The Rangers soap opera goes on and on.

[Hagar the Horrible]

But they are white so will walk into another job apparently

If either of them even get offered an opinion on football then John Barnes has a point even though he was to Celtic what fatso was to sevco

[Swanny17]

.

[Barney Rubble]

Barcabhoy says:

April 1, 2015 at 9:43 am

The RIFC accounts seem to me to potentially contain a significant error . The accounts are consolidated to include contributions from subsidiaries.

Rangers retail is treated as a subsidiary and revenue and cash figures are included in the P&L and balance sheet. I would need another look to check whether any profit contribution has been included

However the rules on consolidation state that the Group entity must have financial control over the subsidiary. Given the voting nature of the shares in Rangers Retail , which provides for SD shares to count as double on financial matters , then financial control has very clearly been with SD since formation.

Seen this post on TSFM , if true was this the reason the auditors decided to do one theyre ****ed arent they   

 

 

In my view this would preclude Rangers consolidating the Rangers Retail figures into the RIFC accounts. In fact if this is correct RIFC have produced incorrect and misleading accounts since inception. Maybe Deloittes have realised this and were insisting on prior year adjustments.

Moving forward , given SD now hold 75% of the equity the position is even clearer. Should that remain the position then retail revenues would not be shown on RIFC accounts in future.

However as long as the B shares hold double voting power then the retail revenues should never be consolidated into RIFC in my view. This would have implications for the balance sheet and a highly detrimental effect for any future discussions with potential lending institution

[Barney Rubble]

 

Barcabhoy says:

April 1, 2015 at 9:43 am

The RIFC accounts seem to me to potentially contain a significant error . The accounts are consolidated to include contributions from subsidiaries.

Rangers retail is treated as a subsidiary and revenue and cash figures are included in the P&L and balance sheet. I would need another look to check whether any profit contribution has been included

However the rules on consolidation state that the Group entity must have financial control over the subsidiary. Given the voting nature of the shares in Rangers Retail , which provides for SD shares to count as double on financial matters , then financial control has very clearly been with SD since formation.

Seen this post on TSFM , if true was this the reason the auditors decided to do one theyre ###### arent they   

 

 

In my view this would preclude Rangers consolidating the Rangers Retail figures into the RIFC accounts. In fact if this is correct RIFC have produced incorrect and misleading accounts since inception. Maybe Deloittes have realised this and were insisting on prior year adjustments.

Moving forward , given SD now hold 75% of the equity the position is even clearer. Should that remain the position then retail revenues would not be shown on RIFC accounts in future.

However as long as the B shares hold double voting power then the retail revenues should never be consolidated into RIFC in my view. This would have implications for the balance sheet and a highly detrimental effect for any future discussions with potential lending institution

 

 

 

excuse my comment in the middle always make an arse  of this copy n paste palaver:)

[269miles]

Pot Less Paul says 7 years  http://www.eveningtimes.co.uk/rangers/murray-sets-out-seven-year-vision-for-rangers-202098n.122131265?  but the Glib And Shameless LIAR Said 2 years mind you he said he had a Nomad in the bag, but he has not been saying very much since he naffed of back to South Africa.

It's not even worthy of comment but the Glasgow media laps up this pish for the feelgood factor in order to sell newspapers to the totally deluded and hard of orange.

Seven year plan ?

Finance ?

What finance ?

What is the plan ?

 

Murray's statement is brilliant at fostering/perpetuating the sameco myth - let's look forward to our 150th anniversary with rose tinted specs. Bring on CL football where we can again play to half empty stadiums alongside  the European giants of Lithuania & Sweden (and get humped). Great stuff.

[The Mighty Thor]

Douglas Fraser, god bless him, seems to think that the 7 year itch takes the Rangers up to their 150th anniversary?

 

2022 - 2012 = 150

 

Business and economy editor? aye?

[the general]

Keep on thinking he's had a master plan all along, and this is just the next step that MA has planned for...

 

 

Sent from my iPhone using Tapatalk

 

 

starting to agree ... heard one of the journos on Sky's Sunday morning program  saying that Ashley is one of the most astute football guys he has ever met

no flaff and knows exactly what he wants

[LeftBack]

starting to agree ... heard one of the journos on Sky's Sunday morning program  saying that Ashley is one of the most astute football guys he has ever met

no flaff and knows exactly what he wants

Not many stupid billionaires. Unethical, unpleasant, exploitative - yes. Stupid - no. Whatever the future holds, Ashley wont be planning to lose a penny.

[Footballfirst]

I?ve just had another look at the RIFC accounts and identified the critical state of their finances at the end of December and the urgency to get cash for Lewis Macleod.

 

The cash balance in the accounts published yesterday was stated as ?3.327M. However, ?3.2M of that was held by Rangers Retail Ltd and not available for working capital.

 

That left the club with just ?127,000 in cash at the end of the year and explains the necessity for the sale of Macleod and the emergency ?500k Easdale loan until the cash came in from Brentford.

 

As part of the SD advances, ?1.61M of RRL?s ?3.2M was declared as a dividend on 27th January as per the RNS of that date.

 

Since the beginning of the year, the club has thus received approx. ?500k for Macleod, ?1.6M from RRL, a net ?2M from SD (after ?3M repayment to Mash), ?1.5M from the 3 Bears. That is a total of ?5.6M additional funds raised in just three months, although the last sum may just see them through to the end of April.

 

The current cash burn is higher than I first thought.

[Hagar the Horrible]

The current cash burn is higher than I first thought.

Despite the sharefloation(S) player sales and loans, coming it they last reported a cash burn of ?300k per month, realistically its about ?900k, even if they got rid of all the onerous contracts, repaid the loans, got rid cleanly of the managerial parasites, and started from scratch with a clean slate, they would need to sell out Ibrox every week, maximise revenue (merch and media etc) and keep the cost of the playing squad down, they might just break even?

 

They are only viable as a going concern IF they play Champions league every year, win a league and a cup or 2, and don't spend any money to get there?, oh and Ibrox is still falling to bits

[I P Knightley]

 

 

Barcabhoy says:

April 1, 2015 at 9:43 am

The RIFC accounts seem to me to potentially contain a significant error . The accounts are consolidated to include contributions from subsidiaries.

Rangers retail is treated as a subsidiary and revenue and cash figures are included in the P&L and balance sheet. I would need another look to check whether any profit contribution has been included

However the rules on consolidation state that the Group entity must have financial control over the subsidiary. Given the voting nature of the shares in Rangers Retail , which provides for SD shares to count as double on financial matters , then financial control has very clearly been with SD since formation.

Seen this post on TSFM , if true was this the reason the auditors decided to do one theyre ###### arent they   

 

 

In my view this would preclude Rangers consolidating the Rangers Retail figures into the RIFC accounts. In fact if this is correct RIFC have produced incorrect and misleading accounts since inception. Maybe Deloittes have realised this and were insisting on prior year adjustments.

Moving forward , given SD now hold 75% of the equity the position is even clearer. Should that remain the position then retail revenues would not be shown on RIFC accounts in future.

However as long as the B shares hold double voting power then the retail revenues should never be consolidated into RIFC in my view. This would have implications for the balance sheet and a highly detrimental effect for any future discussions with potential lending institution

 

 

 

excuse my comment in the middle always make an arse  of this copy n paste palaver:)

 

It was very enjoyable reading a financial analysis which, on the face of it seems to address a significant and relevant concern in a professional manner - interrupted by a great big, "HAR, HAR, THEY'RE FECKED." I don't get to see too many reports of that nature

[Angus Young]

Questions now being asked about pot Less Paul and his role in oldco pre sale to Craigyboy   http://www.heraldscotland.com/sport/opinion/spiers-on-sport-the-troubled-road-of-paul-murray-and-rangers.1427886590?

Edited April 1, 2015 by munch2

[Abbey Craig]

Questions now being asked about pot Less Paul and his role in oldco pre sale to Craigyboy   http://www.heraldscotland.com/sport/opinion/spiers-on-sport-the-troubled-road-of-paul-murray-and-rangers.1427886590?

When Spiers starts putting the boot in to Rangers and Potless, you know things must be bad considering he is one of the biggest apologists for all thing Rangers. I like the Herald as a paper until I turn to the football section.

 

Talking of which, on another piece in todays Herald, Sons of Struth supremo Mr Houston is quoted as saying;

"We were led to believe by certain individuals that this man (Ashley) was going to put ?10 million into our club back in January," added Houston.

"We were told last year he was a billionaire with far greater wealth than anybody else who wanted to be involved and whose funding offer was far superior to any others which were on the table.

"But how wealthy an individual is isn't important. What matters is how much money they are prepared to give Rangers. He didn't actually want to give Rangers anything."

 

No sh1t Einstein. The sense of entitlement astounds, even after all that has happened. At what point will the penny drop that they need to EARN money, not be given it?

 

http://www.heraldscotland.com/sport/football/rangers-board-urged-to-examine-if-500000-newcastle-payment-is-legal.122144118

[niblick1874]

I thinks the SMSM can have a standing ovation for their part too.  It is actually quite funny how all of their sicophantic fawnings have contributed to Sevcos delusion and downfall.  The support of each failled regime and or manager as well as the repeated mantra of Scottish football needs a strong the Rangers has helped to keep this circus going.  when a few well chosen questions and honest, independant and objective journalism could have exposed the farce, those complicit and the subsequent cover up and perhaps brought about a long overdue shake up of authoriteis and transfer of power to people more deserving and trustworthy.

Spot on, and in many ways the rangers byes in the SFA has contributed in the same way

[jambovambo]

Bias?

[niblick1874]

Bias?

Sorry for spoiling your day

[Dutchmul]

Sevco are spinning so much they must be getting dizzy.

 

The devil, however, is in the detail, and you don't need to be Woodstein to find it. The succulent lamb eaters could be chasing up several interesting stories re sevco from the past few months, but as usual, they just regurgitate the press releases from jabba. 

 

Just in case there are any journos looking in, i'll spell out the questions they should be asking:

 

1) Where's the NOMAD? The liar king said he had one lined up as the previous NOMAD was getting sacked as soon as they won the EGM, was he just continuing the glib and shameless lying?

2) Why no "investment" from the liar king? He previously stated that he would "invest" 50/50 with other parties irrespective of whether he was a FPP or not. Where's the cash Dave? The 3 stooges coughed up their unsecured loan(which btw is not an "investment" it's a loan, a completely different thing from an investment)

3) The issue over Deloitte's "resignation", all the press led with the story that they had resigned in June last year, not so(and admitted by mini me(paul murray), they actually served a notice of intention to resign in june 2014 but where voted back in as auditors at the agm in december, now i'm no genius, but deloittes would have said if that was not the case after the agm, they are after all one of the big four accountancy firms. The company has to submit documents to companies house if their auditor resigns within 28 days of it happening, no such documents have been lodged. Therefore, it is reasonable to assume, given deloitte's continued silence, that they only resigned very recently, within the last 28 days in fact. Now what has happened within the last 28 days that would have forced them to act on their previous notice to resign??? I wonder....

4) The blaming of the poor accounts on the previous board. Now the previous board made hefty cuts in staff, but sevco are still burning through cash at a huge rate, where is all that cash going? It's not all going on players and managers(although having 3 managers getting paid at the same time is unusual). And the accounts would have been infinitely worse if it had not been for the 1.5m they got for the rugby sevens and mcleod to brentford. Sevco's accounts have been horrific since they were formed in 2012 yet no questions being raised about where the cash is going, it's just the previous boards fault!!! The recent 1.5m loan wont get them through Aprils payday, tick tock.

5) We have already seen wallaces 120 day review, a year later things aren't any better now the new politburo through chemical murray are spouting about 2022 and back to the glory days, no detail on how they turn around a business that is haemorrhaging cash at approx 900k per month more than it earns, no questions on future investment, no questions on the share issue they keep mentioning.

 

So over to you journo's, go and ask some questions and don't just print the pr crap you get served up. 

[ERjambo]

https://rangerssupportersloyal.wordpress.com/2015/04/01/spin-bluster-and-hype/

 

"because of threats to the safety of Deloitte?s employees they decided to dramatically increase their fee" ...

 

Curiouser and curiouser!

 

This reply just about sums up how bad things are:

 

?King, P Murray, John Bennett, Douglas Park and John Gilligan all possibly being investigated by FCA for Market Manipulation and Market Abuse. They have allegedly all conspired to forced the RIFC share price down by calling for a boycott and then tell everyone to buy shares once they nicked them on the cheap from institutions. One fly ointment to their plan. They did not realise that none of them are fit and proper or suitable to be AIMCO directors so they may well lose their listing and all of them are looking at a possible seven year stretch if the FCA do decide to take a closer look at what they?ve been up to as Fifth Column aka The Blue Knights?

Many many shareholders I have spoken to have complained to FCA and AIM Regulation and Take Over Panel. Some of them have allegedly actually been present at meetings where the ex Blue Knights were openly planning and discussing their tactics to starve previous regime out and then buy shares on the cheap. Douglas Park has been the main shaker and mover for the agitators behind the scenes with King and apparently Walter now stressed about the future more than he?s ever been over last few years because of well publicised bust up with King?

Reprehensible and criminal behaviour.

Where?s your Nomad Mr King?

Where?s your money Mr King?

Where?s your Nomad Mr Murray?

Wheres your money Mr Murray?

Wheres your Nomad Mr Park?

Wheres your money Mr Park?

Wheres your Nomad Mr Bennett?

Wheres your money Mr Bennett?

Where?s your Nomad Mr Gilligan?

Where?s your money Mr Gilligan?

Begging to Sarver or Kennedy isn?t going to work. They?re smart. They will wait to see if we delist. They will then wait to see if we are promoted and also what sort of ST ticket take up there is. In doomsday scenario with no promotion and less than 20,000 ST sold no-one will touch us.

Dougie get another ?1.5m ready to drip feed in for April pay roll. If 15000 ST sold at average of ?400 for another season in Championship thats ?6m in the coffers. We will have loans of ?5m to MA and ?3m to Parkco. Less 20% VAT on ST that leaves us net ?4.8m of cash or enough for May, June and July payroll. If no significant investor found by then were fecked with Admin 2 overseen by King and Murray again before the start of next season.

 

[Angus Young]

Sevco are spinning so much they must be getting dizzy.

 

The devil, however, is in the detail, and you don't need to be Woodstein to find it. The succulent lamb eaters could be chasing up several interesting stories re sevco from the past few months, but as usual, they just regurgitate the press releases from jabba. 

 

Just in case there are any journos looking in, i'll spell out the questions they should be asking:

 

1) Where's the NOMAD? The liar king said he had one lined up as the previous NOMAD was getting sacked as soon as they won the EGM, was he just continuing the glib and shameless lying?

2) Why no "investment" from the liar king? He previously stated that he would "invest" 50/50 with other parties irrespective of whether he was a FPP or not. Where's the cash Dave? The 3 stooges coughed up their unsecured loan(which btw is not an "investment" it's a loan, a completely different thing from an investment)

3) The issue over Deloitte's "resignation", all the press led with the story that they had resigned in June last year, not so(and admitted by mini me(paul murray), they actually served a notice of intention to resign in june 2014 but where voted back in as auditors at the agm in december, now i'm no genius, but deloittes would have said if that was not the case after the agm, they are after all one of the big four accountancy firms. The company has to submit documents to companies house if their auditor resigns within 28 days of it happening, no such documents have been lodged. Therefore, it is reasonable to assume, given deloitte's continued silence, that they only resigned very recently, within the last 28 days in fact. Now what has happened within the last 28 days that would have forced them to act on their previous notice to resign??? I wonder....

4) The blaming of the poor accounts on the previous board. Now the previous board made hefty cuts in staff, but sevco are still burning through cash at a huge rate, where is all that cash going? It's not all going on players and managers(although having 3 managers getting paid at the same time is unusual). And the accounts would have been infinitely worse if it had not been for the 1.5m they got for the rugby sevens and mcleod to brentford. Sevco's accounts have been horrific since they were formed in 2012 yet no questions being raised about where the cash is going, it's just the previous boards fault!!! The recent 1.5m loan wont get them through Aprils payday, tick tock.

5) We have already seen wallaces 120 day review, a year later things aren't any better now the new politburo through chemical murray are spouting about 2022 and back to the glory days, no detail on how they turn around a business that is haemorrhaging cash at approx 900k per month more than it earns, no questions on future investment, no questions on the share issue they keep mentioning.

 

So over to you journo's, go and ask some questions and don't just print the pr crap you get served up. 

 

 

 A Blind man with a stick can see the zombie sevco are [Mod Edit]ed  it is last chance saloon promotion or bust MSM Keef and his mob pamper to the fine wine and suculent lamb stories of ye older days hoping they will return

[Spellczech]

Curiouser and curiouser!

This reply just about sums up how bad things are:[/size]

 

Interesting to see that some sevco fans do have functioning brains. Odd thing is that on reading this blog I almost feel some pity for these ones...they seem to almost realise that if King does have money, he wants to own more than about 15% or whatever of the club he has now, he wants much more, and he wants it cheaper than what he's bought so far. To that end delisting and buying out, on the cheap, as many of the people who got him on the board must be his endgame.

[Brian Whittaker's Tache]

Read this on the BBC this afternoon and I havent noticed on this thread but this is a great bit of business for Fat Mike!
 

Should Rangers gain promotion to the Premiership this season, they must pay Newcastle United ?500,000.

This arrangement was part of a deal struck by the previous board whenthe Premier League cub loaned Rangers five players - Gael Bigirimana, Haris Vuckic, Kevin Mbabu, Remie Streete and Shane Ferguson.

Only Vuckic has contributed to Rangers League campaign so far

 

 

 

 

 

 

[steve444]

 

Rangers made losses after tax of ?2.89m for the six-month period to 31 December 2014 - accounts interim chairman Paul Murray describes as "disappointing".

Despite promotion to the Championship, revenue fell ?100,000 to ?13.1m, though the club earned ?1.3m from hosting the Commonwealth Games rugby sevens.

Sponsorship revenue also dropped, falling by ?300,000 to ?400,000.

Should Rangers gain promotion to the Premiership this season, they must pay Newcastle United ?500,000.

This arrangement was part of a deal struck by the previous board when the Premier League cub loaned Rangers five players - Gael Bigirimana, Haris Vuckic, Kevin Mbabu, Remie Streete and Shane Ferguson.

Only Vuckic has contributed to Rangers' league campaign so far.

http://www.bbc.co.uk/sport/0/football/32127566

[ERjambo]

The fact that some are beginning to question the present board about promises they've made can only be a good thing tbh.. If King & Co don't watch they'll be turned upon like the last board unless they put their money where their mouth is soon ..

 

True, but I'm not convinced that will ever happen. Looks like it's designed to fail, again, as far as I can see. And for exactly the same reasons as last time, too!

Edited April 2, 2015 by boohoo1902

[noidletalk81]

http://www.bbc.co.uk/sport/0/football/32127566

 

 Splendid!!!

[RussAsia]

The crazy thing is their fans chased off the only person with true 'off the radar' wealth because he wasn't in the press giving them the challenging Celtic within years soundbites..

 

At some point they will need to look back at their own part in the downfall..

[jamboz]

King & Co have a massive net worth, D.Park alone has an estimated ?78m so the cash is there, they just seem reticent about saying exactly how much they are going to invest until the lying king is past by the Sfa on the FPP question..

 

Time will tell..

 

The old saying is true though - "how do you make a small fortune in football?"

"start with a large fortune"

 

In Sevco terms $78million is next to nothing.  If they fail to get promoted they will most likely need a third of that just for next season.

[Angus Young]

Best not to mess with MA  http://twohundredpercent.net/?p=26986

[The Comedian]

When do they need a nomad sorted out by?

[Rab87]

6pm Thursday evening..

 

Today, yes?

[Phil D. Corners]

6pm Thursday evening..

 

As in today in around 5 hours.

[Mister Dee]

As in today in around 5 hours.

Tick-tock....

[Spellczech]

I feel very fortunate not to be a millionaire football fan haha

[Footballfirst]

Deloitte finished their work with Rangers in January, although the club was advised of their intention not to renew their engagement in November last year.

 

http://www.philmacgiollabhain.ie/response-from-deloitte/

[Sidsnot]

I reckon King has had a wee peek at the books and said to himself....OMG,what on earth have I done.

 

Bye bye Rangers,SA here I come.

[altyjambo]

Deloitte finished their work with Rangers in January, although the club was advised of their intention not to renew their engagement in November last year.

 

http://www.philmacgiollabhain.ie/response-from-deloitte/

 

On the 22nd December, in a tent inside Ibrox, the Sevconians voted Deloittes back in as auditors until the next AGM. 

If they'd announced their intention to resign, then why was this not brought up at the AGM by either Sevco or Deloittes. They can't be voted in for a job they didn't want?

[Fultons Right Leg]

Grant Russell ?@STVGrant  4m4 minutes ago

Rangers announce they have been unable to find a new Nomad and will delist from the Alternative Investment Market.

[jamboinglasgow]

 

Grant Russell ?@STVGrant  4m4 minutes ago

Rangers announce they have been unable to find a new Nomad and will delist from the Alternative Investment Market.

 

 

So Dave King, about that Nomad you said you had lined up at the EGM....

[Hagar the Horrible]

I reckon King has had a wee peek at the books and said to himself....OMG,what on earth have I done.

 

Bye bye Rangers,SA here I come.

I bet by now he has changed his phone, his email account and the team he supports?

 

He has hours left to prove after all he is not a glib and shameless liar? on the basis as Stated he HAD a NOMAD lined up? Lied

 

He said he would invest regardless of the FPP test....Lied, T3b's did (well loaned)

 

This guy openly solicited the boycott to starve the club from revenue, he forced the share price down, bough shares, convinced the voters that he had a Nomad lined up and he would invest and be good for the club, raise revenue via a shares option. Him taking over has caused the Auditors to resign, the NOMAD to report the company on appropriateness and resign.

 

Now as both a fan and shareholder? as a fan you might not care because you put in trust in proper Rangurs men, wearing a shareholders hat, both the small investors(fans) and institutional ones might not like being delisted this weekend, because they only voted for a change in directors not on the mandate to delist the company?

 

Now this is why the SFA have to get involved because these people regardless of acting in good faith for the benefit of the club (they claim). King is not a fit and proper person this proves it beyond doubt, Paul Murray is not a fit and proper person because he was part of the old regime and is complicit in bringing down this version of the club forcing delisting? the SFA must protect all clubs by actually dealing with this, it wont go away, the Game IS bigger than Rangers, and Rangers should not be treated any differently than Livingston? If Rangers go out of business again or face another insolvency the SFA are just as guilty by not intervening in who and who cannot run their club....They wanted rid of Vlad and if he and we had not parted company, we would have been hammered. We paid our wages late, Rangers have had to borrow big time every month to pay theirs, Financial fare play? Livi will be relegated and Falkirk may miss out on a play-off?

[Turkishcap]

As much as Sundays result is immaterial to our season just another reason why we should still hump them!

[janjo1874]

.

[Getintaethem]

What does this mean for the shares that "Scotland's biggest fan ownership scheme" have bought? Just lost quite a bit of money I'd imagine.

[Hagar the Horrible]

My god have you read that, its got more holes than an American Embassy

[Ryan Jarman]

So Dave King, about that Nomad you said you had lined up at the EGM....

 

 

Already sold them a huge lie and he was hardly even in the door  

[The Mighty Thor]

 

Grant Russell ?@STVGrant  4m4 minutes ago

Rangers announce they have been unable to find a new Nomad and will delist from the Alternative Investment Market.

 

 

[Mister Dee]

Popcorn at the ready!!

[Don Dan]

Somebody call the polis!! Rangers have been stitched up again.

[Hagar the Horrible]

They are blaming the old regime for no NOMAD willing to touch them yet the last NOMAD stated if King got in they would resign and complain to AIMS, guess what they did, they are blaming WH Ireland for the surprise resignation, sorry as stated they made a clear and precise warning and resigned? They were clear on the fit and proper status, then why did the old nomad resign due to appropriateness and a breach of rule 1?

 

It states that all NOMADs would encounter the same problem due to historical difficulties? Yet all they had to do was make the securities appropriate, and prove to AIMS that it was all good? If they get a knock back from a new exchange, then it will be solely down to the new regime

[Deevers]

True to form by King. The penny has dropped for the more savvy Sevco fans.

[Jambof3tornado]

Looking to jump onto a different exchange.

 

A definite bloody nose day for them.

[steve444]

_{They have sorted out a NOMAD...}