The Sevco saga continues ...

[Beast Boy]

8 minutes ago, jambovambo said:

 

 

 

Aye, it’s UEFA’s fault they are such a basket case, they can’t afford to cover their punishments for bigotry.

[CJGJ]

6 minutes ago, Icon of Symmetry said:

Aye, it’s UEFA’s fault they are such a basket case, they can’t afford to cover their punishments for bigotry.

So someone creates a tweet and you take it as gospel..nothing from any other source and yet you believe it

 

You probably believe everything  Phil the liar posts as well

 

Just because you wish things to be does not mean they are true

[jock _turd]

2 minutes ago, CJGJ said:

So someone creates a tweet and you take it as gospel..nothing from any other source and yet you believe it

 

You probably believe everything  Phil the liar posts as well

 

Just because you wish things to be does not mean they are true

 Falsehood of the statement apart ... you are a sevco fan are'nt you ? Anytime anything is said that is even remotely anti sevco we can rely on you to be here ... on a Hearts fans forum arguing their corner!

[Footballfirst]

Club 1872 has confirmed that they have voted to purchase 2.5m new shares at 20p a share (£500k), partly funded by cash earmarked for "projects".

 

Club 1872@Club1872rfc

Members have approved the purchase of a further 2.5m shares in RIFC at a cost of £500k with all funds going directly into the club. More info here.

Poll Result: Major Share Purchase | Club 1872

One Rangers

club1872.co.uk

[Don Dan]

£500k is a drop in the ocean of debt.

Edited November 7, 2019 by Dannie Boy

[jambovambo]

1 hour ago, farin said:

 

Thats a parody account bud. 

Ok cheers

[soonbe110]

8 hours ago, John Findlay said:

King isint putting any of his own money in. That's the beauty of it all for him. He is getting others to do it.

He has put a lot in and is currently underwriting their finances through a family trust. His kids inheritance is being spent in Govan. 

[jambovambo]

1 hour ago, jock _turd said:

 Falsehood of the statement apart ... you are a sevco fan are'nt you ? Anytime anything is said that is even remotely anti sevco we can rely on you to be here ... on a Hearts fans forum arguing their corner!

Ah the wonders of blocking someone !! I didn’t see his reply. 

[Beast Boy]

1 hour ago, CJGJ said:

So someone creates a tweet and you take it as gospel..nothing from any other source and yet you believe it

 

You probably believe everything  Phil the liar posts as well

 

Just because you wish things to be does not mean they are true

U wot?  

[kirkierobroy]

11 hours ago, Footballfirst said:

Wrong. King has actually put his own money in via his family trusts.

 

I stand corrected, FF. 

 

I insist that for once in his life, Glibby Shameless do the decent thing - attend to his weans' future well-being! Extract his money from the 2012 British Club and put it in trust for the offspring. Oh, the fitba club might die like their predecessor, but family is family.

[Unknown user]

16 minutes ago, kirkierobroy said:

 

I stand corrected, FF. 

 

I insist that for once in his life, Glibby Shameless do the decent thing - attend to his weans' future well-being! Extract his money from the 2012 British Club and put it in trust for the offspring. Oh, the fitba club might die like their predecessor, but family is family.

 

See if I had tens of millions my family would get a million each and they could **** themselves for the rest while I put it enthusiastically into the JTs.

 

People talk about investors demanding returns- these people are dirty huns, they're not looking for returns, they just NEED to stop celtic getting 10.

 

If celtic win this season watch the hun REALLY over extend!

[Meadows]

I’m sure they Get paid a decent amount per point in the Europa League .

seven points kicks the can further down the road , qualification even more so . 

Edited November 8, 2019 by Meadows

[Beast Boy]

1 hour ago, Meadows said:

I’m sure they Get paid a decent amount per point in the Europa League .

seven points kicks the can further down the road , qualification even more so . 

Not sure it’s enough to make a huge difference to them right now. It’ll provide some welcome relief, but compared to the money they are losing on wages/transfer payments and court fees, it’s not going to make a massive difference really:

 

€570,000 for a win

 

€190,000 for a draw 

[Justin Z]

Weird how if you're in need of cash you actually want to lose the final

[Beast Boy]

31 minutes ago, Justin Z said:

Weird how if you're in need of cash you actually want to lose the final

 

typo? 😄
 

Edited November 8, 2019 by Icon of Symmetry

[Boris]

33 minutes ago, Justin Z said:

Weird how if you're in need of cash you actually want to lose the final

 

Maybe the winner reaps more the following season with CL group stage qualification?

 

The extra 500k is a sort of "parachute" payment thing?

Edited November 8, 2019 by Boris

[Dunks]

They also make a shed load on all those full home ties. Minus the few empty seats as instructed by UEFA.

[Tiger]

5 hours ago, Justin Z said:

Weird how if you're in need of cash you actually want to lose the final

 

Wouldnt they also get the 570k for a win making the winners get 70k more than the runners up.

[Footballfirst]

5 hours ago, Icon of Symmetry said:

 

typo? 😄
 

It's €8.5m to the winners

[Beast Boy]

19 minutes ago, Footballfirst said:

It's €8.5m to the winners

 

Makes waaaaay more sense. Thanks.

[Footballfirst]

RIFC issue another 10.5m shares at 20p a pop, raising £2.1m, either as cash or conversion of debt for equity

https://beta.companieshouse.gov.uk/company/SC437060/filing-history

[Lovecraft]

4 minutes ago, Footballfirst said:

RIFC issue another 10.5m shares at 20p a pop, raising £2.1m, either as cash or conversion of debt for equity

https://beta.companieshouse.gov.uk/company/SC437060/filing-history

They ain't worth 20p a pop.

 

🙂

 

 

[Footballfirst]

1 minute ago, Lovecraft said:

They ain't worth 20p a pop.

 

🙂

 

 

I know that, you know that, but it seems that Club 1872 don't realise that they have just been diluted again.

[Lovecraft]

1 minute ago, Footballfirst said:

I know that, you know that, but it seems that Club 1872 don't realise that they have just been diluted again.

 After just giving them 500K

 

 

[Mysterion]

Is this latest filing the conclusion of the Club18xx buy in along side other accounting tweaks BT directors to support the balance sheet?

 

If not - then it will be interesting to see which director exchanged debt for more shares.

[John Findlay]

2 hours ago, Footballfirst said:

RIFC issue another 10.5m shares at 20p a pop, raising £2.1m, either as cash or conversion of debt for equity

https://beta.companieshouse.gov.uk/company/SC437060/filing-history

I wonder which wolf was at the door

[Footballfirst]

We will have to wait until the club updates its website with the shareholder totals to see who has bought into this one. It's not clear at this point if Club 1690's recent £500k contribution is part of this share issue or the previous one. Either way, their holding has been diluted following today's announcement.

[south morocco]

1 hour ago, Footballfirst said:

We will have to wait until the club updates its website with the shareholder totals to see who has bought into this one. It's not clear at this point if Club 1690's recent £500k contribution is part of this share issue or the previous one. Either way, their holding has been diluted following today's announcement.

How long can they keep the debt for equity thing going ? Theoretically the shares will reduce in value each time? Or have I got that wrong?

 Thanks 

[We_are_the_Hearts]

Wonder how much is left in the Stop 10 in a row at any cost kitty?

Edited November 13, 2019 by We_are_the_Hearts

[redjambo]

4 hours ago, Lovecraft said:

They ain't worth 20p a pop.

 

🙂

 

The old saw about "The shares will be worth less than the paper they're printed on" appears to be increasingly apt for Rangers. If their supporters continue to pump money into the club though, knowing that their shares will be worth less with each dilution, then that's their choice. I just hope they don't ever harbour the illusion that they will have any real influence in the power corridors of Ibrox.

 

[Footballfirst]

17 minutes ago, south morocco said:

How long can they keep the debt for equity thing going ? Theoretically the shares will reduce in value each time? Or have I got that wrong?

 Thanks 

As long as they have "investors" willing to put up new cash or have their loans converted to shares.

 

The debt conversions do improve the balance sheet as most companies are worth more if they rid themselves of debt. In simplistic tems, if a company has assets worth £10m, but debts of £5m, then someone may pay £5m for it (assuming it is trading profitably). It it has no debt, then you might pay £10m.

 

However, there is a limit to which the company is worth, particularly when it is losing money year on year, so that actual value of each share will be falling with each new issue. 

Edited November 13, 2019 by Footballfirst

[132goals1958]

Assume the share issue was for much needed funds to meet their  publicised  shortfall of £10 million following the accounts release.A debt for equity might reduce the massive hole in their balance sheet but short term it wont help their liquidity problems. Basically it further demonstrates they are cash strapped, whilst they blindly ignore any form of financial discipline in their pursuit of stopping their bitter rivals.

[Footballfirst]

RIFC has now updated their website with the new shareholdings following the latest share issue. The increased shareholdings suggest that the shares have gone to:

Borita Investments (Julian Wolhardt) – 7,500,000 – £1.5m

Club 1872 – 2,500,000 – £500,000

Douglas Park – 500,000 – £100,000

Total – 10,500,000 – £2.1m

It's not clear whether this was new money from Borita and Park or conversion of new loans.

[Wilson]

What could this be? Tomorrow's Times.

 

 

 

TimesEditorScotland

 

@magnusllewellin

 

Working on a significant story involving Rangers

@RangersFC

and the taxman. See Thursday's

@thetimesscot

in print or online for more ....

Edited November 13, 2019 by Wilson

[milky_26]

10 minutes ago, Wilson said:

What could this be? Tomorrow's Times.

 

 

 

TimesEditorScotland

 

@magnusllewellin

 

Working on a significant story involving Rangers

@RangersFC

and the taxman. See Thursday's

@thetimesscot

in print or online for more ....

dont know how true it is but the replies to that tweet suggest he is very pro rangers so expect some good news spin

[Wilson]

1 minute ago, milky_26 said:

dont know how true it is but the replies to that tweet suggest he is very pro rangers so expect some good news spin

They paid a bill? Or Rangers' liquidators have settled p in th £..

[newbie]

I'm always grateful for the knowlegeable input on here of Footballfirst regarding the new club's shares, amongst many many other matters.

 

Having recently read 'This Is Our Story', Ian Murray's book on Hearts financial collapse and subsequent move to the safety of a fan ownership model, it struck me how important it became to administrator Bryan Jackson to secure the shares of the club that was Heart of Midlothian Football Club. Bryan, as many will know, saved every single club with which he became appointed, avoiding the death of liquidation.

 

The shares which Footballfirst (and our mainstream media (occasionally)) report upon nowadays are those of Rangers International Football Club, an entirely separate legal entity from the Rangers Football Club which incorporated in 1899 and which is in currently in the prolonged process of being liquidated.

 

Never forget that we saved our club when they let their's die.      

Edited November 13, 2019 by newbie
spelling

[Ex member of the SaS]

No financial genius ( I can't hardly get to the end of the month) But I always assumed that a company divided it's value ( assets etc ) by the number of shares. Ie If a company was worth £100 and they issued 100 shares then the shares are worth £1 each.

With over 200Million shares Sevco would need to be worth a whole lot more than they are, so selling shares at 20p means they are artificially increasing the value of the company and surely that is against the law.

[Mysterion]

1 hour ago, milky_26 said:

dont know how true it is but the replies to that tweet suggest he is very pro rangers so expect some good news spin

It does look like spin.

The line coming out is that the tax bills were over estimated.

 

Rangers Tax Case has come out of hibernation to state that it said that at the time and that this latest update is mostly PR.

 

What we seem to have is a rewriting of history ignoring the lack of cooperation and the mismanagement that allowed things to escalate till they went out of control. Basically - a case of crying wolf long after the wolf has attacked and dismembered them.

Edited November 13, 2019 by Mysterion

[Coburg Hearts]

[Perth to Paisley]

Queens 11 _  done over by Queen!

Funny

[Unknown user]

52 minutes ago, Ex member of the SaS said:

No financial genius ( I can't hardly get to the end of the month) But I always assumed that a company divided it's value ( assets etc ) by the number of shares. Ie If a company was worth £100 and they issued 100 shares then the shares are worth £1 each.

With over 200Million shares Sevco would need to be worth a whole lot more than they are, so selling shares at 20p means they are artificially increasing the value of the company and surely that is against the law.

 

It isn't against the law, the people getting the shares knows that they're worth nowhere near 20p each, this is just a mechanism for putting money into the club, from groups who seem unlikely to be looking for a financial return.

[Footballfirst]

The Times story is just another squirrel, for reasons I don't know.

 

Even without the Big and Wee tax cases, RFC was in sufficient debt to HMRC that they could still have voted down the CVA.

 

The "bill" in respect of the Wee Tax Case had also been accepted before Craig Whyte took over.  The bill for the Big Tax Case had already been appealed and was going through the tribunal process at the time of the Whyte take over. That ended in 2017 at the Supreme Court.  

 

The amounts that HMRC eventually settle on are immaterial. RFC cheated the taxman for more than a decade. They went bust in 2012. They were found liable on all counts in 2017.

[Geoff Kilpatrick]

 

Here comes the spin that they have been victimised, forgetting of course that they were bloody cheating by not declaring contractual payments, the real scandal.

[Jambotommy]

Popcorn at the ready... 

[Tommy Brown]

DR throws in it's grenade 

 

The financial implosion that hit Rangers and led to liquidation did not need to occur, it has been claimed.

The Glasgow club suffered meltdown in 2012 when a tax bill became so mammoth creditors could not be paid.

But a shocking new report has stated Armageddon could have been averted - and that Her Majesty's Revenue and Customs (HMRC) blundered in its calculations.

It has been reported by The Times the former company that ran the Ibrox club are set to have £50million wiped off its tax bill after HMRC acknowledged it had claimed too big an amount.

It centres around former Rangers owner Sir David Murray's use of EBTs, a tax avoidance scheme. The businessman later sold the club to Craig Whyte for just £1 before financial ruin was to strike.

According to the report, accountancy experts now believe the amount owed by the club stood at £20m, a figure it has been suggested was more manageable and one that would not have triggered administration.

Former Rangers chairman John McClelland, as quoted in the report, believes the nightmarish outcome would not have befallen the club had the tax bill been smaller.

He said: "At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then in my opinion, the outcome would have been different.

"I believe there would have certainly been a much higher level of interest of acquiring it and therefore more potential buyers."

[Marsh]

Only 20 million haha

[Armageddon]

1 hour ago, Tommy Brown said:

DR throws in it's grenade 

 

The financial implosion that hit Rangers and led to liquidation did not need to occur, it has been claimed.

The Glasgow club suffered meltdown in 2012 when a tax bill became so mammoth creditors could not be paid.

But a shocking new report has stated Armageddon could have been averted - and that Her Majesty's Revenue and Customs (HMRC) blundered in its calculations.

It has been reported by The Times the former company that ran the Ibrox club are set to have £50million wiped off its tax bill after HMRC acknowledged it had claimed too big an amount.

It centres around former Rangers owner Sir David Murray's use of EBTs, a tax avoidance scheme. The businessman later sold the club to Craig Whyte for just £1 before financial ruin was to strike.

According to the report, accountancy experts now believe the amount owed by the club stood at £20m, a figure it has been suggested was more manageable and one that would not have triggered administration.

Former Rangers chairman John McClelland, as quoted in the report, believes the nightmarish outcome would not have befallen the club had the tax bill been smaller.

He said: "At the time of the sale of the club in 2011, had the tax claim been at the level now being reported then in my opinion, the outcome would have been different.

"I believe there would have certainly been a much higher level of interest of acquiring it and therefore more potential buyers."

I GOT A MENTION!!

 

So........ if they were the poor victims in a miscalculation why are they needing £10M to reach the end of this season??  Hahaha total PR spin shite from a Hun.

[The Real Maroonblood]

8 hours ago, Coburg Hearts said:

[Tommy Brown]

1 minute ago, The Real Maroonblood said:

damn fenian tax officials