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Orlit Enterprises to seek winding up order against Rangers


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Me neither, I only saw the relevant stuff because someone linked it on my twitter feed. Some guy from a Celtic website claiming he met with IPO experts on a business trip who scoffed at the £22 million figure and says the only money raised was from fans, the rest is loans or something.

 

I assume FS is referring to this.

 

So to those who give this rumour the slightest bit of credibility, how is it meant to work? It's a fact that £22m was raised. It's a fact that 65m shares have been issued. Where do the loans fit in? You can't lend money and get ordinary shares in return.

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The Daily Record had them first i'm sure.

 

The Record story was a vague claim that Whyte was seeking to "mortgage" the season tickets, this allowed him to deny the story as technically they were pre-sold not mortgaged, the Record then dropped the story and picked up on it some time later.

 

The credit for unmasking it goes to Eric Clelland a Jambo, it was on his Scibd site that the Companies House documents detailing the Ticketus deal were posted.

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So to those who give this rumour the slightest bit of credibility, how is it meant to work? It's a fact that £22m was raised. It's a fact that 65m shares have been issued. Where do the loans fit in? You can't lend money and get ordinary shares in return.

 

You can loan money and get shares as security though, not sure the legal technicalities as to who they would actually "belong" to in such a scenario though.

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