Tag Archives: Worthington plc

Worthington PLC Claim To Have Reported Charles Green and Imran Ahmad to the Serious Fraud Office

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.

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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

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Filed under Charles Green, Civil Law, Rangers

Law Financial Ltd and Worthington plc Lay Claim To Rangers Assets and to Film Rights to the Takeover Story!

Worthington Group PLC released a statement to the Stock Exchange today. It can be read in full here. So what, one might say?

Apart from the apparent, or alleged, connections with Craig Whyte, some of which I looked at on this blog last year, I will quote the section from the release which has a bearing on our favourite Motherwell born billionaire and his once (and future?) football team.

The statement reads, at the relevant section:-

The Company is now pleased to announce that, as the first step in the possible acquisition of Law Financial Ltd (“LFL”), it has agreed to acquire a 26% stake in LFL for £250,000 payable in unsecured convertible loan notes.  The Company has also been granted an option to acquire the remaining share capital of LFL. The full acquisition would be subject to shareholder approval and compliance with any applicable Listing Rules.

LFL, a recently incorporated company, has a number of subsidiaries, namely Sevco 5088 Ltd, Law Capital Ltd, Litigation Capital Ltd and Media Litigation Ltd (LFL and its subsidiaries hereafter being referred to as the Law Financial Group).

The assets of Sevco 5088 Ltd include a claim, which has been independently reviewed by Leading Counsel who is also a Deputy High Court Judge, to all of the business and assets of RFC 2012 Plc which were purchased by Sevco 5088 Limited or Sevco Scotland Ltd from the administrators of RFC 2012 plc in June of 2012. Sevco Scotland Ltd was subsequently renamed The Rangers Football Club Limited and its share capital was acquired by Rangers International Football Club Plc, the shares of which are now traded on AIM. It is the position of Sevco 5088 Ltd that it is the rightful owner of the business and those assets. After examination of the evidence, Leading Counsel’s advice is that there is a prima facie case to answer.

It has also been agreed that, pursuant to the agreement certain other related rights, assets and causes of action will be transferred to the Law Financial Group or directly to Worthington. Those assets include the Book, Film and Television rights to the two takeovers of The Rangers Football Club in 2011 and 2012 as it relates to Craig Whyte. It is intended that these rights will be commercialised in due course. Continue reading

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Filed under Charles Green, Rangers