Rangers Football Club 0 Posted May 6, 2011 Share Posted May 6, 2011 Statement by the Independent Board of Rangers Football Club plc More... 0 Quote Link to post Share on other sites More sharing options...
Guest stfu Posted May 6, 2011 Share Posted May 6, 2011 Further to today's statement from Wavetower Limited ("the acquirer"), the Independent Board Committee of The Rangers Football Club plc ("the Club"), comprising Alastair Johnston, Martin Bain, John Greig, John McClelland and Donald McIntyre, (''IBC'') would like to make the following statement: In recent weeks the IBC has been engaged with the acquirer and has secured an enhanced financial commitment from Wavetower for future investment into the Club. The decision on the sale and purchase of the majority shareholding in the Club firmly and ultimately rests between Murray MHL Limited ("MHL") and Lloyds Banking Group ("LBG"). Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case. Wavetower is purchasing MHL's 85% shareholding in the Club for �£1 and the Club's indebtedness with LBG is to be assigned to Wavetower. This share transaction would ordinarily trigger a requirement on Wavetower under Rule 9 of The Takeover Code for a mandatory offer to be made to the other shareholders. Given this transaction structure and following discussions with the Takeover Panel, the IBC considers there to be no purpose in the acquirer making such an offer to acquire all other shareholdings at effectively nil value per share. Accordingly the IBC has agreed that the offer period for the Club will now end. In agreeing that no offer should be made to all shareholders the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the Club. The IBC is committed to ensure that the transaction and future investment and funding proposals should be transparent to all teh shareholders and supporters of the Club. Still not happy it seems. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,145 Posted May 6, 2011 Share Posted May 6, 2011 I just can't believe that Whyte et al won't have planned for a worst case scenario. Tax tribunal ended today IIRC so we should know more within 6 weeks. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 6, 2011 Share Posted May 6, 2011 Unfortunately all we can do is read between the lines of this statement for the moment. It sounds pretty bleak in terms of the IBC's view of the takeover and notably 'any liability arising from the outstanding HMRC case', which is a worry. It basically says in no uncertain terms that the board are seriously concerned about the HMRC case and how it will be dealt with should we lose. To me, the whole thing now stinks of David Murray wanting rid of the HMRC liability because there's ZERO chance of him taking care of that liability after selling his shares for �£1. That would mean the media reports that SDM had agreed to take on the liability were trash and also casts serious doubt over their other reports, such as the Whyte deal leaving the club 'debt free'. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted May 6, 2011 Share Posted May 6, 2011 I just can't believe that Whyte et al won't have planned for a worst case scenario. I think that we both know that he has. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 6, 2011 Share Posted May 6, 2011 I just can't believe that Whyte et al won't have planned for a worst case scenario.. Whyte could always sell something valuable and lease it back... 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted May 6, 2011 Share Posted May 6, 2011 To me, the whole thing now stinks of David Murray wanting rid of the HMRC liability because there's ZERO chance of him taking care of that liability after selling his shares for �£1. That would mean the media reports that SDM had agreed to take on the liability were trash and also casts serious doubt over their other reports, such as the Whyte deal leaving the club 'debt free'. There was never any suggestion that SDM had agreed to take on the tax case liability, other than AJ's misleading statement that MIH were "dealing" with it. It looks as if it has also been confirmed that the club will not be debt free. We now owe Wavetower, and goodness knows who they owe. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,145 Posted May 6, 2011 Share Posted May 6, 2011 I think that we both know that he has. Probably but would his strategy have been any different from that of the existing board? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,145 Posted May 6, 2011 Share Posted May 6, 2011 There was never any suggestion that SDM had agreed to take on the tax case liability, other than AJ's misleading statement that MIH were "dealing" with it. It looks as if it has also been confirmed that the club will not be debt free. We now owe Wavetower, and goodness knows who they owe. It appears Phil Betts may be the key to this. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted May 6, 2011 Share Posted May 6, 2011 Wavetower are under an obligation to waive this debt in the foreseeable future whatever that means. 0 Quote Link to post Share on other sites More sharing options...
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