The Rangers soap opera goes on and on.

[Gregorski]

I'm wondering if Rangers suddenly finding a bit of moderate form on the pitch might end up the worst thing to happen this them in recent times.

 

It may only serve to paper over the cracks of what is still an absolute shambles of a club.

 

If McCall gets them playing decent football the majority of fans are going to simply ignore the poisonous goings on behing the scenes.

 

This is all purely hypothetical of course as they'll most likely be utter rank again after they're humped off the famous on Sunday.

[Don Dan]

Borrowed from Hagar. Thanks.

 

Re joining the ISDX market..

 

Assessing working capital requirements

The required level of working capital should be considered taking into account various

alternate risk scenarios to adequately reflect risk factors that may affect a company?s

ability to generate positive cash flows. These include, but are not limited to:

? delays in cash inflows; Poor season ticket sales

? lower than forecast growth rates; Hmmmm

and higher than expected bad debts. They owe Mike ?5m and T3b's ?1.5m

 

They also need to prove they have 12 months of working capital and banking facilities, Bejeezus they fail every aspect of this criteria

 

Working capital assumptions must also take into account the costs of admission to the

ISDX Growth Market. The twelve month working capital requirement should be assessed

after all costs associated with admission have been accounted for.

Acceptable forms of working capital may include bank and other lending facilities, but only

to the extent that the committed facilities are available for the working capital period under

review.

 

 

http://www.isdx.com/...ion-2012-10.pdf

 

Rangers Do Not meet the criteria at all.

[The Mighty Thor]

Borrowed from Hagar. Thanks.

 

Re joining the ISDX market..

 

Assessing working capital requirements

The required level of working capital should be considered taking into account various

alternate risk scenarios to adequately reflect risk factors that may affect a company?s

ability to generate positive cash flows. These include, but are not limited to:

? delays in cash inflows; Poor season ticket sales

? lower than forecast growth rates; Hmmmm

and higher than expected bad debts. They owe Mike ?5m and T3b's ?1.5m

 

They also need to prove they have 12 months of working capital and banking facilities, Bejeezus they fail every aspect of this criteria

 

Working capital assumptions must also take into account the costs of admission to the

ISDX Growth Market. The twelve month working capital requirement should be assessed

after all costs associated with admission have been accounted for.

Acceptable forms of working capital may include bank and other lending facilities, but only

to the extent that the committed facilities are available for the working capital period under

review.

 

 

http://www.isdx.com/...ion-2012-10.pdf

 

Rangers Do Not meet the criteria at all.

Dave is going to pony up his kids inheritance to cover the working capital requirements.

 

[emoji38]

[Riccarton3]

My gut feeling is King already knows the answer to the FPP issue.

 

Investment can only be like throwing money into a black hole for the others so is a nonstarter. Who would invest their own money and be the schmuck after so many others have filled their boots?

 

They need fans money in the form of ST's just to stumble on while other income streams offer nothing like they would like.

[i wish jj was my dad]

Well said Sir. They line peddled by Wilson on Sportsound was exactly this. Shocking misrepresentation of the reasons for trading on ISDX.

Caught a bit of Wilson in full comical ali mode trying to assure everyone listening that this was a non-story and then they cut to Douglas Fraser, the BBC's financial chap, who suggested very much the opposite.

 

Looks like King will have to stump up his kids inheritance very shortly or the lights will go out. 

[Armageddon]

?RANGERS interim Chairman Paul Murray has tonight released the following statement:

 

We tried everything within our power to have the suspension lifted but it was clear that we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO. The delisting is down solely to the actions and conduct of past regimes.

You could say the behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little more understanding from certain quarters. However, I must point out that delisting will have no effect on our overall financial strategy.

The investments we expect will still be made and Rangers will be rebuilt on schedule. Be certain that this delisting, which is down entirely to the actions of previous Boards, will have no bearing on future investment.

Also, we are putting in place an extremely credible share-dealing facility which will enable shareholders to buy and sell their shares. I understand there will be some shareholders unhappy with this outcome but I am sure the vast majority of shareholders will be satisfied.

One of the platforms keen to take us is ISDX. This is an exchange that Rangers used to trade on and it is also a trading platform for Arsenal.

We will have a full platform set up by the end of May but have made arrangements to have a temporary facility operating by next Tuesday morning.

It is unfortunate our intended Nomad, who had confirmed to us that they cleared all of the individuals concerned as fit and proper, could not proceed after having conducted due diligence on the company but I want to stress again that this will not hinder our plans.?

Financial mismanagement from previous regimes .... is he forgetting he's one of those very guilty people???

 

But it's fine though, they're doing something Arsenal do.

[Angus Young]

The furious backtracking from Paul Murray is hilarious!

 

As The Comedian said though, it is all about the FPP test for King now.

 

 

The man is a Glib and Shameless Liar he knows and we all know he will not pass the FPP Test all these ORCS that have forked out to try to save Sevco it has all gone to waste and the Glib and Shameless Liar knew they were throwing money at old rope. shame on there saviour

[RobNox]

Interesting turn of phrase from Murray when he says ISDX are 'keen' to take Rangers.  Why would they be keen to do so?  Does he not mean they might be prepared to consider taking Rangers, assuming they meet all of the criteria for being accepted?

[Dunks]

Caught a bit of Wilson in full comical ali mode trying to assure everyone listening that this was a non-story and then they cut to Douglas Fraser, the BBC's financial chap, who suggested very much the opposite.

 

Looks like King will have to stump up his kids inheritance very shortly or the lights will go out. 

 

I'm liking Mr Fraser's work

 

http://www.bbc.co.uk/news/uk-scotland-scotland-business-32165790

 

 

The next bit of the plan is to join another market.

In a previous incarnation (cue familiar protests from those who don't believe in corporate reincarnation as the same football club), Rangers Football Club shares were traded on the Plus exchange. That was before Craig Whyte came along.

Plus is now known as ISDX. The Ibrox statement says both are keen to see RIFC admitted for trading.

That may be true. But it's hard to forget that, 28 days ago, Dave King was offering assurances that he had a nomad lined up and everything would be tickety-boo.

And ISDX also requires a nominated adviser to work with listed companies and ensure they're sticking to the rules. It's known as an ISDX corporate adviser.

Will they also baulk at Rangers' toxic legacy or its chairman-elect's business record in South Africa?

 

 

[Big Slim Stylee]

Will it ever end......hope not.

 

Worlds of fun for ages to come:)

[ERjambo]

Worlds of fun for ages to come:)

What with this off the field stuff at the Rangers, the game v them Sunday, the derby, the last day v them and obviously our own exploits this season - what a great time to be alive as a Jambo!

[Seymour M Hersh]

Murray's statement reads like a jilted lover, think the NOMAD has been saying to him "It's not you, it's me.", the AIMS market have been saying "It just doesn't feel the same anymore." and King has left him with the keys to the Big Hoose but no way to pay the mortgage.

 

Good luck Paul, blaming Ashley and co. will only keep even the most intellectually challenged Orc quiet for a little while, your problems are only just beginning.

 

To be fair that's  about 98% of them.

[Seymour M Hersh]

I wonder if King ever got his winery back in SA? He'll need a few glasses of plonk now i'd think.

[The Treasurer]

I don't keep a close eye on all things sevco, but from what I've seen so far, the "new" regime are basing their whole business "plan" on "it's no oor fault, some big boys done it and ran away"

This may work for a short period of time but surely they eventually have to face up to what they promised and start to deliver (if indeed they are capable)

[Homme]

Depending on which Rangers forum you visit, not having a NOMAD is either terrible or 'no big deal'.

 

Must admit i don't know what this means for the club. Can someone explain it for a simpleton why no NOMAD is a good or bad thing?

Edited April 3, 2015 by Homme

[Angus Young]

how much is a share worth now in Sevco ?

[Geoff Kilpatrick]

Depending on which Rangers forum you visit, not having a NOMAD is either terrible or 'no big deal'.

 

Must admit i don't know what this means for the club. Can someone explain it for a simpleton why no NOMAD is a good or bad thing?

There's no clear answer. In terms of future funding, the likelihood is that was coming from the present board, mainly, so no NOMAD is irrelevant in that regard.

 

Where the problem lies is with the treatment of current shareholders. The institutional investors will be forced sellers as their companies don't allow private shareholdings and that leaves the board open to legal action.

[RealMaroonCF]

Paul Murray is starting to sound like a Tory mp....it's no our fault, it's was thame

 

Let's get them pumped on Sunday good and proper

[Homme]

There's no clear answer. In terms of future funding, the likelihood is that was coming from the present board, mainly, so no NOMAD is irrelevant in that regard.

 

Where the problem lies is with the treatment of current shareholders. The institutional investors will be forced sellers as their companies don't allow private shareholdings and that leaves the board open to legal action.

Cheers Geoff.

[Alva-Jambo]

BEing no longer in AIM market, that market's open and easy share trading facility is being replaced with a different one. 

Its likely that the buy-sell spread of the shares on the less well known market could be different - it, a larger spread. This isn't good for trading the shares.

 

Forced sellers in company shares is always a bugbear for the company and share price unless there is someone else prepared to pay

the then current price for the blocks of shares.   This seems unlikely . I think up to 20% or so of Rangers shares will have to be released.

The effect could easily half the value of all the shares , not only the ones for sale.   The NEW price nearly always influences the trading prices

of the remainder of the shares. 

   I am not surprised Easdale is livid!   He is stuck with his devaluing investment. 

Even the fact of delisting and bad publicity surrounding all this recently is sure do reduce the sale value of their shares as well. 

Edited April 3, 2015 by Alva-Jambo

[Allowayjambo1874]

There's no clear answer. In terms of future funding, the likelihood is that was coming from the present board, mainly, so no NOMAD is irrelevant in that regard.

 

Where the problem lies is with the treatment of current shareholders. The institutional investors will be forced sellers as their companies don't allow private shareholdings and that leaves the board open to legal action.

Thanks for explanation Geoff, incredible work by king forces institutional investors to sell picks his price to buy? Would legal action just be to recover losses on shares?

[reaths17]

Thanks for explanation Geoff, incredible work by king forces institutional investors to sell picks his price to buy? Would legal action just be to recover losses on shares?

 

 

legal action can result in jail "manipulating share prices" carries a heft penalty, saying you have a nomad when you havn't, urging fans not to buy tickets which brings revenue down, saying you have large amounts of cash to invest but not doing so, delisting from the market, all these bring the share price down. buying shares after they urged fans to starve the then regime of funds isn't a good un either

Edited April 3, 2015 by reaths17

[Deevers]

Rumours growing of a real rift between Park and King.

 

I wonder if we will see someone leaving the board there shortly.

[Geoff Kilpatrick]

Rumours growing of a real rift between Park and King.

 

I wonder if we will see someone leaving the board there shortly.

 

Well it won't be King!

[Deevers]

Well it won't be King!

 

He'll never get that far!

[Independence]

Well it won't be King!

Unless in handcuffs?

[jamboz]

legal action can result in jail "manipulating share prices" carries a heft penalty, saying you have a nomad when you havn't, urging fans not to buy tickets which brings revenue down, saying you have large amounts of cash to invest but not doing so, delisting from the market, all these bring the share price down. buying shares after they urged fans to starve the then regime of funds isn't a good un either

All sounds well dodgy, no shock there with el gliberoni at.the helm.

 

Surely he must face charges for all this, from the polis and sfa?

[altyjambo]

Must say I'm surprised that Easdale is considering legal action about the delisting. Surely he's got a much better case for libel...

[Pans Jambo]

Well a Hearts win on Sunday should help them...

[Alva-Jambo]

legal action can result in jail "manipulating share prices" carries a heft penalty, saying you have a nomad when you havn't, urging fans not to buy tickets which brings revenue down, saying you have large amounts of cash to invest but not doing so, delisting from the market, all these bring the share price down. buying shares after they urged fans to starve the then regime of funds isn't a good un either

I can read between the lines of your points, which I agree about..  perhaps King is being scurrilous , not straight.   Strngely until now, I thought he might actually be straight about his Rangers intentions!  

[CollyWolly]

_{Criteria required for an ISDX listing}

• _{Appoint and retain an ICAP Securities & Derivatives Exchange Corporate Adviser at all times}
• _{Demonstrate appropriate levels of corporate governance including having at least one independent non-executive director}
• _{Have published audited financial reports no more than nine months prior to the date of admission to trading}
• _{Have at least 12 months? working capital}
• _{Have no restrictions on the transferability of shares}
• _{Issue shares which are eligible for electronic settlement}

Edited April 3, 2015 by CollyWolly

[alwaysthereinspirit]

Well a Hearts win on Sunday should help them...

I would imagine the atmosphere there on Sunday will be toxic. Good luck and be safe to all Jambos going through there.

[Rudolf's Mate]

I would imagine the atmosphere there on Sunday will be toxic. Good luck and be safe to all Jambos going through there.

Whilst there'll always be an element of idiots, I think with the tragic death of Shaun Cole I can see the majority of fans being well behaved. There's a big effort going on behind the scenes by both sets of fans and I'd like to see rivalry put aside for 90 mins with the game being remembered for all the right reasons.

 

 

Sent from my iPad using Tapatalk

[Shanks]

<p>

 

_{Criteria required for an ISDX listing}

• _{Appoint and retain an ICAP Securities & Derivatives Exchange Corporate Adviser at all times}
• _{Demonstrate appropriate levels of corporate governance including having at least one independent non-executive director}
• _{Have published audited financial reports no more than nine months prior to the date of admission to trading}
• _{Have at least 12 months? working capital}
• _{Have no restrictions on the transferability of shares}
• _{Issue shares which are eligible for electronic settlement}

12 months of working capital? well that's that idea ****ed then.

[graygo]

Whilst there'll always be an element of idiots, I think with the tragic death of Shaun Cole I can see the majority of fans being well behaved. There's a big effort going on behind the scenes by both sets of fans and I'd like to see rivalry put aside for 90 mins with the game being remembered for all the right reasons.

 

 

Sent from my iPad using Tapatalk

 

True, but it's what happens outside those 90 minutes that people need to be wary about.

[tcjambo]

Paul Murray is starting to sound like a Tory mp....it's no our fault, it's was thame

 

Let's get them pumped on Sunday good and proper

Not a good comparison as a Tory MP would have been right. Still I'm with you about Sunday

[Spellczech]

Rumours growing of a real rift between Park and King.

I wonder if we will see someone leaving the board there shortly.

there is a reason Park never went onto the board either...I hope Paul Murray has his house in his wife's name... (actually I don't!)

[Spellczech]

Must say I'm surprised that Easdale is considering legal action about the delisting. Surely he's got a much better case for libel...

defamation (Scots law term for libel) would be harder to win and hurt whoever he sues less.

[Unknown user]

I see that ISDX listings are for companies who want to raise 2-10 million, much lower than AIM

[DETTY29]

From the company statement on the benefits of being de-listed:-

 

We also believe that there are significant benefits to the Company of not being listed on AIM.

These include:

- The removal of the disproportionate amount of senior management time spent on maintaining the listing.

- The saving of significant professional fees associated with the Admission (legal, accounting, LSE and nominated adviser

 

------------------

 

And all that will happen is that this time and money will be spent going to Traynor's Level 5 PR company.

[redjambo]

there is a reason Park never went onto the board either...I hope Paul Murray has his house in his wife's name... (actually I don't!)

 

Douglas Park is on the board - http://www.rangersinternationalfootballclub.com/board-management/board-of-directors

[Seymour M Hersh]

Paul Murray is starting to sound like a Tory mp....it's no our fault, it's was thame

 

Let's get them pumped on Sunday good and proper

 

More like a Glasgow Arthur Daley I'd say.  Oh and of course it's only Tory MP's who blame others???? No, it's all politicians no matter the colour of their rosette.

[wavydavy]

Depending on which Rangers forum you visit, not having a NOMAD is either terrible or 'no big deal'.

 

Must admit i don't know what this means for the club. Can someone explain it for a simpleton why no NOMAD is a good or bad thing?

 

According to King in this article he reckons they must have one and he has one lined up. Oh no another lie from Mr King.

 

http://www.eveningtimes.co.uk/rangers/king-nomad-will-be-in-place-for-rangers-rebuilding-job-199432n.120044477

 

It will be interesting to hear what the SFA think about his status and what happens to them assuming their revised hearing date is not changed for the fourth time.

[jambali]

Douglas Park is on the board - http://www.rangersinternationalfootballclub.com/board-management/board-of-directors

Still have Ireland listed as NOMAD on that site...

[redjambo]

Still have Ireland listed as NOMAD on that site...

 

I know, and Deloitte as auditors. I'm sure if we checked through it then lots of other info would be found to be wrong. Typical of the way the company's being run.

[Hagar the Horrible]

Well the Aims market did not waste any time in getting rid altogether:

 

http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary.html?fourWayKey=GB00B90T9Z75GBGBXASQ1

[Hagar the Horrible]

I cant believe (well I can actually) the SMSM dealing with latest crisis at greyskull. King and Murray are actively claiming it was solely down to historical reasons they there was no NOMAD?

 

So why not ask?

 

who was the NOMAD that was doing the due diligence?

Prove on paper that Murray and king did pass the FPP test?

Ask WH Ireland what aspects did the appropriateness of securities fail the AIMS criteria that a successful outcome for the King resolution at the EGM?

Call King out on the moonbeam that he was going to get a new NOMAD only because the existing one threatened to resign due to a rule breach if King won?

Ask Deloitte when did they actually resign and for what reason?

How are they going to raise the ?millions over and above season ticket sales to survive next season?

How are they going to repay the MASH facility?

 

 

I think MASH will call in their loan once enough money has been raised via season ticket sales?

[Jamboelite]

I cant believe (well I can actually) the SMSM dealing with latest crisis at greyskull. King and Murray are actively claiming it was solely down to historical reasons they there was no NOMAD?

 

So why not ask?

 

who was the NOMAD that was doing the due diligence?

Prove on paper that Murray and king did pass the FPP test?

Ask WH Ireland what aspects did the appropriateness of securities fail the AIMS criteria that a successful outcome for the King resolution at the EGM?

Call King out on the moonbeam that he was going to get a new NOMAD only because the existing one threatened to resign due to a rule breach if King won?

Ask Deloitte when did they actually resign and for what reason?

How are they going to raise the ?millions over and above season ticket sales to survive next season?

How are they going to repay the MASH facility?

 

 

I think MASH will call in their loan once enough money has been raised via season ticket sales?

See if the Orcs all buy season tickets and MA calls in the loan and takes all the cash i may actually die laughing.

[Angus Young]

According to King in this article he reckons they must have one and he has one lined up. Oh no another lie from Mr King.

 

http://www.eveningtimes.co.uk/rangers/king-nomad-will-be-in-place-for-rangers-rebuilding-job-199432n.120044477

 

It will be interesting to hear what the SFA think about his status and what happens to them assuming their revised hearing date is not changed for the fourth time.

 

 

King is a Glib and Shameless Liar we all know that but these lies have cost people and companies to loose money could be comebacks for king on the Horizon.

[Footballfirst]

So why not ask?

 

who was the NOMAD that was doing the due diligence?

 

 

According to Kieran Prior (he with the off the radar IQ) in the Daily Ranger the Nomad was to be Cantor Fitzgerald.

 

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-board-facing-legal-battle-5450368

 

"Investor Kieran Prior is also upset and has even named the Nomad he claims the club tried and failed to appoint in recent weeks ? Cantor Fitzgerald, who failed to respond to requests for a comment from Record Sport."

 

?Dave was always clear he would do his utmost to maintain the AIM status. Paul Murray told me in a phone call this morning the prospective Nomad was Cantor Fitzgerald and I don?t know why this has not been made public."

 

?I call on the board, for reasons of openness and transparency, to reveal the paper trail that outlines discussions with Cantor Fitzgerald."