LSE Clarification of previous announcements RE: Easdale & Llambias

[govan_derriere 3]

Just in.

 

Two emails attached with a brief response from Paul Shackleton.

Thanks due to FS for help rendered.

 

Email 1

 

 

Dear Sir,

 

I am a shareholder in Rangers International Football Club, Investor code 0000*******. Today in another RNS announcement, Directorate Change, under Provision and disclosure of information, I believe, there has been a further breach of AIM rule 22.

 

 

In the statement issued,

 

"Rangers announces that James Easdale has resigned from the Boards . . ."

 

and goes on to say that

 

". . . He leaves Rangers having never received any remuneration, bonus or compromise payment during his time at the Club. "

 

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12260511.html

 

 

Compare with the attached email dated 13th January, 2014, you will note that the finance director, Brian Stockbridge - at that time, is asking Yvonne Whitelock "to remove James from the payroll run" & asks "Let me know how much he has been paid to date"

 

 

Has the company used all due skill and care to ensure that information provided to the Exchange is correct, complete and not misleading?

 

If, as stated in the RNS, Mr Easdale has never received any remuneration, why is the finance director asking how much he has been paid to date?

 

In a previous case when Brian Stockbridge repaid a bonus, my understanding is that it was not possible to reclaim NI and Tax paid. Was RIFC able to reclaim tax & NI payments made by James Easdale?

 

 

The directors and Nomad involved in RIFC have a serious issue with credibility.

They appear unable to issue statements that are trustworthy.

 

Why is there a serious question mark raised over almost every action that they have taken?

 

For far too long, a complete absence of Corporate Governance appears to have become the norm. Perhaps it is time for the regulatory authorities to take decisive action.

 

Yours faithfully,

 

govan_derriere

Shareholder in RIFC

 

 

Email 2

 

Dear Sir,

 

I am a shareholder in RIFC. I pass on this email for information.

 

I emailed AIM/FCA on Thursday 19th February, 2015

RE Rangers International Football Club – Breach of AIM rule 22.

 

On Tuesday 24th, I passed my concerns regarding this matter on to Adrian Hadden & Paul Shackleton, NOMAD with WH-Ireland. I also copied AIM into my communication for information.

 

RIFC has reacted instantly to my concerns but appears to have only dealt partially with the issues raised – see part 2.

part 1 In the biographical description of CEO, Mr Derek Llambias, there is one single change to the text. The incorrectly noted year, 2007 has been changed to 2008.

 

Updated notification on RIFC website

Derek joined Newcastle Football Club in 2008 as Vice Chairman and Managing Director and in his 5 years stewardship he reformed and improved stadium facilities, expanded commercial activities giving N.U.F.C. an increase in turnover from £85 million to £123 million. He took the club which was making significant losses to one of the top 20 most profitable clubs in Europe.

 

http://www.rangersinternationalfootballclub.com/board-management/board-of-directors/item/4999-derek-llambias

 

I believe this minor change is acceptance that RIFC were in breach of AIM rule 22.

 

 

However, RIFC is in breach of AIM rule 22 on a second count.

 

On 6/2/15 RNS, Requisitioned General Meeting

 

Derek joined NUFC in 2007 and in his five year stewardship reformed and improved stadium facilities; increased turnover from £85 million to £123 million and, from making significant losses, NUFC became one of the top 20 most profitable clubs in Europe.

 

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12241662.html

 

This announcement is still in its original form.

 

Under Guidance Notes for AIM rules 2014, Provision and disclosure of information

Rule 22, I would question if RIFC has taken the advice noted below?

 

“If it comes to the subsequent attention of the AIM company that information provided does not meet this requirement, the AIM company should advise the Exchange as soon as practicable.”

 

 

part 2

This statement below is published on the RNS announcement of 6/2/15 and also on the RIFC website under “biographical information about Derek Llambias” mentioned above.

 

“Derek joined NUFC in 2007 and in his five year stewardship reformed and improved stadium facilities; increased turnover from £85 million to £123 million and, from making significant losses, NUFC became one of the top 20 most profitable clubs in Europe.”

 

Compare the claims in this statement made by RIFC with the statement below made by a group of Newcastle fans who had experience of Mr Llambias as a director of NUFC.

 

 

“Llambias took charge of NUFC from Chris Mort in 2008.

 

The financial year (2007/08) while Chris Mort was in charge produced the following revenues – 2007/08

Turnover £99.4m (Commercial £25.9m, Matchday £32.4m, TV £41.1m)

 

Derek Llambias left Newcastle United in June 2013 after five years in charge and his final NUFC financial figures were for 2012/13 – 2012/13

Turnover £95.9 (Commercial £17.1m, Matchday £27.8m TV £51.0m)

 

The operational ‘profit’ was in reality a loss of £616,000 in Llambias’ final year.”

 

http://www.themag.co.uk/2015/02/must-read-derek-llambias-rangers-bio-written-jfk/

 

 

I believe that a full examination of the claims made in the announcements by RIFC is urgently required. As a shareholder in RIFC, I do not feel that I am being dealt with fairly. I have issues of trust with the board and feel inclined not to accept their account of the effectiveness of Mr Llambias.

 

Further quote from themag

“Claiming he increased turnover by £38m when he actually decreased it by £3.5m despite £10m extra TV money. Claims he expanded the commercial activities to help give these fantasy increases in turnover, when the reality is that Commercial revenue dropped by £8.8m. As for becoming one of the top 20 most profitable clubs in Europe, Newcastle United made an operational loss and didn’t make any profit.”

 

I suggest that further due diligence is required to establish if claims made are valid.

 

Yours faithfully,

 

govan_derriere

Shareholder in RIFC

 

 

 

Response from Paul Shackleton on 26/2/15

Dear GD,

We are looking at this and we take the integrity of RNS announcements very seriously, thank you for sharing your concerns.

Paul

 

Paul Shackleton

Corporate Finance Director

Edited February 27, 2015 by govan_derriere

[Laudbertz 0]

Aye, take it very seriously when they get caught in the lie!

You really do put them against the ropes, well done.

[Bluedell 5,356]

Response from Paul Shackleton on 26/2/15

Dear GD,

We are looking at this and we take the integrity of RNS announcements very seriously, thank you for sharing your concerns.

Paul

 

Paul Shackleton

Corporate Finance Director

 

Totally laughable. Can he really say that with a straight face?

 

If they took it seriously then they would have had an answer within an hour as it's easy to find out the correct information.

[The Real PapaBear 0]

 

Response from Paul Shackleton on 26/2/15

Dear GD,

We are looking at this and we take the integrity of RNS announcements very seriously, thank you for sharing your concerns.

Paul

 

Paul Shackleton

Corporate Finance Director

 

Sterling work again sir, but if I may, in a Mock the Week stylee, here's a translation of what he really means:

 

" Dear GD

 

I don't give a toss as I will be unemployed from end of next week. See ya."

[Zappa 0]

Great work g_d !!

[Laudbertz 0]

Sterling work again sir, but if I may, in a Mock the Week stylee, here's a translation of what he really means:

 

" Dear GD

 

I don't give a toss as I will be unemployed from end of next week. See ya."

 

Scenes we'd like to see would be endless if it were a Rangers segment!