[Article] A brief sceptical review of the prospectus

[der Berliner 3,245]

C&P ... from Calgacus posts ...

 

from the Land Register of Scotland

 

Search Summary

Date: 11/12/2012 Time: 09:43:56

Search No.: 2012-03642436 User Reference: robert query

B. PROPRIETORSHIP SECTION

 

Title Number:

GLA210958

Entry Number

Date of Registration

Proprietor

Consideration

Date of Entry

1 15/06/2012 SEVCO SCOTLAND LIMITED incorporated under the Companies Acts, (Company Number 425159), and having its Registered Office at Capella, 60 York Street, Glasgow, G2 8JX. Implementation of Agreement 14/06/2012

Notes:

1. The above Company is now known as THE RANGERS FOOTBALL CLUB LIMITED

 

A. PROPERTY SECTION

 

Title Number:

GLA210958

Date of First Registration:

20/08/1987

Date Title Sheet updated to:

25/10/2012

Date Land Certificate updated to:

25/10/2012

Hectarage Code:

7.9

Interest:

PROPRIETOR

Map Reference:

NS5564NE

Description:

Subjects IBROX STADIUM, EDMISTON DRIVE, GLASGOW G51 2XD edged red on the Title Plan being 7.9 hectares in measurement on the Ordnance Map excepting from the said subjects (First) the whole public roadbridge structures at Broomloan Road and Edmiston Drive, so far as the said bridges lie within the said subjects which bridges shall remain the property of the British Railways Board subject to the servitudes and others contained in the Disposition in Entry 16 of the Burdens Section and (Second) the bridge structure at Copland Road and Mafeking Street so far as the said bridge lies within the said subjects but declaring that the proprietors of the subjects in this Title shall be entitled to use the surface of that portion of the said bridge hatched red on the Title Plan.

[forlanssister 3,050]

Haha, it wasnt just Bomber that didnt get to see the deeds. According to the prospectus, neither did the company charged with valuing the assets. Brought a much needed piece of comedy relief to the prospectus.

 

Tenure/Title Deeds and Leases

We have not had the opportunity of inspecting the Title Deeds of the subjects under valuation and, for the

purposes of our valuation, we have assumed that the subjects are held under Title which is the equivalent

of Heritable Ownership (formerly Feudal) unless otherwise stated as being subject to a Lease. We have

further assumed that the properties are free from encumbrances, restrictions or outgoings of an onerous

nature which would have a material impact on the value.

 

 

Lot of assumptions there.

 

Valuations are usually an exercise in arse covering and this one is no exception, it's quite a strange document to put it mildly.

 

While the actual deeds may not be needed to form the valuation having sight of them is hardly a hindrance.

 

For some bizarre reason they use a plan dated in 1988 to assist them in their valuation, in 1988 Edmiston House and some land around it formed part of the Rangers estate at Ibrox but that was hived off and although plans are in motion to bring it back it's not a done deal and ergo should not have been included in the October 2012 valuation.

 

It's a wee bit like the bankruptcy case relating to Graham Duffy where he tries to get a valuation placed upon a house and swimming pool even though the swimming pool doesn't actually exist.

[simplythebest 0]

Your article seems to be earning praise from Celtic forums FS, something I doubt you'll be that honoured by.

[forlanssister 3,050]

Your article seems to be earning praise from Celtic forums FS, something I doubt you'll be that honoured by.

 

I'll have to take your word for that as I haven't looked (yet anyway), but if it's gaining hits for GersNet then so be it!

[Zappa 0]

Forlan, couple of points regarding 'Imran â??makes Wonga blushâ? Ahmed' (as you put it) -

 

Firstly, regarding his loan and the outstanding £22,000 which was converted into an alarmingly large number of shares: The gift of such a large number of shares would surely have been his reward for helping Green & Co broker the takeover deal, found the new company and bring in other investors? All I'm suggesting is that it's not quite as simple as 22 grand equals 2.2 million shares in his particular case as if it was a slight of hand or rip-off.

 

Secondly, I was under the impression that he was indeed initially on the Board of Directors and I'm sure he was listed as such, but that was then amended. The official site listed him as being a director on the board up until quite recently when new directors were appointed. Was it up until Walter and Hart were brought onboard?

[Zappa 0]

To add to my first point about Imran forlan, it's maybe worth remembering a certain Mr. Ellis was promised 25% shareholding in the club and for what?

[simplythebest 0]

Imran started as a non-exec director then became commercial director not long before Smith etc came on board.

[calscot 0]

Forlan, couple of points regarding 'Imran “makes Wonga blush” Ahmed' (as you put it) -

 

Firstly, regarding his loan and the outstanding £22,000 which was converted into an alarmingly large number of shares: The gift of such a large number of shares would surely have been his reward for helping Green & Co broker the takeover deal, found the new company and bring in other investors? All I'm suggesting is that it's not quite as simple as 22 grand equals 2.2 million shares in his particular case as if it was a slight of hand or rip-off.

 

Secondly, I was under the impression that he was indeed initially on the Board of Directors and I'm sure he was listed as such, but that was then amended. The official site listed him as being a director on the board up until quite recently when new directors were appointed. Was it up until Walter and Hart were brought onboard?

 

I think the point is that his loan was hardly THAT much help. If any of us had been offered those terms I'm sure those with equity over 200 grand would have sold their house to lend the money.

[ComeOffit 0]

Not forgetting the 25% arrangement fee(£50k) that he kindly gave himself, or his undisclosed bonus that he will be getting this year for his commercial activities, to be decided by Charlie and Murray. I doubt we were desperate for his £200k, and if we were, why? Twenty new investors, and we need to tap Ahmad for a couple of hundred thousand.

[Zappa 0]

I think the point is that his loan was hardly THAT much help. If any of us had been offered those terms I'm sure those with equity over 200 grand would have sold their house to lend the money.

 

Yes, but my own point is that perhaps the gift of 2.2 million shares wasn't really about the loan at all. I think it's just been set up and attached to the loan in that way because they feel they can't say why he did get so many shares because it wouldn't wash. Doesn't look particularly good either way though unless we accept that such a significant shareholding is fair payment for him helping Green & Co broker the takeover and do all the other things his job has entailed for the past few months. As forlan pointed out though, he's already getting paid a handsome salary for doing his job, so the share gift does seem very excessive under scrutiny.