Monday 25 September 2017 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
A month ago, Tom reported the Takeover Panel’s decision that Dave King should make a 20p offer for Rangers International Football Club (RFC) (HERE) and also commented on King’s ridiculous response (HERE). Well, King has point blank refused the request to make a bid but the Panel is not backing down without a fight.
Earlier today the Takeover Panel slammed the dodgy antics of Dave King on numerous counts and ordered him to launch a 20p per share, £14 million, bid for the 85% of Rangers (RFC) shares he does not own. King has responded with a statement of complete and utter horseshit showing that he holds the law of the UK in contempt. King has issued a statement via Rangers which it is worth dissecting for the half truths and bollocks it contains. The statement follows with my comments in bold.
The Takeover Panel has today slammed Rangers (RFC) supremo David King for breaching the UK Takeover Code as well as being a prize arse in not co-operating, indeed appearing to obstruct, its enquiry. The upshot is that he has now been told that he must launch a 20p per share offer for the 85.43% of Rangers he does not own by April 12. That will cost him up to £14 million if everyone accepts.
Rangers FC (RFC) has announced that it will postpone its ISDX stockmarket listing until the criminal cases against Charlie Green, Imran Ahmed, Craig Whyte and others are concluded. Pro tem Dave King and associates will bail the club out with short term loans. This is all to do with who owns Ibrox.
One of the joys of being in London is that folks come to see me from the Square Mile bearing documents of great interest. I shall not name my City Source. But I have obtained documents showing why the £10 million claim by Law Financial against Rangers (RFC) is utterly bogus, that Worthington (WRN) knows it is bogus and how Worthington boss Doug Ware tried to line his own pockets in an obscene fashion at the expense of Worthington going behind the back of poor Aiden Earley and Craig Whyte.
Featurng all your favourite players in this mad old tale: Craig Whyte, Charles Green, Aiden Earley, Paul Shackleton, WH Ireland, Dave King, Mike Ashley, Old Mother Worthington (WRN) et al. The big question is whether Rangers FC (RFC) can get a stockmarket flotation away and if so when? It is that which I try to answer in this podcast
Mr Craig Whyte has been a busy boy. When not being arrested over a second set of fraud allegations concerning Rangers FC (RFC), our boy had been frantically filing away at Companies House, a series of returns showing the intimate links between himself and Doug Ware and the chaps at Worthington PLC (WRN)
On April 2nd 2015 Rangers Football Club (RFC) was booted off the AIM casino, the junior market of the London Stock Exchange. A nominated adviser, Nomad, for many AIM companies has now contacted us to explain how this was a direct result of a covert killing by the London Stock Exchange (LSE) itself. Shareholders in Sefton Resources (SER) be warned…you may be next.
The Bulletin Board Morons are noted sometimes for their denial (Afren delisted today, is there hope), sometimes for their sheer stupidity (Worthington Golden ticket holders) and sometimes for their ability to come up with conspiracy theories which are just the other side of insane (Quindell) and sometimes for letting bigotry or a blue mist overcome reality (Rangers FC). And that brings us to last week’s winning Bulletin Board Moron of the week.
The launch of the ShareProphet's China Filthy Forty is the kind of thing that shows why the financial press fear ShareProphets. Clear and devastating. It sums up ShareProphets as a whole. It also demands an informed readership. Your average ThisIsMoney.co.uk reader isn't going to come across a chart of 40 Chinese companies which IPO'd on AIM, shares in which are almost all underwater, and understand the relevance. This sometimes puts ShareProphets in a bind, where we seem to be wonks speaking to swotters.
Rangers International Football (RFC) recently announced the appointment of Peterhouse Corporate Finance as its ISDX advisor, and sources close to the deal say that ISDX is desperate for RIFC to join its junior market in London. A few uncertainties remain.
We had rather missed the comedy show that was Rangers FC (RFC ) as a listed company since it was booted off the AIM Casino on April 2nd 2015. But the club has now taken a step to regaining a listing on ISDX, the market formerly known as Plus. Good news for comedy fans everywhere. Rangers listed and the trial of Craig Whyte of Rangers and Worthington infamy, an autumn of hilarity awaits.
Rangers (RFC) has achieved what has looked impossible – effectively being kicked off AIM as a required nominated adviser (‘Nomad’) apparently has “to be satisfied that there are no reputational and/or historical issues with the profile and nature of the company seeking to appoint which might adversely impact on the Nomad”. Seemingly not a problem for the vast number of ludicrous companies there are on the market, but an issue here…
Today’s results from Rangers International Football Club plc (RFC) show that a new board has significant challenges ahead and raises further questions of the previous regime…
I am delighted to see that 85% of shareholders in rangers FC (RFC) voted at the EGM to boot out the Ashley patsies and vote on the Dave King slate as directors. But there remain a series of questions about the club’s future on AIM and also about the behaviour of disgraced advisers WH Ireland and Newgate Communications.
The almost universally detested board of AIM Casino listed Rangers FC (RFC) had a cunning plan to deny shareholders democracy at the forthcoming EGM: hold it in London. While 2,000 might have attended the last bun fight in Glasgow, the tossers who advice the Mike Ashley Minion led board reckoned a venue holding 500 down South would do. Oh no. As we predicted at the weekend: Problemo.
Rangers (RFC) has announced plans to hold an EGM to vote on a wholesale change of board. The plans are a disgrace, for the EGM is to be held in London at a venue that can hold only 500. Most Rangers shareholders live in Glasgow. This appears a deliberate attempt by Rangers and its shamed financial adviser Mr Paul Shackleton of WH Ireland to disenfranchise fans.
Companies on AIM are meant to post price sensitive information via the Stock Exchange and under Rule 22 they also have a duty to ensure that it is accurate. But Rangers FC (RFC) is advised by China fraud specialist Mr Paul Shackleton of WH Ireland and so yesterday it posted such (mis) information on its own website only. It then withdrew even that release but luckily I have a screen grab for you below.
Rangers FC (RFC) has still not shown a shred of evidence to demonstrate that in accepting loan proposals from Mike Ashley and rejecting other refinancings it acted in the best interests of ALL shareholders. The Ashley minions who run the Rangers board are clearly loathed by the vast majority of Rangers supporters (rightly so in view of the refusal to provide evidence) and businessman Dave King has stated today that their days are numbered.
Earlier this week I asked if the Board of AIM listed Rangers FC could justify why it had rejected two refinancings in favour of a third proposal put forward by a major shareholder in the club Mr. Michael Ashley. The Board of Rangers FC (RFC) is dominated by business associates of Mr. Ashley. Can Rangers show paperwork to justify its decisions and therefore show that it did not breach Section 994 of the 2006 Companies Act? Rangers has not responded. And so today I have written to AIM Regulation Team asking it to investigate
Earlier this week I asked if the Board of AIM listed Rangers FC could justify why it had rejected two refinancings in favour of a third proposal put forward by a major shareholder in the club Mr. Michael Ashley. The Board of Rangers RF (RFC) is dominated by business associates of Mr. Ashley. Can Rangers show paperwork to justify its decisions and therefore show that it did not breach Section 994 of the 2006 Companies Act? Rangers has not responded. And so today I have written to the Scottish FA asking it to formally investigate.
Rangers (RFC) has announced agreements with SportsDirect for the provision of a £5 million credit facility, with a further £5 million available “subject to due diligence by SportsDirect prior to drawn down”. However, with the company having admitted to “a number of options”, the deal now announced has been criticised as not being in the company’s best interests… We really question whether it breaches section 994 of the 2006 Companies Act. We shall be contacting AIM Regulation asking for a formal investigation. Since they are chocolate teapots, we will also be contacting the Scottish FA asking it to launch a formal probe as it appears a watchdog with some teeth.
Having earlier this week announced a possible offer approach from American financier and basketball teams owner Robert Sarver and that a further announcement was “expected shortly”, both Rangers (RFC) and Sarver have made further announcements – the former rejecting the initial approach and the latter explaining his interest and now making a revised proposal…
I previously concluded early last month on Rangers International Football Club (RFC) that the foundations looked to remain not those of a solid investment proposition. The following updates after announcements today of a possible offer and up to £0.5 million credit facility.
At 6:34pm on Thursday of last week Rangers International Football Club (RFC) announced financial results that its Chairman David Somers reckoned “reflect important progress in re-establishing a strong and self-sustaining Rangers Football Club”. Why then release them at ‘no one watching o’clock’? The following reviews.
Having earlier this month received a notice from Mike Ashley (the Sports Direct founder and a shareholder in the company) requiring it to call a General Meeting with resolutions for the removal of CEO Graham Wallace and fellow director Philip Nash, Rangers International Football Club plc (RFC) announced on Friday that Nash had resigned and has now announced that it has agreed a £2 million credit facility with Ashley and that Wallace has also resigned. The following updates on these further additions to the extraordinary goings on since the company’s 2012 AIM admission.
Rangers International Football Club plc (RFC) has announced that it has received a notice from Mike Ashley (the Sports Direct founder and a shareholder in the company) requiring it to call a General Meeting with resolutions for the removal of CEO Graham Wallace and fellow director Philip Nash. The following updates on a further addition to the extraordinary goings on since the company’s 2012 AIM admission.
Rangers International Football Club (RFC) has announced an open offer of up to 19,864,918 new shares at 20p each to raise up to £3.97 million before expenses (an estimated £3.6 million net) to purportedly “allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success”. However, further reading reveals a continued dire financial position from a company which has already delivered an extraordinary litany of woe since its December 2012 AIM admission.
Rangers International Football Club (RFC) has announced that it “is considering a possible equity issue in which all existing shareholders would be eligible to participate. Support is being sought from institutional investors to underwrite the possible equity issue”. However, is this the whole story from a company which has delivered an extraordinary litany of woe since its December 2012 AIM admission?
Having considered in April whether the tale of woe at Rangers International Football Club (RFC) was set to continue, the company has this week announced that “Note 30 to the accounts for the 13 month period ended 30 June 2013 was incorrect to the extent that the options to which the share announcement on 1 July 2014 relate were not included”. The following updates on the latest developments of what has been an extraordinary litany of woe here.
Having been placed into administration and a CVA proposal having been voted down, the business and assets of the previous holding company of Scottish football club Rangers were acquired and on 19th December 2012 the new holding company, Rangers International Football Club (RFC), was brought to AIM at 70p per share. With the shares currently at 22p, this second piece (for the first, detailing an extraordinary litany of woe from the December 2012 AIM admission to this point, click HERE) reviews the current position following an announcement on Friday of a summary of the findings of a business review which has left a union of Rangers fan groups “absolutely appalled”.
Having been placed into administration and a CVA proposal having been voted down, the business and assets of the previous holding company of Scottish football club Rangers were acquired and on 19th December 2012 the new holding company, Rangers International Football Club (RFC), was brought to AIM at 70p per share. With the shares currently at 22p, this first piece details the extraordinary litany of woe from the December 2012 AIM admission to this point and a second reviews the current position following an announcement on Friday of a summary of the findings of a business review which has left a union of Rangers fan groups “absolutely appalled”.