Phil D. Corners Posted June 1, 2015 Share Posted June 1, 2015 King invested ?20M via one of his companies, Ben Nevis, in Murray Sports Limited in 2000. MSL was Rangers parent company at the time and the investment was part of a rights issue that raised ?38M (to fund Advocaat's transfer dealings). In return Ben Nevis received shares in MSL (not Rangers), but King also received a non-exec directorship of the club. Ben Nevis was one of the main targets for SARS during their investigation of King. Somewhere between 2002 and 2003, King switched ownership of the Ben Nevis shares held in MSL to Metlika Trading. Both Ben Nevis and Metlika are registered in the British Virgin Islands. I assume that the change in ownership was probably related to the SARS interest. The situation continued until February 2011, when it looks as if SDM was reorganising his portfolio of companies. Murray Holdings Ltd took ownership of the bulk of RFC shares, but Metlika for the first time took a direct holding in RFC (approx 5%) which was proportionate to its previous holding in MSL. Three months later SDM sold the MHL shares to Craig Whyte. I have no idea where the "creditor" element came from. I haven't seen anything that suggests that their was any debt attached to King's holding in RFC (via Ben Nevis or Metlika), so I would have thought that he would end up at the back of the RFC queue along with the other shareholders. King did threaten to sue SDM, but I don't think he took his claim any further, or if it was suggested to him to try a claim via BDO. King wasn't listed as a creditor while the club was in administration, but appeared as a "director's" claim in the BDO reports. If his claim is upheld he will receive a minimum of ?3M and maybe up to ?5M if HMRC fail to overturn the UTTT decision on appeal. In their last report, BDO indicated that an interim dividend would be declared during the spring (just past), so he may already have received funds from that source. King has previously advised that any money he got back from the Oldco would be reinvested in the newco, so we can look out for that one. BDO's latest six monthly report is due for publication about now, so we might get some clarification shortly. Top work FF. Do you know what benits he was entitled too as non exec director and how much in dividends were paid to MSL share holders since 2000? Link to comment Share on other sites More sharing options...
luckyBatistuta Posted June 1, 2015 Share Posted June 1, 2015 Mike Ashley will have a water tight contract on the merchandise, there is no getting away from that. The chances of finding any loopholes are slim to none. 7 year rolling contract keeps on rolling lol Yup, you don't accumulate a $5 billion wealth without crossing the t's and dotting the i's. Link to comment Share on other sites More sharing options...
Big Slim Stylee Posted June 1, 2015 Share Posted June 1, 2015 What is it with Jambos from Airdrie and young (looking) female football followers? Arf:) Link to comment Share on other sites More sharing options...
Footballfirst Posted June 1, 2015 Share Posted June 1, 2015 Top work FF. Do you know what benits he was entitled too as non exec director and how much in dividends were paid to MSL share holders since 2000? No dividends paid that I can find in the accounts. There is no breakdown of directors emoluments either, but from the numbers in the accounts I'd guess that he would receive maybe ?30K-?40K per annum. Link to comment Share on other sites More sharing options...
steve444 Posted June 1, 2015 Share Posted June 1, 2015 (edited) HarisVu?ki? Official ?@VuckicHari29 14 mins14 minutes ago Big Thanks to @RangersFC and RangersFans for all the support! WATP!! Looks like he off now. Edited June 1, 2015 by steve444 Link to comment Share on other sites More sharing options...
Phil D. Corners Posted June 1, 2015 Share Posted June 1, 2015 No dividends paid that I can find in the accounts. There is no breakdown of directors emoluments either, but from the numbers in the accounts I'd guess that he would receive maybe ?30K-?40K per annum. Thanks. So in short King lost his 20 million share holding when the company he was non exec director of was liquidated. Link to comment Share on other sites More sharing options...
Dalstonjambo Posted June 1, 2015 Share Posted June 1, 2015 Looks like he off now. I hope it wasn't you that retweeted that! Link to comment Share on other sites More sharing options...
Drewboy Posted June 1, 2015 Share Posted June 1, 2015 I hope it wasn't you that retweeted that!Haha...oops Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
alicante jambo Posted June 1, 2015 Share Posted June 1, 2015 Stuck out a mile in that team But I genuinely do t think he's up to much.He won't play much higher than the championship. Link to comment Share on other sites More sharing options...
jambovambo Posted June 1, 2015 Share Posted June 1, 2015 http://m.stv.tv/sport/football/clubs/celtic/1322072-leigh-griffiths-rangers-failure-to-win-promotion-is-disappointing/ Link to comment Share on other sites More sharing options...
Tommy Brown Posted June 1, 2015 Share Posted June 1, 2015 I stole this off the bears den link. Think a lot of posters missed this from last year. It will make you puke, but obviously the bears lapped it all up at the time. DK: It wouldn?t be a loan. It would be equity. The club wouldn?t have to repay it. I have lost ?20m in Rangers already and I?m happy to lose another ?30m because I love the team. I don?t want to be arrogant but it might be easier for me to lose ?30m than it is for some fans to afford season tickets. Some of them struggle to put shoes on their kids? feet but they buy season tickets because they love Rangers. I am the same. I just happen to be in a more fortunate position and I want to do something about it. I am not going away. KJ: You sound confident. DK: I am. It?s a game of chess but ultimately, Rangers are too big to allow any other outcome. KJ: People said that about administration. DK: Not me. I said administration and liquidation was definite. But right now, as long as there are people like me ? and even if I carry the burden on my own ? then Rangers will get back where they belong. KJ: Have you ring-fenced the money you think will be required? DK: No, but I have had discussions with my family and told them: ?This is your inheritance I?ll be spending.? And even though they are all South Africans they have said: ?Dad, go for it!? It?s their inheritance but they have said: ?Spend it and don?t worry about it.? KJ: After your tax issues in South Africa, you have enough cash to see this through? DK : Of course I do. I would not be doing this otherwise. I have paid the bill for my taxes and that?s done. I could have sat here quietly but I?m doing this because I want to do it. Would it be irritating to lose ?7m? Of course it would. But would it change my lifestyle? Not even remotely. Link to comment Share on other sites More sharing options...
AllyjamboDerbyshire Posted June 1, 2015 Share Posted June 1, 2015 I stole this off the bears den link. Think a lot of posters missed this from last year. It will make you puke, but obviously the bears lapped it all up at the time. DK: It wouldn?t be a loan. It would be equity. The club wouldn?t have to repay it. I have lost ?20m in Rangers already and I?m happy to lose another ?30m because I love the team. I don?t want to be arrogant but it might be easier for me to lose ?30m than it is for some fans to afford season tickets. Some of them struggle to put shoes on their kids? feet but they buy season tickets because they love Rangers. I am the same. I just happen to be in a more fortunate position and I want to do something about it. I am not going away. KJ: You sound confident. DK: I am. It?s a game of chess but ultimately, Rangers are too big to allow any other outcome. KJ: People said that about administration. DK: Not me. I said administration and liquidation was definite. But right now, as long as there are people like me ? and even if I carry the burden on my own ? then Rangers will get back where they belong. KJ: Have you ring-fenced the money you think will be required? DK: No, but I have had discussions with my family and told them: ?This is your inheritance I?ll be spending.? And even though they are all South Africans they have said: ?Dad, go for it!? It?s their inheritance but they have said: ?Spend it and don?t worry about it.? KJ: After your tax issues in South Africa, you have enough cash to see this through? DK : Of course I do. I would not be doing this otherwise. I have paid the bill for my taxes and that?s done. I could have sat here quietly but I?m doing this because I want to do it. Would it be irritating to lose ?7m? Of course it would. But would it change my lifestyle? Not even remotely. Interesting that it goes from ?30m at the top to ?7m at the bottom. Dave King is nothing if not consistent...in his inconsistencies! Link to comment Share on other sites More sharing options...
Barney Rubble Posted June 1, 2015 Share Posted June 1, 2015 http://www.philmacgiollabhain.ie/sevco-seek-talks-with-ashley/#more-6397 according to phil king is away cap in hand to ashley as we speak , is phil ahead of the game here ? can anyone have seen this coming , or is it just a big pile of irish blarney ?? who knows you pays yer money and makes yer choice , kind of believe phil a tad more than the DR recital club from kb ! Link to comment Share on other sites More sharing options...
Phil D. Corners Posted June 1, 2015 Share Posted June 1, 2015 http://www.vanguardbears.co.uk/article.php?i=60&a=are-we-overreacting Link to comment Share on other sites More sharing options...
Eldar Hadzimehmedovic Posted June 1, 2015 Share Posted June 1, 2015 http://www.vanguardbears.co.uk/article.php?i=60&a=are-we-overreacting Spectacular amounts of pain. That'll keep me sustained for a long time. Link to comment Share on other sites More sharing options...
The Gasman Posted June 1, 2015 Share Posted June 1, 2015 http://www.vanguardbears.co.uk/article.php?i=60&a=are-we-overreacting Well, he's hurting, but he's at least asking the right questions, the same questions that the MSM seem to want to avoid asking. Link to comment Share on other sites More sharing options...
Jamboelite Posted June 1, 2015 Share Posted June 1, 2015 http://www.philmacgiollabhain.ie/sevco-seek-talks-with-ashley/#more-6397 according to phil king is away cap in hand to ashley as we speak , is phil ahead of the game here ? can anyone have seen this coming , or is it just a big pile of irish blarney ?? who knows you pays yer money and makes yer choice , kind of believe phil a tad more than the DR recital club from kb ! More pish where he types a lot but says nothing. Link to comment Share on other sites More sharing options...
The Comedian Posted June 1, 2015 Share Posted June 1, 2015 http://www.philmacgiollabhain.ie/sevco-seek-talks-with-ashley/#more-6397 according to phil king is away cap in hand to ashley as we speak , is phil ahead of the game here ? can anyone have seen this coming , or is it just a big pile of irish blarney ?? who knows you pays yer money and makes yer choice , kind of believe phil a tad more than the DR recital club from kb ! To summarise again... Marble staircase x 1 Big Mike x 3 ... And a BONUS Charles of Normandy. Link to comment Share on other sites More sharing options...
The Comedian Posted June 1, 2015 Share Posted June 1, 2015 http://www.vanguardbears.co.uk/article.php?i=60&a=are-we-overreacting I stopped reading at Bheasts. The lad is a flap. Link to comment Share on other sites More sharing options...
Barney Rubble Posted June 1, 2015 Share Posted June 1, 2015 More pish where he types a lot but says nothing. Well my take is hes saying that king is begging for the second 5 mil tranche to keep the show on the road ! if it turns out to be true what will you say then ? mare wind and pish yakkity yak! Link to comment Share on other sites More sharing options...
Tasavallan Posted June 1, 2015 Share Posted June 1, 2015 http://www.philmacgiollabhain.ie/sevco-seek-talks-with-ashley/#more-6397 according to phil king is away cap in hand to ashley as we speak , is phil ahead of the game here ? can anyone have seen this coming , or is it just a big pile of irish blarney ?? who knows you pays yer money and makes yer choice , kind of believe phil a tad more than the DR recital club from kb ! Douglas Park George Latham George Taylor Paul Murray John Gilligan Dave King So these combined prominent wealthy (Rangers minded) businessmen cannot come up with the needed funds and so need to go back to Ashley cap in hand. I find it all very strange, if Phil Mafunnibone is to be believed. Link to comment Share on other sites More sharing options...
Doc Rob Posted June 1, 2015 Share Posted June 1, 2015 Spectacular amounts of pain. That'll keep me sustained for a long time. He's worried that they will 'become ordinary' - like Leeds United? Sorry mate, you haven't quite grasped what is going on. Even if you accept the continuity of OldCo into NewCo (which I don't), this has already happened. You support a club who finished third in the Championship and were horsed 6-1 by Motherwell over two legs in the playoff final. There is nothing remotely special about your club, except the world-class mess of your finances. You're having to play the game by the same rules as the 'diddy clubs' you used to laugh at, and you're failing spectacularly. Link to comment Share on other sites More sharing options...
Jamboelite Posted June 1, 2015 Share Posted June 1, 2015 Well my take is hes saying that king is begging for the second 5 mil tranche to keep the show on the road ! if it turns out to be true what will you say then ? mare wind and pish yakkity yak! He used to have a contact many moons ago but now is shooting in the dark hoping to hit something. Link to comment Share on other sites More sharing options...
Barney Rubble Posted June 1, 2015 Share Posted June 1, 2015 Douglas Park George Latham George Taylor Paul Murray John Gilligan Dave King So these combined prominent wealthy (Rangers minded) businessmen cannot come up with the needed funds and so need to go back to Ashley cap in hand. I find it all very strange, if Phil Mafunnibone is to be believed. Well yeah , why dont they just pay them off ?? its pretty simple reallly ! Link to comment Share on other sites More sharing options...
The Future's Maroon Posted June 1, 2015 Share Posted June 1, 2015 http://www.vanguardbears.co.uk/article.php?i=60&a=are-we-overreacting I doubt the person who went to the trouble of typing that is still with us?! Link to comment Share on other sites More sharing options...
wibble Posted June 1, 2015 Share Posted June 1, 2015 It's a Mexican standoff on the investment front. The new board won't put up any cash because Ashley has them over an onerous contract filled barrel, and Ashley won't give them more cash because he wants control of the board back. Delightful situation. Link to comment Share on other sites More sharing options...
Angus Young Posted June 1, 2015 Share Posted June 1, 2015 the lying king is a shameless and glib walter mitty Link to comment Share on other sites More sharing options...
steve444 Posted June 1, 2015 Share Posted June 1, 2015 (edited) NOTICE 07/04/2015 7:00am NOTICE OF CANCELLATION OF ADMISSION TO TRADING ON AIM RANGERS INTERNATIONAL FOOTBALL CLUB PLC Trading on AIM for the under-mentioned securities has been cancelled from 07/04/2015 7:00am, pursuant to AIM Rule 1. ORDINARY SHARES OF 1P EACH FULLY PAID (B90T9Z7) (GB00B90T9Z75) If you have any queries or require further information, please contact the company on 0141 580 8647. This information is provided by RNS The company news service from the London Stock Exchange http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12306115.html Edited June 1, 2015 by steve444 Link to comment Share on other sites More sharing options...
SUTOL Posted June 1, 2015 Share Posted June 1, 2015 (edited) http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12306115.html Go on then, news from April isn't really worthy of a repost, is it? Edited June 1, 2015 by SUTOL Link to comment Share on other sites More sharing options...
steve444 Posted June 1, 2015 Share Posted June 1, 2015 23 March 2015 Rangers International Football Club plc ("Rangers", or the "Company") Loan Agreement The Company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling ?1.5m. The proceeds of the loans are available generally for the purposes of the Company and will be used for working capital. The loans are being made available until 31 December 2015 which will provide the Company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis. Provision of the loans is classified as a Related Party Transaction under Rule 13 of the AIM Rules for Companies. The independent directors of the Company (being its Board with the exception of Mr Park who is excluded from such decisions being a related party in respect of the loans) consider that the terms of the loans are fair and reasonable insofar as the shareholders of the Company are concerned. The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies. Ends http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12290913.html Link to comment Share on other sites More sharing options...
steve444 Posted June 1, 2015 Share Posted June 1, 2015 ("Rangers" the "Club" or the "Company") Holdings in Company The Company announces that it was notified today that Alexander Easdale holds 5,256,110 Ordinary Shares in the Company, equal to 6.45% of the issued share capital of the Company. Mr Easdale also holds voting rights over, but does not own, a further 11,301,276 Ordinary Shares, representing 13.32% of the Company, meaning that in total he holds voting rights over 16,556,736 Ordinary Shares, representing 20.32% of the issued share capital of the Company. Rangers International Football Club plc http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12272244.html Now obviously this is old news, but it means for ?52,561 he owned 6.45% of Newco. So it means the whole club is only worth ?1 million lol Link to comment Share on other sites More sharing options...
SUTOL Posted June 1, 2015 Share Posted June 1, 2015 Now obviously this is old news, but it means for ?52,561 he owned 6.45% of Newco. So it means the whole club is only worth ?1 million lol No it doesn't. Link to comment Share on other sites More sharing options...
Pans Jambo Posted June 1, 2015 Share Posted June 1, 2015 Douglas Park George Latham George Taylor Paul Murray John Gilligan Dave King So these combined prominent wealthy (Rangers minded) businessmen cannot come up with the needed funds and so need to go back to Ashley cap in hand. I find it all very strange, if Phil Mafunnibone is to be believed. Off the radar wealth that lot dontcha know... Link to comment Share on other sites More sharing options...
steve444 Posted June 1, 2015 Share Posted June 1, 2015 No it doesn't. Care to explain what is means then? Link to comment Share on other sites More sharing options...
Drewboy Posted June 1, 2015 Share Posted June 1, 2015 (edited) Care to explain what is means then?I think it means that TRIFC or TRFC, whichever the shares you were posting about, isn't worth what you quoted. Im not really sure how the share market works but I do know that TRIFC or TRFC has been delisted/suspended from trading and therefore any share do not have a market tradable value. So unless a shareholder can get someone to pay the previous market value of the shares before the delisting/suspension then they are potentially worth very little. I could be miles off with all that tho [emoji53] Sent from my iPhone using Tapatalk Edited June 1, 2015 by Drewboy Link to comment Share on other sites More sharing options...
Footballfirst Posted June 1, 2015 Share Posted June 1, 2015 Care to explain what is means then? Shares of 1p doesn't mean the shares were bought at 1p. That is the nominal value of the shares, but those who bought them in the IPO paid 70p. Dave King paid 20.1p for his. Link to comment Share on other sites More sharing options...
songster Posted June 2, 2015 Share Posted June 2, 2015 Yes, the nominal value of shares is very different from their real/percieved/exchange value. It's slightly complicated by the fact that TRIFC isn't on a recognised excange anymore. This is not the full story: If I start a company with 100 shares at 1p, and pay ?1 into the company for all of them, the shares are "paid up" - so I don't have any liability above that in a limited liability company (unless I do something dodgy). If I set up the same company with 100 shares at ?10,000 each I'd need to pay ?1M before they are fully "paid up" and my liability is limited. A penny value is chosen by most companies to make such matters less of an issue. When it comes to the value of the company, that's where it gets interesting. Each share is worth whatever the market deems it to be worth, and a more liquid market (easier to buy and sell between parties) gives a fairer indication of the true value of those shares. Not being on a recognised market usually means the shares sell for less than they could. So, a 1p (nominal) share is traded at whatever people want to trade them at (based on their opinions of value). There are reasons why people may choose to have a higher nominal value than 1p, but that gets into taxation... 1p x ???? = value is a red herring. Much more important is the financial black hole that those on the Ibrox board are peering into. Link to comment Share on other sites More sharing options...
tartofmidlothian Posted June 2, 2015 Share Posted June 2, 2015 Steve Simonsen, Lee Robinson, Lee McCulloch, Bilel Mohsni, Steven Smith, Jon Daly, Ian Black, Richard Foster, Kyle Hutton, Kris Boyd and Sebastien Faure all released. Link to comment Share on other sites More sharing options...
Jambo 4 Ever Posted June 2, 2015 Share Posted June 2, 2015 Steve Simonsen, Lee Robinson, Lee McCulloch, Bilel Mohsni, Steven Smith, Jon Daly, Ian Black, Richard Foster, Kyle Hutton, Kris Boyd and Sebastien Faure all released. Oh where did you hear that? Link to comment Share on other sites More sharing options...
tartofmidlothian Posted June 2, 2015 Share Posted June 2, 2015 Oh where did you hear that? http://www.dailyrecord.co.uk/sport/football/football-news/gary-ralston-race-rebuild-rangers-5805993 Link to comment Share on other sites More sharing options...
Prince Buaben Posted June 2, 2015 Share Posted June 2, 2015 Steve Simonsen, Lee Robinson, Lee McCulloch, Bilel Mohsni, Steven Smith, Jon Daly, Ian Black, Richard Foster, Kyle Hutton, Kris Boyd and Sebastien Faure all released. Would not touch any of those players, Link to comment Share on other sites More sharing options...
tartofmidlothian Posted June 2, 2015 Share Posted June 2, 2015 Would not touch any of those players, Be interesting to see where they end up. A couple will get decent deals I reckon. Link to comment Share on other sites More sharing options...
Unknown user Posted June 2, 2015 Share Posted June 2, 2015 Steve Simonsen, Lee Robinson, Lee McCulloch, Bilel Mohsni, Steven Smith, Jon Daly, Ian Black, Richard Foster, Kyle Hutton, Kris Boyd and Sebastien Faure all released. If true, agent Zaliukas still in place, nice. But Temps not listed? Doesn't seem right, he's surely out on his arse Link to comment Share on other sites More sharing options...
Edward snowdon Posted June 2, 2015 Share Posted June 2, 2015 Believe Templeton has a year left Sent from my iPhone using Tapatalk Link to comment Share on other sites More sharing options...
Musemic Posted June 2, 2015 Share Posted June 2, 2015 If true, agent Zaliukas still in place, nice. But Temps not listed? Doesn't seem right, he's surely out on his arse Both players still have a year left on their contracts. Zal signed for 2 years last summer and Temps signed a 4 year contract in 2012. Link to comment Share on other sites More sharing options...
Unknown user Posted June 2, 2015 Share Posted June 2, 2015 Ah I see, good old Temps Link to comment Share on other sites More sharing options...
Pistol1874 Posted June 2, 2015 Share Posted June 2, 2015 (edited) Steve Simonsen, Lee Robinson, Lee McCulloch, Bilel Mohsni, Steven Smith, Jon Daly, Ian Black, Richard Foster, Kyle Hutton, Kris Boyd and Sebastien Faure all released. Ian Black will end up at Hibs per their new 'only sign ex-Hearts players no longer deemed good enough for Hearts' policy. Edited June 2, 2015 by Pistol1874 Link to comment Share on other sites More sharing options...
Craig_ Posted June 2, 2015 Share Posted June 2, 2015 What about Miller? Surely need to get him off the wage bill. Link to comment Share on other sites More sharing options...
jambosean75 Posted June 2, 2015 Share Posted June 2, 2015 Looks like the penny's starting to drop about King for some of them: http://forum.rangersmedia.co.uk/index.php?showtopic=283808 for every one person who understands that they need to live within their means, there's 5 to 10 who expect "warchests" to be gifted on there. Link to comment Share on other sites More sharing options...
Boris Posted June 2, 2015 Share Posted June 2, 2015 What about Miller? Surely need to get him off the wage bill. Sure he triggered a clause in his contract giving him an extra year so I'd guess that if they wanted rid, they'd have to pay up his contract. Link to comment Share on other sites More sharing options...
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