AGM Held back again? Possibly 31st December?

[North Rd 0]

THE financials to the end of June were expected to be published by the end of this month with an agm to follow within 28 days but with no date yet fixed there are concerns a delay could have a knock-on effect on fundraising plans.

 

The auditors signed off on the half-year results in March with the caveat the business remained a going concern as long as season- ticket sales remained at the levels of previous years.

 

FEARS are rising of a delay in announcing the annual results of Rangers and of possible financial consequences for the club.

 

It had been reported the club’s financials to the end of June 2014 would be published before the end of this month, with an agm to follow within 28 days.

 

However, Record Sport can reveal a date has yet to be fixed for the release of the annual results, with sources suggesting it has been delayed by the board.

 

It had been anticipated Rangers would use their agm to put forward a motion seeking support for a new, significant share issue to guarantee the long-term financial future of the club.

 

Any delay would have a knock-on effect on the timetable for fundraising, with the £3.13m brought in from the recent share issue only expected to see the club through until Christmas.

 

Insiders suggest the board are either confident of raising funds from other sources or struggling to have their financial results okayed by auditors Deloitte.

 

But a boycott by fans over the summer has seen season- ticket sales slump and left a black hole in the finances.

 

Rangers would not need to go to the market for fresh finance in the short term if they secured loans from investors such as Mike Ashley or the Malaysian group who recently visited Ibrox.

 

Their involvement would almost guarantee, at a stroke, that potential saviour Dave King would be destined to remain on the outside looking in.

 

Rangers yesterday confirmed director Sandy Easdale had increased his stake in the club

 

Asked to confirm a date for the release of their financial results a Rangers spokesman said: “No date has been fixed. We have a regulatory requirement to hold the agm by December 31 and will do so.”

[Rangersitis 0]

A nothing story from the Daily Record.

[Frankie 8,131]

I don't doubt the board will look to delay until the last possible moment but in the absence of any detail, we're all speculating...

[ian1964 10,372]

...with possible financial consequences for Ibrox club.

 

THE financials to the end of June were expected to be published by the end of this month with an agm to follow within 28 days but with no date yet fixed there are concerns a delay could have a knock-on effect on fundraising plans.

 

FEARS are rising of a delay in announcing the annual results of Rangers and of possible financial consequences for the club.

 

It had been reported the club’s financials to the end of June 2014 would be published before the end of this month, with an agm to follow within 28 days.

 

However, Record Sport can reveal a date has yet to be fixed for the release of the annual results, with sources suggesting it has been delayed by the board.

 

It had been anticipated Rangers would use their agm to put forward a motion seeking support for a new, significant share issue to guarantee the long-term financial future of the club.

 

Any delay would have a knock-on effect on the timetable for fundraising, with the £3.13m brought in from the recent share issue only expected to see the club through until Christmas.

 

Insiders suggest the board are either confident of raising funds from other sources or struggling to have their financial results okayed by auditors Deloitte.

 

The auditors signed off on the half-year results in March with the caveat the business remained a going concern as long as season- ticket sales remained at the levels of previous years.

 

But a boycott by fans over the summer has seen season- ticket sales slump and left a black hole in the finances.

 

Rangers would not need to go to the market for fresh finance in the short term if they secured loans from investors such as Mike Ashley or the Malaysian group who recently visited Ibrox.

 

Their involvement would almost guarantee, at a stroke, that potential saviour Dave King would be destined to remain on the outside looking in.

 

Rangers yesterday confirmed director Sandy Easdale had increased his stake in the club

 

Asked to confirm a date for the release of their financial results a Rangers spokesman said: “No date has been fixed. We have a regulatory requirement to hold the agm by December 31 and will do so.”

 

http://www.dailyrecord.co.uk/sport/football/football-news/fears-rise-over-delay-rangers-4320118

[buster. 4,808]

Seem to recall the QC representing RIFC (v I.Ahmad) say that the AGM would be held by the end of September (or was it October):

 

Found it...............

 

AGM to discuss new share issue likely to be ”September or October this year” says Rangers QC Alan Summers

 

 

They have no shame.

[Frankie 8,131]

At the end of the day if shareholders are worried about such matters, then they should call an EGM.

[Stimpy 0]

Rumoured that the AGM would be announced ASAP so the board gets approval for the share issue. DR either speculating or trying to force the board's hand.

[Rangersitis 0]

Rumoured that the AGM would be announced ASAP so the board gets approval for the share issue. DR either speculating or trying to force the board's hand.

 

There is the small matter of getting a set of accounts that don't send everyone into meltdown. Probably not a simple task.

[Stimpy 0]

There is the small matter of getting a set of accounts that don't send everyone into meltdown. Probably not a simple task.

 

The accounts will be ready by now. We all expect a horror story so it's best getting them out and arranging the AGM pronto so the share issue can be completed before the year's out.

 

Wonder if Ashely's £43m purchase of shares in Tesco's will keep him away. The City doesn't appear to be over enthused:

 

Mike Ashley has taken a £43 million punt that shares in Tesco will rise as uncertainty rages around the extent of the supermarket chain’s accounting problems.

The owner of Sports Direct, who this year bet on Debenhams share price, has agreed a put option with Goldman Sachs on 23 million shares, 0.28 per cent of Tesco.

 

Mr Ashley said that the investment, which exposes Sports Direct by up to £43 million, said the investment “reflects Sports Direct’s growing relationship with Tesco and belief in Tesco’s long-term future”.

 

Tesco’s shares, which have lost about half their value in the past 12 months, have been battered this week by the retailer’s admission that it overstated profit forecasts by an estimated £250 million.

 

An investigation into the accounting errors by external lawyers and accountants will not conclude until next month, while the Financial Conduct Authority, Serious Fraud Office and Financial Reporting Council are all keeping an eye on events.

 

The scandal has called into question the position of Sir Richard Broadbent, the chairman, who has overseen a string of profit warnings. He has refused to resign. Four executives, including the UK managing director, have so far been suspended.

 

Politicians have now taken an interest, with the chairman of the Business Select Committee telling the BBC this morning that Tesco bosses could be called before MPs.

Adrian Bailey called the accounting problem a “stratospheric error”, adding: “[it’s] unbelievable they could get themselves into such a mess.”

 

“We may well as a committee want to look at this. Not just at Tesco but at what is going on in the retail industry and in the relationship with the suppliers to see if the issues we came across two years ago are still there,” he told Wake Up to Money.

 

As uncertainty swirled around Tesco for a fourth consecutive day, the shares fell lower this morning before recovering some ground as investors made sense of Mr Ashley’s latest move.

 

Sports Direct has been building a relationship with Tesco in recent months, taking space in Tesco’s big stores.

 

It is the second time this year that Mr Ashley has risked upsetting the City by using Sports Direct, the retailer he controls, to take stakes in rival retailers. In January, he struck a deal that could see him own 7 per cent of Debenhams if the struggling retailer’s shares fall below a certain point. Debenhams shares have fallen 27.8 per cent since Mr Ashley announced his interest in Debenhams.

 

Tesco’s shares are currently down 0.5 per cent at 195.9p, while Sports Direct is down 0.25 per cent at 658.38p.

[buster. 4,808]

There is the small matter of getting a set of accounts that don't send everyone into meltdown. Probably not a simple task.

 

They got away with a 70.7M burn* and an unsecured 2.5M loan facility (that dissappeared a la ) so as to persuade Deloittes to sign off the going concern last year by leaving it to last minute, crisis PR mgmt, bringing in worthless bit's of paper called CV's, blaming the 'Old board' and saying "trust us, we'll bring transparancy, good corporate governance, investment,... honest we will...".

 

I'd expect them to achieve a similar result this time....but how ?

 

I'm no accountant but I'd have thought providing sufficient 'comfort' for Deloittes to sign off RIFC as a going concern and what that entailed will be very interesting.

 

As will Deloittes reaction to the involvement of Rizvi in the meeting of (fraudulant) minds.

As will the total fees paid to Deloittes compared to the previous year.

 

 

* I noticed a poster JCD.... being discussed on another thread.

I recall him telling us that the 70M was nothing to worry about and that it was all 'properly' accounted for. This was before the discovery of so many onerous contracts and the like.

ie. He's consistant in various directions.