Worthington Group PLC released a statement to the Stock Exchange today. It can be read in full here. So what, one might say?
Apart from the apparent, or alleged, connections with Craig Whyte, some of which I looked at on this blog last year, I will quote the section from the release which has a bearing on our favourite Motherwell born billionaire and his once (and future?) football team.
The statement reads, at the relevant section:-
The Company is now pleased to announce that, as the first step in the possible acquisition of Law Financial Ltd (“LFL”), it has agreed to acquire a 26% stake in LFL for £250,000 payable in unsecured convertible loan notes. The Company has also been granted an option to acquire the remaining share capital of LFL. The full acquisition would be subject to shareholder approval and compliance with any applicable Listing Rules.
LFL, a recently incorporated company, has a number of subsidiaries, namely Sevco 5088 Ltd, Law Capital Ltd, Litigation Capital Ltd and Media Litigation Ltd (LFL and its subsidiaries hereafter being referred to as the Law Financial Group).
The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer.
It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington. Those assets include the Book, Film and Television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course. Continue reading