Tag Archives: Rangers Share Offer

Mr Whyte, Mr Green, Sevco 5088, Sevco Scotland and Prospectus Risk Factors

In which I comment on:-

  • the return to the fray of Craig Whyte,
  • the confusing issue of whether Sevco Scotland Ltd (which was not a party to the sale agreement) or Sevco 5088 Ltd (which was) acquired the assets directly from Duff and Phelps,
  • whether Mr Whyte’s challenge ought to have been mentioned as a “risk factor” in the Prospectus,
  • whether Mr Whyte’s allegations might provoke BDO into further and more immediate action and
  • whether his involvement, if established, bolsters or weakens any case of alleged “gratuitous alienation”. Continue reading


Filed under Charles Green, Courts, Insolvency Act 1986, Rangers

Did the Rangers Share Prospectus Project a Loss for This Year? A Prize if You Can Find It!*

This week Mr Green revealed that “Rangers” will make a loss this year. Sadly, from what I read, he did not indicate if this was “Rangers” the football club; Rangers Football Club Ltd (formerly Sevco Scotland Ltd); or Rangers International Football Club PLC.

However his comments, quoted 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 will address the second in a later post.

As extracts from the article state:-

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. Continue reading


Filed under Charles Green, Rangers

Some Thoughts Post the Rangers Share Offer – by Den

The spin will be that the issue was a success. I would say that green and co will be very disappointed, £5m shortfall is very significant.

The fans for all their clamour, for all the club PR hype and the slightly heavy legal threats to, off message, commentators have only taken half of their allocation.

I guess it is understandable given that the fans have paid out for STs.  Mr  Green and his board weren’t to know that were they ?

These are tough economic times, typical that recessions happen just 4 years before your share issue. Such bad luck !

The Prospectus didn’t arrive on time to a lot of potential Investors. Who could have foreseen postal delays just before Christmas, who could have allowed a bit more time? Continue reading


Filed under Charles Green, Guest Posts, Rangers Share Offer

Rangers Shares Open at 75p per Share – Nearly 200,000 traded in first 2 hours

You can follow (follow) the Rangers Share price here.

As at 9.56 183,949 shares traded in the first session of trading, having opened at 75 p per share, and climbed to 76.5 p.

So, if all the share sales were by the same subscriber, they would have made a profit of around £10,000, based on a purchase price of 70 p per share.

Any fans hoping to buy shares at a lower price today will be disappointed after the successful flotation yesterday, although now there is no requirement for a minimum spend of £500.

So there is still time for fans to get their hands on a share or two as presents to go in the stockings of their Rangers supporting loved ones!

Posted by Warren Buffett


Filed under Rangers, Rangers Share Offer

Why Rangers Share Issue Might Be Useful For an Alienation Rainy Day

In between lots of real life stuff, there has been little chance to look at the Rangers Prospectus in some detail. I did look to see whether the issue of “gratuitous alienation” might be raised as a risk factor. It does appear to be covered, although obliquely.

I have seen frequent comments asking on what Rangers are going to spend the money which will be raised in the undoubtedly successful share issue, and why they are looking for the money now. To be fair all these are laid out in detail within the Prospectus, and that is where the answers are to be found. However, looking at contingencies, it is always possible that the funds, even though earmarked for one purpose, can be used for another where circumstances justify it. I am NOT suggesting that the Prospectus in any way misrepresents what the cash raised is for. However, if you have some money put away as a deposit for a holiday, but your car breaks down and needs expensive repairs done, it is entirely legitimate to use the reserve for that, and to replenish the funds later.

Against that back cloth I can see how it might be very advantageous to Rangers to have the share issue taking place now, and as successfully as appears to be the case. Continue reading


Filed under Charles Green, Insolvency Act 1986, Rangers, Rangers Share Offer