Meeting Charlie in Melbourne this Friday...

[GovanAllan 0]

Were you as blase about Murray's asset stripping ? Edmiston House for example... owned by the club, pawned off to Murray and the club/Green's investors had to repurchase it... were you quite as happy about that.

 

I am completely at a loss when our own fans dont at least consider that this could have disastrous consequences to us IF proven to be true.

 

Whilst some ask valid questions - and, in fact, even state that they dont think what has presented is likely (as much in hope as expectation probably) - there are others, like yourself, who merely find it amusing and without any ounce of care that this could possibly have happened.

 

Your pro-Green stance is blinding you to the possibilities that MAY have happened, and therefore blinding you to whether Green may be taking us for a ride.

 

Most will hope not, but regardless, the questions still need to be asked. We would be failing in our duty to not ask, and expect, an answer to such questions.

 

HAVE WE STILL NOT LEARNED FROM THE WHYTE DEBACLE ??? All is rosy, nothing to see here, sweep sweep

 

I've no problem with someone coming on here with actual proof that something is wrong, but we have went too far the other way because of Whyte if the least wee thing doesn't look right or Green doesn't word a sentence to perfection, the sirens go off and its the end of the world.

 

The problem with that is if you cry wolf for the least wee thing when the times come that the wolf is at the door nobody believes you.

[forlanssister 3,061]

From page 4 of the prospectus.

 

The Clubâ??s primary asset is Ibrox Stadium, situated 2.5 miles south-west of Glasgow city centre and has been home to the Club since 1899. The all-seated 50,987 capacity stadium is owned by RFCL and houses a retail outlet, restaurants, function rooms and executive suites. On matchdays, the Club can accommodate and entertain up to 1,500 corporate clients and provides a variety of hospitality packages.

 

From page 26

 

Ibrox stadium is situated 2.5 miles south-west of Glasgow city centre and has been home to the Club since 1899. The all-seated 50,987 capacity stadium is owned by RFCL and houses a retail outlet, restaurants,function rooms and executive suites. On matchdays, the Club can accommodate and entertain up to 1,500 corporate clients and provides a variety of hospitality packages.

 

From page 68

 

RFCL owns the Ibrox Stadium and training facilities which were re-valued on 31 August 2012 and published in a report dated 10 October 2012 and are held in the historical financial information at £40.5 million

 

From page 73

 

Property Matters

The property valuation report from DM Hall dated 10 October 2012 includes a valuation of the RFCL Groupâ??s properties under a depreciated replacement cost method at 31 August 2012 as follows:

 

â?¢ Ibrox Stadium â?? £65.2 million; and

 

â?¢ Murray Park â?? £14 million.

 

This represents a combined value of £79.2 million.

 

The Groupâ??s Historical Financial Information in Part IX of this document, includes the Properties at an existing use valuation of £40.5 million at 31 August 2012. At each balance sheet date, RFCL reviews the carrying amounts of its non-current assets to determine whether there is any indication that those assets have suffered an impairment loss by reference to their carrying values (including their revalued amounts). As at 31 August 2012, prior to increasing the value of RFCLâ??s properties based on the valuation report, the Directors completed an impairment review by reference to discounted cash flows to ascertain the value at which the property and other non- current assets could be supported.

 

This exercise supported a carrying value of RFCLâ??s non-current assets of £63.5m. Accordingly, RFCLâ??s property, which has been revalued under an existing use basis, has been included within the Historical Financial Information at £40.5 million with other non-current assets being included at their fair value of £20 million. The Directors will re-visit this exercise at each subsequent balance sheet date to consider whether the value in use calculation can support a higher value of RFCLâ??s properties.

 

Nowhere in the prospectus does it say that any assets currently held by RFCL would be separated from RFCL in fact it intimates the opposite.

 

It may well be as Bluedell and myself allude a case Green "mis-speaking" and there is no cause for concern however if that's not the case why would RIFC take ownership of Ibrox and Murray Park direct when they already hold 100% of RFCL?

Edited February 8, 2013 by forlanssister

[UCF2008 0]

From page3...

 

On 19 November 2012, the Company was incorporated with the intention of

acquiring RFCL upon Admission in order to allow an investment in the

Company to qualify for VCT and EIS tax relief. The Company has not carried

out any trading activities since its incorporation.

 

RFCL acquired the assets and business of the Club on 14 June 2012 from

RFC 2012 plc and now operates the Club and other ancillary businesses.

Immediately prior to Admission, the Company will acquire RFCL pursuant

to the Share Exchange Agreement, which is conditional on the Placing

Agreement becoming unconditional in all respects, save for Admission, and

will be the holding company of the Rangers Group.

 

What I don't understand is how the same posters who complained about only being able to buy shares in the holding comany and not the club are now complaining that the holding company owns Ibrox.

 

The way I see it the holding company owns RFCL and all assets. In other words it owns the club.

 

Of course there's the possibility that such a setup could facilitate asset stripping ....or it could just do what it says in the prospectus.

[the gunslinger 3,366]

I get feck all for mine.

 

 

you need a better agent.

[kuznetsov 0]

i thought i saw a quote in a 4-4-2 article from an aussie official who said they had no interest in any link up with a scottish 3rd division club.

[UCF2008 0]

i thought i saw a quote in a 4-4-2 article from an aussie official who said they had no interest in any link up with a scottish 3rd division club.

 

I think it was in response to Green saying 'I am going to meet the directors of Central Coast Mariners on the back of conversations we have had ...one of the things we are looking at is putting an academy together with Mariners and its something we have exchanged emails on and something we would like to take forward'

 

link to article in question

 

The rubbishing of Greens claims does appear to come from an unnamed club spokesperson talking to Scotzine so make of that what you will .

[UCF2008 0]

It may well be as Bluedell and myself allude a case Green "mis-speaking" and there is no cause for concern however if that's not the case why would RIFC take ownership of Ibrox and Murray Park direct when they already hold 100% of RFCL?

 

Something to do with the naming rights perhaps?

[kuznetsov 0]

I think it was in response to Green saying 'I am going to meet the directors of Central Coast Mariners on the back of conversations we have had ...one of the things we are looking at is putting an academy together with Mariners and its something we have exchanged emails on and something we would like to take forward'

 

link to article in question

 

The rubbishing of Greens claims does appear to come from an unnamed club spokesperson talking to Scotzine so make of that what you will .

 

it was very disrespectful so it may not even have been genuine. knowing andy muirhead and how he works he may well have made this up.

[Stimpy 0]

From page3...

 

 

 

What I don't understand is how the same posters who complained about only being able to buy shares in the holding comany and not the club are now complaining that the holding company owns Ibrox.

 

The way I see it the holding company owns RFCL and all assets. In other words it owns the club.

 

Of course there's the possibility that such a setup could facilitate asset stripping ....or it could just do what it says in the prospectus.

 

I'm told the club has no trading position and that everything is done through RIFC. Not great for the layman in me:)

[forlanssister 3,061]

I'm told the club has no trading position and that everything is done through RIFC. Not great for the layman in me:)

 

Managed to trade perfectly well till the 19th December !