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Rangers debt!


grumpy rebus

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I got the text below sent to me today. I CAN'T vouch for either it's accuracy nor authenticity, the source is a guy at work and I don't know where he got it from, but I thought I'd share it with you good people. (I always like to share potential good news with fellow Jambos).

 

 

Murray International Holdings Ltd (MIH) have submitted an AR-01 file to Companies House. This is a mandatory filing and is updated annually to provide information about the share capital of a company.

 

If viewed with just a cursory glance, Sir David Murray appears to retain 70% ownership of the voting shares, and to control the company. However, a closer look provides a very different insight. He appears to have lost control of the business which he named after himself and built from the ground up. His shareholding in this company formed the basis for the bombastic estimates of personal wealth that have littered Scotland?s newspapers for over a decade.

 

Even for those with an eye for minutiae, the complex web of off-shore trusts into which he has placed the ownership of his MIH shares can be mind-numbing. To cut a long story short, 95% of David Murray?s MIH shares have been transferred to a company called IFG Holdings (CI) Ltd. This is an offshore trust company which is one of many created by the Irish Republic-based IFG Group. Among other things, offshore trusts can be difficult for tax inspectors and litigants to pursue.

 

It is fascinating to learn that one of the directors of the company that today nominally owns Rangers FC plc (through its majority holding in MIH) is a citizen of the Republic of Ireland, Declan Kenny. Rangers FC have come a long way under Sir David Murray. Prior to Murray?s involvement, Declan would have been an unlikely trialist at Rangers. Today, Declan nominally owns the club!

 

The idea of one of Scotland?s best known businessmen ?caching? his shares in one of Scotland?s best known businesses in an offshore trust provides food for speculation about his fears for the future. While it is impossible to guess David Murray?s true reasons for placing his MIH shares in a trust, it is not too difficult to imagine that he fears the worst regarding Rangers? tax case. If Rangers lose the case for the amounts HMRC are claiming, the club would almost certainly have to file for administration. Is it possible that Sir David fears for his personal wealth in the blowback of such an event?

 

However, what is really interesting about the recent filing is the revelation that Lloyds Banking Group?s private equity arm, Uberior Equity Ltd, not only owns 30% of MIH?s voting shares, but holds 165 million convertible preference shares. MIH currently has approx. 17.5 million shares outstanding.

 

Therefore, if Lloyds choose to exercise their conversion rights, the preference shares will become voting shares and Sir David Murray?s shareholding would be diluted to just 7%. Prior to this, these preference shares will enable Lloyds to take dividend income from any free cash flow generated. This development puts Lloyds in control of MIH in everything except name.

 

It is actually a very shrewd solution to the MIH problem for Lloyds. It gives them all of the levers they need to control the business without having to consolidate MIH?s accounts with their own. So rather than have their own annual financial results damaged by further bad news in the UK commercial property sector, they can keep these assets ?off balance sheet? until such time as they can be sold or consolidated to show a healthy profit. Having borne almost all of the risk of Sir David?s foray into the property market, they may feel entitled to almost all of the future gains should a profit eventually become realisable.

 

With the recent share transactions to cleanse the MIH balance sheet of assets related to another of David Murray?s vehicles for funding Rangers (MSL technically owed MIH ?60m but had no income and no possibility of ever paying this money) MIH now owns about 87% of Rangers FC.

 

So, taking this altogether, when Walter Smith says that ?Rangers are being run by the bank? it is no longer just a simplistic way of saying that they have to do what the bank manager says- it is true in everything but name and can become literally true at the drop of a hat.

 

David Murray now effectively has no say in what happens at Rangers and the ability of the bank to dilute him down to just 7% ownership of Rangers? parent company makes him yesterday?s man. The AR-01 form does not specify any conditions around converting the preference shares to voting stock, but it seems unlikely that Lloyds put would barriers in their own way.

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it's a lovely and intriguing tale but it also looks like it could have been schemed up by celtic's version of sirgay... sirmhank?

 

ROI owned. :pleasing:

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mahgrassyshoes

your mate must have been up all night writing that text! :whistling:

 

Not sure exactly what any of it means, but is basically seems like Rangers are fecked if this becomes a reality. That means "Good news if true to me"!

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Although obviously not a legitimate article it is common knowledge that they are run by the bank.

 

The bank will not let Rangers spend a penny for a very long time.

 

Coisty wont get a pot to piss in.

 

Happyfeckindays!

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ernie winchester

hmmm... the bit leading to the huns being 'owned by a republican' smells a bit to me. Like the April Fool wind-up which supposedly outed the Proclaimers as closet Jambos. The financial waffle has been well constructed and may have been taken seriously, but the republican owner bit makes me extremely sceptical. I reckon the author couldn't help but include that in order to sink the boot in farther.

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Charlie-Brown

it's a lovely and intriguing tale but it also looks like it could have been schemed up by celtic's version of sirgay... sirmhank?

 

ROI owned. :pleasing:

 

congratulations SS, you get trotters' post of the month :)

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Hopefully this is true but given the origin I'm not too sure. I'm pretty sure anything that gets registered with Companies House is available for the public so if anyone can be bothered you can get the info from them on request!

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If this is true the Huns will be fuming that Rangers are effectively owned by the bank...or even worse...an Irishman :woot:

 

:pleasing:

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The People's Chimp

it's a lovely and intriguing tale but it also looks like it could have been schemed up by celtic's version of sirgay... sirmhank?

 

ROI owned. :pleasing:

 

Does indeed sound like the work of sirgay-a-like from the east end of glasgow.

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Does indeed sound like the work of sirgay-a-like from the east end of glasgow.

 

that serial pro-celtic agitator/blogger phil mcsomethingorother springs to mind.

 

he's a maniac.

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If this is true the Huns will be fuming that Rangers are effectively owned by the bank...or even worse...an Irishman :woot:

 

:pleasing:

 

 

Even the most optimistic Hun must see an uncertain bleak future.

 

Losing Walter Smith, Weir, Boughera, A N Other, A N Other, A N Other

 

Couldn't happen to a nicer club. I hope they rot in hell for eternity

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It's a Tim wind up. No doubt about it. Still pretty amusing though and a bit better than the 'tick tock' efforts we see over the road.

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mahgrassyshoes

If this is true the Huns will be fuming that Rangers are effectively owned by the bank...or even worse...an Irishman :woot:

 

:pleasing:

 

 

Their brethren will be fuming as well.

 

"How kin wan o us own the Huns?!"

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Although obviously not a legitimate article it is common knowledge that they are run by the bank.

 

The bank will not let Rangers spend a penny for a very long time.

 

Coisty wont get a pot to piss in.

 

Happyfeckindays!

I see what you done there.... :thumbsup:

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I also got this sent to me today by a well known poster on here.

 

I was just saddened it's not up to the usual high end porn he normally sends me.

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Charlie-Brown

It has to be hoped that if Rangers financial troubles do become even worse or turn catastrophic that the terrible way Sir David Murray has ran Rangers Football club in financial terms and basically bought a string of trophies with a shed-load of debt and racked up huge losses will see the spotlight turned on him and the damaging influence his practices have had on not only Rangers but Scottish Football for 25 years instead of the usual w@nkfest over him bringing in Laudrup, Gazza, Alberts, 9-in-a-row etc.

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It has to be hoped that if Rangers financial troubles do become even worse or turn catastrophic that the terrible way Sir David Murray has ran Rangers Football club in financial terms and basically bought a string of trophies with a shed-load of debt and racked up huge losses will see the spotlight turned on him and the damaging influence his practices have had on not only Rangers but Scottish Football for 25 years instead of the usual w@nkfest over him bringing in Laudrup, Gazza, Alberts, 9-in-a-row etc.

 

nah.

 

the recession, lloyds bank, HMRC and the rest of scottish football are just as likely to get the blame.

 

the decline in the scottish game has probably caused them to fall on hard times despite their courageous 'investment' in the game, which was all designed for the benefit of us all no doubt. i think it all started when some foreign baddie denied them a CL place around 2006.

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mahgrassyshoes

nah.

 

the recession, lloyds bank, HMRC and the rest of scottish football are just as likely to get the blame.

 

the decline in the scottish game has probably caused them to fall on hard times despite their courageous 'investment' in the game, which was all designed for the benefit of us all no doubt. i think it all started when some foreign baddie denied them their rightful CL place around 2006.

 

 

Just made a wee amendment for you...

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FS im only allowed 180 characters per text!!

 

Exactly!

 

Who the feck sends texts like that! THEN types them verbatim on here.

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Exactly!

 

Who the feck sends texts like that! THEN types them verbatim on here.

Cut and paste!

 

I just thought it may be of interest after the article about HMRC chasing deer Hun for tax.

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Hope yer mate gets free texts!

 

FS im only allowed 180 characters per text!!

 

Exactly!

 

Who the feck sends texts like that! THEN types them verbatim on here.

 

I hope you are kidding. 'Text' as in collection of words, not 'text' as in SMS. :(

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Cardiac Rucksack

Quite clearly written by some guy called declan mctimmy. Rangers are up a creek. No point in spreading the word of somehopeful sellick fans that its a million times worse than it is.

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Cardiac Rucksack

Quite clearly written by some guy called declan mctimmy. Rangers are up a creek. No point in spreading the word of somehopeful sellick fans that its a million times worse than it is.

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portobellojambo1

The following appeared on the Dow Jones Newswire on 4 February, which is a more believable source than a Celtic website. This suggest David Murray is in the process of selling shares which would then give him no more than nominal voting rights, if I've read it correctly.

 

TIDMRFC

 

For filings with the FSA include the

annex

 

For filings with issuer exclude the

annex

 

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

 

1. Identity of the issuer or the underlying The Rangers Football Club p.l.c.

issuer of existing shares to which voting

rights are attached: ii

 

2 Reason for the notification (please tick the appropriate box or boxes):

 

An acquisition or disposal of voting rights X

 

An acquisition or disposal of qualifying financial instruments which

may result in the acquisition of shares already issued to which voting

rights are attached

 

An acquisition or disposal of instruments with similar economic effect

to qualifying financial instruments

 

An event changing the breakdown of voting rights

 

Other (please

specify):

 

3. Full name of person(s) subject to Sir David Edward Murray

the notification obligation: iii

 

4. Full name of shareholder(s) (if Dunwilco 172 Limited

different from 3.):iv

David Murray Holdings Limited

 

Murray MHL Limited

 

5. Date of the transaction and date 3 February 2011

on which the threshold is crossed or

reached: v

 

6. Date on which issuer notified: 4 February 2011

 

7. Threshold(s) that is/are crossed Direct and indirect holding decreased to

or reached: vi, vii less than 86%

 

8. Notified details:

A: Voting rights attached to shares viii, ix

 

Class/type of Situation previous Resulting situation after

shares to the triggering the triggering

transaction transaction

 

if possible Number Number Number Number of % of voting

using of of of voting rights x

the ISIN CODE Shares Voting shares rights

Rights

 

Direct Direct Indirect Direct Indirect

xi xii

 

Ordinary 99,801,034 99,801,034 147,000 147,000 92,987,454 0.1351208 85.4731

shares of GBP

0.10 each

 

B: Qualifying Financial Instruments

 

Resulting situation after the triggering transaction

 

Type of financial Expiration Exercise/ Number of voting % of voting

instrument date xiii Conversion Period rights that may be rights

xiv acquired if the

instrument is

exercised/

converted.

 

N/A

 

C: Financial Instruments with similar economic effect to Qualifying Financial

Instruments xv, xvi

 

Resulting situation after the triggering transaction

 

Type of Exercise Expiration Exercise/ Number of voting % of voting

financial price date xvii Conversion rights instrument rights xix, xx

instrument period refers to

xviii

 

Nominal Delta

 

N/A

 

Total (A+B+C)

 

Number of voting rights Percentage of voting rights

 

93,134,454 85.6082

 

9. Chain of controlled undertakings through which the voting rights and/or the

financial instruments are effectively held, if applicable: xxi

 

6,666 shares (0.0061273% of voting rights) are held by Dunwilco 172 Limited,

which is a controlled undertaking of David Murray Holdings Limited, which is a

controlled undertaking of Sir David Edward Murray.

 

138,400 shares (0.1272158% of voting rights) are held by David Murray Holdings

Limited, which is a controlled undertaking of Sir David Edward Murray.

 

92,842,388 shares (85.339745% of voting rights) are held by Murray MHL Limited,

which is a controlled undertaking of Murray Group Holdings Limited, which is a

controlled undertaking of Murray International Holdings Limited. Sir David

Edward Murray controls Murray International Holdings Limited through personal

shareholding and indirectly through NH3 Limited, a controlled undertaking of

IFG Nominees (C.I.) Limited Account MURRT 1 (a trustee of (i) The David Murray

Trust 1991 of which Sir David Edward Murray, David Douglas Murray and Keith

Murray are the beneficiaries, and (ii) The David Murray Trust for Children

1991, of which David Douglas Murray and Keith Murray are the beneficiaries).

IFG Nominees (C.I.) Limited Account MURRT 1 is also a shareholder in Murray

International Holdings Limited.

 

Proxy Voting:

 

10. Name of the proxy holder: N/A

 

11. Number of voting rights proxy N/A

holder will cease to hold:

 

12. Date on which proxy holder will N/A

cease to hold voting rights:

 

13. Additional information:

 

14. Contact name: David Horne, Company Secretary

 

15. Contact telephone number: 0131 317 7000

 

Note: Annex should only be submitted to the FSA not the issuer

 

Annex: Notification of major interests in sharesxxii

 

A: Identity of the persons or legal entity subject to the notification

obligation

 

Full name

(including legal form of legal

entities)

 

Contact address

(registered office for legal entities)

 

Phone number & email

 

Other useful information

(at least legal representative for

legal persons)

 

B: Identity of the notifier, if applicable

 

Full name

 

Contact address

 

Phone number & email

 

Other useful information(e.g.

functional relationship with the person

or legal entity subject to the

notification obligation)

 

C: Additional information

 

 

For notes on how to complete form TR-1 please see the FSA website.

 

 

 

END

 

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nah.

 

the recession, lloyds bank, HMRC and the rest of scottish football are just as likely to get the blame.

 

the decline in the scottish game has probably caused them to fall on hard times despite their courageous 'investment' in the game, which was all designed for the benefit of us all no doubt. i think it all started when some foreign baddie denied them a CL place around 2006.

 

And some people still dont think the vitriol we received since then hasn't been to undermine us in doing it again!

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Footballfirst

The following appeared on the Dow Jones Newswire on 4 February, which is a more believable source than a Celtic website. This suggest David Murray is in the process of selling shares which would then give him no more than nominal voting rights, if I've read it correctly.

 

More interesting was this one

 

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

 

1. Identity of the issuer or the underlying The Rangers Football Club p.l.c.

issuer of existing shares to which voting

rights are attached: ii

 

2 Reason for the notification (please tick the appropriate box or boxes):

 

An acquisition or disposal of voting rights X

 

3. Full name of person(s) subject to Metlika Trading Limited

the notification obligation: iii

 

5. Date of the transaction and date 3 February 2011

on which the threshold is crossed or

reached: v

 

6. Date on which issuer notified: 4 February 2011

 

Number of voting rights 5,797,026 Percentage of voting rights 5.33%

 

A google search on Metlika Trading brought up the following:

Johannesburg ? A LEGAL battle is raging in the Pretoria High Court over who owns the assets of Metlika Trading, with businessman Dave King insisting for the first time that he is the beneficial owner of the South African assets, a claim disputed by Metlika Trading. The South African Revenue Service (SARS) has been trying for some time to seize Metlika's assets, which it alleges were transferred from Ben Nevis.

 

Looks like SDM has sold over 5% of his shares to Dave King who himself is the subject of some Tax evasion claims by the SARS. I think this story has a bit more to run.

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