Official site: Intention To Float On AIM

[plgsarmy 111]

Did he say who they worked for, or was one of the points that he asked not to be made public?

 

Nobody asked him but I doubt he would name names anyway.

[amms 0]

So we were 'worth' £5.5 million in June but close to £20 million now, just goes to show you.

 

This just doesn't make any sense to me. When we looked like we might close for good we couldn't raise that kind of money, why does anyone think we'll be able to now that we're 'safe'? Green clearly has a plan however I find his timing very strange. He must know something we don't.

[forlanssister 3,050]

So we were 'worth' £5.5 million in June but close to £20 million now, just goes to show you.

 

This just doesn't make any sense to me. When we looked like we might close for good we couldn't raise that kind of money, why does anyone think we'll be able to now that we're 'safe'? Green clearly has a plan however I find his timing very strange. He must know something we don't.

 

Factor in the prize money and fees they expected to get then we wouldn't have cost them so much as a penny.

[the gunslinger 3,366]

So we were 'worth' £5.5 million in June but close to £20 million now, just goes to show you.

 

This just doesn't make any sense to me. When we looked like we might close for good we couldn't raise that kind of money, why does anyone think we'll be able to now that we're 'safe'? Green clearly has a plan however I find his timing very strange. He must know something we don't.

 

the Pritchett article answers that. if we had got a cva the new owners would have had to pump in millions to keep us going short term. no one had the cash to pay 20 million and to keep us afloat after.

[plgsarmy 111]

So we were 'worth' £5.5 million in June but close to £20 million now, just goes to show you.

 

This just doesn't make any sense to me. When we looked like we might close for good we couldn't raise that kind of money, why does anyone think we'll be able to now that we're 'safe'? Green clearly has a plan however I find his timing very strange. He must know something we don't.

 

Is the £20M not just for 50%?

[forlanssister 3,050]

Ship of Theseus seeks flotation:

 

Those who argue for a further relaxation of the LSEâ??s listing rules may want to note the following announcement:

 

Rangers, the Scottish football club, today announces its intention to seek Admission to the AIM market of the London Stock Exchange.

 

Rangers intends to raise up to £20 million through an institutional investor placing and limited public offering. The funds raised will be used for strengthening the player squad, improving and developing the Clubâ??s properties and facilities, as well as providing additional working capital. It is anticipated that Admission will become effective before the end of the year.

 

For those with only a passing interest in footballâ??s backwaters, hereâ??s a summary. The Rangers Football Club PLC awaits liquidation having failed to pay a tax bill just shy of £95m. Its assets were bought by an investment consortium fronted by Charles Green, who moved them to a holding company formed for the purpose in May 2012. He paid £5.5m.

 

Now, five months later, Mr Greenâ??s consortium is seeking to raise up to £20m for an unspecified stake of these assets. Taking as an imperfect benchmark the £33.4m market cap of Glasgow neighbours Celtic, that target would suggest floating about 50-60 per cent of the equity. (Such a valuation would certainly line up with some tinfoil-hatted reports that Mr Greenâ??s investor cabal had taken 22.69m shares and planned to issue the same again at the IPO).

 

So what has changed since May for £5.5m of assets to become a business worth circa £33m? There is a little more certainty now about Rangersâ?? competitive position (third in Scottish footballâ??s fourth-tier league) and a little more clarity on the obstacles faced (which include but are not limited to a judicial inquiry, a player transfer ban and a criminal investigation into its previous owner).

 

Also worth noting, from an investor perspective, is the fact that Rangers Football Club Ltd has no corporate history whatsoever. The club may have been founded in 1872 but the company it has hermit-crabbed into has only existed since May and has never published a single page of accounts.

 

On Aim, thatâ??s fine. Thereâ??s no requirement for companies to demonstrate a trading record, with the burden falling on the Nomad to weed out all potential cash transfers from the gullible to the cynical. As LSEâ??s briefing document puts it:

 

[A] Nomad would expect that a strong AIM candidate (other than a pre-revenue business or perhaps a natural resources business) has the following characteristics:

 

* a record of sustained growth over at least three years

* forecasts that show sales continuing to grow

* a record that compares favourably with its peer group.

 

It looks tricky to class Rangers Football Club Ltd as a â??pre revenue business.â? Nor can it be easily classed as showing growth over recent years, given it either did not exist or was put into liquidation. Mr Greenâ??s stated justification for the float â?? â??strengthening the player squad, improving and developing the Clubâ??s properties and facilities, as well as providing additional working capitalâ? â?? is also open to question: Rangers cannot sign a player until January 2014 and its 51,000-seater stadium looks adequate in a league where the average attendance last year was 475.

 

Some suspicious types may assume that the £5.5m Mr Greenâ??s consortium paid to buy Rangers was actually a loan that the cash call will help pay down. But, with Mr Green today referring to the company as â??debt-free,â? such suspicions are surely misplaced.

 

Over to you, official Nomad Cenkos Securities. We await the IPO prospectus with interest.

 

 

 

 

http://ftalphaville.ft.com/2012/10/11/1204671/ship-of-theseus-seeks-flotation/

[forlanssister 3,050]

Rangers plans return with £20m Aim float

 

 

By Michael Kavanagh

 

Fans of Rangers, the Glasgow football club banished from the Scottish Premier League to the countryâ??s fourth tier after going into liquidation in June, are being offered the chance of invest in the club as part of a £20m flotation on Aim.

 

Charles Green, chief executive of Rangers, said the refinancing of the club would allow both institutional and retail investors to fund the clubâ??s attempts to quickly regain their status in Scotlandâ??s top flight.

 

Mr Green, whose company Sevco bought Rangersâ?? assets out of liquidation for £5.5m and then unsuccessfully applied to have the club remain in Scotlandâ??s Premier League, said on Thursday: â??From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. I am delighted that our plans are coming to fruition.â?

 

He added: â??Rangers is debt-free and a huge club with enormous support and a 140-year record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.â?

 

Rangersâ?? troubles stem from a building up of debts of £135m and claims for significant tax liabilities by HMRC that forced it to enter administration in February and immediately suffer a 10-point deduction, effectively handing the Premier League title to Celtic.

 

In July, Mr Green accused Rangersâ?? former owners of bringing â??shameâ? on the club and said management would focus on rebuilding on â??a solid financial foundationâ?.

 

Malcolm Murray, a pension fund manager and chairman of Rangersâ?? newly-formed holding company who in the 1990s controlled a quarter stake in Manchester United, said Mr Green had â??done a great job to bring the club back from the brink of extinctionâ?. He added: â??The fansâ?? loyalty has been instrumental in getting the club on its feet and the IPO gives them the chance to have a say on club matters.â?

 

Fans and institutions have been invited to register their interest in purchasing shares via the clubâ??s website or on a special telephone helpline.

 

Many fans of arch rivals Celtic and other leading Scottish football clubs have expressed their delight at Rangersâ?? exclusion from the Scottish top flight. But some have argued that the exclusion of the Old Firm club from the Premier League for a minimum of three years has threatened essential revenues from the sale of TV rights in a league traditionally dominated by support for Rangers and Celtic.

 

http://www.ft.com/cms/s/0/2761f4b6-136b-11e2-9cc7-00144feabdc0.html#axzz28zslIVih

 

[bigy 0]

Green (off the record) has said he will be challenging the transfer embargo because it was signed under duress (ie he was blackmailed), but he needs to wait till the right time to challenge it. He's also said he's looking for investment to do up the surrounding area.

[simplythebest 0]

As I've said before any prospectus should make for interesting but any fan investing reading would be doing so through emotion not logic. It remains to be seen whether the long term interests of Green & Co are mutually compatible with those of RFC nothing I've seen so far has convinced me they are.

If the club gets back to the top with a sustainable financial model everybody wins.

[forlanssister 3,050]

If the club gets back to the top with a sustainable financial model everybody wins.

 

Aye if my Granny hid baws and all that.