Rangers International Football Club PLC (RIFC) made the following announcement yesterday:-
Rangers International Football Club plc
(“Rangers”, the “Company” or “Club”)
Share Transfer Agreement
The Company announces that under an agreement entered into by Charles Green, the former CEO of the Company, with Laxey Partners Ltd (“Laxey”) on 19 October 2012, Mr Green has agreed to transfer 714,285 shares owned by him to Laxey, once free to effect a transfer. Under the terms of the lock-in agreement entered into by Mr Green with the Company on 7 December 2012, Mr Green is prevented from transferring shares before 7 December 2013, without the consent of Cenkos Securities plc other than in limited circumstances such as to connected persons, a family trust or in the event of a takeover of the Company.
Further to the announcement on 19 April 2013, Mr Green left the Company on 31 May 2013.
Companies House records now show that on 4th June termination of Mr Green’s appointments as directors of The Rangers Football Club Ltd (formerly Sevco Scotland Ltd) and RIFC was recorded.
RIFC has also, over recent weeks, taken steps to tidy up the various subsidiary companies which had sprouted over the years from the Ibrox soil by having them dissolved. Continue reading
If you’re so clever, why aren’t you rich? This is, I think, the ultimate put down for every armchair expert and would-be-Zuckerberg nerd the world over. I’ve only heard it used once or twice in real life because it is the ultimate weapon – which can easily rebound or elicit a mutually assured destructive response. I’ve never seriously considered using it – except in obvious jest with old friends – because like starting a chat up line with reference to the size of your old man – you are hopelessly and helplessly vulnerable to any third-rate, clichéd response.
But still, it’s a question I would almost certainly blurt out if I ever found myself face to face with Mr Charles Green. Like North Korea facing off the USA with my latest intercontinental firework – I wouldn’t be able to resist it – just for the hell of it – just to see the reaction. Continue reading
A brief note (yes – it will be brief).
Rangers International Football Club PLC’s interim results are out and can be read in full here.
People will pore over them but is seems clear that all is well on the Good Ship Rangers, and that Captain Green, Commodore Murray and First Mate Stockbridge are steering a course as plotted in its business plan and flotation document.
There is one squall on the horizon that I want to mention at this point.
As with weather approaching a vessel on the high seas, it might change course, missing the boat. It might blow itself out before reaching it. It might even turn out to be a smudge on the lookout’s telescope, and not there at all. Continue reading
Some more thoughts on Rangers official statements re flotation.
My comments are in bold.
CHARLES GREEN insists Rangers aren’t reliant on a successful share issue to achieve their long-term ambitions. The Light Blues chief executive admits it would allow the 54-times Scottish champions to achieve things quicker but maintains they aren’t depending on the cash they hope to generate. They hope that will allow them to raise working capital amounting up to as much as £20million.
So the share issue is not needed now, but only to accelerate the process? It is “Working capital” now. Is this for infrastructure improvements, player purchases or what?
Supporters will have an opportunity to invest and Green has helped the club go into the proposed floatation in a healthy financial position. He believes that will only make the Ibrox outfit stronger and that the cash will assist them further rather than simply keep it on its feet. Continue reading