Diadora Van Basten Posted April 25, 2014 Share Posted April 25, 2014 The review is the reality check that Rangers fans need. If the fans don't rally round then they are done. When Hearts were in the same situation we rallied round but I am not sure if we would have been successful if the club had an owner. It will be interesting to see what Rangers fans do, will they put their hands in their pocket or will they wait for King to save them. Link to comment Share on other sites More sharing options...
Australis Posted April 25, 2014 Share Posted April 25, 2014 ?67 million to get to a Ramsdens cup final. It was well worth it in my eyes. Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 (edited) The current shares will be massively diluted by the new share issue. consequently I'd expect the current shares to drift even as low as 15 pence. However , thats an aside. Who in their right mind - even Huns - would buy new shares to support the very people who admit they have mismanaged the LAST share raising? edited.. raise around ?10M not the ?30m I had understood. - Unbelieveable. Edited April 25, 2014 by Alva-Jambo Link to comment Share on other sites More sharing options...
Diadora Van Basten Posted April 25, 2014 Share Posted April 25, 2014 Fat Sally must have been walking about with his eyes shut surely he must have known the sums didn't add up. We on here an others have known this since The Rangers came into existence he's got a lot to answer for and to a lot of angry Orcs. Good luck with that one Sally. Can you imagine Ally's face when reading that report Link to comment Share on other sites More sharing options...
Statts1976uk Posted April 25, 2014 Share Posted April 25, 2014 Wee Jimmy's X-Box will be heading down Cash Generators later so Daddy can get hard cash for his season ticket since he can't get it on tick for next season then. Link to comment Share on other sites More sharing options...
graygo Posted April 25, 2014 Share Posted April 25, 2014 Fat Sally must have been walking about with his eyes shut surely he must have known the sums didn't add up. We on here an others have known this since The Rangers came into existence he's got a lot to answer for and to a lot of angry Orcs. Good luck with that one Sally. Wee Jimmy's X-Box will be heading down Cash Generators later so Daddy can get hard cash for his season ticket since he can't get it on tick for next season then. No offence but these are the type of posts that can be seen on dotnet on a daily basis about us. Link to comment Share on other sites More sharing options...
Skivingatwork Posted April 25, 2014 Share Posted April 25, 2014 Any mention of war chests? Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted April 25, 2014 Share Posted April 25, 2014 So, er, remember the Sevco business plan presented to the SFA to allow them in. I take it that's on track then? Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 hahahahahaha hahahahahaha hahahahahaha Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 Why sell the 'wee man's' X box or flog the Staffie or the partner's car to raise cash needed to buy shares, when Murray told everyone that the board are financially irresponsible? I forecast, lol they will raise about ?2.5 Million out of the ten, And remember they will have to pay more or less half a million in expenses to raise the issue. Will King buy into the 41 million shares? Not a chance. Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 They cannot avoid administration IMO And they wont get in and out of it quickly either. Link to comment Share on other sites More sharing options...
Barney Rubble Posted April 25, 2014 Share Posted April 25, 2014 The review is the reality check that Rangers fans need. If the fans don't rally round then they are done. When Hearts were in the same situation we rallied round but I am not sure if we would have been successful if the club had an owner. It will be interesting to see what Rangers fans do, will they put their hands in their pocket or will they wait for King to save them. This is the quandary the people will be facing , delighted for them btw ! Link to comment Share on other sites More sharing options...
Geoff Kilpatrick Posted April 25, 2014 Share Posted April 25, 2014 (edited) They cannot avoid administration IMO And they wont get in and out of it quickly either. They can. It just means they will have no assets left! Edited April 25, 2014 by Geoff Kilpatrick Link to comment Share on other sites More sharing options...
Ron Swanson Posted April 25, 2014 Share Posted April 25, 2014 Any mention of war chests? Its a collection bucket they need Link to comment Share on other sites More sharing options...
no1golfer Posted April 25, 2014 Share Posted April 25, 2014 no sympathy from me, total shambles of a club. Link to comment Share on other sites More sharing options...
Footballfirst Posted April 25, 2014 Share Posted April 25, 2014 43.4M shares works out at two thirds of the current shares on issue. Dilution of today's share price of 25p would mean that it would drop to 15p. In order to make the share sale attractive, they would really have to offer them at around 10p. That would raise ?4.34M less expenses. Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 They can. It just means they will have no assets left! Point taken - but the current incumbents wont allow that And we have the probable genuine issue behind the scenes of who owns the assets (or who should own the assets) - which will no doubt be challenged when the time is right, or most impactful Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 As an aside - Cant you make players redundant, whether in administration or not? If not why not? The only rule would be that you cant replace an outgoing player with a new one. Isnt that right? Link to comment Share on other sites More sharing options...
Footballfirst Posted April 25, 2014 Share Posted April 25, 2014 Share price still falling Share Price: 23.50 Bid: 23.00 Ask: 24.00 Change: -2.50 (-9.62%) Link to comment Share on other sites More sharing options...
scottg71 Posted April 25, 2014 Share Posted April 25, 2014 Office staff losing their jobs whilst Sally, McCulloch and co pick up obscene wages. Scandalous Link to comment Share on other sites More sharing options...
The Internet Posted April 25, 2014 Share Posted April 25, 2014 Can anyone please bring me up to speed with this? Sounds like what we all thought was going to happen is now starting to happen? Link to comment Share on other sites More sharing options...
Footballfirst Posted April 25, 2014 Share Posted April 25, 2014 As an aside - Cant you make players redundant, whether in administration or not? If not why not? The only rule would be that you cant replace an outgoing player with a new one. Isnt that right? You can make anyone redundant at any time as long a you are prepared to pay up their contracts. That may be two or three years for a footballer or just two or three months for a loyal employee. In administration you can terminate contracts almost without penalty. Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 25, 2014 Share Posted April 25, 2014 Starting from the top this is just incredulous, an imbicile could have worked out spending more cash than is coming wont work yet this board after 128 days have worked this out: The new Board was ratified four months ago at the AGM in December 2013, with a strong mandate to develop, support and enhance the performance on the pitch and also to ensure Rangers becomes financially strong and secure. At the time of the AGM, the Board believed that there was sufficient cash in the business to fund the Club through the current season. However, the Review found that Rangers was in a more severe financial condition. The Review process discovered issues in operating procedures, commercial contracts and strategy, all of which were more serious than anticipated. More serious than they anticipated, the whole world was telling them this for the last 2 years Link to comment Share on other sites More sharing options...
My son's a Jambo Posted April 25, 2014 Share Posted April 25, 2014 (edited) The report is a wierd mixture of hard headed facts about the past, and crazy fantasy about the future. Wallace: "The strategy followed since the start of the new company/ club has been wrong in every respect." Punter: "Well, what are you going to do now?" Wallace: "Pretty much the same as before." Mad, mad, mad. If they can sell heaps of season tickets, AND raise ?30-?40m in new shares, AND win the Championship at first bite and win the Premiership second time of asking AND compete solidly in European competitions from 2016, then things will be alright. In gambling, this would be called Doubling Up. Fantastic news for Hearts, though, that they are not doing an administration this season. Edited April 25, 2014 by My son's a Jambo Link to comment Share on other sites More sharing options...
Samster Posted April 25, 2014 Share Posted April 25, 2014 Fantastic news for Hearts, though, that they are not doing an administration this season. That's what they say but surely matters on the ground may overtake them and it will ultimately be out of their hands and they'll have to do admin? Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 (edited) 43.4M shares works out at two thirds of the current shares on issue. Dilution of today's share price of 25p would mean that it would drop to 15p. In order to make the share sale attractive, they would really have to offer them at around 10p. That would raise ?4.34M less expenses. - yes. at the most. .And huns have to remember this too - even if they buy this year's ?10M worth, they stated they want ?30 m over three years, surely this infers they will create further dilution next year and in 2016-7. Edited April 25, 2014 by Alva-Jambo Link to comment Share on other sites More sharing options...
Don Dan Posted April 25, 2014 Share Posted April 25, 2014 No offence but these are the type of posts that can be seen on dotnet on a daily basis about us. None taken Graygo however it's been obvious since to outset that this was all going to end in tears. From our point of view we couldn't really see what was going on as transparency was never like it has been with The Rangers. It was only in the last couple of years that we were able to see our club was in distress and by that time it was to late for us. The Rangers had a brand new start and gloriously car crashed in slow motion into today's financial assessment. Link to comment Share on other sites More sharing options...
Don Dan Posted April 25, 2014 Share Posted April 25, 2014 In free fall by close of trading. Nap.. Staff redundancies as admin looms large now. The next week will be a massive one for the Spivs. Iceberg ahoy !!!!. That Iceberg will be our shares coming the other way!! Link to comment Share on other sites More sharing options...
Mikey1874 Posted April 25, 2014 Share Posted April 25, 2014 How and why did it take 120 days to work this out Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 That's what they say but surely matters on the ground may overtake them and it will ultimately be out of their hands and they'll have to do admin? If they go into Admin, they again are deducted points at the start of the next term. Now, we don't want to gloat, nor do Hearts want to win the league on that basis, but on our team's considerable merits ... but we went through that this term, what comes around goes around. Link to comment Share on other sites More sharing options...
Boris Posted April 25, 2014 Share Posted April 25, 2014 As an aside - Cant you make players redundant, whether in administration or not? If not why not? The only rule would be that you cant replace an outgoing player with a new one. Isnt that right? I suppose you could, but you would have to pay their contract up in full I would imagine. Oh well, at least they get the league flag tomorrow. Link to comment Share on other sites More sharing options...
davieholt Posted April 25, 2014 Share Posted April 25, 2014 You can make anyone redundant at any time as long a you are prepared to pay up their contracts. That may be two or three years for a footballer or just two or three months for a loyal employee. In administration you can terminate contracts almost without penalty. would that then constitute a football debt which would remain as part of the deal to stay in the SPFL ? Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 25, 2014 Share Posted April 25, 2014 Can anyone please bring me up to speed with this? Sounds like what we all thought was going to happen is now starting to happen? basically they are saying they have made massive mistakes and in order to rectify these mistakes they are going to deliberately repeat them Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 That Iceberg will be our shares coming the other way!! Again, the ineptitude of the Board over there: they should have announced the terms of the fund raising ( new share issue) and the exact terms and share price, by RNS , ( official statement) on the stock ,market ( AIM in this case) at 7Am on the day of it having all been all arranged before that date. It is inevitable therefore that the present share price shall drift until such a date / statement . Today's statement is not a stock market statement. Link to comment Share on other sites More sharing options...
sam Posted April 25, 2014 Share Posted April 25, 2014 basically they are saying they have made massive mistakes and in order to rectify these mistakes they are going to deliberately repeat them Its actually unbelievable that they are not learning there lessons. They just keep repeating the same mistakes over and over. When they end up in admin again they will blame everyone else like they did the last time. I have no sympathy for them at all. Link to comment Share on other sites More sharing options...
The Internet Posted April 25, 2014 Share Posted April 25, 2014 I have no sympathy for the club but considering we've been in a (somehow much less farcical) similar situation you've got to feel for the fans. Link to comment Share on other sites More sharing options...
Francis Albert Posted April 25, 2014 Share Posted April 25, 2014 How and why did it take 120 days to work this out The good news is they still seem not to have worked out that it would be an idea not to just keep digging... Link to comment Share on other sites More sharing options...
Francis Albert Posted April 25, 2014 Share Posted April 25, 2014 I have no sympathy for the club but considering we've been in a (somehow much less farcical) similar situation you've got to feel for the fans. Maybe they should organise a Foundation of Rangers. Link to comment Share on other sites More sharing options...
Gizmo Posted April 25, 2014 Share Posted April 25, 2014 Why sell the 'wee man's' X box or flog the Staffie or the partner's car to raise cash needed to buy shares, when Murray told everyone that the board are financially irresponsible? I forecast, lol they will raise about ?2.5 Million out of the ten, And remember they will have to pay more or less half a million in expenses to raise the issue. Will King buy into the 41 million shares? Not a chance. Like all rich spivs, he wants the club but like Murray before him - wants to buy it with other people's money. ?67 million to get to a Ramsdens cup final. It was well worth it in my eyes. It's patently obvious in their arrogance The Rangers thought they would waltz up the leagues and bag the Scottish Cup, gaining them entry into Europe and all the riches they believe are rightly theirs. Succulent lamb back on the table, private jets, spivs taking showers in euro bills... Hence the outrageous spending on SPL level players rather than building up a squad that would grow and develop with each promotion. I'm not sure a squad playing in the lower leagues would ever be sharp enough and competitive enough to pull off such a feat even if Mourhino had been in charge. As it was, well they have McCoist at a bargain ?825,000 before he agreed to just take ?400,000. He must have a million splinters up his arse such is his fence-sitting as he attempts to stay in charge no matter the regime in charge yet try to keep the orcs onside... One hopes if they avoid admin - which is unlikely in the extreme imo - they retain his services for next season. Link to comment Share on other sites More sharing options...
Rick Grimes Posted April 25, 2014 Share Posted April 25, 2014 would that then constitute a football debt which would remain as part of the deal to stay in the SPFL ? Yes, it would. Link to comment Share on other sites More sharing options...
marshallschunkychicken Posted April 25, 2014 Share Posted April 25, 2014 Can you imagine Ally's face when reading that report I can, and I can imagine his lips were moving as he did so. Link to comment Share on other sites More sharing options...
Don Dan Posted April 25, 2014 Share Posted April 25, 2014 Maybe they should organise a Foundation of Rangers. That is not a daft as it sounds but will the Spivs and or King allow it? Possible income of ?600k per month from DDs that would go along way but it would take Admin2 before that happens. Link to comment Share on other sites More sharing options...
Munch Posted April 25, 2014 Share Posted April 25, 2014 How and why did it take 120 days to work this out a days work at most to work this out and come to the conclusion that they are donald ducked Link to comment Share on other sites More sharing options...
Hagar the Horrible Posted April 25, 2014 Share Posted April 25, 2014 Its actually unbelievable that they are not learning there lessons. They just keep repeating the same mistakes over and over. When they end up in admin again they will blame everyone else like they did the last time. I have no sympathy for them at all. They are blaming shareholders for not passing the resolution to allow then to be more creative with the spivery, over equity fund raising. They are blaming negative press for the negativity which resulted in the clubs merchant acquirer to refuse the processing of credit/debit cards. This company asked for Ibrox as security because they are too tixix. And they are blaming the fans for buying enough season tickets. At the same time they will "Improve Commercial Relationships" They are been seen as too toxic yet want major investment. Link to comment Share on other sites More sharing options...
Alva-Jambo Posted April 25, 2014 Share Posted April 25, 2014 (edited) Reading the entire statement now, " the company is not in a position to make a significant fundraising" so ?10M is peanuts to these spendrhifts. it is clear that the 43 million share issue to shareholders, is NOT what they wanted to do, as they are constrained from any MAJOR fund raising, as their board has no special permission to do so, also they may not sell shares to third parties under their or Aim regulations, at present. But what that infers, is that at some future point they will attempt to get permission to issue many more shares, and also raise monies from third parties. What a dogs dinner they are trying to present as a pleasant thing to their supporters. There is virtually no reason why any sane hun should feel inclined to buy one share. Better your own devil than someone elses. Edited April 25, 2014 by Alva-Jambo Link to comment Share on other sites More sharing options...
Rick Grimes Posted April 25, 2014 Share Posted April 25, 2014 Maybe they should organise a Foundation of Rangers. Foundation Of Obstinate Loyalists? Link to comment Share on other sites More sharing options...
Tiberius Stinkfinger Posted April 25, 2014 Share Posted April 25, 2014 Like even getting to the promised land of the Premier league is going to bail them out. Absolute madness !! Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 They are blaming shareholders for not passing the resolution to allow then to be more creative with the spivery, over equity fund raising. They are blaming negative press for the negativity which resulted in the clubs merchant acquirer to refuse the processing of credit/debit cards. This company asked for Ibrox as security because they are too tixix. And they are blaming the fans for buying enough season tickets. At the same time they will "Improve Commercial Relationships" They are been seen as too toxic yet want major investment. Sounds like Romanov/Fedotovas to be honest as we started to burn down Link to comment Share on other sites More sharing options...
McCrae Posted April 25, 2014 Share Posted April 25, 2014 I think the most alarming statement relates to them no longer being able to use credit or debit cards to pay for season ticket sales or merchandise. The companies providing these services were so worried about the health of the business they would only do this is they could be given security over assets! Link to comment Share on other sites More sharing options...
Jammy T Posted April 25, 2014 Share Posted April 25, 2014 I suppose you could, but you would have to pay their contract up in full I would imagine. Oh well, at least they get the league flag tomorrow. I dont know footballers contracts but even with a 3 year deal for example you'd have thought there would be some safety net built in for employers if drafted properly in the event of financial distress. I guess they'd save on win bonus / promotion bonus payments. Also they could just make them redundant and not pay up - fight it out for a few months until they get more money through the door and settle Link to comment Share on other sites More sharing options...
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