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The Rangers soap opera goes on and on.

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sadj
2 minutes ago, farin said:

 

General Meeting called, converting the remaining loans to shares. This should bring the Concert Party over 50% mark & trigger TOP requirement of an offer for remaining shares. Dodgy Dave trying get round that requirement. ?

 

 

https://media.rangers.co.uk/uploads/2019/05/Circular-FINAL21561323_1.pdf

 

 

Wooosh that goes , flying over my head. Can you simplify it even more for us simpletons

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farin
11 minutes ago, sadj said:

Wooosh that goes , flying over my head. Can you simplify it even more for us simpletons

 

 

They basically want to convert the remaining circa £14m in loans into shares. But as this would trigger a take over bid they want to bypass that with a vote. 

F.F. will prob post up a more detailed summary once he reads the pdf. 

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sadj
Just now, farin said:

 

 

They basically want to convert the remaining circa £14m in loans into shares. But as this would trigger a take over bid they want to bypass that with a vote. 

F.F. will prob post up a more detailed summary once he reads the pdf. 

That helped , thanks Farin ?? I’ll wait for FF to explain in more detail. Wonder if converting the loans means they’ll be able to show a profit or similar to try snd get bank credit to push debt up to get closer to Celtic

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132goals1958
1 minute ago, sadj said:

That helped , thanks Farin ?? I’ll wait for FF to explain in more detail. Wonder if converting the loans means they’ll be able to show a profit or similar to try snd get bank credit to push debt up to get closer to Celtic

 

Converting the loans strengthens the balance sheet as it reduces their long term liabilities. They were probably all soft loans anyhow so from a cash perspective nothing really changes although borrowing may be a bit easier The key indicator is the  net current asset position which in recent times has been less than healthy. Can only hope that big Mike is still lurking in the background and triggers a dent in their accounts where they have made no provisions 

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Footballfirst
Posted (edited)
53 minutes ago, farin said:

 

General Meeting called, converting the remaining loans to shares. This should bring the Concert Party over 50% mark & trigger TOP requirement of an offer for remaining shares. Dodgy Dave trying get round that requirement. ?

 

 

https://media.rangers.co.uk/uploads/2019/05/Circular-FINAL21561323_1.pdf

 

 

I'll have a look at the details of latest Debt for Equity swap later together with any implications, but King had previously advised at the TOP hearing that a share issue was planned for July this year. The GM date fits in with that plan.

 

On a skim read, it looks as if the bulk of the outstanding loans (£14m) are being converted.

 

Such a debt conversion would have have taken the Concert Party back into TOP territory, but it seems that they have already been in contact with TOP and have been given permission to proceed if the non CP shareholders agree to it at a General Meeting.  (that is what is described as the "whitewash resolution").

Edited by Footballfirst

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farin
1 minute ago, Footballfirst said:

I'll have a look at the details of latest Debt for Equity swap later together with any implications, but King had previously advised at the TOP hearing that a share issue was planned for July this year. The GM date fits in with that plan.

 

On a skim read, it looks as if the bulk of the outstanding loans (£14m) are being converted.

 

Such a debt conversion would have have taken the Concert Party back into TOP territory, but it seems that they have already been in contact with TOP and have been given permission to proceed if the non CP shareholders agree to it at a General Meeting.  (that is what is described as the "whitewash resolution").

 

A concert party in all but name now. ??

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farin
35 minutes ago, sadj said:

That helped , thanks Farin ?? I’ll wait for FF to explain in more detail. Wonder if converting the loans means they’ll be able to show a profit or similar to try snd get bank credit to push debt up to get closer to Celtic

 

It will certainly make their bank balance look more healthier tbh. Those shares will dilute the share price I’d imagine too. King up to his old tricks of using other people’s  money etc. ?

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Footballfirst
Posted (edited)
1 hour ago, farin said:

 

 

They basically want to convert the remaining circa £14m in loans into shares. But as this would trigger a take over bid they want to bypass that with a vote. 

F.F. will prob post up a more detailed summary once he reads the pdf. 

 

Their last full year accounts (to June 2018) showed loans of £23.425m outstanding.

 

The September 2018 share issue converted around £11.63m of those loans

 

The proposed conversion will convert a further £14.165m, £13.365m of which will be accounted for by  the Concert Party and Directors interests (King, Taylor, Letham, Park, Scott)

 

The two conversions are greater that the 2018 balance of loans by approx £2.4m, which would suggest that they have borrowed at least that amount over the last year, but there is currently no indication of the balance of loans provided by other shareholders, such as Julian Wolhardt (Borita Investments and New Trace Ltd), so the borrowing requirement may have been greater. Their last accounts suggested that they needed £4m this year and will need a further £3.6m next season.

 

 

Edited by Footballfirst

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farin
5 minutes ago, Footballfirst said:

 

Their last full year accounts (to June 2018) showed loans of £23.425m outstanding.

 

The September 2018 share issue converted around £11.63m of those loans

 

The proposed conversion will convert a further £14.165m

 

The two conversions are greater that the 2018 balance of loans by approx £2.4m, which would suggest that they have borrowed at least that amount over the last year, but there is currently no indication of the balance of loans provided by other shareholders, such as Julian Wolhardt (Borita Investments and New Trace Ltd), so the borrowing requirement may have been greater. Their last accounts suggested that they needed £4m this year and will need a further £3.6m next season.

 

 

 

Club 1872’s shareholding will be diluted surely. They’ve been taken for mugs by king. 

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John Findlay
Posted (edited)
3 minutes ago, farin said:

 

Club 1872’s shareholding will be diluted surely. They’ve been taken for mugs by king. 

Scottish football full stop have been taken for Mugs by Dave(the spiv) King.

Edited by John Findlay

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Footballfirst
Posted (edited)
15 minutes ago, farin said:

 

Club 1872’s shareholding will be diluted surely. They’ve been taken for mugs by king. 

 

They will be diluted from 9.5% to 6.2%.  They did at one point hold 10.7%, but were diluted to 9.5% last September despite spending £1m on new shares in that share issue.

Edited by Footballfirst

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farin
10 minutes ago, John Findlay said:

Scottish football full stop have been taken for Mugs by Dave(the spiv) King.

 

Of that there can be no doubt. 

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RobNox

They are still in hock to Close Brothers for a few million, are they not?  Anyone know when that loan is die for repayment?

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Footballfirst
5 minutes ago, RobNox said:

They are still in hock to Close Brothers for a few million, are they not?  Anyone know when that loan is die for repayment?

Yes, but if last year is anything to go by they used it as short term funding until the ST money came in, so the debt was cleared by then end of the financial year.

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RobNox
2 minutes ago, Footballfirst said:

Yes, but if last year is anything to go by they used it as short term funding until the ST money came in, so the debt was cleared by then end of the financial year.

 

So assuming they have made use of the loan facility again, that means they'll use a chunk of next seasons ST money to clear off the debt, so in effect have already spent a chunk of next season's revenues.

 

They have the worst wages to turnover ration in the league, and I'm not sure if the figures quoted would have fully accounted for the hefty wages for Defoe and Davis since January.

 

They were fortunate enough to make Europa League group stages last season, and looks like they will need to do the same again next season otherwise they will have a big gap to plug.  I guess a lot depends on whether or not they are able to find some sucker club willing to pay well over the odds for Morelos.

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Hearts Daft

All I want to know is when do they go bust again?

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The Future's Maroon
Posted (edited)

Duplicate

 

Edited by The Future's Maroon

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The Future's Maroon
Posted (edited)

Duplicate

 

Edited by The Future's Maroon

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RobNox
58 minutes ago, The Future's Maroon said:

Duplicate

 

 

Surely you mean triplicate?

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Big Slim Stylee
19 hours ago, Hearts Daft said:

All I want to know is when do they go bust again?

 

Don't go holding your breath, tbh.

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The Real Maroonblood
On 01/06/2019 at 06:55, Hearts Daft said:

All I want to know is when do they go bust again?

Exactly.

A few years ago it was imminent.

It will probably be the same situation in a few years time

It ain’t going to haoppen.

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wavydavy
3 minutes ago, farin said:

 

Morelos £20m. ? they’ll be lucky to get £5m from Newcastle. 

 

They would do if Souness was still there.:lol:

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1971fozzy
Posted (edited)
11 hours ago, The Future's Maroon said:

 

:rofl: that article has fair cheered me up. Quite what they are smoking, drinking or sniffing I’m no sure but it’s hilarious. 

£10m for Tavernier:rofl: they’ll be lucky to get £3m

£20m for Morellos :rofl:again lucky to get  £5m. He’s a liability. No chance anyone’s taking a risk on him for anything more. Boys a lunatic with god only knows what issues.

 

Edited by 1971fozzy

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farin
56 minutes ago, wavydavy said:

 

They would do if Souness was still there.:lol:

 

True. ?

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Jambo-Jimbo

If expecting £10m for Tavernier & £20m for Morelos wasn't bad enough, Barisic whom they describe as a 'Croatian flop', but are expecting the club to hold out for £5m for him & Lafferty they think is worth a seven figure sum.

 

There's delusion then there's 'The Rangers' delusion and that piece really just highlights how deluded they are, by thinking that they have flops who are worth £5m.

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JackLadd
2 hours ago, Jambo-Jimbo said:

If expecting £10m for Tavernier & £20m for Morelos wasn't bad enough, Barisic whom they describe as a 'Croatian flop', but are expecting the club to hold out for £5m for him & Lafferty they think is worth a seven figure sum.

 

There's delusion then there's 'The Rangers' delusion and that piece really just highlights how deluded they are, by thinking that they have flops who are worth £5m.

 

Delusion is the only thing that odious no trophy new club excel at.

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Scnorthedinburgh
4 hours ago, 1971fozzy said:

 

:rofl: that article has fair cheered me up. Quite what they are smoking, drinking or sniffing I’m no sure but it’s hilarious. 

£10m for Tavernier:rofl: they’ll be lucky to get £3m

£20m for Morellos :rofl:again lucky to get  £5m. He’s a liability. No chance anyone’s taking a risk on him for anything more. Boys a lunatic with god only knows what issues.

 

Even if they do get the projected money, it would buy the sum total of f all in the quest to stop 10 in a row. That has been and is their business model. Stop it at all costs, death of club included.

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alwaysthereinspirit

Morelos would do great in Newcastle. It’s a well know fact that only two teams in England (Newcastle and Sunderland) get all the dodgy calls week in and out.

?

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Mysterion
6 hours ago, farin said:

 

Morelos £20m. ? they’ll be lucky to get £5m from Newcastle. 

 

Already been shown that the West Coast MSM have inflated the price. The Newcastle Chronicle ran a similar story with the figure being 4 or 6mill. :rofl:

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ToqueJambo

20m! Celtic got that for Dembele, a much better striker as he is proving in France. Dembele would be a starter for Colombia, Morales doesn't even have an international goal to his name. Be lucky to get 4 or 5m plus some sort of sell-on clause when his new team inevitably try to offload him due to being sent off all the time.

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Rudolf
13 minutes ago, ToqueJambo said:

20m! Celtic got that for Dembele, a much better striker as he is proving in France. Dembele would be a starter for Colombia, Morales doesn't even have an international goal to his name. Be lucky to get 4 or 5m plus some sort of sell-on clause when his new team inevitably try to offload him due to being sent off all the time.

His disciplinary record would be even worse in England with no sympathetic referees. He should’ve been sent off at Tynecastle and has got away with murder in numerous other games. Total head case  and a huge risk for any club that’s thinking of paying millions for him. 

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farin
1 hour ago, Mysterion said:

 

Already been shown that the West Coast MSM have inflated the price. The Newcastle Chronicle ran a similar story with the figure being 4 or 6mill. :rofl:

 

That’s about his worth tbh. ?

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upgotheheads

"some may see it as fantasy and pie in the sky. Maybe it is."

 

No maybe about it pal.

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Mr Elwood P
2 hours ago, ToqueJambo said:

20m! Celtic got that for Dembele, a much better striker as he is proving in France. Dembele would be a starter for Colombia, Morales doesn't even have an international goal to his name. Be lucky to get 4 or 5m plus some sort of sell-on clause when his new team inevitably try to offload him due to being sent off all the time.

 

Morelos at Rangers has a slightly better scoring record than  Dembélé had at Celtic. English teams have money to burn. £10-20m is definitely possible, especially if they have multiple clubs interested in him. Morelos could go to France or England and be just as successful as Dembélé has been. The disciplinary issues will be something that a top manager like Rafa will believe they can overcome. He hasn’t been helped having a rookie manager this season.

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newbie

Steven Gerrard let it slip recently that only one offer had been made for Morelos during his tenure, and that was for a derisory and apparently unacceptable 3m euros, or translated into reality, a tiny fraction of the bazillions of pounds of value invented by the portly PR buffoon that is the laughing stock known as Jim Traynor .

 

Only those deluded enough to believe in retractable roofs, floating pitches, links with the Dallas Cowboys, 'illegal relegation' rather than death through liquidation could possibly conceive of the world's angriest man being valued higher than an out of date tin of spam. 

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The Real Maroonblood
13 minutes ago, newbie said:

Steven Gerrard let it slip recently that only one offer had been made for Morelos during his tenure, and that was for a derisory and apparently unacceptable 3m euros, or translated into reality, a tiny fraction of the bazillions of pounds of value invented by the portly PR buffoon that is the laughing stock known as Jim Traynor .

 

Only those deluded enough to believe in retractable roofs, floating pitches, links with the Dallas Cowboys, 'illegal relegation' rather than death through liquidation could possibly conceive of the world's angriest man being valued higher than an out of date tin of spam. 

It’s not the first time Gerrard has slipped.

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Footballfirst

Some developments on Rangers retail operations.

 

First at Companies House

 

RANGERS RETAIL LIMITED (08142409)

The following information is available from the company's filing history.

8 Jun 2019  DISS16(SOAS)  Compulsory strike-off action has been suspended 

 

The previous document lodged at Companies House indicated that the company would be struck off, but I wonder if some legal action remains outstanding that could not happen if RRL was dissolved. 

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

 

Second, a judgement in the SDI v TRFC "Matching Rights" case was due on Thursday

 

ROLLS BUILDING
COURT 19
Before LIONEL PERSEY QC sitting as a Judge of the High Court

Thursday 6 June 2019
At 10:30 AM

Judgment

CL-2018-000726 SDI Retail Services Limited v. The Rangers Football Club limited

 

No-one has yet advised on what that judgement was or even if it was delivered, e.g. was an out of court settlement agreed before the judgement was delivered?

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

 

Third, there are reports on TRFC messageboards that their Megastore was closed both yesterday and today.

 

Copied from the SFM blog:

One fan went there this morning to verify the situation and reported on a TRFC message board:

"Place is like the Marie Celeste. In total darkness, no staff, no signage, not even a note of explanation on the door apologising to those who have made a wasted journey. Nice of them to communicate so well with those who pay the wages."

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

 

I have no idea if any of these events are connected, but it certainly should be worth keeping an eye on. 

 

 

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maroonlegions

Still not bust then.:ears:

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Forever Hearts
2 hours ago, Footballfirst said:

Some developments on Rangers retail operations.

 

First at Companies House

 

RANGERS RETAIL LIMITED (08142409)

The following information is available from the company's filing history.

8 Jun 2019  DISS16(SOAS)  Compulsory strike-off action has been suspended 

 

The previous document lodged at Companies House indicated that the company would be struck off, but I wonder if some legal action remains outstanding that could not happen if RRL was dissolved. 

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

 

Second, a judgement in the SDI v TRFC "Matching Rights" case was due on Thursday

 

ROLLS BUILDING
COURT 19
Before LIONEL PERSEY QC sitting as a Judge of the High Court

Thursday 6 June 2019
At 10:30 AM

Judgment

CL-2018-000726 SDI Retail Services Limited v. The Rangers Football Club limited

 

No-one has yet advised on what that judgement was or even if it was delivered, e.g. was an out of court settlement agreed before the judgement was delivered?

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

 

Third, there are reports on TRFC messageboards that their Megastore was closed both yesterday and today.

 

Copied from the SFM blog:

One fan went there this morning to verify the situation and reported on a TRFC message board:

"Place is like the Marie Celeste. In total darkness, no staff, no signage, not even a note of explanation on the door apologising to those who have made a wasted journey. Nice of them to communicate so well with those who pay the wages."

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

 

I have no idea if any of these events are connected, but it certainly should be worth keeping an eye on. 

 

 

It's Saturday night. Just saying. 

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tcjambo
26 minutes ago, Forever Hearts said:

It's Saturday night. Just saying. 

FF is all-seeing and ever-vigilant

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Jambo66
On 02/06/2019 at 16:17, JackLadd said:

 

Delusion is the only thing that odious no trophy new club excel at.

To be fair, they have won League 2, League 1 and the Championship. **** all apart from that though.

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Lovecraft
Posted (edited)
7 minutes ago, tcjambo said:

FF is all-seeing and ever-vigilant

 And obviously doesn't do or understand irony.

 

?

 

 

Edited by Lovecraft

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132goals1958
On 20/05/2019 at 19:48, 132goals1958 said:

 

 

Well they are legally obliged to notify interested parties and the Registrar will  publish in the gazette. providing an opportunity for anyone to justify any cause why dissolution should not go ahead.

 

Hopefully an objection has been lodged

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Footballfirst
1 hour ago, Forever Hearts said:

It's Saturday night. Just saying. 

It was Saturday afternoon when I posted and Saturday evening when you did. Just saying.

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jamboy1982
1 hour ago, Footballfirst said:

It was Saturday afternoon when I posted and Saturday evening when you did. Just saying.

Owned 

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sac

**** sevco & everyone who sails in them.

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Mysterion
6 hours ago, Footballfirst said:

 

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

 

Third, there are reports on TRFC messageboards that their Megastore was closed both yesterday and today.

 

Copied from the SFM blog:

One fan went there this morning to verify the situation and reported on a TRFC message board:

"Place is like the Marie Celeste. In total darkness, no staff, no signage, not even a note of explanation on the door apologising to those who have made a wasted journey. Nice of them to communicate so well with those who pay the wages."

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

 

I have no idea if any of these events are connected, but it certainly should be worth keeping an eye on. 

 

 

 

The megastore is still an SDI operation and hasn’t got a lot in it. It is not selling new strips and fans generally boycott it and go to the other company ran shop at St Enoch Sq.

 

Probably nothing in this other than it being quiet just now and no one wants to buy old  Puma kit.

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