Rangers Board v Rangers Rebels – No Sign of Peace Yet

Perhaps the Rangers Board thought that a flurry of good news in the form of the accounts together with lots of positive words would distract from detailed analysis of the figures (which I have not done for myself yet and therefore am NOT suggesting that the sums do not add up).

Perhaps they thought that refusing the Rebel demands for consideration of 4 new directors would calm things down.

Perhaps Craig Mather thought that calling the Rebels’ application vexatious and frivolous would see them off.

Perhaps they thought that the apparent flurry of lawyers’ letters and emails to prominent Rangers-supporting bloggers would calm the Fury.

Mr Mather is quoted in the Scotsman saying, with reference to the Rebels:-

“My ultimate concern is that a lot of these fans are being lied to. There is no sale and leaseback on Murray Park or Ibrox. Categorically, that is not the case and the club isn’t running out of cash.

“There are people out there who want to use smoke and mirrors. I can’t change that. I one hundred per cent believe in freedom of speech and that the fans should have a voice.

“But one concern I do have is that I’ve had a number of people e-mailing and speaking to me, saying they are not going to bring their kids to the game because of this, because of some of the protests and the language.

“We don’t want to starve the club of the next generation and it’s important that the message is delivered in a sensible fashion. I’ve already had an email from some of the fans groups asking if I’ll meet them ahead of the AGM and I’m happy to do so.”

The figures include £6.7m spent on the assets and business of the club when Charles Green’s consortium completed their deal for Rangers with administrators Duff & Phelps. Mather firmly rebutted suggestions that cost was paid with money raised from the share issue.

“That’s categorically untrue,” he said. “It’s just mischief making. The club was bought by the Green consortium and I wasn’t part of it at that juncture. Monies were paid in good faith for those trading assets, full stop.”

Mather was initially introduced to Rangers as an investor by Green, but insists: “I haven’t spoken to Charles Green in a long time.”

“Lies” – “Smoke and mirrors”?

The suggestion that people won’t bring children to the games because of the language of the protesters? (Rather than, you know, the tea at the vicarage language which normally prevails at football games?)

This is fighting talk from Mr Mather.

And you note he says he has not “spoken” to Mr Green for a long time. Maybe someone can ask Mr Mather (a) when he last spoke to him and (b) whether he has been in touch, by email for example, as it is alleged that emails were passing between them in August.

The Rebels came out fighting too with a statement released yesterday via PA and reported here by the Scotsman:-

“We note the statement issued by the Rangers Board to AIM this morning.

“The consistent objective over the last 2 months has been to achieve a higher level of corporate governance and financial transparency from the Board. At all times our proposals have sought to strengthen the Board which is in the interests of all stakeholders.

“As we said previously, when we submitted the request for a General Meeting, we tried to achieve a compromise with the Board which was ultimately blocked by the company’s Nomad, Strand Hanson, for reasons that have still not been explained to us. We note today that Strand Hanson has been replaced as Nomad by Daniel Stewart, which has become the third Nomad in 10 months.

“We submitted a section 338 notice to the company on Friday evening requesting the inclusion of four additional non-executive director nominations at the AGM, Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson. These men are all successful professionals who are life-long Rangers supporters.

“We confirmed to the Board that we would meet the reasonable additional costs and expenses of including these nominations in the AGM notice.

“We heard nothing from the Board all weekend until their lawyer, Field Fisher Waterhouse, was in contact at lunchtime on Monday requesting a large volume of information to authenticate our notice and to inform us that, in any event, “the AGM documentation was sent to the printer for printing and posting on Friday”. This is despite the fact that we now know that the accounts were not signed until Saturday and the results not announced to AIM until this morning!!

“For the avoidance of doubt we have submitted our notice using a perfectly valid legal process. The process of authenticating the notice could have been discussed at any time over the weekend and the process of printing and posting could have been adjusted at any time especially given the fact that we agreed to meet the additional costs. Since yesterday we have provided all the relevant authenticating materials we believe are required. In addition we have even offered to pay for an additional document to be sent to shareholders after the main notice has been posted. The Board and their advisers have blocked these offers.

“In our opinion the Board has acted in a wholly unreasonable fashion by denying the shareholders the right to vote on new directors who would undoubtedly strengthen the Board.

“At all times we have sought to minimise the cost and disruption to the Club from this process. We agreed to combine the AGM and GM and we agreed to try and find a compromise with the Board on appointments. The current directors and their advisers blocked those moves and are now blocking this latest attempt to strengthen the Board.

“It is extremely disappointing and frustrating that matters have come to this point. You have to ask the question why this Board is so hell-bent on denying the shareholders a democratic vote on who they want as directors at the AGM? We will consider our position and make further announcements in due course.

“Finally when our proposals were leaked to social media channels last night there was a suggestion that we were considering a sale and leaseback of Ibrox and Murray Park and also a “staff cull”. These stories are wholly inaccurate and those who spread them have been totally irresponsible.”

I think that it is fair to say that the Rebels are not going quietly!

It opens up the possibility that the AGM could be subject to a legal challenge, if the Rebels consider that they made a valid and timeous application and that the Board have illegally barred this from the meeting. I suspect that they would not go down that road – after all, better to be able to claim to have been blocked than challenge this in court and have a judge rule against you.

In the court of public opinion, and especially in those made up of Rangers supporters and institutional investors, who has the upper hand?

The saga, remarkably, continues.

Posted by Paul McConville

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705 Comments

Filed under Rangers

705 responses to “Rangers Board v Rangers Rebels – No Sign of Peace Yet

  1. @steerpike

    it looks like the operating costs will be 28 million based on last year, this leaves the big imponderable of income, last year it was 20 million.
    Basically the debate should be about the 8 million differential,

    =====================================================

    WRONG…

    The Debate should be about the £14.5m differential
    ( between income £19.1m and operational costs of £33.668m)

    Steerpike way way out on your projections,
    £14.5m is not anywhere close to the £8m you projected.
    the true differential was about 80% more than your prediction,
    hardly a minimal miscalculation.

    • Steerpike

      How many months are in a year you moron?

      You want to include freakin depreciation do you?

      I crushed the rest on another post.

      • coatbrigbhoy

        Annual return, is it my fault sevco want to post figures that cover a 13 month period, you really are at the bottom of the barrel with your scraper today.

        divide al the figures by 13 and multiply them by 12 and your still way out averaging them over a 12 month year,

        19m / 13 x 12 = 17.5

        how many hour did you spend telling us it was £20m

        so 12.5% out on that figure ever post you put up,
        last night your telling us 17.5 will jump to 26
        that’s about a 45% increase, based on what ?

        4000 less season tickets sold amounts to a fall of approx £800,000 income
        9 new players, signing on fees for players and agents, in my opinion those signing on fees would need to be enhanced to cover loss of income while waiting to be registered but playing as trialists

        you keep telling us about the pre season friendlies bringing in about £1m

        how many of them where at Ibrox ?

        depreciation, fact of life, telll us about the £20m of goodwill that was added to the pot ?

  2. Michael

    Noticed this from Charlotte Fakeover:

    Suspension lifted. Let’s get to the bottom of who has most to hide. No punches pulled.
    Despite Charles having ownership of over 5 million shares at 1p each, not 1 had been paid for until a forced deduction from final salary.
    Why did the board sanction a £600k pay off and not go down the misconduct route despite privately sharing so many reasons to do so?
    At the Pinsent Masons meeting on 29 April 2013, directors wanted to follow the money regarding the purchase of Green’s property in France.
    Tom Stocker advised that this was not part of the investigation and that they should stick to matters relating to Craig Whyte.
    On that very same date Pinsent Masons stated that they would be unlikely to give a clean bill of health to Green/Ahmad as regards dealings which they/5088 may have had with Craig Whyte.
    PM were instructed to conclude the report despite the lack of co-operation by all the main players. How can the accounts give comfort?
    17/5/2013 Messrs Green, Ahmad Whyte, Earley and others were invited to provide information to the Investigation but have not yet done so.
    Despite a request by the SFO to review the report, this was denied on the basis of legal privilege. RIFC do not consider that there are any events which should be reported to the SFO. This was despite the fact that Pinsent Masons were now about to move on to stage 2.
    AIM and the SFA also asked to see the report. On the 31 May it was made clear that the current RIFC boards way of thinking was to deny giving the SFA a copy of the report in any format. Indeed the main cause of concern between lawyers was the difficulties it may cause if AIM are permitted to view but the SFA are still denied. Legal Privilege was used as the excuse. Well worth checking up if the SFA ever received a hard copy. It is plainly clear that as at the end of May 2013, the SFA were to be denied access by the board.
    So the primary basis of all comfort from the fact that CW had no rights to the assets appears to have been delivered by FFW.
    Despite being the company lawyer, several of the board wanted to report Christine/FFW so that the companies (sic) activities could be investigated
    I shall come back to some of the other payments under investigation later. The existing board cannot be permitted to continue the cover up.
    A nomad should act with the utmost of integrity. However the most recent of requisitions was engineered by Cenkos on their day of departure.
    Rather than facilitate a smooth handover, Cenkos took the lead role in the recently aborted coup which has crippled the board. A signal was given to them by another director to engage 15 others inc McColl, King, Artemis, Hargreave Hale and Miton, to name but a few.
    Cenkos turned against their very own client and were given the blessing to proceed if they could gather the support. Very cloak and dagger.
    During one of the numerous AIM investigations into RIFC, Cenkos were able to confirm that as a result of terminations, leaks should cease.
    Also it was stated to the regulators that the email server, hosted by a third party, had been breached. *This is news to me. Had such an intrusion taken place, I would have heard about it. I would therefore urge all to ask RIFC for further clarification and implications.
    A step too far. One might suggest that it’s borderline criminal to use the company site to knowingly spread lies. http://www.rangers.co.uk/news/headlines/item/5213-board-statement

    {removed hyperlinks to try to get this published}

    Board statement tonight is not a true reflection of events. Is this sort of corporate bullying and deliberate misrepresentation permitted?

    Don’t know what it means.

  3. ecojon

    I see CF has dropped another series of bomshells tonight which leaves the Rangers press release looking a bit dodgy. Looks as though Malcolm Murray hasn’t been as daft as they all thought.

    And rumblings the Court of Session will be busy tomorrow with the requisitioners playing a gig.

    • Lies, damn lies and statistics

    • Monti

      @eco
      Morning eco, what’s your point though ;)?
      Make your point clear for some,straight to the point n that! 😉 HH!

      • cam

        Eco has been publicly humiliated enough by his own kind without a deviant like you RIDING to his rescue.
        Now out your playpiece in your tuck box,charge up your Blackberry and don’t let the teacher catch you.
        Hear from you at playtime.

        • Maggie

          @cam
          Buongiorno camster.What’s this I see from you this morning ?
          Plagiarism of the highest order,tut,tut,tut !
          Is the old melon twisting thesaurus running out of juice ?
          Is the back catalogue of scurrilous,barely concealed bigoted “Adventures of The Camster in Timland” so devoid of bile that you are now resorting to using Joe’s banter to Carson………Ha ha ha ha.

          Nothing on The Vatican web site caught your attention this morning ?
          No more nice photies of Silvio Berlusconi,oops meant Craig Mather,in the daily rags for you to drool over ?
          Has Steepike abandoned you while lost in the Bermuda Triangle of : Middle of nowhere Methil,East Kilbride and the central belt,trying to get his weans / grandweans to school on time ?
          Is Virgil Hilts/Carson back in the cooler trying to help David / Ives hold onto whatever is left of his sanity?
          Fear not camster I shall be here for the next hour or so,you are not
          alone. Such fun ( copyright held by Marge ) 🙂

          • david

            @Maggie the hypocrite.
            Nothing wrong with my sanity.
            Im not the one on this blog spouting vile lies or bigotry, nor the one supported them behind a thin veneer of pretend sophistication.
            Look after your bhoys, such fun to you.

  4. Charlotte

    CF

    Suspension lifted. Let’s get to the bottom of who has most to hide. No punches pulled.
    Despite Charles having ownership of over 5 million shares at 1p each, not 1 had been paid for until a forced deduction from final salary.
    Why did the board sanction a £600k pay off and not go down the misconduct route despite privately sharing so many reasons to do so?
    At the Pinsent Masons meeting on 29 April 2013, directors wanted to follow the money regarding the purchase of Green’s property in France.
    Tom Stocker advised that this was not part of the investigation and that they should stick to matters relating to Craig Whyte.
    On that very same date Pinsent Masons stated that they would be unlikely to give a clean bill of health to Green/Ahmad as regards dealings which they/5088 may have had with Craig Whyte.
    PM were instructed to conclude the report despite the lack of co-operation by all the main players. How can the accounts give comfort?
    17/5/2013 Messrs Green, Ahmad Whyte, Earley and others were invited to provide information to the Investigation but have not yet done so.
    Despite a request by the SFO to review the report, this was denied on the basis of legal privilege. RIFC do not consider that there are any events which should be reported to the SFO. This was despite the fact that Pinsent Masons were now about to move on to stage 2.
    AIM and the SFA also asked to see the report. On the 31 May it was made clear that the current RIFC boards way of thinking was to deny giving the SFA a copy of the report in any format. Indeed the main cause of concern between lawyers was the difficulties it may cause if AIM are permitted to view but the SFA are still denied. Legal Privilege was used as the excuse. Well worth checking up if the SFA ever received a hard copy. It is plainly clear that as at the end of May 2013, the SFA were to be denied access by the board.
    So the primary basis of all comfort from the fact that CW had no rights to the assets appears to have been delivered by FFW.
    Despite being the company lawyer, several of the board wanted to report Christine/FFW so that the companies (sic) activities could be investigated
    I shall come back to some of the other payments under investigation later. The existing board cannot be permitted to continue the cover up.
    A nomad should act with the utmost of integrity. However the most recent of requisitions was engineered by Cenkos on their day of departure.
    Rather than facilitate a smooth handover, Cenkos took the lead role in the recently aborted coup which has crippled the board. A signal was given to them by another director to engage 15 others inc McColl, King, Artemis, Hargreave Hale and Miton, to name but a few.
    Cenkos turned against their very own client and were given the blessing to proceed if they could gather the support. Very cloak and dagger.
    During one of the numerous AIM investigations into RIFC, Cenkos were able to confirm that as a result of terminations, leaks should cease.
    Also it was stated to the regulators that the email server, hosted by a third party, had been breached. *This is news to me. Had such an intrusion taken place, I would have heard about it. I would therefore urge all to ask RIFC for further clarification and implications.
    A step too far. One might suggest that it’s borderline criminal to use the company site to knowingly spread lies. http://www.rangers.co.uk/news/headlines/item/5213-board-statement
    1.
    2.
    3.
    4.
    5.

    Board statement tonight is not a true reflection of events. Is this sort of corporate bullying and deliberate misrepresentation permitted?

  5. Michael

    Charlotte Fakeovers‏@CharlotteFakes2 Oct
    Suspension lifted. Let’s get to the bottom of who has most to hide. No punches pulled.
    Despite Charles having ownership of over 5 million shares at 1p each, not 1 had been paid for until a forced deduction from final salary.
    Why did the board sanction a £600k pay off and not go down the misconduct route despite privately sharing so many reasons to do so?
    At the Pinsent Masons meeting on 29 April 2013, directors wanted to follow the money regarding the purchase of Green’s property in France.
    Tom Stocker advised that this was not part of the investigation and that they should stick to matters relating to Craig Whyte.
    On that very same date Pinsent Masons stated that they would be unlikely to give a clean bill of health to Green/Ahmad as regards dealings which they/5088 may have had with Craig Whyte.
    PM were instructed to conclude the report despite the lack of co-operation by all the main players. How can the accounts give comfort?
    17/5/2013 Messrs Green, Ahmad Whyte, Earley and others were invited to provide information to the Investigation but have not yet done so.
    Despite a request by the SFO to review the report, this was denied on the basis of legal privilege. RIFC do not consider that there are any events which should be reported to the SFO. This was despite the fact that Pinsent Masons were now about to move on to stage 2.
    AIM and the SFA also asked to see the report. On the 31 May it was made clear that the current RIFC boards way of thinking was to deny giving the SFA a copy of the report in any format. Indeed the main cause of concern between lawyers was the difficulties it may cause if AIM are permitted to view but the SFA are still denied. Legal Privilege was used as the excuse. Well worth checking up if the SFA ever received a hard copy. It is plainly clear that as at the end of May 2013, the SFA were to be denied access by the board.
    So the primary basis of all comfort from the fact that CW had no rights to the assets appears to have been delivered by FFW.
    Despite being the company lawyer, several of the board wanted to report Christine/FFW so that the companies (sic) activities could be investigated
    I shall come back to some of the other payments under investigation later. The existing board cannot be permitted to continue the cover up.
    A nomad should act with the utmost of integrity. However the most recent of requisitions was engineered by Cenkos on their day of departure.
    Rather than facilitate a smooth handover, Cenkos took the lead role in the recently aborted coup which has crippled the board. A signal was given to them by another director to engage 15 others inc McColl, King, Artemis, Hargreave Hale and Miton, to name but a few.
    Cenkos turned against their very own client and were given the blessing to proceed if they could gather the support. Very cloak and dagger.
    During one of the numerous AIM investigations into RIFC, Cenkos were able to confirm that as a result of terminations, leaks should cease.
    Also it was stated to the regulators that the email server, hosted by a third party, had been breached. *This is news to me. Had such an intrusion taken place, I would have heard about it. I would therefore urge all to ask RIFC for further clarification and implications.
    A step too far. One might suggest that it’s borderline criminal to use the company site to knowingly spread lies. http://www.rangers.co.uk/news/headlines/item/5213-board-statement
    1.
    2.
    3.
    4.
    5.

    Board statement tonight is not a true reflection of events. Is this sort of corporate bullying and deliberate misrepresentation permtted?

  6. portpower

    bowl of pot noodle

    sevco

  7. portpower

    So. Green & Whyte inherited sallys` contract? 800000+ bloo poonds for an assistant/manager.
    We all wept.

    sevco

  8. portpower

    Keeping up with the spivcos = bye bye sevco.

    sevco

  9. Fisiani

    The burn rate of The Rangers is such that the only question is when do they run out of money to pay wages and go bust. Some would claim February 2014 and some would reckon April 2014. I don’t care when it happens. Bit it will happen.

  10. portpower

    world record internationals in div. 3.

    sevco

  11. mick

    Not long now 2mil a month vapourised lol hail hail there there sevco things are fine 2 mil a month is not that bad lol or is it the black hole is well deeper than expected hay but don’t worry Sally’s took a pay cut so that should keep the lights on a extra day or 2 lol hail hail sevco hail hail

  12. mick

    Goodmorning all hail hail and god bless the Pope

  13. Arb urns

    Niall as TRFC Bog Cleaning Consultant surely Stockbridge has included your fees in the non-recurring items ……. The ones filed under negative goodwill……..

  14. Pingback: Rangers Rebels Now Taking the Company to Court! | Random Thoughts Re Scots Law by Paul McConville

  15. Arb urns

    East Methil PS Niall Walker Arithmetic Test……

    2 x 60 = 100

    £19m – £33m = £ -8m

    0/2

    Miss Julie Bayview
    Heid Mistress

  16. Steerpike

    @Ian,

    Moron alert…..moron alert!

    ” I said the PRESENT MODEL is not viable, WHERE HAVE I BEEN WRONG, Cam?..”
    ===========================================================

    The auditors just signed off a company as a going concern requiring no extra funding, this is proof you cretin the PRESENT MODEL is viable!

    Somebody please shoot this dumb animal to save more suffering.

  17. Steerpike

    Hmmmmmmmmmm, so what happened to going bust by Christmas?

    What happened to Rangers having no working business model?

    I knew the inept would try and focus on last years losses, but unfortunately as I pointed out to them on numerous occasions, a working model and a viable business is based on the present and future figures, not the past.

  18. lennieslions1967

    I read all these posts from them sevcoites always.deflection with no humility,humanity or grace, Would they prefer Scotland to follow follow NI.
    1 The army went far and beyond the call of duty at the sectarian bowl they triggered memories for me of times past when i watched black and white tv hitler was brainwashing and bullying the masses it made me think,why would i vote for independence.?My dad would have in the past, but now?
    2 The troubles in NI imo it was a war
    3 I believe the army came out of NI because the Brits knew they could not win.
    4 And also because financially it was not sustainable.
    5 If i was a protestant in NI i would feel betrayed by Britain you were used not a nice feeling is it ? “not being the people”.
    5 Eventually NI will be all Ireland,Catholics will soon be the majority where all peaceful religions will be embraced under the Tricolour.
    6 Sorry to break the blog but all the abuse, negativity,wears a soul down time for all of us to put out the hand of friendship.
    7 We all have our beliefs but for the sake of our children can’t we look into our hearts and say enough is enough.
    8 I would love to call you Rangers ,New Proud Rangers better than before.I feel no joy in calling you sevcoites or lacking in humility,humanity or grace.If you could just once agree with me that what you allowed over the years was wrong.The signing policy you turned your eyes too.Your belief that you were the people.and lastly to apologise for your past clubs behaviour.
    Just say Sorry
    I put out my hand in friendship.
    Jim

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