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    Comment on Resolution 12 & The Broken Bond by normanbatesmumfc.

    Celtic are not the only football club plc attracting investment from Lindsell Train, Juventus and Manchester United are also held in their Global Equity Fund;

    https://www.trustnet.com/news/791314/michael-lindsell-why-we-invested-in-juventus-celtic-and-manchester-united

    The Celtic share price, (Ticker CCP) was trundling along between 30-40p for months on end, prior to Charlie Green's ruse. I think there were around 33.4m shares in TRFC Ltd, when the bold Charlie floated RIFC for around £22.2m. With a 1 for 1 share swap this effectively valued RIFC shares at around 66p at the time.

    The Celtic share price soon tracked up to 49p by end Dec 2012, before surging to mid 70s in 2014. The share price is now 164.7p today. Lindsell topped-up their holding on the departure of Judas Rogers;

    https://citywire.co.uk/investment-trust-insider/news/nick-train-tops-up-celtic-stake-after-brendan-rodgers-exit/a1207231 

    normanbatesmumfc Also Commented

    Resolution 12 & The Broken Bond
    Mr McClelland said that if a £20m tax bill had been agreed during his tenure it would have been relatively simple for the Ibrox club to find a credible buyer.

     

    Was the original demand not for around this figure, maybe £24m???

    But they refused to pay it, continued operating the scheme and ran up further liabilities until their demise. Talk about parallel universes…


    Resolution 12 & The Broken Bond
    The BBC piece is another piece of inconsistent utter p1sh;

    "With that bill hanging over the club, it struggled to find a buyer when Sir David Murray put it on the market."

     

    But you said it was the company that had the debt!!!


    Resolution 12 & The Broken Bond
    Re. BDO Report.

    A quick, very amateur, sketch at the report appears to show a total "pot" of around £30m of which just under £20m has been burned by BDO and Legal Fees/Costs. 

     

    The Wavetower payment c.£1.88m part of agreed £2.8m figure and while BDO say this brings this (Wavetower claim?) to a conclusion, Wavetower may have different ideas.

     

    More interestingly, it would appear they are pursuing D&P who have not co-operated, (shock horror) with their requests for further information. Litigation ongoing.

     

    Looks like it's going to be some time yet before the original Rangers eventually die and unless D&P have to stump up for alleged failings, the remaining c£7.5m "pot" will continue to fund BDO fees for the foreseeable…

      


    Recent Comments by normanbatesmumfc

    Celtic’s Questions to Answer
    John Clark 14th November 2019 at 14:44

    And that was it. Court rose at about 9.55.

    And I went for a cappuccino in the Royal Commonwealth pool, where I tried to get on to the internet to give this little report only to find that I needed my password to get into the sfm.scot blog. It's been so long since I had to use the password on the pc that I had forgotten it! So I just went for my 20 lengths of the pool while Mrs C was cavorting about with the other ladies in the 'aquafit' class.

    +++++++++++++

    JC, I hope this means you took your dookers to the court, rather than you splashing about in your underpants?

    Perish the thought…


    In Whose Interests
    Keep at them JC!

    The FCA have recently been rapped across the knuckles for "box-ticking" rather than sorting out errors on their register, (despite having been highlighted), enabling fraudulent firms to clone other firms who have ceased trading;

     

    https://www.ftadviser.com/regulation/2019/11/06/fca-accused-of-box-ticking-on-register-concerns/?utm_campaign=FTAdviser+news&utm_source=emailCampaign&utm_medium=email&utm_content=

     

    In their (FCA) eyes they can do no wrong, so getting them to investigate if they have been less than diligent at the RIFC, IPO is like asking the SFA to investigate themselves! Nothing to see here, move along…


    In Whose Interests
    Re. Club 1872 and their undying loyalty/gullibillity??

     

    Last weekend I was in the company of a Sevco ST holder, by no means an idiot, Uni Degree and is employed in Financial Services.

    The conversation turned to TRFC accounts and while he appreciated they were worrying, his next statement was "We'll, (Club 1872) soon get it sorted out. We have now got 46% of the shares and with another half million purchase due, we're getting close to being the majority share-holder"

    Almost couped my pint! and soon corrected him the holding was nearer 6% and in decline due to ongoing debt for equity swaps.

    At first he thought I was joking and I told him to check companies house for verification. he sheepishly bowed to my "superior" knowledge of the reality.

     

    My point is, if the majority of The Rangers fans and small-time shareholders, are only willing to believe what they want to believe, or what puff pieces they read in the Sevco-friendly media, is it any wonder they get constantly fleeced by charlatan after charlatan?

    He's normally a nice guy, (don't know what he turns into on match days though???) and I have a bit of sympathy for him and his like. But, then part of me thinks "they" deserve whatever comes their way for refusing to heed warnings from outsiders/haters…


    In Whose Interests
    Wee refresher required here. Could one of our "insolvency experts" help?

     

    What is the difference between a Pre-Pack Admin and ordinary Admin?

     

    I assumed the only real difference was an alternative (new) owner was already signed up, rather than the Administrators looking for best offers.

    Surely, in either scenario, the need for creditor agreement remains?

    Or does the Pre-Pack not require a CVA? If so, it appears to be ridiculously unfair on creditors.

    Personally, I think The Rangers will be allowed/supported to limp on until the end of the season with stopping the nine their "all-in" bet. If successful, some kind of Admin could follow next season, or close season, to reset the finances. We know all but the "internet bampots" will help them achieve their goals, no matter how morally bankrupt they be.

    Will still involve many challenges and battles this season however…. 


    In Whose Interests
    Re. Above "holding statement" from (FCA?)

     

    I'm sure this will be followed by;

     

    Having checked into this issue, consulting with relevant authorities, (SFA, SPFL, RIFC, ASA, SMSM, ECA, UEFA, NOAL and the big guy who says "the big hoose must stay open"), we can assure you this is the same Gers as the auld Gers and the company was floated via an accurate prospectus. Nothing to see here….now move along

     

    Or words to that effect!