der Berliner 3,267 Posted January 7, 2017 Share Posted January 7, 2017 While it most likely has no impact on us ... I just C&P some info coming in from FF THE South African investment firm founded and run by Rangers chairman Dave King has struck a deal to sell off most of its financial services wing to a broker to Wall Street's biggest banks, it has emerged.GFI Group, the New York-based brokerage firm founded by British-born multi-millionaire banker Michael Gooch, has confirmed the deal to capture Micromega Securities - an electronic interdealer broker in the wholesale and retail financial markets. The move would see the parent company Micromega Holdings, of which Mr King is executive chairman, retain remaining interests, including the provision of occupation health, safety and environmental risk management services. It will also retain its IT solutions wing which supplies smart water meters and electronic water-control devices. While the value of the deal is undisclosed, analysts estimate the deal will run in to millions. It comes as Mr King's Rangers saw its latest annual losses cut by more than half from £7.7 million in the year to June 30, 2015 to £3.3 million. "We recognize the opportunity to increase GFI's footprint in the South African and the wider African marketplace by formally bringing Micromega Securities and its talented team into GFI," said Colin Heffron, CEO of GFI Group. GFI and Johannesburg-based Micromega Securities have been involved in a joint partnership in electronic trading for the past three years. British-born Mr. Gooch, who learned the interdealer brokerage business in London, launched GFI in 1987 with two partners and just $300,000. In 2013, he stepped down as CEO while remaining executive chairman. The development has come after Micromega Holdings posted unaudited half yearly profits of £6.25m up from £4.6m in 2015. Micromega Securities operates interdealer brokerage services in fixed income, rates and foreign exchange products through three subsdiaries that make up the vast bulk of the parent company's financial services division. The board said that while the financial services businesses were a "relatively small contributor" to group profits, they performed exceptionally well with a growth in profitability of a little over 100 percent. Directors said this was mainly as a result of the financial market volatility caused by international concerns around the global economy, Brexit and the USA elections. The financial services division made an annual profit of around £480,000 according to its last audited accounts for the year to March, 2016. Mr. Gooch who learned the interdealer brokerage business in London, launched GFI in 1987 with two partners and just $300,000. In 2013, he stepped down as CEO while remaining executive chairman. Micromega has not commented on the deal. At times you do wonder how much money King actually has on his disposal. That all said, you do wonder too how much money the Three Bears can provide to the long in the short / long term. 0 Quote Link to post Share on other sites More sharing options...
SteveC 150 Posted January 7, 2017 Share Posted January 7, 2017 (edited) However much it is you can guarantee it won't be enough for our fans. not just because we are a demanding lot but because the world of football has gone crazy. Plus, money doesn't guarantee instant success in football. Much is wasted on players that don't settle in either to the team, the country or the style of play or who get injured and are never the same thereafter. £100 million pumped in right now wouldn't guarantee us overtaking the tims - nor would it make up for what we have lost and they have gained through the illegal attacks on us from out with and within the game since 2012. We can be thankful they didn't get to Europe's group stages every year but due to unregistered subs playing for nanoseconds they got far more than they should have and they've done well with transfers and they are going to benefit further this year with percentage cuts in players to be sold for stupid money in England plus a no doubt ludicrous fee at some point for Dembele. And they'll get a crack at Europe's golden pot again next season. Edited January 7, 2017 by SteveC 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted January 7, 2017 Share Posted January 7, 2017 While it most likely has no impact on us ... I just C&P some info coming in from FF At times you do wonder how much money King actually has on his disposal. That all said, you do wonder too how much money the Three Bears can provide to the long in the short / long term. https://businesstech.co.za/news/general/22288/richest-it-people-in-south-africa/ 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,278 Posted January 7, 2017 Share Posted January 7, 2017 (edited) https://businesstech.co.za/news/general/22288/richest-it-people-in-south-africa/ Five years out of date ? Edited January 7, 2017 by RANGERRAB 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted January 7, 2017 Share Posted January 7, 2017 (edited) Dave King is enigmatic, you never know what his plans are, look at Donald Trump, says one thing , does another. Good in the business world, not so good when you're a fan looking for clear guidance and plans. Edited January 7, 2017 by aweebluesoandso 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted January 7, 2017 Share Posted January 7, 2017 Personally think we have spent plenty to secure second easily. Would like to see the wage budget closer to 42-45% but not overly critical of current wage spend. My only concern is we pay too much money to Robertson and don't spend enough on building footballing infrastructure but that's really hard to gauge as the club do not talk to fans. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted January 7, 2017 Share Posted January 7, 2017 (edited) Five years out of date ? Its only going up right now https://mybroadband.co.za/news/business/148717-richest-south-african-it-execs-revealed.html Edited January 7, 2017 by the gunslinger 0 Quote Link to post Share on other sites More sharing options...
Norris Cole 0 Posted January 7, 2017 Share Posted January 7, 2017 Dave King is astute enough to understand that he will be judged a success or failure solely on whether he can catch Celtic. Nothing has been achieved yet, or at least not for those such as myself who have never before gone six years without celebrating a major trophy with Rangers. He still has a grace period, but Rangers are one of those elite band of clubs whom, sooner or later, demand silverware. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,278 Posted January 7, 2017 Share Posted January 7, 2017 Mr King is a poker player. I'm sure he has plans afoot for both Rangers and Scottish football. 0 Quote Link to post Share on other sites More sharing options...
Norris Cole 0 Posted January 7, 2017 Share Posted January 7, 2017 Mr King is a poker player. I'm sure he has plans afoot for both Rangers and Scottish football. Might be worthwhile elaborating on that. 0 Quote Link to post Share on other sites More sharing options...
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