Tag Archives: Prospectus Rules

So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus?

Rangers International Football Club PLC announced on 9th July that former Chairman Malcolm Murray and Phil Cartmell were both leaving the Board.

The announcement read:-

The Board of Rangers International Football Club plc has announced non-executive directors Malcolm Murray and Phil Cartmell have left the board.

Walter Smith, Chairman of Rangers, said: “Both Malcolm and Phil have made important and valuable contributions to the Club. The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.

“On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers. Both men have other significant business interests and we wish them well in their future endeavours.”

Bearing in mind the disagreements at which Mr Murray was rumoured to be at the centre, the above was a respectful statement. All seemed sweetness and light.

And then Mr Murray decided to speak his mind in an open letter to the fans… Continue reading


Filed under Charles Green, Companies Act 2006, Rangers

Did Charles Green Forget He Runs a PLC Now? Did He Err Making a “Loss Forecast” Outwith the Rules?

I wrote yesterday about Mr Green revealing that “Rangers” will make a loss this year. As I mentioned, his comments on the official Rangers website raised a couple of queries regarding (a) the correctness of the information given on the website and (b) the obligations of the Chief Executive of a quoted public limited company when telling people about potential profits and losses. I addressed the first point in my last post.

A quick reminder of the relevant extracts from the article:-

CHARLES GREEN has detailed how he plans to turn Rangers from a loss-making company into a profitable one over the next year.

As per projections in the prospectus made available to potential investors late last year, the 2012/13 campaign is seeing money being lost by the Light Blues.

Green said: “The company is currently trading at a loss and the reason for that is our income is halved from coming out of the SPL and Europe and going into the Third Division.

“Typically, Rangers would be close to a £60million turnover per year and we’re down to below £30million now.

“It’s not an overnight thing. All of those things will take a year or two but the losses are a one-year thing and they won’t be here next year. We’ll grow and grow thereafter.”

As I said, the article does not confirm precisely which “company” he is referring to. Reference to the prospectus might suggest he is speaking about the company which was the subject of the prospectus, namely Rangers International Football Club PLC. Continue reading


Filed under Charles Green, Rangers