Comment on Celtic’s Questions to Answer by easyJambo.

    The PLC has no longer adds any value. It hasn't really had any value since raising funds the original IPO. There is no listing, no public trading facility.  The PLC itself runs at a loss.  The funds raised by the PLC in loans and share issues can be done equally as well by TRFC itself.

    I'd expect a fairly straightforward issue of shares on a one for one basis from RIFC to TRFC shares.

    What I would be looking at is whether or not RIFC is liquidated with any debt attached to it, or on the other hand any dividend is paid to shareholders who don't want to take up shares in TRFC, e.g. a pay-off for King. I don't think either scenario will apply but its worth keeping an eye on what will be a voluntary liquidation.

    The downside I see for Rangers fans and shareholders is that TRFC, as a limited company, is a private company, therefore their need for disclosures and transparency might take a further hit.        

    easyJambo Also Commented

    Celtic’s Questions to Answer
    Final questions

    Fan wishes Gerrard all the best for the rest of the season. Gerrard jokes ‘I get four tickets and I need 20’ in relation to cup final. Thanks board for their support and pleased with progress of the team. It is ‘game on’ and he can’t wait for upcoming matches.

    Supporter raises concerns of segregation barriers at certain matches and says he’s waiting on a reply from Rangers and Police. SR asks for fan to discuss it personally with him. James Blair draws AGM to a close.


    Just the usual soft and planted questions with nothing on the SDI case or funding shortfall. 

    Celtic’s Questions to Answer
    The King's Speech


    Celtic’s Questions to Answer
    I was a witness to the bank driven sham sale to Craig Whyte and watched on on horror.

    King says ‘crisis is behind us’. This will be his final AGM and he will step down in the New Year.

    King will redirect more time to his private affairs. Rangers doesn’t, he says, need his support anymore. An emotional King received a standing ovation from the floor. Being chairman has been ‘by far the greatest privilege’ of his business life. Will stay on to fight Sports Direct

    AGM open to questions from the floor. Club 1872 thank DK for their dealings and being ‘welcoming’ to fan investment. Thanks for huge personal contributions in time and money that supporters will ‘never forget’

    Question related to HMRC story and King says it is ‘not a club issue’. RIFC would have no claim and ‘real victims’ would be supporters and shareholders.

    Question on ticket allocation policy and fans being treated ‘with contempt’. Fan unhappy are missing out on cup final ticket. Stewart Robertson ‘understands frustration’ and club are looking at a new membership scheme.

    Recent Comments by easyJambo

    Resolution 12 & The Broken Bond
    John Clark 10th December 2019 at 22:04

    I wonder what evidence the Compliance Officer has for any of these charges?


    You've lost me there JC. Who is this Compliance Officer? indecision

    I've got vague recollections of a Compliant Officer (not) dealing with issues presented to them but that's about it. 

    Resolution 12 & The Broken Bond
    paddy malarkey 10th December 2019 at 20:04

    Is Rule 31 to do with contracts ? 


    No, but I could give you odds that it’s betting!

    Resolution 12 & The Broken Bond
    On re-reading the BDO report, I think the settlement figure for Wavetower may only be £962,500.

    It does appear as if there were two payments, one in the last six month period and the other in the previous six month period. However, I think that the date headers on the columns in the report are wrong (or at least they are inconsistent with previous reports), leading to the confusion.

    In previous reports under "Statement of Affairs" there are two columns, one which lists the outgoings over the last six months and the other which gives the cumulative total for the liquidation to date (since 2012).

    The dates on this report are 31/10/2018 to 30/10/2019 (I think it should read 01/05/2019 to 30/10/2019) and the other reads 31/10/2012 to 30/04/2019 (should be 31/10/2012 to 30/10/2019).

    Resolution 12 & The Broken Bond
    Another snippet from the BDO report relates to the debenture holders now being time barred from making claims if they haven't already done so. From the figures supplied, only a little over 20% have made claims.

    The Joint Liquidators were also aware that the Company had potential liabilities to Bondholders totalling £7.7m. Claims totalling £1.571m have been received from Bondholders to date, on which a first dividend has been paid. Following discussions with our legal advisors, the Joint Liquidators now consider that they have made every effort to seek out and admit these claims, and any future claims will now be legally time barred under Scots Law. No further claims will therefore be admitted from Bondholders or any other creditor who has not previously intimated their claim.

    Resolution 12 & The Broken Bond
    The latest BDO report to creditors can be found here https://www.bdo.co.uk/en-gb/rfc-2012-plc

    The two main points in the report are the size of the HMRC claim and a settlement with Wavetower.

    HMRC's claim, currently stands at £67.6m, with scope for further reduction if BDO can successfully argue against HMRC's "grossing-up" methodology.

    The settlement with Wavetower, which we had suspected had happened in August of this year, is confirmed. The settlement figure appears to be reported as £1.880m, with other references to two equal payments of £962,500 having been made.  The sums don't add up, but are close enough.