Rangers Board Takes the Fight to the “Rebels” – “Vexatious, Ineffective and Frivolous”!

A busy day on the Stock Exchange announcement board for Rangers.

The annual results have been posted – there has been another change of NOMAD – Charles Green has sold sufficient of his shares no longer to have an interest – and the rebels want some new directors appointed.

I will look at the last point here just now.

The relevant announcement reads:-

The Board of Rangers confirms that it has received a notice dated 27 September 2013 from certain minority shareholders (“Notifying Shareholders”) under section 338 of the Companies Act 2006 requesting the Company to circulate certain resolutions to shareholders for inclusion in the business at the forthcoming Annual General Meeting of the Company (the “Notice”).  The Notice puts forward resolutions for the appointment of Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson as directors of the Company. 

Whilst the Board has requested the Notifying Shareholders to authenticate their signatures on the Notice and their shareholdings as required under section 338 of the Companies Act 2006 in order to validate the Notice, the Board notes that the Notice has been received by certain of the minority shareholders who were involved with the Requisition, the receipt of which by the Company was announced by the Company on 2 August 2013. 

The Board further notes that on 12 September 2013 the Company announced that the Requisitioners had agreed the withdrawal of the Requisition including their proposal for the appointment of directors on the condition only that the Company convened and held its Annual General Meeting no later than 31 October 2013.  The Board notes that no variation or amendment to the terms of the withdrawal of the Requisition has been discussed or agreed with the Requisitioners. 

The Board considers that the Notice, if authenticated, is unlikely to be properly constituted under s338 of the Companies Act 2006.  Given the basis upon which the Requisitioners had agreed the withdrawal of the Requisition and as the Notifying Shareholders have not requested to discuss this prior to sending the Notice, the Board currently considers the proposed resolutions to be vexatious.  The Board is also concerned that the contents of the proposed resolutions may also be either ineffective or frivolous as any director appointment must comply with the Company’s articles of association and is subject to prior regulatory approval.    

The Board further notes that the notice for the Annual General Meeting of the Company to be held on 24 October 2013 had in any event been sent to the Company’s printers for printing on Friday 27 September 2013. 

Any suggestion that the parties had reached an accommodation is, I think, blown out of the water by this statement.

Basically the Board is saying the following to the rebels:-

1                     When you withdrew the requisition for the EGM you did not insist on having new directors considered

2                     Some of those involved in this application for consideration of the new directors (two of whom are Malcolm Murray and Paul Murray – “old” new directors!) were involved with the EGM requisition.

3                     Therefore the Board view this as effectively a continuation of that campaign.

4                     The withdrawal of the EGM requisition was NOT conditional upon consideration being given to the new directors.

5                     The present application is “vexatious”, and possibly “ineffective” and “frivolous”.

6                     The Board will not be proceeding with that motion for new directors at the AGM.

7                     In any event the notice comes too late because, entirely coincidentally I am sure, the papers for the AGM were sent to the printer the very day this application was received.

Where does this leave things?

I suspect that the next step for the “rebels” would be to request a new EGM!

Because this is the first AGM on 24th October all of the Board need to be voted on. This creates the bizarre possibility that, if the rebels can convene enough support, every one of the Board could be removed.

(That is highly unlikely as it would be an admission of the PLC being in complete and utter chaos and investors who are in it to make money will not want that to become apparent.)

What it does mean is that the next three weeks will be spent with various people jockeying for position and looking for commitments and proxies for the meeting.

The chances of an amicable agreement?

Slim to none, and slim has left town!

Posted by Paul McConville

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65 Comments

Filed under Companies Act 2006, Rangers

65 responses to “Rangers Board Takes the Fight to the “Rebels” – “Vexatious, Ineffective and Frivolous”!

  1. Fisiani

    The chickens are coming home to roost. Keep up the good work and keep them under scrutiny. They are used to getting away with shenanigans. I suspect that Companies House and AIM will not succumb to a diet of succulent lamb like the MSM.

    • Monti

      Hugh Laurie’s character ‘George’ in ‘ Blackadder goes forth’ sums it up perfectly – ” Cluck, cluck, cluckity, cluck cluck”! 🙂

  2. JohnBhoy

    A WHISTLEBLOWER AND THE SFA

    A manager waves a list containing over a 100 players and officials whom he alleges gamble in breach of football rules. When will the football authorities demand that the manager submits this list for inspection? If the manager cannot support his claim then should he not be charged with bringing this game into disrepute? If, on the other hand, he can support his claim then he should be thanked for his spirited action and proceedings should begin against those on the list. To ignore a whistleblower who has made such a public stance would, in effect, give succour to those who do breach the rules, deter other whistleblowers and undermine the credibility of the administrative body that oversees Scottish football.

    It is heartening that the SFA has recently affirmed its zero tolerance approach to gambling. The manager’s actions will test that pledge. After all, why would an organisation charged with overseeing fair play turn a blind eye to evidence proferred so publicly?

  3. Steven Brennan

    Where are the annual results posted?
    Lets have a wee laugh at them today, is that why WikiNiall has been missing?

    • Monti

      @Steven

      ‘VIZ’ magazine m8! 🙂

      • Steven Brennan

        Thanks for the link
        I think it wasn’t the right one though, it took me to fantasy land or flamingo land where in the opening 4 bullet points there were 3 lies.
        Only one that was correct is they won the third division.
        Therefore if the opening paragraph is 75% nonsense whats the point in reading on?

        • Monti

          @Steven

          Lol no mention of cheating or tax evasion in their accounts!
          Thought the creditors would have got a mention?
          LOL!

          • Geddy Lee

            Oh they proudly announced they had paid back the “Footballing” creditors.

            The hospital bills, paper shop in Govan, Florists etc etc etc etc etc etc etc etcv etc etc etc? No mention of them.

      • Monti

        @Willy Wanna

        HAHAHAHAHAHAHAHAHA
        🙂

        TICK TOCK TICK TOCK!

    • daviecooperonthewing

      Tuesday 01 October, 2013
      Rangers Int F.C. PLC
      Annual Results and Notice of AGM
      RNS Number : 3428P
      Rangers Int. Football Club PLC
      01 October 2013

      
      1 October 2013

      Rangers International Football Club plc
      (“Rangers” or the “Company”)

      Annual Results
      Notice of AGM

      Rangers International Football Club plc (AIM:RFC), the holding company for the Scottish football club ‘Rangers’, which is celebrating its 141st year in existence, is pleased to announce Annual Results for the 13 month period ended 30 June 2013.

      Operational Highlights

      · The Company was successfully floated on the AIM Market, raising £22 million for the Club from institutional and retail investors and fans
      · Club returned to sustainable long-term operational and financial stability
      · Season ticket sales for 2013-14 season of c.35,000, and expected to increase by season end
      · First team squad significantly strengthened with nine new signings for 2013-14 season and SFA-imposed player registration embargo lifted
      · Average home league attendance of 45,744 over previous season; fifth highest UK football attendance and 15th in Europe
      · Significant new sponsorship agreements signed, including PUMA, Blackthorn, SportsDirect.com, Coca Cola and Ladbrokes
      · Won the Scottish League Division 3 (2012-13) by 24 points and currently have 100% record at top of SPFL League One for 2013-14 season
      · Acquisition of the Albion car park and Edmiston House for future ventures to enhance match day experience (£2.4 million)
      · £1.8 million invested in stadium Wi-Fi and LED/Jumbo screens to enhance supporter experience

      Financial Highlights

      · Trading results in line with management expectations, with exception of retail which was caused by a delay in the launch of the new strip and the financial collapse of JJB, both factors out of the Company’s control. Trading performance this season set to continue to improve significantly
      · Total revenue: £19.1 million (£13.2 million from gate receipts and hospitality income)
      · Profit on ordinary activity before taxation was £1.3 million (after tax: £1.2 million)
      · Operating loss of £14.4 million, consistent with published five year strategic business plan and temporary negative commercial impact on revenues of operating in Division 3
      · Cost base significantly reduced
      o Player wage to revenue ratio lowered to 43% (amongst the sector’s lowest)
      o Overall staff costs for the Club reduced from £30.0 million to £17.9 million and falling
      o Operational cost savings of over £2 million across the business
      o More than £4.2 million of expenditure is non-recurring
      · Cash in bank at 30 June 2013 £11.2 million; with £4.5 million of this representing season ticket renewals
      · No loans, overdrafts or bank borrowings. Only £1.6 million of finance leases being repaid
      · Key assets – such as Ibrox Stadium and Murray Park – remain under full Club ownership and free of any security

      The Company has today posted its report and accounts to shareholders together with a notice of Annual General Meeting and a form of proxy. A full copy of the Company’s report and accounts and Notice of AGM is also available from the Company’s website at http://www.rangers.co.uk. The Company’s Annual General Meeting will be held on 24 October 2013 at 10.30 a.m. at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD.

      Craig Mather, Rangers CEO, commented: “I am delighted to be in a position to report to Rangers’ shareholders and loyal supporters that substantial progress is being made in rebuilding the Club.

      “Rangers is in a very different place to where it was in May 2012. Then, the situation was traumatic and the future uncertain. Now, we enjoy financial stability and have a solid platform from where we can focus all our efforts on achieving success as one of football’s great clubs.

      “Financial discipline has been essential and we will continue to keep a firm grip on expenditure. As we strive to progress through the leagues, revenues can be expected to rise and there will be greater opportunity to improve financial performance further.

      “Business is getting stronger, people and companies do wish to engage with Rangers again and this Club is gearing up to return to its rightful place in Scottish football.

      “Rangers is in a position to move forward with growing confidence and within the Club there is a real determination to ensure the future is secure, sustainable and successful. Our fans, our staff and our shareholders deserve no less.”

      For further information please contact:

      Rangers International Football Club plc
      http://www.rangers.co.uk
      Craig Mather, CEO / Brian Stockbridge, CFO
      Tel: 0141 580 8647

      Daniel Stewart & Company Plc (Nominated Adviser & Broker)

      Paul Shackleton / James Thomas / Martin Lampshire
      Tel: 020 7776 6550

      Newgate Threadneedle

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

      Media House International Ltd
      Jack Irvine
      Tel: 020 7710 0020

      About Rangers Football Club

      About Rangers International Football Club Plc (the “Company”, “RIFC”, and including its Subsidiaries, the “Group”), and Rangers Football Club (the “Club”)

      Rangers Football Club, formed in Scotland in 1872, is one of the world’s most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners’ Cup in 1972. The Club’s loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK. Playing at the 51,082 seater Ibrox Stadium and benefitting from the world class 37 acre Murray Park training facility, Rangers have been a dominant force in Scottish football for decades. This world class stadium, training infrastructure and a loyal and passionate global fanbase provide an excellent foundation for the Company.

      The Club recently secured the Division 3 title of the Scottish Football League (SFL), and it is the intention of the Directors and the Manager for the Club to return to top level football as soon as possible. The history, facilities and ambition of the Club are such that the Club remains a desirable destination for foreign and domestic players alike. The first team squad is managed by Alistair McCoist, the former Rangers forward, who remains the Club’s all-time leading goal scorer.

      • Monti

        “141 years in existence” STOP!

      • Geddy Lee

        The Club may or may not remain a “Desirable destination” but only for those Pros with no ambition, and the ability to live on a Pittance.

        Only last week 2 “Foriegn” players snubbed Swally’s woo-ings.

        His “Come and Join Me” headlines from the laptop loyal, fell on deaf ears.

        No serious Pro is going to sign for a club plying it@s trade in the third division. It@s too embarrassing.

      • Fantasy the opening section is pure intergalactic fantasy. 100 and odd year history. Repeat a lie often enough and it becomes true.
        “Once upon a time in Upside Down Land there was a team who played football in blue. They were always very angry with and jealous of the success of the green and white team who were much better and paid for things fairly, but the men who ran the blue club were naughty and refused to pay properly for things. The Old blue team were found out and the team that played in blue had no money to keep going and the naughty blue club died. Their friends tried very hard to help the peepil who liked this club very much. So they started a brand new club, who managed with the help of their friends, to find a way back into Upside Down Land’s senior football, although they were not really entitled to it and there were still lots of naughty things that needed answers… Everyone of the bluenosed peepil insisted it should be the same as the old dead club that they used to like so much, but this was not true. The bluenosed peepil even gave lots of their money to the cheery clown who had started the Brand New Club. Oh how Blue Clown Green could make us laugh. The peepil who liked the Brand New blue football team were being naughty, just like the old dead gnarly blue club. When much much wiser normal people told them this was not the case, the bluenosed peepil would shove fingers in their ears, stamp their feet, sing cruel songs, threaten to hurt and frighten any of the other folk of Upside Down Land with threats and intimidation, who said the new baby club was not as old as the naughty club they used to like.”
        I suggest this is a fairer and more accurate introduction. Maybe the average bear may get this if someone reads it slowly to them.

    • Geddy Lee

      The Daily Mash.

  4. Monti

    Morning Paul,
    I hear the annual results can be found in this months edition of ‘VIZ’ magazine!
    Not that I’m not taking it seriously 🙂

    Talking of ‘VIZ’ magazine, Niall reminds me of the character ‘mr logic’ always trying to be a smart arse but always ends up with a bloody nose!
    Stupid man!

    ‘Mon the Hoops tonight!

  5. Project Walliams

    Annual Accounts Highlights
    Income 19.1mil
    Expenditure 33.6mil
    Loss 14.5mil
    Timeframe 13months =Loss 1.1mil per month loss (not 1mil at all!)
    Throw in Negative Goodwill (it’s a kind of magic) and out of the blue we now have a 1.2 mil profit
    Oh no you don’t – Oh yes we do – Oh no you don’t – Oh yes we do..ad infinitum
    Throw in note 14. net funds of IPO are being loaned by RIFC to RFCL as working capital (what all of it?)
    Add Note 19 8.2 mil season tickets income received but deferred (good news!)
    Add Note 20 tax liability 7.8mil (oops!) “No deferred tax asset has been recognised as it is not considered probable that there will be future taxable profits available in the foreseeable future to utilise the losses”. (to be expected – it is a football club and not a business)
    Gotta love Negative Goodwill
    , negative goodwill, negative goodwill, negative goodwill, negative goodwill

    Note the IPO reported staff costs as 1 mill per month for 45 players and 131 others – now we have 1.3mill per month for 50 players and 146 staff (maybe all those new board members ) but as the chief exec states its all fine as T’Rangers enjoy financial stability and a solid platform. Simples.

    • daviecooperonthewing

      PW
      CFC operated for years on a similar strategy {Higher turnover} Hence they never paid Corporation tax by running at a manageable loss.
      It ain’t exactly groundbreaking…Literally.

  6. R. MacGeddon

    http://www.bbc.co.uk/news/uk-scotland-glasgow-west-24344579

    Rangers report operating losses of £14m. Turnover £19.1, £35m raised giving £54m in value. £11m in bank at end of June. Presumably from this the bulk of the ‘value’ is in assets or pledges and not in currency. Which makes the question of asset ownership an interesting one. And the vital question, do they have the club’s, or their own interests at heart?

    • Monti

      another bowl sir? 🙂

    • daviecooperonthewing

      Key assets – such as Ibrox Stadium and Murray Park – remain under full Club ownership and free of any security

      • R. MacGeddon

        Yet there appear to be rumblings about sale and leaseback of Ibrox and Taxdodger Park on pro-Rangers sites. Why?

        • daviecooperonthewing

          Well, considering yesterdays bampottery propaganda campaign,one or two people may have got the wrong impression.
          Do you remember reading the CFC financial statement, published last week? Clydesdale bank????? Assets???
          Your scary campfire stories are fizzzzzzling out. Try throwing another LOG, on the bonnie, It’s that time of year again.

        • willy wonka

          R. stop listening to nonsense about sale and leaseback from clowns like McMurdo. The Rangers sites I read destroyed his obvious pro-current board propaganda within seconds of him posting it. He released that blog to have a go at one of the five men proposed for non executive board positions.
          Sale and leaseback is not going to happen.

          • Oh yes it is. Maybe not today. Maybe not tomorrow, but it is going to happen. Can’t keep having share issues. No line of credit at any bank and running costs still a problem. It is coming alright. The big midden may still be open, but the nearly newco will be staying in rented accomodation somewhere down the line.

      • Geddy Lee

        Yes, according to Mather. But surely you would have learned by now not to trust ANYONE of the Blue Blazer brigade.

        Their track record of constant BS means you must take everything with a pinch of salt.

      • Kerrygirl

        Because you paid no one ,you have the sheer brass neck, to come here bragging that assets are free from any security, that about sums you lot up. Brass necket tinkers ……blow torch anyone

  7. Why do I think the words “alienation” and “gratuitous” will be among the many to feature on this site today?

  8. Too my sevco friends on this blog

  9. What an absolute farce of a so-called football club Sevco are. Still trying to pretend that they are Rangers when EVERYONE in the world knows that they died last year and the new zombie tribute act are doing their best to be like their old dead ghost whilst behaving like Gretna f.c who as everyone knows flew through the divisions only to become a busted flush at the end.
    Sevco zombies look like they will never get beyond the Third Division. They are surrounded by hyena spivs hell bent on feeding on the carcas of the new born sevco cash-cow. Meanwhile over in Paradise one of the biggest games in Scottish football is about to take place between the cream of football and Barcelona the masters of world football. Another result like the last result will do nicely.
    Hail, hail.

    • daviecooperonthewing

      What an absolute farce of a so-called football club Pacific Shelf are. Still trying to pretend that the Rangers are deid when EVERYONE in the world,especially the SFA, the governing body, and UEFA knows that they transferred their licence and were demoted to the Scottish third division.
      Prior to embarking on a seamless transition without missing any fixtures, on the football calendar, nor the gates of Ibrox ever been padlocked, the club paid off it’s footballing debt agreed under the five way agreement, before marching on to another league title.They are doing their best to get back as quickly as pssible to the top league before it goes tits up and becomes a ghost town. The club wishes to extend their sympathy to Gretna f.c who as everyone knows flew through the divisions only to become a busted flush at the end.Rangers will endeavour to reverse that unfortunate occurrence by sweeping all before them on the journey back to the top.
      Rangers look forward to getting back where they belong, as the most successful club side in the world and adding to their glorious 141 year history and 54 league titles. A world record. Meanwhile over in the Paedodome one of the biggest moaning faced gits in Scottish football is about to get humiliated by the cream of football and Barcelona the masters of world football. Any repeat of the Milan or Morton result,will do nicely, and could see the mopes call for his resignation,and clattering more keyboards to kill off the mighty Glasgow Rangers, who are coming down the road,to reclaim what is rightfully theirs. A 55th title will do nicely.
      WATP.
      There…Fixed it for you!

      • daviecooperonthewing

        What an absolute farce of a so-called football club Pacific Shelf are. Still trying to pretend that the Rangers are deid when EVERYONE in the world,especially the SFA, the governing body, and UEFA knows that they transferred their licence and were demoted to the Scottish third division.
        Prior to embarking on a seamless transition without missing any fixtures, on the football calendar, nor the gates of Ibrox ever been padlocked, the club paid off it’s footballing debt agreed under the five way agreement, before marching on to another league title.They are doing their best to get back as quickly as pssible to the top league before it goes tits up and becomes a ghost town. The club wishes to extend their sympathy to Gretna f.c who as everyone knows flew through the divisions only to become a busted flush at the end.Rangers will endeavour to reverse that unfortunate occurrence by sweeping all before them on the journey back to the top.
        Rangers look forward to getting back where they belong, as the most successful club side in the world and adding to their glorious 141 year history and 54 league titles. A world record. Meanwhile over in the glitterdome one of the biggest moaning faced gits in Scottish football is about to get humiliated by the cream of football and Barcelona the masters of world football. Any repeat of the Milan or Morton result,will do nicely, and could see the mopes call for his resignation,and clattering more keyboards to kill off the mighty Glasgow Rangers, who are coming down the road,to reclaim what is rightfully theirs. A 55th title will do nicely.
        WATP.

      • Geddy Lee

        heavy drinking in the middle of the afternoon is not clever davie.

        There’s much more effective ways of dealing with depression.

        Seek help before it get’s out of hand would be my advice.

      • Kerrygirl

        Would love to meet the tinkers from poundland,,,,,”isn’t that what Whyte paid for it” we would wipe the floor with you ,but wash your necks first we don’t want the floor dirtier than when we started

      • Cluster one

        another league title… thats a good one daviecooperonthewing, When you win a League Title you qualify for europe. The Rangers won a DIVISION

  10. Jim

    So £11 Million at the Bank in June
    £1 Million of that relating to Rangers Retail, presumably Mike Ashley ring fencing any money he put in
    £8 Million is deferred income, i.e. cash up front for next year’s games from season tickets, hospitality et.

    I make that just £2 million left from the flotation at the end of June

  11. ewanbhoy

    So at the start of june they had 11m in the bank (including this seasons ticket money) which means by now in october there is at most 6.5m left .
    Now considering that last season they had a share issue bringing in 22m which they cant do again tells me that they r in big trouble as the maths show by next june even with season ticket money they will be 11m in debt and out of business .

    • Geddy Lee

      ewanbhoy, don’t discount them flogging more worthless shares to “Ra peeple”
      It must be so temting when it’s as easy as shooting fish in a barrel.

  12. Raymilland

    Cash in bank? Significant amount to be ring fenced for potential court liabilities, average loss of over £1m per month, beware the ides of March 2014 😉

    A spring cleaning of the assets, perhaps another IPO could just about cut it.

    That’s what I call Walking the Blues

  13. Steerpike

    At last:

    So rangers had a trading loss for 13 months of 10 million, and a 14 million operating loss, they have a 5.5 surplus of cash from IPO in the 11 million in the bank, and an unsecured loan facility of 2.5 million. Trading income at 19 million with trading costs of 29 million for 13 months, which equates to 17.5 million income per year and 26.75 costs per year, a trading loss of 9.25 million for 12 months.

    Projections for 2013-14.

    Trading costs 26 million.
    Trading income 21.5 million.

    Trading loss of 4.5 million.

    Projections for 2014-15.

    Trading costs of 26 million.
    Trading income of 26 million.

    Break even on a 26 million turnover.

    I have intentionally kept the income low in 2013-14 out of fairness.

    So no going bust this year or next year, sorry about that.

    • daviecooperonthewing

      Bit of a mixed bag financially SP, could have been worse,and is certainly better than expected to be honest.
      Best news for me is the assets remain in house,and seemingly unsecured for the time being, and no bank debt.
      The AGM should tidy up other concerns when it comes round at the end of this month.
      But as you have maintained all along, no tits up by christmas, March 2014, or any of the other numerous expiry deadlines.
      Where’s Eco? lol

      • Geddy Lee

        The guy with the biggest problem here is of course Swally himself. Who on earth does he suck up to here?

        Lick the wrong Ass or stab the wrong back, and he could be papped long before they were planning to. LOL

        Davie, Of course you have no Bank Debt. You can’t find a bank that will give you the time of day, never mind run up huge debts just like the good old days.

        I see you are accumilating debt however on Plant machinery I think it was. Old habits die hard eh ?

        Startled also to see you are slashing the costs of catering and Cleaning in the Stadium and at Murray Park.

        Wipe your feet on the way out and bring your own packed lunch would now seem sensible advice for all Sevcovians LOL

        15 backroom staff binned ? You really are down-sizing to fit the reality of your current situation at last.

      • Geddy Lee

        LOL

        A week before the Old rangers went into liquidation, you hadn’t the slightest inkling anything was wrong.

        How could you, with Swally sitting on a 10 Million pound “warchest”.

        Marvellous. “We’ve been telt everything is just dandy, and that will dae fur us” LOL

    • Frankie

      Steerpike,
      How can trading costs remain constant? This year alone player payments will increase by a minimum of M£2.3 with nine new players signed and Sally has promised to spend more each year they are promoted.

      • Steerpike

        Frankie,

        I do not believe your figure is accurate, you have forget to deduct the wages of players leaving. Sally doesn’t run the club.

  14. Arb urns

    Kwik fix…..7/8 m gbp needed in the in column before cup final day……equivalent of reaching Scottish cup final with all home ties 50k crowds with £40 ticket price and each game televised…. Over to you Campbell…..oh and ally agreeing to forego his bonus…..

  15. rollup rollup see the fat hun @the gate rollup rollup, ( eh make that the dugout)

  16. willy wonka

    @ Paul , “The Board further notes that the notice for the Annual General Meeting of the Company to be held on 24 October 2013 had in any event been sent to the Company’s printers for printing on Friday 27 September 2013. ”
    One thing I’d had noted earlier myself .. The Chief Executive and Finance Directors reports were dated as signed off on 28th September 2013.
    So either they were signed off the day after being sent to the printers. Or, yet again, wee fibs are being told by the spivs.
    Still, not long to go now before the new broom arrives.

  17. lordmac

    £14.4 million of a loss this makes it a loss every month of £1.2million not as said before £1million

  18. tecumseh

    And here was me thinking Slim was still around……
    How did he move…??…inflight re fueling, pies, kit kats
    and gallons of irn bru and all that. …extra wide load….
    his cage cleaner doing bank shifts with the Edinburgh
    pandas…..must have been trying for the motorists around
    Brechin and Forfar….although the bridie makers must have
    thought they’d been visited by a plague of locusts. ..!!!

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