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