The Rangers soap opera goes on and on.

[Hagar the Horrible]

If you were to buy up all the shares and the going rate you would get the whole lot for just over ?16m, yet this lot want to sell shares worth 25p on the market for 20p, once done they all will be worth 20p then push through a share flotation in December to raise ?30m that equates to doubling the shares and selling them for 40p an in one swoop they will be worth 10p? I know its not quite how it works but in laymans terms it is and they are going to somehow promote this? the last IPO raised ?35m but after cost they got ?20m. How many time can they keep selling off the club to the same peepil over and over again

[kingdannyb]

There have been so many possible deaths for Sevco but this doomed-to-fail flotation seems to be the one that is finally going to kill them - OH YES !

[lost in space]

I simply cannot see a way out of it for them.

The new shares can only be bought by existing shareholders

Even then ?1million has to go to repay loans

Even then they are going to run out of cash by Christmas

They have NO fit and proper person waiting to step in

Honestly cannot see the current investors throwing another ?4million at this, then watching it all being diluted with the larger issue later on

The way out is to take a loan which will last them to the end of the season (when they will probably be back in the Premiership). How are they going to get this loan ? They will have to provide a collateral Murray Park. Not what the orcs want - but will keep the club alive and will get them through the season.

[The Comedian]

How does that work ? If they are a new club would it not just be 15 ? So they could have their history and trophies and a 25 point deduction or yet another phoenix from the flames -15 points ?

 

It's a pickle for sure. Desperate to tell anyone who will listen they are the same club, my guess is they will hypocritically claim they are new and argue for a 15 point penalty ending this charade in the process.

 

 

Alternatively collect 28, do not pass the 1st division, go bust but keep the same club moonbeam alive.

 

 

Delicious.

 

[Wilson]

I problem,

They cannot use M.park as security, it already has one on it from the Scottish sports council ..

 

They could , if bold, take out a second charge on MP- but only if the existing security amount is considerably less than value. ( ie both get their money back, spivs second, if it all goes off). ( and all subject to approval of first security holder)

 

Value for loan is of course " market value" (not historic or book cost)- so value for MP and Ibrox should almost certainly reflect alternative use, or potentially on a lease back . ( to a dodgy tenant..)

 

This circle might not square, so to speak...

[I P Knightley]

Don't you just love the verb to "trouser" ... ?

 

 

I liked that one, too.

[Footballfirst]

There is nothing to stop them taking another security over Murray Park. The SportScotland security is only for approx. ?500K.

 

They had other fixed and floating charge securities in place during SDM's and CW's time.

[lost in space]

I problem,

They cannot use M.park as security, it already has one on it from the Scottish sports council ..

Oh dear, what a shame - I didnt know that. Can they not use "their part" as collateral?

If not, it will have to be "the Big Hoose" then. Surely that does not have any hidden security\floating charge..............surely.

The orcs would really be furious if ibrox was used - but needs must. They need funds and the spivs are running out of time and money.

[The Comedian]

Is Lethams loan secured?

[The Gasman]

....it will have to be "the Big Hoose" then. Surely that does not have any hidden security\floating charge..............surely.

 

The orcs would really be furious if ibrox was used - but needs must. They need funds and the spivs are running out of time and money.

 

The ownership of Ibrox has never been decided in court yet (remember Bomber asking where the Deeds were?) with several fingers still in that pie, I suspect it would take far to long to get a definitive answer, to let them use it.

[mrmarkus1981]

The loans by Laxey & Easdale are secured over:-

 

Subjects being the first floor premises at 100 EDMISTON DRIVE, GLASGOW G51 2YX (THE DESCRIPTION GOES ON AND ON TO INCLUDE RIGHTS OF ACCESS ETC)

 

also

 

Subjects EDMISTON HOUSE, HARRISON DRIVE, GLASGOW G51 2YX

 

and lastly

 

Subjects on the west side of BROOMLOAN ROAD, GLASGOW edged red on the Title Plan being 3.48 hectares in measurement on the Ordnance Map (CAR PARK?)

Edited September 2, 2014 by mrmarkus1981

[mrmarkus1981]

The Standard Security by Laxey was assigned to GEORGE LETHAM on 25 Mar. 2014

[Statts1976uk]

Even if they gave security over Murray Park surely Sport Scotland would have the rights to the first 500k. I'm not sure how much would be left over if they use current market values.

[itsnomarooned]

Am I the only one who doesn't really have a clue what's going on? There's been many a false dawn on here regarding their impending tits-uppedness - is this finally it do we think?

[UnbelievableJeff]

 

Am I the only one who doesn't really have a clue what's going on? There's been many a false dawn on here regarding their impending tits-uppedness - is this finally it do we think?

 

They are in the tunnel and there's a train coming. Again.

[Wilson]

Even if they gave security over Murray Park surely Sport Scotland would have the rights to the first 500k. I'm not sure how much would be left over if they use current market values.

 

Correct.

 

Site is in green belt to quite hard to see where the value comes from. Unless SFA buy/lease it...

[trotter]

Even if they gave security over Murray Park surely Sport Scotland would have the rights to the first 500k. I'm not sure how much would be left over if they use current market values.

 

Don't I recall reading somewhere that the ground under Murray Park can only be used for sporting related development - i.e. you can't build flats on it?

[Back to 2005]

Am I the only one who doesn't really have a clue what's going on? There's been many a false dawn on here regarding their impending tits-uppedness - is this finally it do we think?

I still don't know if they ever discovered the missing deeds...or what King Billy was doing up on the wall. It's all a bit of a mystery!

[colinmaroon]

Correct.

 

Site is in green belt to quite hard to see where the value comes from. Unless SFA buy/lease it...

 

 

Where's Vlad when you want to fine him?

[RobNox]

Is Lethams loan secured?

It's no secured. Easdale's is though. Laxey Partners originally offered a ?1m loan which was to be secured. Letham offered his loan as an alternative to Laxey Partners, on less onerous terms and without taking security. He's one of the fans on the Board, as opposed to a spiv. I guess he's sweating a bit at the moment mind!

[RobNox]

No, the loan repayment date has simply been moved to give them more time to pay, prob post share option now.

So he obviously wasn't interested in accepting new shares as repayment and wants his cash back.

[RobNox]

If the share offer take-up is less than 3/4 then it's game over & straight to admin the next day. It's timed before the players get paid so they would also be stuffed/become creditors in any admin event.

 

The spivs only get one chance at this, failure in the take-up rate is not an option for them. That's why they simply have to buy into it themselves or go bust imo.

Maybe not, it might be that, with the club staring into the abyss yet again, someone like Mike Ashley might step in with the offer of a loan secured over Ibrox and MP. They would be forced to either accept it or head into administration.

[RobNox]

I'm saying unless there's a 75% take-up their doomed. Not that it will happen. Ashley or Laxey or A.N. Other would have to either take up the shortfall or offer it as a loan etc. either way they need that cash by any means whether it's through share buying or loans etc.

I was more speculating as to whether Ashley or another party might be prepared to let the share issue fail then step in with an attempt to get control over the prime assets by offering a loan, rather than taking up the balance of the share issue? He would have them over the proverbial barrel after all. Maybe one too many conspiracy theories though!

[Footballfirst]

Is this info wrong ?. Not able to check companies house records from here..

 

I have a copy of the Sandy Easdale Security (MR01) on file. It's over Edmiston House and the Albion Car park. It has a Companies House stamp dated 08/03/14 and has a reference no of SC4251590002 (Charge #2 for Company no SC425159).

 

TRFC also have a Charge #3 which was submitted on the same date. I assume that this was the original Laxely security, which as MrMaurkus1981 states was transferred to Letham on 25/03/14, which all ties in with what information was made public around that time.

 

The Letham loan was ?1M, repayable by 1st September, but with an arrangement fee of ?45,000, and it would start attracting interest at 10% per annum if not paid off by 2nd July.

[RobNox]

Ashley has the retail side sewn up, he might buy into re-naming rights etc but I doubt he wants the whole shooting match (yet) but you never say never. Mr Green night pop up with another saviour too

Warren Buffet perhaps, now that George Soros seems to have cooled on the deal?

[mrmarkus1981]

According to the Land Register of Scotland it IS secured. 100%

 

Sent from my GT-I9300 using Tapatalk 2

Edited September 3, 2014 by mrmarkus1981

[HawkeyeTheGnu2.0]

Warren Buffet perhaps, now that George Soros seems to have cooled on the deal?

 

Spivs are all for a buffet.They like the idea of helping yourself to whatever's on offer

[Cairneyhill Jambo]

Spivs are all for a buffet.They like the idea of helping yourself to whatever's on offer

 

[Inver_Jambo]

Have a read of this if you want some early morning lols.

 

http://forum.rangersmedia.co.uk/index.php?showtopic=273179&st=0

 

Good grief.

[We_are_the_Hearts]

Have a read of this if you want some early morning lols.

 

http://forum.rangers...pic=273179&st=0

 

Good grief.

 

LOL, I've nothing against NO voters but the Hun supporting no other reason for being a NO than because uh support the Gers and WATP make me cringe. Waste of a brain. The one on YouTube that will move to Wales if it's a YES sums them up, it's the bairns I feel sorry for :-)

[DETTY29]

LOL, I've nothing against NO voters but the Hun supporting no other reason for being a NO than because uh support the Gers and WATP make me cringe. Waste of a brain. The one on YouTube that will move to Wales if it's a YES sums them up, it's the bairns I feel sorry for :-)

Can we move the OF to Wales?

 

I'll have some of that.

[We_are_the_Hearts]

Can we move the OF to Wales?

 

I'll have some of that.

 

Would be well worth a YES (from an undecided voter)

 

TO get rid of folk like this "How can any bear support a yes vote? the amount of Irish republicans supporting yes should have got the alarm bells ringing. They must think that there is something in it for them otherwise why would they bother."

Edited September 3, 2014 by We_are_the_Hearts

[Boris]

"Jacobites"

 

Well, a firm grip on history there then!

[Hagar the Horrible]

Security: RANGERS FC (BASIC ENT)

Description: Rangers International Football Club Plc

Ordinary Share ISIN:

 

Open Offer Terms

 

As a holder of Rangers International Football Club Plc shares you have

been allocated a basic entitlement of 0.301850 Subscription share for

every 1 Ordinary share held.

 

You may exercise each Subscription Share in exchange for one new

ordinary share at a cost of 20 pence per share.

 

You may also elect to receive any number of additional ordinary shares,

although this may be subject to scale-back.

 

 

Actions required by you

 

As this is a voluntary event, we require an instruction from you.

 

Should you wish to exercise your basic Subscription Shares, please elect

online for this event by going to Account Admin/Miscellaneous/Corporate

Actions, and instruct on the basic event.

 

Should you wish to exercise your basic entitlement and also apply for

excess Shares, please elect online for this event by going to Account

Admin/Miscellaneous/Corporate Actions, and instruct on the basic and

excess events.

 

Once you have elected the cash will be ring fenced, until we remove it

from your account. This means that it will be unavailable for you to use.

 

If we do not receive an instruction from you by 23:59 on 9 September

2014, we will take no action on your behalf, and your Subscription Shares

will lapse.

Best regards,

 

 

So it is about 6 days to see if the can kick the can down the road or bit or Armageddon II this time its not personal?

[Hearts007]

another postponement cowdenbeath game to be postponed, Game scheduled for October to be moved due to international commitments ....didn't know cowdenbeath had that many internationalists

[FarmerTweedy]

So reading the posts from people here and what I read elsewhere: the likely outcome is a large investment from one of the two or three interested, most likely King, but only after

a meltdown and admin again. The price the fans will need to pay is a 25 point deduction - it seems pretty sure -the' plus' is they then have someone , probably King, and ?30M injection. ( and then new shares?) the minus is, they won't get higher than 4th in this league so its two seasons here.

 

Well bring it on, please, I can't wait to see Sally's face -

and Miller's too, he who still thinks they can win the league. He's just a wee boy looking up to his grand old Club - as was. I feel sorry for him ;-)

 

4th is a playoff spot.

[Jamboman1512]

LOL, I've nothing against NO voters but the Hun supporting no other reason for being a NO than because uh support the Gers and WATP make me cringe. Waste of a brain. The one on YouTube that will move to Wales if it's a YES sums them up, it's the bairns I feel sorry for :-)

 

My sevco supporting mate was going to vote no just because he is one of them, he has since changed his mind after watching debates on tv and reading up on it (a sevco fan reading, bullshit i hear you say, but it is the truth, he's one of the ones that can actually read) and voted yes.

Edited September 3, 2014 by Jamboman1512

[Hagar the Horrible]

People are making a lot of big assuptions? first of all by the end of next week, if/when the share issue fails (lets just assume) then Generous George will be the biggest creditor? however time will tell if he is the one to pull the plug? however its only a matter of time before somebody else want paying and they cant, then they get taken to court, the wages don't get paid, and then they could go into admin owing very little money? so the current spiv owners have 2 choices to make if a new bidder comes on the scene lets just say King? 1. do they accept peanuts for their shares? or bail out the club themselves? Letham will be the biggest creditor he gets to decide if a CVA will be accepted? he might put his own cva bid in? And what if King decides he is walking away? there is just so many questions?

 

Will King even put in a bid?

Is he a fit and proper person?

How big a bid?

How long will the ?30m last?

How does he run a company that no bank will touch and made worse by the presence of a convicted tax fraudster?

Will the ownership of Ibrox be made clearer?

Will Imran Ahmed finally get his bonus ring-fenced by the courts?

[Strachsuit]

Right, let me get this right, is this where they are then:

 

Share Issue needs to be taken up to the tune of 75% by the existing shareholders. If it fails, the remaining take-up may be offered to someone like Mike Ashley to take with a security over what's left of Murray Park plus Ibrox. By the rules of the issue though, it is only roughly 0.3 shares per ordinary share that each shareholder is eligible to take so is this even possible? If so does it need to be a current shareholder that takes up the remainder of the issue if it fails or could King step in?

 

However, if it does fail then there will be no money left to pay Letham or any other loans, the players & staff or any other outstanding bills. So admin Mark II would be just around the corner. Meanwhile, Mr Khan is sure to go back to the courts and ensure his cash is ring-fenced too before the inevitable happens?

 

Wednesday 10th September could reveal all...

[Rudolf]

My sevco supporting mate was going to vote no just because he is one of them, he has since changed his mind after watching debates on tv and reading up on it (a sevco fan reading, bullshit i hear you say, but it is the truth, he's one of the ones that can actually read) and voted yes.

 

He can maybe read but he certainly can't digest or understand what he's read...

[DETTY29]

Seems a tad early to be cancelling until international squads are announced however Ibrox is being used for Scotland v. Georgia that day. Now while the game is at Central Park, it is not unreasonable to expect Rangers officials to be at Ibrox that day. Also adds to a later season build up of fixture problems for them

 

We are due to play Alloa away that day too. Just a shame it's likely to be cancelled as well.

 

As a PS, some Celtic fans complaining SFA propping up Rangers finances by playing internationals at Ibrox.

 

Wonder where Scotland v. Ireland is being played in November?

Edited September 3, 2014 by DETTY29

[I P Knightley]

Have a read of this if you want some early morning lols.

 

http://forum.rangers...pic=273179&st=0

 

Good grief.

 

Clicked on there thinking I'd get a laugh. First few posts, I thought, "nothing I wouldn't see on JKB". Then it got to posts 10 and 11 and I remembered where I was.

 

Overall, though, nowhere near as bad as it might have been. Some posters coming back at the predictable stuff:

iv said it before ANY so called rangers supporter that votes yes ia worse that any of the most rabid tims there is they should never never go near my club again there simple traitors i only wish we could get a list of them and name and shame the scum cause thats what you are IF U VOTE YES U STAND AGAINST EVERY THING OOR CLUB STANDS FOR AND HAVE NO RIGHT TO CALL UR SELF A BEAR UR SIMPLY A REPUBLICAN END OF

 

with the sort of stuff I'd hope to read here:

Read what this poster says, read it carefully......

 

 

 

 

 

 

 

 

And conclude that glue sniffing is bad, really bad - what a roaster

Wouldn't read the whole thread though.

[scottish_chicP]

Can we move the OF to Wales?

 

I'll have some of that.

What has Wales ever done to you?!

[Jamboman1512]

He can maybe read but he certainly can't digest or understand what he's read...

 

Have to disagree with you on that one.

Edited September 3, 2014 by Jamboman1512

[Footballfirst]

Right, let me get this right, is this where they are then:

 

Share Issue needs to be taken up to the tune of 75% by the existing shareholders. If it fails, the remaining take-up may be offered to someone like Mike Ashley to take with a security over what's left of Murray Park plus Ibrox. By the rules of the issue though, it is only roughly 0.3 shares per ordinary share that each shareholder is eligible to take so is this even possible? If so does it need to be a current shareholder that takes up the remainder of the issue if it fails or could King step in?

 

However, if it does fail then there will be no money left to pay Letham or any other loans, the players & staff or any other outstanding bills. So admin Mark II would be just around the corner. Meanwhile, Mr Khan is sure to go back to the courts and ensure his cash is ring-fenced too before the inevitable happens?

 

Wednesday 10th September could reveal all...

 

They can't be "offered" to Mike Ashley as part of this share offer. However Mike Ashley can apply to top up his entitlement to buy 900K shares (30% of his 3M holding) by anything up to the total number of shares being offered (19M).

 

Let's say he is looking to double his current shareholding of 3M to 6M (notwithstanding SFA rules on ownership of more than one club). In that event he would take up his entitlement to purchase 900K, but apply for an additional 2.1M shares from the pool of shares not taken up. If there are sufficient shares in the pool to allow that to happen then he would be successful. If the total amount of extra shares requested exceeded those available then he would receive a pro rata amount.

 

What he can't do is to tie in the extra shares to a security over Murray Park or Ibrox. He would as well doing a loan deal to achieve the same thing. That way he would avoid the SFA rules on dual club interests.

[I P Knightley]

Share Issue needs to be taken up to the tune of 75% by the existing shareholders. If it fails, the remaining take-up may be offered to someone like Mike Ashley to take with a security over what's left of Murray Park plus Ibrox. By the rules of the issue though, it is only roughly 0.3 shares per ordinary share that each shareholder is eligible to take so is this even possible? If so does it need to be a current shareholder that takes up the remainder of the issue if it fails or could King step in?

 

 

What you're describing there is Ashley underwriting the share issue by agreeing to take up any shares which are not taken (by right) by the existing shareholders.

 

A few issues:

• If that were the case, there would be no question of Ashley getting any security on his money. It would be an equity investment with all the unsecured risks that any equity investment entails.
  
• All the chat I've seen so far suggests that there are no arrangements for underwriting. Any mention of Ashley stepping in to plug a gap is pure speculation; wishful thinking by some Gers, perhaps, due to them knowing the name of a wealthy person who has some financial dealings in the world of football. If the rights issue fails without underwriting, the shares would remain unissued.
  
• If he were to step in, it would most likely be by way of a loan. The amount of that loan would be independent of the ?4m being raised but the rights issue. If my understanding is correct, that amount is capped either by (i) the number of authorised shares available or (ii) the need to keep the costs of issue down (avoiding the need for a prospectus) by keeping the funds raised below a cap of ?5m.
  
• Only if Ashley (or any other) were to offer to prop the company up with a loan would the question of security come into play. If the rights issue were to fail, that's when we'd start to discover whaur's the deeds.
  

[Strachsuit]

They can't be "offered" to Mike Ashley as part of this share offer. However Mike Ashley can apply to top up his entitlement to buy 900K shares (30% of his 3M holding) by anything up to the total number of shares being offered (19M).

 

Let's say he is looking to double his current shareholding of 3M to 6M (notwithstanding SFA rules on ownership of more than one club). In that event he would take up his entitlement to purchase 900K, but apply for an additional 2.1M shares from the pool of shares not taken up. If there are sufficient shares in the pool to allow that to happen then he would be successful. If the total amount of extra shares requested exceeded those available then he would receive a pro rata amount.

 

What he can't do is to tie in the extra shares to a security over Murray Park or Ibrox. He would as well doing a loan deal to achieve the same thing. That way he would avoid the SFA rules on dual club interests.

 

Right, thanks FF. So they aren't yet doomed if the share issue fails but time is certainly against them. Seems like the last thing the current board want is to go into admin, lose all their investment to date and have someone like King pick up the pieces for next to nowt. So they'll need to get cash from somewhere, if it isn't Ashley then they'll maybe need to grin and bear it and get into bed with King. But if he'd rather start with a clean slate?...

[Strachsuit]

What you're describing there is Ashley underwriting the share issue by agreeing to take up any shares which are not taken (by right) by the existing shareholders.

 

A few issues:

• If that were the case, there would be no question of Ashley getting any security on his money. It would be an equity investment with all the unsecured risks that any equity investment entails.
  
• All the chat I've seen so far suggests that there are no arrangements for underwriting. Any mention of Ashley stepping in to plug a gap is pure speculation; wishful thinking by some Gers, perhaps, due to them knowing the name of a wealthy person who has some financial dealings in the world of football. If the rights issue fails without underwriting, the shares would remain unissued.
  
• If he were to step in, it would most likely be by way of a loan. The amount of that loan would be independent of the ?4m being raised but the rights issue. If my understanding is correct, that amount is capped either by (i) the number of authorised shares available or (ii) the need to keep the costs of issue down (avoiding the need for a prospectus) by keeping the funds raised below a cap of ?5m.
  
• Only if Ashley (or any other) were to offer to prop the company up with a loan would the question of security come into play. If the rights issue were to fail, that's when we'd start to discover whaur's the deeds.
  

 

Gotcha. End of the share issue is next Tuesday night so Wednesday could be a very interesting day indeed. The one thing that everyone can see is that they are quickly running out of money and time.

[Footballfirst]

Gotcha. End of the share issue is next Tuesday night so Wednesday could be a very interesting day indeed. The one thing that everyone can see is that they are quickly running out of money and time.

 

I'm sure that they are accepting applications for extra shares up to 11am on 12th September (next Friday), so it will be later that day before we know the final numbers about the take up. The couple of days between receipt of acceptances of the open offer (next Wednesday) and the potential take up of any free shares, could see a lot of wheeling and dealing and horse trading amongst the Spivs.

[hawaii]

So, this share offer is for RIFC, the holding company of the football club yeah? And if it fails would the directors of the holding company ask the football club to pay back it's debts to the holding company, some ?16m or so?

 

I'm just trying to figure out how the SFA and SPFL will manage to allow the tribute act to carry on against all it's rules and regulations this time...