Stock Exchange Statement RE: Sevco 5088

[Frankie 8,157]

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11560222

 

In light of the recent media speculation in relation to alleged claims which are purported to have been made by Craig Whyte, Aidan Earley, Law Financial Limited or Worthington Group plc in relation to the ownership or control of Sevco 5088 Limited ("Sevco 5088"), Rangers confirms that no legal claim has been received by Charles Green, Imran Ahmad or the Group. As none of the allegations that have been made in the press have been substantiated by evidence of any legally enforceable rights and as details of any claim, whilst threatened, have not been received, the company regards any such press commentary and speculation to be highly spurious. The Group has been and continues to receive legal advice to protect the business, assets and reputation of the company and its directors from such spurious claims.

 

In view of recent media speculation, the company wishes to clarify that Sevco 5088 is not an active subsidiary of the Rangers International Football Club plc. It is and has been a defunct non trading company over which termination proceedings began last year and which would have been struck off by the Registrar of Companies had false claims of directorships not been filed recently at Companies House. Sevco 5088 was listed in the company's announcement dated 22 April 2013 to comply with the AIM Rules for Companies requiring disclosure of directorships held by the directors of the company both currently and during the preceding 5 years. Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers Football Club.

[der Berliner 3,263]

Will that banish the ghosts though?

[Frankie 8,157]

Will that banish the ghosts though?

 

Certainly seems clear enough but as long as we have a battle for control we'll have negative rumours.

[Guest alfiebass]

Certainly seems clear enough but as long as we have a battle for control we'll have negative rumours.

 

More to the point that as long as the press want it we'll have negative rumours.

[barca72 440]

Will that banish the ghosts though?

 

Yes. With Rangers stating quite forcefully, definitively and non-speculatively that - " Sevco 5088 is not an active subsidiary of the Rangers International Football Club plc. " and - " Sevco 5088 was not the acquisition vehicle which purchased the assets of Rangers Football Club. " and also, with Charles Green voluntarily resigning from his position as CEO, there is no longer any link between Sevco 5088 and RIFC. If that strange little man , Whyte, wishes to raise any legal action it can only concern Charles Green the individual. The keys to Inbrox and Auchenhowie are safe. Maybe someone should change the locks just to be sure.

[the gunslinger 3,366]

Worthington Group Plc

 

24th April 2013

 

FOR IMMEDIATE RELEASE

 

Worthington Group Plc (the "Company") - Conditional Fee Agreement

 

 

 

Conditional Fee Agreement

 

 

 

The Company is pleased to announce that Law Financial Ltd ("Law Financial"), its 26% owned associate, has now entered into a Conditional Fee Agreement in relation to claims that Law Financial, through its subsidiary Sevco 5088 Ltd and separately, has to all of the business and assets of The Rangers Football Club ("Rangers") which were purchased from the Administrators of RFC 2012 Plc by Sevco 5088 Limited, or Sevco Scotland Ltd, in June of 2012.

 

 

 

The principle terms of the Conditional Fee Agreement are as follows:

 

 

 

Solicitors and Leading Counsel acting for Law Financial will share 7.5% of the recently issued and to be issued unsecured convertible loan stock and up to 18.5% of any successful claim in relation to the business and assets of Rangers.

 

 

 

The Company notes the announcement made on 22 April 2013 by Rangers International Football Club Plc ("RIFC") in which, contrary to other recent public announcements and statements by Mr Green and RIFC, RIFC now, five months after the publication of the Admission Document published for its flotation, claim to own Sevco 5088 Ltd.

 

 

 

We also note today's announcement by RIFC, and would like to confirm that solicitors, acting for the Company and Law Financial, are in a position to provide compelling evidence that Messrs Green and Ahmad received a letter before claim in December 2012, having received previous correspondence, and chose to ignore it.

 

 

 

In the light of recent public admissions by Mr Green, including his admission that he and Mr Ahmad deceived Mr Whyte, a fresh letter before claim is being prepared against, inter alios, The Rangers Football Club Ltd and Messrs Green and Ahmad. This letter will include additional or alternative causes of action to those already particularised in the December 2012 letter.

 

 

 

The shares in RIFC purportedly owned by Messrs Green and Ahmad will also be the subject of this claim.

 

 

 

During the course of the Company's due diligence process, relating to its purchase of a stake in Law Financial, information has been discovered relating to the conduct of Mr Charles Green and Mr Imran Ahmad, this has today been reported to the Serious Fraud Office.

 

Enquiries:

 

Douglas Ware, CEO Worthington Group Plc: dougware@worthingtongroupplc.co.uk

[the gunslinger 3,366]

whytes response.

 

we better hope green and Ahmed haven't ducked this up. deliberately or otherwise.

[craig 5,199]

And the circus rolls on.

 

Until this is all unravelled I suspect very few suitors will be interested in becoming embroiled in such a mess.

[the gunslinger 3,366]

Dave king says it doesn't concern him but I suspect you are right Craig.

[Zappa 0]

And the circus rolls on.

 

Until this is all unravelled I suspect very few suitors will be interested in becoming embroiled in such a mess.

 

Exactly Craig. Nobody in their right mind would part with millions to buy up a large shareholding until this Sevco 5088 mess is sorted out once and for all.