buster. 4,808 Posted October 26, 2014 Share Posted October 26, 2014 (edited) edit It appears MASH Holdings loan us 2M, secured on our assets and gaining influence in the boardrooms of TRFC and RIFC, whilst Rangers Retail (under Sports Direct financial control) are not releasing greater sums of money supposedly due to us. For some reason Rangers Retail (under Sports Direct financial control) have withheld profits from Rangers (RIFC). The numbers below have appeared in the accounts. This money hasn't since been released to RIFC. 30 June 2013:............................................. ........... £946,000 31 December 2013:............................................. £1,669,000 30 June 2014:............................................................£2,720,000 Today: If pattern stays the same I'd estimate...... £3,000,000 Is Mike Ashely indirectly using our money to finance the loan he has agreed with the RIFC board ? I can't say without the current numbers but you have to ask why withhold the money in the first place if we are struggling. The two directors that represent RIFC on the Rangers Retail (RR) board are currently Wallace and Nash, so they might have lobbied for it to have been paid at the beginning of the year but it would have been, only if SD and it's directors on RRLtd both agreed. Update The figure for year end 30/06/14 is now inserted above. It shows that the total continues to accumulate and continues, at that date not to have been released. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12067610.html Background In late July 2012, a joint venture was entered into by Sports Direct and Rangers, it became known as Rangers Retail Ltd. Charles Green and Brian Stockbridge represented Rangers on the RR board of directors. SD have 49% in 'A' class shares which count double in any votes regarding financial matters. RIFC have 51%, in 'B' class shares Effectively SD control the joint venture. Links to the accounts 30/6/13...http://www.rangers.co.uk/images/staticcontent/documents/AnnualReport2013.pdf 31/12/13....http://rangers.g3dhosting.com/regula...ws_article/375 Edited October 27, 2014 by buster. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 26, 2014 Author Share Posted October 26, 2014 I'll add the terminology used in the accounts. 30/6/13 in 16. 'cash and balances' (near the end) http://www.rangers.co.uk/images/stat...Report2013.pdf "Included within cash and bank balances is £946,000 relating to Rangers Retail Limited, which is not immediately available as working capital to the group as a whole" 31/12/13 in Condensed consolidated Statement of Cash Flows (about half way down) http://rangers.g3dhosting.com/regula...ws_article/375 "Included within cash balances is £1,669,000 relating to Rangers Retail Limited, which is not immediately available as working capital to the Group as a whole." 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted October 27, 2014 Share Posted October 27, 2014 Sounds almost like a Ticketus deal... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 27, 2014 Share Posted October 27, 2014 T4C, was it not reported a while back that the results to end of June this year show £2.7m being owed to us from Rangers Retail? If that's correct, then you'd imagine it would be well over £3m now with sales of the new shirts and 2014/15 kits. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 27, 2014 Author Share Posted October 27, 2014 T4C, was it not reported a while back that the results to end of June this year show £2.7m being owed to us from Rangers Retail? If that's correct, then you'd imagine it would be well over £3m now with sales of the new shirts and 2014/15 kits. I hadn't heard of that number but it would make sense as I was being deliberately conservative with my estimate. If that is the case, what's more important is that it hadn't been released as at the end of June, this year. Zappa, can you remember where this 2.7M number was reported ? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 27, 2014 Share Posted October 27, 2014 I hadn't heard of that number but it would make sense as I was being deliberately conservative with my estimate. If that is the case, what's more important is that it hadn't been released as at the end of June, this year. Zappa, can you remember where this 2.7M number was reported ? No, I can't remember, but forlansister probably will. It was reported somewhere though and mentioned on here back in late August/early September that the end of June accounts apparently showed £4.2m in the bank and that £2.7m of it wasn't actually in the bank, but tied up/locked in Rangers Retail Ltd. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 27, 2014 Share Posted October 27, 2014 Ah, now I remember! It was in the official RNS announcement to the stock exchange regarding the recent 'Open Offer' !! The Company had an unaudited cash balance of £4.258 million at 30 June 2014. Included in this unaudited cash balance is £2.72 million relating to Rangers Retail Limited, which is not immediately available as working capital to the Group as a whole. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12067610.html 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted October 27, 2014 Share Posted October 27, 2014 That was where I saw that figure too! Cheers, Zappa. Thought that I had imagined it. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted October 27, 2014 Share Posted October 27, 2014 Sounds almost like a Ticketus deal... That's what I was thinking 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 27, 2014 Author Share Posted October 27, 2014 (edited) Ah, now I remember! It was in the official RNS announcement to the stock exchange regarding the recent 'Open Offer' !! http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12067610.html Thank's Zappa, have updated OP. Looks increasingly like they gave us a loan whilst withholding around 3M. Under what pretext could this money be withheld, considering the cashflow of Rangers ? Edited October 27, 2014 by buster. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.