As a preamble, it has not been made clear what the basis for the above report is. Undoubtedly Messrs Green and Ahmad will maintain, as they are entitled to do, that they are not guilty of any offence and in law they remain innocent men until a criminal court declares otherwise. There is a big difference between a report being made to the police or the SFO and such a report being accepted as credible and reliable. Even then, there remains some distance to go before evidence of criminality sufficient to mount a prosecution can be produced, and even then there is a further stretch to reaching the standard for a conviction in court. Most complaints to the police result in no action at all, as the matter falls at one of the above hurdles.
So, to end the preamble, accusations are not proof, and the reporting that such a report has been made should in no way be taken as a statement that the parties mentioned have done anything wrong. There is a long way from accusation to conviction, and my comments on the whole matter should not be taken as implying that there has been any wrongdoing by anyone.
Two Stock Market announcements today, which make it clear that all parties are very serious and that this issue is not going away any time soon.
First of all RIFC PLC came out in almost as “all guns blazing” a way which one can in a Stock Exchange announcement.
In light of the recent media speculation in relation to alleged claims which are purported to have been made by Craig Whyte, Aidan Earley, Law Financial Limited or Worthington Group plc in relation to the ownership or control of Sevco 5088 Limited (“Sevco 5088”), Rangers confirms that no legal claim has been received by Charles Green, Imran Ahmad or the Group. As none of the allegations that have been made in the press have been substantiated by evidence of any legally enforceable rights and as details of any claim, whilst threatened, have not been received, the company regards any such press commentary and speculation to be highly spurious. The Group has been and continues to receive legal advice to protect the business, assets and reputation of the company and its directors from such spurious claims. Continue reading
None of what I say below is share advice. It is merely comment and no one should base their investment decisions upon it. If they do, then they are daft.
I put the word loss in inverted commas above because often it is only a paper loss, seen with the benefit of hindsight. Often it is more properly thought of as an abortive gain, which disappears because the investor does not cash in their shares at the right time.
In practical terms a shareholder’s net worth might reduce as a result of falling share values but until they cash in and sell up, the loss does not become concrete.
In addition, even where a share price is at a certain level, there are situations where the mere act of selling or trying to sell one’s shares would itself depress the share price.
This is a generic illustration showing a declining share price. It should not be taken as representing the share price of any particular company, whether mentioned in this post or not.
After that preamble, let us look at Rangers International Football Club PLC. Continue reading
A few weeks ago a Rangers employee made some ill-judged remarks in a conversation he thought was private, but in fact was with a well-known japester. This resulted in some amused press coverage and a bit of embarrassment for the employer. No regulatory body took action against the employee. He himself threatened legal action against the trickster. However the employee was suspended pending an investigation, and then dismissed without notice for “gross misconduct”.
More recently another Rangers employee made some ill-judged remarks. These were not made to someone drawing out confidences on a false premise. Instead they were made in a newspaper interview. The particular comments have resulted in some rather shocked press coverage, and now in disciplinary action by the regulatory body. It has also resulted, as I will detail below, in very strong words from one of the non-executive directors (effectively the employer’s representative). The employee finally responded with an apology, but only after the external disciplinary processes had started. Continue reading
The storm around Charles Green shows no signs of abating. I have a post coming later today about the Ibrox reaction to all this.
As well as his SFA complaint about his comment regarding Imran Ahmad, it appears that the main sponsors are making a complaint about him too for that remark.
There are rumours he is to face an additional disrepute charge for saying “no surrender” in an interview given last year, and only now aired. (Frankly that seems a ridiculous charge, if indeed it is being made, both in terms of the allegation itself, and of the fact that it is prompted by a broadcast. It is not as if it was said last week. Surely the bringing the game into disrepute comes from the organisation which has now, months later, decided there is some reason to broadcast it? If it was seen as an earth-shattering remark, then presumably the media company involved might have released it then?) Continue reading
Martin, one of the many regular commenters to whom I am indebted for their attention to the site and their thoughtful and thought-provoking comments, wrote a few days ago about Mr Green’s reference to Mr Ahmad. Martin picked up on the issues raised by Mr Green’s comments before there was any real publicity about them.
I therefore reproduce his comment below, followed by the Notice of Complaint issued yesterday (Wednesday) by the SFA and finally Mr Green’s apology from the Rangers official website. It is good to see that Mr Green has unreservedly apologised at the very first opportunity he had to do so after disciplinary procedures were started against him.
Martin, the floor is yours…
The ability of Charles Green to rally support among the Rangers faithful has produced results. Season tickets and shares have sold like hot pies on a cold afternoon.
The big guy from Yorkshire with his plain speaking was always going to be appealing to those who wanted simple answers to complicated questions. And he garnered an already willing support in droves. Continue reading