a sale of 1% of the share capital is of enough importance to get a mention in the Prospectus, or at least to be mentioned at some point before the CEO has actually left?

Maybe someone should ask the NOMAD, Cenkos Securities, when they knew about Mr Green’s deal?

What about the Rumoured Sale by Mr Green to the Easdales?

The Easdale brothers are looking for a place on the Rangers Board. The EGM, now delayed for negotiations, was requested to place one of the brothers in the Blue Room.

This was on the back of the reports that the Easdales were buying Mr Green’s shares.

So – has Mr Green agreed a sale to the Easdales?

If he has, why has this not been confirmed in a Stock Exchange announcement?

If he has, what is the difference between the sale to Laxey Partners, and the sale to the Easdales?

As far as the rumoured sale to the Easdales goes, are they aware that they are not getting Mr Green’s full 5 million shares?

What sort of deal has he got from them – better or worse than that from Laxey Partners?

What About the Rest of Mr Green’s Shares and Those of Mr Ahmad?

There are 6.5 million shares in the name of Messrs Green and Ahmad, apart from those in the sale to Laxey Partners. One assumes that Green and Ahmad would be looking to sell. Two shareholders who, between them, hold 7% of the share capital form an important bloc, and provide people who want to expand their influence in the PLC a “one stop shop”, whether that is the Easdales, or Dave King or someone else …

Posted by Paul McConville

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124 Comments

Filed under Charles Green, Rangers

124 responses to “Why Was Charles Green’s Share Sale Not Mentioned in Rangers Prospectus?

  1. Steve

    There is only one thing certain through all this: there will be more questions than answers. The ‘odditorium’, is a very appropriate name for all the goings on over Govan way.

  2. timtim

    How Can Someone Sell Shares in a Company Which Does Not Exist?
    The same way you sell season tickets for a club that does not exist perhaps
    then now forever
    roll up roll up ,erra Rangers* 2 furra £1

  3. Monti

    Morning Paul, ” How can someone sell shares in a company that doesn’t exist”?….Good question.

    How can a club with over a century of shameful sectarian attitudes & institutionalized bigotry, run up potential debts of £150m, liquidate, illegally pay players,only to be told to carry on & do what they like, like they always have done?…..i said Carry on but the only thing missing is Sid James & Bernard Breslaw!
    I hope the the rangers fans think it’s funny, the creditors do not!

    • cam

      The actual debt which is being spoken of in Oirish theme hovel bars is now up to £3trillion.
      The reason we can get away with any and everything?,,,,, WATP. 🙂

    • Cregganduff

      Your right of course Monti
      And Cam’s only defence is to play ??? the mentally deficient village idiot. Cue cries of hatred from the mind-addled. Of course we do. One hundred years of vicious sectarian thuggery? Surely you weren’t trying to make friends?

      • cam

        Oh good its Creggy,,,,he is a good rager and has many issues.
        What will you say when the UTTT rubber stamps the FTTT verdict?

        • Gortnamona

          cam
          “What will you say when the UTTT rubber stamps the FTTT verdict”

          Ian Archer said it all –
          “This has to be said about Rangers…as a Scottish Football club they are a permanent embarrassment and an occasional disgrace. This country would be a better place if Rangers did not exist”. – Ian Archer (journalist 1970s)

          No verdict from UTTT will ever change that.

          • Morning gort….taking the Colnago up to glorious Scottish Highlands tomorrow for a few days, to ruin myself on some unforgiving slopes. Sunshine & a few beers on the cards in a Sevco free zone…
            Been getting out much?

            • Gortnamona

              Mac
              Trying to get back fit, did 170 miles last week. Nothing too hectic. Did a 74 on Tuesday not much climbing, but longest in a while. Enjoy your weekend in the unpolluted air of the Highlands. My Garmin 500 is malfunctioning, out of warranty, they want £68 to replace it. Not sure what I am getting.

            • cam

              Afternoon Mac,,,,can you wear summit green and yellow so i can mark you down as a 7 pointer,,,bloody cyclists clogging up the roads,,,worse than caravans.
              I did 20 miles last week on my two ton mountain bike and my arse was killing me,,,,strange folk in the Bellshill CFC club!

            • Delighted to hear about your arse cam.
              I’ll be wearing a resplendent green white & gold retro cycling jersey, many of the Ayrshire loyal have taken offence to it’s presence on the Queens highway..You know us taigs, we enjoy the abuse 🙂

      • Monti

        It’s an absolutely scandalous situation Creggan, Sevconians should be completely embarrassed about their former club, the rest of Scottish football is certainly embarrassed by them.

        • cam

          Monti,i hope it fills you with angst every morning.
          I’ve got a reddy,but it was just from the glorious blue skies over Govan.
          One must only be heedful of the opinion of one’s peers.The tittle tattle of the hired help is an irrelevance.Now get back to work and pay your taxes to Lizzie for the upkeep of Brittania.

          • Cregganduff

            To Monti from Cam
            “Now get back to work and pay your taxes to Lizzie for the upkeep of Brittania.”

            The little shit has either no memory or no sense of shame?

            • Monti

              Both I’d suggest m8!

            • @Creeganduff….don’t be too harsh on the old currants, It’s been a tough 18 months for the poor souls. Club Britannia pegs it, Maggie pegs it, they got their knuckles wrapped by the “Best Army in the World” for the tasteless Remembrance, memorial shambles on the Asbestos pitch. I also believe there was some difficulties experienced over the lowering of flags.
              Maybe we can forgive them their lack of shame??????
              errr….forgot the Ramsdens cup 🙂

          • arb urns

            oh b hel cam thats a crown jeweller that one…..”pay your taxes to lizzie”……

            c thon BDO doc u loaded up yestreen over £168m that took the by-pass round lizzie and britannia…..never have so many been defrauded by so few of so much…. if rule britannia is cracklin over yer airwaves while I clatter……

      • Jamie

        Erm! he’s not playing!

    • Ed Pàislig

      @Monti
      I try to be charitable to the SFA and Lord Nimmo Smith on this issue. If the club that failed were obliterated and just became a nasty footnote to Scottish history, what would we do with their “followers”?
      If they didn’t have Ibrox stadium to sing their evil ditties and proclaim themselves as “special” what would they do each Saturday? I don’t see them taking up any cereberal interests – philately isn’t going to appeal to them (no, not fellatio cam – that is Michael Douglas you are thinking of) – so would they be on our streets harassing our Pakistani brothers or even worse – sitting at home building postal surprises for our elected representatives and prominent citizens? You would have to ban Practical Mechanics from Govan and Kilwinning for a start.

      No – I think the establishment know that the barely educated masses need Ibrox. Think of the anger of these guys as they further slip down Scotland’s social ladder – overtaken by the Irish and the new immigrants, and increasingly being overtaken by aspirational and assertive young women.

      This is a real problem for Scotland (and NI) to address. Shutting Ibrox down – as the law and natural justice demands – could be a disastrous move for our social cohesion. We need to draw these people towards liberalism, education and, dare I say it, culture. Thst may take 20 years unfortunately.

      In the meantime we should keep “the Big Hoose” open, but we should be vigilant and keep them in their place until the next generations come along and adapt to the new modern “rainbow” Scotland.

      • Monti

        I understand your concerns, however I have another solution, demolish Ibrox & let the police deal with ‘ social unrest’! That is what they are there for isn’t it? HH!

      • mcfc

        @Ed Pàislig

        That makes a lot of sense – but I can’t imagine that the establishment figures and bodies have the greater good of rainbow Scotland in mind as they apply the paddles to their favourite institution for the umpteenth time..

      • You mirror exactly the same ignorant, bigoted worldview of the knuckledraggers who label all Catholics paedophiles because of the actions of the few.
        I really pity folk that are consumed with such hatred.
        Two sides of the same coin.

    • david

      Carry On Monty

  4. Laxey Partners

    I like the guy that runs this mob,
    he takes companies like Sevco and forces them to increase dividends to shareholders, he manipulates the rules to force votes, RFC 1872 had not paid a dividend to share holders for 30 years, yet before the shares are issued Green has sold enough to this guy who’s speciality is getting increased dividends for those that hold shares,
    looks like when he gets started more money will be getting bled out of Sevco, all the less for Ally.

    • Cannot give dividends to shareholders unless you run a profitable business – RFC-NIL was never profitable nor was it ever run as a business as it was a govt subsidized business. TRFC is also not profitable so unlikely to give out dividends any time soon – especially when paying 40K a week gross to 2 players returning from loan spells in order to keep out the centre forwards of the SFL2.

    • 100bjd

      Coatbrigboy
      Laxey are a hedge fund. Their game will probably be to short the share price. You need to make profits to pay dividends.

      • mcfc

        @100bjd

        According to Ahmad there’s $50m minimum profit to be made by selling off or pawning the assets. Of course the profit is made by RIFC and the problems with be left with the club/company formerly know as Sevco.

      • portpower

        Colin can retrieve the ball for them then?

    • Budweiser

      coat.

      Maybe chico was short of a few bob at the time, and this was a sort of ‘payday loan’ in exchange for, [ at a never to be repeated, discount] the 700k shares .

      • Brother Louis

        I think you’re right – I like the payday loan analogy. I think Chuck, and all of his ilk, don’t really have much actual money – instead they use other people’s money. They like to give the impression that they’re super rich but the reality is they are just bold people (shameless in fact) who happen to know the nuts and bolts of how to get hold of other people’s money and use that knowledge to make a few bob – hustlers rather than movers and shakers.

  5. Paul, Your commentary on all things Rangers has been remarkably exhaustive over the last year or two, from the legal matters to analysis of remarks made by Super Ally in press conferences on team matters.

    However i note you haven’t done an article on the leaked decision of the Advertising Standards Authority, which rubber-stamped/cleared of any mistruth Rangers’ claim to be scotland’s most successful club.

    Id be interested in your thoughts on the ruling, how it was arrived at, consequences etc, wider significance if any. Can we expect such an article at some point?

    Paul Brennan went out of his way to ‘cover” the matter when news of Rangers being reported arose. His interest seems to have dried up since then… but i would expect that of the likes of Brennan.

    • It struck me that the ASA’s investigation was by no means exhaustive. Going by the leaked report they went as far as asking Sevco for their side of the story and that appeared to be that. More to come me thinks.

      Anyway AD have you any idea when that “distinguished” 19th century company that RFC 1872 ditched in the gutter finally gets liquidated ?

      • On the contrary Andrew, have you not read the leaked extract from the decision?

        The ASA specifically made reference to evidence from at least 5 independent (tin-foil-hat conspiracy theories aside) sources that they took into account in making their ruling:

        The SFA, UEFA, SFL, SPL the Law Lord’s Independent Commission, the European Clubs Association – all of which were cited.

        It amuses what “independent sources” they’d of needed to have consulted to reach an opposite view… Phil Macgiollabhainon (“Who exactly are this ‘klan’ you are referring to Mr.McGillivan”?!) , a few Scottish media hacks?

        Maybe they could have jumped into a time machine and consulted Jim Traynor/Charles Green on opinions they’ve since deserted!

        When you think about, you realise how this “new club” stuff really is now just a withering, doomed patient, in the sole care of the attentive but ultimately helpless celtic-minded.

        I note even the Celtic minded’s staunchest independent ally, the bbc Scotland sport department led by (the perhaps less than independent) Chris McLaughlin have deserted the sinking ship.

        • Going by the leaked report I read the ASA didn’t speak directly to the bodies you mentioned. They appeared to take Sevco’s word on the matter.

          Only once since RFC were put into the liquidation process have I heard Regan being asked about the new club/same club scenario. He evaded it. Was is not Regan who feared civil unrest on the scale of Manchester if things went Pete Tong for Rangers. That probably answers quite a lot on the matter.

        • Internet Bhampot

          http://www.oed.com/view/Entry/193311?redirectedFrom=successful#eid

          Working from the OEDs definition of successful, I can form arguements for several clubs to be Scotland’s most successful:

          Aberdeen: Only Scottish club to win two European trophies,
          Celtic: Winning the European Cup,
          Celtic: Winning the Scottish Cup (and therefore in direct competition with most clubs in Scotland) more times than anyone else,
          Rangers: Winning more League titles than any other club in Scotland (is it still the world Record?),

          Those are just off the top of my head, and I think could each be used to suppport a claim to be ‘most successful’.

          Though am I correct is assuming the reason this alledged decision of the ASA is being so celebrated by sevconians that it is viewed as confirmation that the current Rangers are the old Rangers? Well, as this seems to be the stance of the SFA, no-one else need never have been consulted. If the clubs membership of the SFA was transfered (though the mere fact that it had to be ‘transfered’ says it all for me) to another business to run a club under that name, then yes, Rangers are the same club. So your ‘history’ is preserved. Though again, I will ask, why would anyone want to preserve this history, when Stewart Regan, who was a key man in ensuring the transfer of said registration has been quoted as saying he feared ‘social unrest’ if Rangers fans did not have a club to support? What in that history made him think that?

          Internet Bhampot

        • arb urns

          the separate histories bit is interesting !!!!!!

        • portpower

          The ASA consulted with Uncle Charlie the clairvoyant.

    • AD,

      Thank you.

      Have you a link to the decision?

      Paul

      • cam

        Not the actual link, but something wonderful to rest your mince pies on,,,,i’ll pay for you to take the tour Paul. 🙂
        http://www.rangers.co.uk/news/headlines/item/4100-scotlands-most-successful-club

      • I gather its been “leaked” – so whilst its kicking around on some sites, no official sites have covered it yet.

        If you google “asa response” and “dothebouncy” (if the site isnt already in your favourites list ;-)) you’ll find the leaked stuff but i can appreciate it may be more sensible to wait for the official release.

        • More sensible to wait, for the love of god,
          you’ve hammered on for 4 days about a leak from “dothebouncy”,
          wait ,wait, your a sevconian, they don’t do sensible do they

          Paul, Paul, do a blog on the report, ’cause your quick to do blogs on other reports,
          Paul responds, ok give us a link to the report,
          AD, oops, there is no link because they report has not been published,
          ahhh sweet jaysus

          these sevconians are the guys that want people jailed for leaking reports, they have to keep finding new board members because the Ibrox board leeks like a sieve,
          yet they are all over the internet about a leaked report.

          I am hoping Celtic advertise themselves as Scotlands most successful, club, Celtic have achieved things Sevco/RFC 2012 could only dream about

    • Ed Pàislig

      @AD Bryce
      Relax AD – it was a bit of knockabout fun that gave us all a belly laugh. Paul isn’t going to blog on a bit of fluff. We are interested in the machinations of Sir Craig Whyte, the Easdale Gang and the Chico mob. Who will collect the spoils – that’s what grips me as a student of psychology and business malpractice.
      The SEVCO saga is pure gold edutainment!

    • “The likes of Brennan”….I think that statement needs an explanation….

      • cam

        Obsessed,snidey,sleekit,sweetie wifing,two faced,double standards,hypocrite,,,,,,,is that enough Mac!

        • Aw c’mon cam, a bit of sweetie wifing, ye canny whack it. Ye see that’s the problem wi you children of the Reformation, as soon as folk start having a bit of fun you start gettin all Oliver Cromwell & want to ruin the party. 🙂
          cam… if the sun’s gettin too much for you you should stay in doors & compile a list of “Rangers Sweetie Wifers”… Chris Graham’s project is needin a shot in the arm….It’s a new angle.

  6. Just had a look on youtube at Harry Enfield clips, i had never seen this character before but it’s so funny and accurate.
    It was just like Niall had come to life

    • Maggie

      @coatbrigbhoy
      Brilliant cb,I’ve also never seen that one……not a big fan of Harry Enfield,much prefer Paul Whitehouse and The Fast Show.
      Must say however,that he’s got them to a T.Permarage,easily offended,public embarrassment,with the propensity to condemn themselves out of their own mouths.
      Now where have we seen that recently cb? 🙂

    • Zombies can’t come back to life, can they???

  7. AD Bryce

    rab
    June 7, 2013 at 1:03 am

    Good morning Robert, apologies for the delay in reply.
    Boom. Bang. Kablammo. Hahahahahaha.
    Indeed.
    Listen to Charlottes latest tapes and justify your defence of the whole planned out dealings to stiff everyone who ever got involved with your old skumbag filled klub.
    As I have mentioned before, their our individuals involved with Rangers Football Club, boardroom members in particular who have behaved disgracefully and I wouldn’t dream of defending some of those actions.
    Justify it skumbag and claim your skumbag status.
    As, I said, I cannot justify some of these actions. Is “skumbag” not spelt with a ‘c’? Let me consult my OED…
    Everyone was involved, you know it, we know it, charlotte knows it, and soon everyone will know it.
    I look forward to more revelations – the more the truth is known, the more we can focus in on the guilty parties and avoid a general harming the wider reputation of the club. This is about individuals, who should be brought to book for wrong-doing.
    Hahahahahaha. Goodbye skumbags. Jailralotarem. Hahahaha. Paranoid? Me! Never. Hahahahahahaha. No compromise, no let up, surrender? NO. Hahahahaha. Mcoists not a manager, hahahahahahaha. Brilliaint. Thieves cheats and liars. Goodbye, again.
    I look forward to our next conversation. Cheers pal!

    But, but, but, but.

    Shut up.

    Ok 🙂

    • barcabuster

      @AD.
      You say you cannot defend the actions of some of the board members, who have behaved disgracefully….I could not agree more, and I doubt you will find any football fan in Scotland to either.
      Surely, it has not escaped your attention though, that without such disgraceful behaviour, which I am sure there is no need to elaborate on, there would not be a team playing in blue at Ibrokes to this day.
      Is it not the case, that far from not defending these board members actions, your continued support of this team in blue, their team in blue, (although they could have chosen any colour they wished), could actually be seen to be endorsing such behaviour.
      To put it bluntly, it is the supporters of this team in blue, which keeps them in business. This same disgraceful behaviour will continue, (a) until there is no more money to be made, or (b) Someone with a more upstanding outlook on business ethics buys them out.
      Continued support of their team, and ethics, only keeps the purchase price up.
      If you are lucky enough to find such a buyer, would he be happy to pay an inflated price(none have before) and would this upstanding individual or group, be happy to enter into dealings with the currrent owners in the knowledge of the legal minefield he/they will find themselves in.

      • willy wonka

        barca – I’ve alluded to it previously here, “such a buyer” has already been found. He will control Rangers before the years end. It is not King.
        Take it or leave it.

      • Raymilland

        @Barca

        The point that you make in regard to the probability of any individual or group appearing over the horizon to save the club from further disgrace; would demonstrate the extent to which Green has sunk his hooks into the club.

        The new audio from ‘Charlotte’ provides evidence of Whyte’s first hand knowledge of Green’s involvement. As soon as D&P made it clear that Bill Miller’s offer was almost signed; Whyte then immediately introduced CG to the game.

        I maintain that Whyte’s claim against Green is an elaborate charade which is effective on many levels. The wheels would have been set in motion before the BTC/EBT decision was made public.

        Although the HMRC case is more than enough to deter any new buy out of the club, any possibility of that being settled is offset by the latest threat of a decade of litigation over the assets.

        CW has orchestrated matters since a period of 18 months leading up to 14 February 2012, and I do not believe that he would be caught out by any simple switcheroo of companies by CG.

        The added bonus to CW of his threat of court action is that it also throws the scent off any continued involvement in TRFC. The SFA bloodhounds appear to have gone off on a blind trail, while CW is free as a bird.

        Shares by proxy is the only game in town, Ticketus shall get their share come what may. CW already has his.

        • barcabuster

          @Raymilland
          I definitely got the impression from the tapes that CW had CG in the wings all along, and that he was fishing with D&P to see what the competition was. I think the CG/CW animosity is a mask, as is the 5088 caper. Why would CG even contemplate shafting(and admitting it) when he knows exactly what papers/ bank transfers etc CW has?
          CW may well have come out with it straight last night! Who do we have to beat, how much? and these people can have an offer on the table tomorrow. In fact I am meeting them tonight, “Do you want to come and say hello?”.
          You are right, or very close

    • portpower

      @A D.
      So, it`s the company/company individuals who are at fault?
      A D, just sit back and repeat the same excuse for Liquidation MkII.

  8. cam

    Well another lovely June day and the padlock watch crew have had to be stood down.The Orlit wind up order must still be in the post,another £20 million must have been squandered this month and next and next,,,blah blah de blah.
    The shares are to be suspended in a few minutes?,admin2 in the afternoon and Thommo will receive another hot tip from a freak in a sunbed shop that the latest forged document is ready for upload.
    C’mon bhoys you’re getting lazy.

    • Spivs and crooks are taking over the “BigHoose”
      catch the BUS before it departs with all the dosh, ding ding, Tickets please, have your tickets ready please,
      Would all Debentures pay again or get aff the BUS

    • Daniel O'Connell

      Exactly the sort of comment Rangers apologists were making all over the internet in the year leading up to the original Rangers sinking into administration, and indeed right up to the rejection of the CVA, which we were assured would be accepted by HMRC.

      How did that work out again?

      • willy wonka

        Who “assured” you the CVA would be accepted by HMRC ?
        There was never a hope in hell that it would be accepted.

        • Could you have a wee word with Niall Walker about that .

        • wonka….”there was never a hope in hell the CVA would be accepted”, be careful willie, that’s a heresy Niall will not tolerate, you could be in line for one of his withering put downs……….

          • Niall Walker

            Some on here cannot distinguish between the word ” consider ” and ” accept “, I can assure you they are miles apart in meaning.

            • tykebhoy

              Condemned by you own words again.

              Much of your argument about the CVA has been why didn’t HMRC say they would never accept one from the start. The answer is that HMRC wanted to see what the CVA put on the table. When it amounted to less than a penny in the pound, even discounting the BTC, and was clear the same finance bods who had remained schtum instead of resigning on principle and/or whistle blowing while Craigy and SDM before him shafted Lizzie’s treasury then it was quite clear HMRC would never accept the CVA.

        • portpower

          Remember willy. Uncle Charlie was given the nod from HMRC the CVA was accepted. If not, rangers history was full stopped.

          • tykebhoy

            See deniall’s post, just above, about the difference between consider and accept. Charlie played a blinder in blurring the difference between the 2. HMRC were almost duty bound to consider the CVA but they were also as duty bound to reject what it contained.

        • Jamie

          Thats not what that eejit Nial was claiming….you sevconians need to make up your minds what story your telling and stick to it.

  9. Monti

    Can’t help but think this Circus with the the rangers would have been more constructive if, say a figurehead like Walter smith came out at the very start of all this, say immediately after liquidation & said ‘ I would like to sincerely apologize to the Scottish football fans & clubs for cheating them for many,many years, I wish to say sorry to the Scottish public for our shameful, bigotry fuelled sectarian signing policy,in place for over a century, from this day on we (rangers) shall no longer seek favours from referees whilst chasing Celtic.
    I want to apologize to the creditors for ripping them off, I would extend that apology to the ( their) Queen for stealing her money from the public purse.
    It is our decision that rangers will not seek to enter league football for three years until we can, under the rules be granted a license.
    Within that three year period ALL creditors including the HMRC will be paid in full, before we kick another ball.
    Finally we apologize to CELTIC who in terms of being cheated, have suffered the most’……….This is how this whole affair should have been carried out!

    DIGNITY?

  10. timtim

    http://www.heraldscotland.com/news/home-news/ulster-unionists-in-scots-poll-protest.21269603

    The VB, the fans group that 2 former CEOs of Rfc* were happy to support are aligning themselves with the political party affiliated with loyalist paramilitary group the Ulster Volunteer Force .
    Time for the decent fans of Rfc* to chase these knuckle draggers away
    Time for the new temporary CEO to take a stand ,he claims he knows who the enemies of Rfc* are (hint -they’re behind you) . Will he pander to the VB like his last 2 predecessors or will he condemn them for using his sporting institution as a vehicle for political extremists ?
    Rfc* a permanent embarrasment and a permanent disgrace

    • Maggie

      @timtim.
      Very disturbing Tim,as if we haven’t got enough home grown sectarian bigots,without the VB inviting more over from NI,especially a group closely affiliated with the UVF.

    • @timtim….. could not agree more, got a horrible sinking feeling in my gut when I read that this morning……ugh….

      • BB

        Agreed. Scottish football fans should have no business with paramilitary\ terrorist organizations. (Except if it’s the green brigade of course) Ouch!

        • BB….the Green Brigade have nothing to do with the UVF or Vanguard Fascists……… 🙂

          • BB

            There are people on here who defend the gb’s ‘right’ to glorify Republican terrorists ( you being one of them), and then get all hand wringy when it comes to factions within the rangers fan base supporting loyalist terror groups. Hypocrites. Some people need to make their minds up. They either abhor terrorism or they don’t. Whether it’s some loyalist psychopath spraying bullets into a bar full of catholics or a republic psychopath incinerating a restaurant full of protestants, none of the organizations responsible for these type of atrocities should be getting air time at scottish football grounds sadly on here there are some trying to justify one group of fans and denigrate another. SHAMEFUL. Both should be condemned.

            • BB “When did I ever trumpet Dissident Republicanism”…….. an apology will be accepted…….

            • BB

              You defended the green brigade’s right to have a freedom to express themselves, on here, and recently, if you really want me to check back I will. I mentioned their homage to the provos, and you said they had a right to do so. I never mentioned dissidents, you did. It wasn’t dissidents that were responsible for the la mon restaurant firebombing atrocity and many many others. But you defend the gb’s right to celebrate violent republicanism. Murder, in other words. The pup/uvf as far as I know no longer do what they once did and thank God, but they should be as much of an irrelevance to scottish football as irish republicanism. You however want to make meat of one and fish of the other. Like so many other self righteous zealots on here. I say again. Modern day pharisees.

            • BB…….. The IRA no longer do what they once did, don/t get your point on that.
              Just to clarify I also defend the rights of right wing extremists to condemn themselves out of their own mouths, such is an open & democratic society.
              In the recent history of NI that openness & access to democracy did not exist for all, therefore people were entitled to take up arms. I however did not support “all” the methods adopted by the Republican movement.
              As for Scottish & Ni loyalists groups both have voiced that in the event of a threat to the Union that they would not rule out a recourse to arms………..
              That is what inspired my dismay, the disregard of the democratic process.

          • BB

            You talk about ‘entitled’ to take up arms because democracy didn’t exist -so what was the ‘bullet and the ballot box’ strategy all about then…….? The democratic will of the people of Northern Ireland was and is to remain British, the minority didn’t like it so they murdered people.They were not entitled the same way as any loyalists wouldn’t be either should the roles be reversed. At least I am consistent. You are not. Btw. Please don’t throw in the one man one vote thing. It wss also one vote per household in the republic as well at the time the troubles started and they weren’t rioting there

  11. “BUS tycoons the Easdale brothers marched into Ibrox yesterday for a summit with Walter Smith — and came out with a seat on the Rangers board”.

    http://www.thescottishsun.co.uk/scotsol/homepage/news/4958908/Bus-tycoon-becomes-Rangers-director-and-Malcolm-Murray-stays.html

    Another two new directors waltz through the front revolving door to join in the game of Ibrox Musical chairs.

    Is this a New World record for the most directors in the least time for a newly floated company?

    I’m sure the Zombies will be delighted at this latest success, and also with the fact that…“the deal was cut late last night and means a damaging extraordinary general meeting — a nightmare scenario for the club — will now NOT take place”…

    Whew!….another bullet dodged…

    .

  12. Monti

    Campbell Ogilvie, Stewart Regan, Neil Doncaster & David Longmuir…..are you not embarrassed to still collect a wage from the Scottish game?……you should be!

  13. Monti

    Oh heavenly father, please, please,please give us them in a cup next season!

    • barcabuster

      @Monti.
      I couldn’t agree more with your comments about our so called governors.
      I have written many emails to them, seeking clarification(that swear word again) without as much as a receipt of delivery. I have watched Scotland play probably in every European country and beyond. Tonight I will not even watch on the telly. Until these corrupt fagans are removed, I will not attend anotherScotland game, and for that alone I am truely sickened!
      With regards to playing Sevco, I have no interest. We have our record win against Rangers. We also won the first game, and the last! Beating a 3rd rate disfunctional team who bought their stadium will not change that. As with the SFA, I will not endorse their corrupt product on the park. HH.

      • Couldn’t agree more barca,the baw is burst,I never missed an old firm game,and loved every minute of it,now I would not go back to another one,Scotland games my dad took me too one when I was about 12,against Northern Ireland,in the home championships,never again the abuse the celtic players got even from the so called scottish supporters was a disgrace ended up with ma old man putting a couple of numpties on their arses,meant I would never watch them again.
        He was a proud scot,and I would have loved to have watched more Scotland games with him,but that put me off for life.

        • barcabuster

          @Jimmy
          I used to go to the home international’s with my da as well. Great days!
          Funnily enough, I recall him putting a few haufwits in their place (verbally) for the very same reasons.
          Our faithers sound quite similar in that respect, but ironically mine is a bluenose. Lol. But he doesn’t have a biased bone in his body, and treats as he finds.
          I have to stress that kind of nonsense forms no part of the Scotland fanbase now that I have ever witnessed.

          • Agreed barca,no nonsense from them in their day,ma dads best m8 was a big rangers man,but they stood no nonsense from anyone and always stood shoulder to shoulder.Big John was a gem,always got me the playing for celtic books I still have everyone,used to say don’t tell anyone I got u it,and signed it from Santa wouldn’t put his name to it lol.
            Probably turn in his grave now what they have done to his club.

            • In spite of all the sectarian pish, I still follow the national team. Will be lookin through my fingers tonight at our latest humiliation.

      • Monti

        Absolutely!

  14. Friesdorfer

    AD Bryce

    I do not think anyone can dispute that TRFC(il) has a history of 140 years, that is a fact. What they can take issue with though is that RIFC has any of that history. The most important sentence of the ASA “judgement” is the last one which states clearly that what is referred to is the oldco and has no bearing on the newco.

  15. Geddy Lee.

    I think what this demonstrates is just how little financial “regulation” there is.

    I imagine this is “normal” business practice for people like Green and Whyte, safe in knowledge the authorities
    are not looking.

    The real question though is , “Is any of this illegal?” Or is green simply playing the system?

  16. Something going on. At 10.08 this morning someone bought £10.75k shares.
    Most unusul as there have been only sells since early May!

    Also on LSE Torrejohnbhoy had this message: The Easdales gain a seat on the RIFC board.
    Tapes allegedly showing collusion between D&P and CW with regard to CG released.Tapes also contain info wrt SFA/SPL co-operation in shoehorning newco into SPL and most damning of all,hints that the Scottish Government were prepared to guarantee the existence of Rangers.
    Interesting Day ahead.

    Anyone throw any light on both issues?

  17. Geddy Lee.

    “Hints ” that the Scottish Government was prepared to “guarantee” rangers existence??????

    And just how were they supposed to do that!!

    Honestly, we know there is a remarkable lot of garbage spoken on this subject, but that takes the biscuit.

    It also does not fit with the “party Line” that the SNP are now “riddled with taigs” (Munter Media)

    Indeed, there is a concerted campaign on MM to damage the SNP at every oppertunity.

    All “Fur the union” you understand.

    This liquidation of the “Queen’s 11” has been a god send for the Unionist cabal in Scotland.

    Witness the fanatical anti royalist Labour MP who has put himself forward as the voice of rangers in Parliament.

    Labour are jumping on the rangers bandwagon and are feeding off the current hatred of all things Scottish eminating out of Govan.

    • Ed Pàislig

      If the bluenoses hate everything Scottish then why don’t they just f*ck off back to their ancestral homeland in the Iberian Peninsula! Immigrants!

      • cam

        How does the tune to that go again Ted?
        Oh yes i remember
        Go home ya huns,go home ya huns
        Jings, i really hate those racist undertones,espicially coming from pesky minority groups,,,,it smacks of anarchy and a breakdown of the natural order.

        • Ed Pàislig

          Jeez cam, you guys are so thin skinned. Never mind – get Morag to look out the white handbag and cheap perfume, marching season is approaching!

    • cam

      Probably by means of a tax that everyone had to pay, even the benefit brigade.
      The Save Rangers Tax would have been voted through quick style in order to preserve Scotlands greatest institution.

      • Ed Pàislig

        @cam
        “Benefit Brigade”
        Was their ever a time in your life when you felt any mutuality or solidarity with Scotland’s poorer people? You have never felt any egalitarian instincts – not even as an idealistic young man? That’s a shame. I suppose that is an element of the WATP mentality – you thing some people are innately superior to others – usually based on economic means, skin colour or creed. Yes, you are truly a child of Thatcher. Have you got many friends cam – excluding Morag and the weans?

  18. portpower

    If a company doesn’t exist, how can a club?

  19. portpower

    On 19th October 2012 there was no RIFC in existence.
    When did Mr. Brian Stockbridge pitch his tent around Glasgow?
    When did Uncle Charlie first have an agreement with Laxey Partners Ltd?

  20. barcabuster

    Mr Ogilvie, do you still claim to know nothing or very little dailyrecord.co.uk/sport/football… and this. scribd.com/doc/146285692/… Architect.
    I can’t read Cha’s latest offering on my phone, but it looks juicy.

  21. cam

    When is the date the court action by the Whyte shite due to start? His letter is in the bin and his no win,no fee,no brain lawyers better be ready up the ante.
    C’mon Craigie,i can’t wait to see you in a court room.

  22. barcabuster

    Cha has been very kind tonight with her audios. The deal was not dependant on a successful CVA. That will shut a few people up. D&P are desperate to sell to anybody because of bad press of their feck ups. Bribery, backstabbing, collusion lying and deceit from start to finish. Crookery of the highest order. A whole hours worth.
    Now rush out and buy your SB’s cap doffers, because without these people, there would be NO tribute act.
    You have a lot to thank them for in continuing with the old traditions.

    • Raymilland

      @Barca

      Tape 4 Charlotte audio; once CW signs papers, CG phones “Patrick” to confirm;

      “He’s signed these documents in both Scottish form and English form.”

      Has Whyte signed up for both Sevco companies then?

      • barcabuster

        @Raymilland.
        Quite possibly mate, or there is a hand written addendum being attached. Either way, this is quite a historic conversation. The day the Rangers died(cue music)
        Clearly, they all admit it, but not to worry! They still have the exclusive “Asset sale”.
        No matter what happens now, Sevco will always be known as the club built by bullying cheats and conmen, whose only concern for their own fans, was as a cash cow! The mugs!
        It took the original club 139 years to get that reputation. The new mob are off to a flying start.
        Hey Willywonka, Who’s this new buyer,? Lex Luther, Professor Moriarty! FFS. Get real! On a plus side, we all know what bank to use for a wee bit of laundry after Chicco’s dummy run.
        Fit and proper? Aye right.
        SFA, we know you listened! What you gonna do!?

  23. Arb urns

    When u see that BDO document cam kindly uploaded the jigsaw is complete. Go Charlotte go……….make BDO do something………………….

    Ask yourself this rfc il where would u be without Craigboy and his team ?

  24. barcabuster

    Khttp://www.youtube.com/watch?v=Z6-nD7sva5I&feature=youtube_gdata_player.
    It’s SB renewal time at Ibrokes and the flock just l-u-r-v-e a good fleecing. Lol.

    • barcabuster

      http://www.youtube.com/watch?v=Z6-nD7sva5I&feature=youtube_gdata_player. Sorry! Dodgy link.
      @Cam. Is this you jumping the queue?

      • Raymilland

        @Barca

        Since listening to the audio of ‘When Craig Met Brian and Imran’; I believe that CW most certainly has grounds for his claim against Green. The spanner in the works for CW has always been the Ticketus deal not yet being written off.

        Ticketus found an alternative route to pursue their losses down to CW’s non disclosure of his disbarment from company directorship. Whyte’s claim to have indemnified the sum owed to Ticketus has obviously turned out to be a lie used as a bargaining tool for his sought annual sum of £1m from the deal with Imran & Green.

        Even if Whyte was in receipt of the above annuity; it would seem that the above figure would not be enough to keep Ticketus happy, although if that was the only option available, then they would obviously not decline such an offer.

        We will probably never know the full reasons as to why Green has stalled on the deal with Whyte. I don’t believe that it is a simple motive of Green being greedy.

        It looks as though there will be a stalemate at least until after the Appeal against Ticketus is heard. Whatever the outcome of the Appeal, I believe that Whyte’s claim against Green will most likely be settled with minimum publicity.

        If that newco go belly up in the meantime, that could alter the course of Whyte’s claim.

        It would be amiss of BDO to ignore the above shenanigans; and they may yet have a surprise in store.

        The biggest surprise will be if the SFA actually do their job; and conduct a proper enquiry. I would hope that Alex Thomson and his channel 4 team expose the entire shambles.

  25. Hi Paul,
    I find it strange how anyone in dispute with mr White over the ownership
    of Rangers newco can be allowed to sell shares until the matter has been
    finalised. Surely mr White should be able to block such a deal going through.
    What say you Paul.

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