Tag Archives: Sevco 5088 Ltd

Rangers Confirm Sevco 5088 Is Subsidiary of Rangers PLC + How Long Is “Without Delay”?

Rangers are busy with Stock Exchange announcements. Today comes the following:

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22 April 2013

Rangers International Football Club plc

(“Rangers” or the “Company”)

Director Declaration

In accordance with AIM Rule 17 and further to the Company’s admission document dated 7 December 2012, the Company confirms that in addition to the directorships disclosed in the admission document, Charles Green and Brian Stockbridge held directorships in the following companies, each of which is a subsidiary of the Company, at the time of publication of the document:

Charles Green

Rangers Retail Limited

SEVCO 5088 Limited Continue reading

95 Comments

Filed under Charles Green, Corporate Governance, Rangers

Charles Green Denies Whyte/Sevco 5088 Documents Are “Correct or Valid” – But Are They Genuine?

Late last night (Friday) the following statement appeared on the Rangers official website. You can read it in situ here.

I have posted my comments in bold and indented beneath the relevant parts of the statement. I then end with a brief (yes, I know what you are thinking) conclusion.

Before I start, it is headed “Charles Green Statement” and then, as readers will see, is actually by a “spokesman” for Mr Green. It is not billed as a “Rangers Statement”. Might that be significant?

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FOLLOWING the publication and broadcast of misleading and inaccurate information on STV this evening, a spokesman for Charles Green said: “Mr Green is appalled by this blatant attempt to discredit him.

A hard-hitting start. The information broadcast by STV was “misleading and inaccurate”. I am sure the statement will tell us in what ways. Continue reading

109 Comments

Filed under Charles Green, Companies Act 2006, Rangers

The “Sevco Shuffle” – Mr Green and Mr Whyte – Scotland and 5088 – Fun With Forms!

The ever assiduous BillyBhoy68 has sent me on a couple of documents which could have a bearing on the kerfuffle about Sevco 5088 Ltd, Sevco Scotland Ltd and who bought Rangers. It might also give some circumstantial evidence about the involvement of Mr Whyte.

Finally it answers some questions about the creation of the 22 million Rangers shares, and suggests that keeping paperwork in order is a major problem, even for such experienced and successful businessman as Mr Whyte Green.

One of the documents will be familiar to keen-eyed readers of the blog who have long memories!

Back in July 2012 I wrote about the Sevco 5088 Dis-Application of Pre-Emption Rights.

Part of what I wrote at the time appears below:- Continue reading

88 Comments

Filed under Charles Green, Companies Act 2006, Rangers

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

352 Comments

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

Who was Spartacus when Duff & Phelps sold Rangers Football Club? by Ecojon

Craig Whyte’s declaration he was the catalyst behind the Rangers sale to Charles Green shook Ibrox to its foundation and fired my memory into gear. However before dissecting my lonely grey cells let me jog your memory as there are a few twists and turns along the road to liquidation.

Rangers entered administration on 14 February 2012 and after various bidders dropped by the wayside American tycoon Bill Miller  was declared ‘preferred bidder’ for the failed club on 3 May by Rangers administrators Duff & Phelps who were reportedly left ‘stunned’ just five days later when Miller walked away from Ibrox.

Commenting on the withdrawal at the time, administrator David Whitehouse said: ‘Given the fact that Mr Miller did not enter into an exclusivity agreement, we informed all other known potential bidders at the time the door was not closed.

‘As a consequence of Mr Miller’s bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency’. I am unclear whether the Sevco offer is included in the trio but the Sevco bid was accepted by the administrator on 14 May. Continue reading

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Filed under Administration, Charles Green, Rangers