Big Rangers Administration/Liquidation Thread - All chat here!

[AberdeenBud]

Thought it's more like the scene from Pulp Fiction in the basement of the Army Surplus Store ....

Teflon Sally is definitely the gimp.

[AberdeenBud]

I think this whole Rangers Retail Ltd is a very strange one. The Rangers AIM Prospectus stated that Rangers would control the joint venture company with SportsDirect with a 51% shareholding which it has. But the fly in the ointment is that the SportsDirect 49% shareholding when used in a vote counts as double on anything involving financial matters.

The other cracker is that in any deadlock situation the mechanism by which SportsDirect can buy-out Rangers Media Ltd from TRFCL is already spelt-out although it doesn’t appear to work the other way. And of course the two directors representing the TRFCL shareholding in Rangers Retail Ltd are Stockbridge and Green – now if I was a rangers fan that would certainly fill me with confidence

And if SportsDirect do buy-out Rangers Retail Ltd they can continue manufacturing and selling Rangers shirts on payment of a licence fee. Looks as though Rangers could lose control of their kit production and sales yet again.

And Stockbridge and Green are also the directors in Garrion Security Ltd. Why didn’t Walter get Green out of these directorships and why hasn’t Mather

[AberdeenBud]

Chris McLaughlin ‏@BBCchrismclaug 2m
Laxey Partners buy 3.25 million #Rangers shares. The shares have voting value of 4.9%

[AberdeenBud]

Buyer of £840,000 Rangers shares 'has no role in management of club'

By Mike Farrell 13 August 2013 15:52 BST

Rangers: Laxey Partners increased its stake in the club to almost 5%.© HEMEDIA / SWNS Group

The group behind a purchase of two million Rangers shares claims it will not have any involvement in running the club.

Laxey Partners Limited increased its stake in Rangers International Football Club plc on Monday by buying more than two million shares for around £840,000.

The purchase, held on behalf of the firm by nominee shareholders Credit Suisse, saw Laxey’s stake in Rangers rise to around 4.99% of the company’s issued capital.

It is not yet known who sold the stake to Laxey Partners, which is an Isle of Man-registered hedge fund.

The firm, which is led by investment bankers Colin Kingsworth and Andrew Pegge, is believed to have paid £1m for one million shares as an initial investor in the newco Rangers last October.

Mr Kingsnorth stated that his firm was not in talks with any of the separate factions vying for control of the club. He told STV: "We have not been in discussions with any of the various groups at Rangers but are keen to see the club stabilise. We won’t have any involvement in appointment of people or management. "We invested money in the club when it was needed and before it listed on the stock exchange. All the infighting and EGMs (extraordinary general meetings) need to end so the club can get on and run itself properly with the right financial support."

As part of the deal, the group entered into an agreement to guarantee its shareholding is not diluted. It ensured if the share flotation price was lower than the £1 paid by Laxey, it would receive additional equity in Rangers International to ensure its stake was not devalued.

It is understood that as a result of Rangers International’s 70p opening stock market flotation price, former Rangers chief executive Charles Green has agreed to transfer a chunk of his 7.7% shareholding in the company to Laxey.

In a previous announcement to the London Stock Exchange, Rangers confirmed 714,285 shares owned by Mr Green would be transferred to Laxey in December this year, when his 12 month lock-in agreement over selling his shares expires. On Tuesday, in the notification to the exchange about its increased shareholding, Laxey Partners noted that its 4.99% holding in Rangers was its current position and did not include the shares due to be transferred to it from Mr Green.

Mr Green purchased five million shares in Rangers at 1p each as part of an agreement entered into on October 31 last year. This came days after the deal with Laxey, which was dated October 19, 2012.

Edited for tidy up.

Edited August 13, 2013 by AberdeenBud

[Jacksgranda]

Chris McLaughlin ‏@BBCchrismclaug 2m

Laxey Partners buy 3.25 million #Rangers shares. The shares have voting value of 4.9%

Who are they??

Chris McLaughlin - a football "reporter"

BBC - a television broadcaster

Rangers - a football club/company/Yorkshire tycoon's pension fund

Laxey Partners - no idea

[AberdeenBud]

£1 a share.

Looks like Chuckie has taken a hit though, he must have been desperate less year to personally guarantee a pound a share.

I imagine he'll be looking for ways to claw that back from somewhere.

[AberdeenBud]

Chris McLaughlin - a football "reporter"

BBC - a television broadcaster

Rangers - a football club/company/Yorkshire tycoon's pension fund

Laxey Partners - no idea

1/10.

[Macshimmy]

Laxey Partners, which is led by investment bankers Andrew Pegge and Colin Kingsworth, states on its website that it "conducts investments in companies which it feels are undervalued".

It has been described as an "activist shareholder" in various companies, where it has purchased a small stake and used its position to call for the removal of board members over poor performance of companies.

Hired Vultures

Kingsworth has scampered merrily from one corpse to the next across his career:

http://investing.businessweek.com/research/stocks/private/person.asp?personId=5099463&privcapId=7642082

One amusing item in his portfolio is the following property company (specialising in office developments on brownfield sites):

http://www.celtic.pl/en/o-grupie-1/rada-nadzorcza-1/colin-kingsnorth-member-of-the-supervisory-board

(edit to fix links)

Edited August 13, 2013 by Macshimmy

[AberdeenBud]

According to McMadeupname Longmuir is being secretly investigated by the SPFL for taking corrupt bonus payments.

And according to Charlotte;

Comedy timing - he's about to be appointed Commercial Director at RIFC, Why have the SFPL raised concerns about this?

He'll fit right in.

[AberdeenBud]

Charlotte Fakeovers ‏@CharlotteFakes16m

Are shareholders of RIFC aware that the Pinsent Masons Investigation moved into another phase involving many payments authorised by Charles?

[AberdeenBud]

Think I will actually piss myself if Longmuir gets a gig at Sevco.

[Monkey Tennis]

Think I will actually piss myself if Longmuir gets a gig at Sevco.

The only difference between Doncaster and Longmuir is that Doncaster doesn't pretend not to be vile and despicable.

[Apache Don]

I thought players couldn't be registered for more than 2 clubs in any 12 month period?

I think that is correct.

[Macshimmy]

Heres a bit on Laxey in the Evening Standard:

"Another outfit that stirs up trouble in the hope of making a profit is Laxey Partners. Headed by Colin Kingsnorth, Laxey has a succession of victims on its belt, including British Land, where it tried to unseat the property giant's then head, Sir John Ritblat. Laxey's ownership can be traced to the Isle of Man but the firm works out of a small office in Jermyn Street. The object of its latest assault is Hirco, the AIM-listed Indian property developer. Hirco is run by the wealthy Hiranandani family.

Laxey holds 10.05% of Hirco and QVT, a fund with which it is closely linked, also has 4.95%. Kingsnorth has called for an emergency shareholders' meeting to change the seven-strong board. He is demanding that Niranjan Hiranandani, the chairman and father of Priya Hiranandani, the chief executive, resigns and that four "independent" directors are appointed.

It's not clear what his game plan is but it would come as no surprise if Kingsnorth was pressing for the quick sale of Hirco properties.

He's argued against what he perceives as the lack of transparency and governance within Hirco. However, of the four new "independents", one is Andrew Pegge, his Laxey co-founder, another is Michael Haxby, a Laxey executive. A third, Aled Rhys-Jones, runs Celtic Asset Management. Celtic's chief financial officer, Christopher Bruce, was Laxey's CFO between 2001 and 2007.

In Switzerland, Laxey is embroiled in a row about secret stakebuilding in Implenia, the country's biggest building services group. Between late 2006 and 2007, Laxey used different banks to "warehouse" contracts for difference in Implenia. Under Swiss law, holdings in derivatives are subject to the same rules of disclosure as normal shares. Laxey, which denies any transgression, could face criminal prosecution. Hirco does not need lectures from Laxey. And if we're serious about the City learning lessons and moving forward, we should take a long, hard look at Laxey and its fellow activists."

[Florentine_Pogen]

Completely lost track of the goings on in Govan quite a few months ago.

Seems like shit's getting interesting/hilarious but I don't even recognise half the names involved.

Any chance of someone giving us a round-up?

I concur. A 'Dramatis Personae' would be helpful. Something like this :-

ALONSO, king of Naples.

SEBASTIAN, his brother.

PROSPERO, the right duke of Milan.

ANTONIO, his brother, the usurping duke of Milan.

FERDINAND, son to the king of Naples.

GONZALO, an honest old Counsellor.

ADRIAN & FRANCISCO: Lords.

CALIBAN, a savage and deformed Slave.

TRINCULO, a Jester.

STEPHANO, a drunken Butler.

Master of a Ship.

Boatswain.

Mariners.

MIRANDA, daughter to Prospero.

ARIEL, an airy Spirit.

IRIS, CERES, JUNO, Nymphs, Reapers:

Spirits

.

Edited August 13, 2013 by Florentine_Pogen

[AberdeenBud]

I don't know what's funnier, considering appointing Longmuir as your Commercial Director or someone inside the Blue Room leaking the CEO's emails to McMadeupname?

Long may it continue.

Omnishambles FC.

[Taxi for Ben]

That's a nice image Johnny.

[Umbungo1874]

Phil really is a horrible human being, a raging bigot of the lowest order.

And what has that got do do with the stuff he tweets? If you think it's wrong then tell us why?

[beermonkey]

Phil really is a horrible human being, a raging bigot of the lowest order.

Those qualifications Should get him a job at ibrox then.

[beermonkey]

I never said it did, I think you may be a little confused.

Anyway he tweets that I as a Rangers fan am part of the Klan and lets not kid ourselves that his use of this word is accidental and of course its completely wrong, or are you suggesting that he is correct? anybody that did I would also tag as a raging bigot, I rarely wish harm on people but if this excuse for a human contracted some nasty disease then it would be a cause for humanity to celebrate.