The official "Takeover Completed" thread

[JordanRangers 4]

15 league titles, 9 Scottish cups, 13 league cups, 9 in a row, UEFA cup final, over £204million in transfer fees, Ibrox upgraded, Murray park, the list goes on - Sir David Murray, thank you for the memories

Craig Whyte - Thank you for helping us out of our debt trouble and welcome to The Rangers

[Stardog 11]

Anyone got a Sky Sports News stream?

[mafia32 93]

First new board member named as Phil Bets, anyone heard of him?

[laudrupno1 3,932]

Welcome Mr Whyte let the good times commence

[KingKirk 25,633]

I see the IBC still aint happy I wonder why welcome Mr whyte long time no hear

[CottonRunt 978]

Hearing that someone called Phil Betts is being appointed to our board.

Anyone care to enlighten me?

[Right_To_Censor 1,951]

I see the IBC still aint happy I wonder why welcome Mr whyte long time no hear

was just about to post, something about hmrc tax bill

[ShanksRFC 3,869]

Hearing that someone called Phil Betts is being appointed to our board.

Anyone care to enlighten me?

Im sure he has something to do with Merchant house finance?

[Jimfanciesthedude 24,540]

I see the IBC still aint happy I wonder why welcome Mr whyte long time no hear

aye they seem to be lingering on

this will likely result in a massive mud slinging match for the next wee while

[JackCarter 2]

Phil, aged 48, has over 30 years' experience in the banking and finance

industry with particular expertise in asset finance. He started his career with

Midland Bank before moving to Royscot Trust Plc as a hire purchase and leasing

specialist, arranging funding facilities for SMEs across a number of different

industries. Phil then moved to Fraser Russell chartered accountants (now Baker

Tilly) as their in-house asset finance specialist advising clients on fixed

asset purchases and suitable funding mechanisms. In 2005, Phil formed Primary

Asset Finance LLP, which specialises in refinancing and restructuring

companies, and has helped many businesses to raise funding and worked closely

with them to support their turnaround.

[DamienM855 413]

First new board member named as Phil Bets, anyone heard of him?

Phil Betts - Regional Director

Phil has extensive experience in our industry working for major banks and finance houses. He established his own Lease Brokerage in 1995.

He worked for Midland Bank (HSBC), Fraser Russell (now Baker Tilly) Accountants, Royscot Trust and British Credit Trust, where he headed up the broker division.

He Left in 1995 to form PB Corporate Finance Limited a company he ran for seven years before selling to Its Your Group plc in 2002.

Copied this from the merchant houce finance website.

It seems like everyone Whyte's involved with seems to be some sort of venture capitalist...

[markybear 136]

No idea if this is a repost but here goes. Straight from the official app

Slightly concerning statement from the ibc

Statement by the Independent Board of The Rangers Football Club plc 6 May 2011

Further to today's statement from Wavetower Limited ("the acquirer"), the Independent Board Committee of The Rangers Football Club plc ("the Club"), comprising Alastair Johnston, Martin Bain, John Greig, John McClelland and Donald McIntyre, (''IBC'') would like to make the following statement:

In recent weeks the IBC has been engaged with the acquirer and has secured an enhanced financial commitment from Wavetower for future investment into the Club. The decision on the sale and purchase of the majority shareholding in the Club firmly and ultimately rests between Murray MHL Limited ("MHL") and Lloyds Banking Group ("LBG").

Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case.

Wavetower is purchasing MHL's 85% shareholding in the Club for £1 and the Club's indebtedness with LBG is to be assigned to Wavetower. This share transaction would ordinarily trigger a requirement on Wavetower under Rule 9 of The Takeover Code for a mandatory offer to be made to the other shareholders.

Given this transaction structure and following discussions with the Takeover Panel, the IBC considers there to be no purpose in the acquirer making such an offer to acquire all other shareholdings at effectively nil value per share.

Accordingly the IBC has agreed that the offer period for the Club will now end. In agreeing that no offer should be made to all shareholders the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the Club.

The IBC is committed to ensure that the transaction and future investment and funding proposals should be transparent to all the shareholders and supporters of the Club.

 

[Spacecowboy 92]

*Board member* "can any of you's hear that?"

"hear what?"

"Its like running water or something!"

AJ "awe fuck no the pipes again"

SDM "naw its CW, he's in there pissing in a pot for some reason!"

[WWTC 2,247]

£5million? Surely not just £5million for next season? I have to say, although im glad its finally done and dusted, i cant help but be a little worried. Has he not actually paid off that, debt, just moved it to this new company? If so, isnt he just forming his own mini MIH?

[Broxi 11,484]

15 league titles, 9 Scottish cups, 13 league cups, 9 in a row, UEFA cup final, over £204million in transfer fees, Ibrox upgraded, Murray park, the list goes on - Sir David Murray, thank you for the memories

Craig Whyte - Thank you for helping us out of our debt trouble and welcome to The Rangers

thats almost £10m a year and 20 years ago that would be a huge amount of money. Those are impressive stats

[sairdy 0]

Sir David Murray has described his 22-year reign as Rangers owner as a "privilege" after selling Craig Whyte his shareholding for £1 in return for assurances over investment in the playing squad.

Whyte has pledged an immediate £5million injection to manager-in-waiting Ally McCoist's summer rebuilding plans plus money to improve the state of Ibrox Stadium.

The incoming majority shareholder has also promised a further £20million of spending over four years and guaranteed to settle the club's debt with Lloyds Banking Group.

Murray International Holdings revealed they had approved the sale of their 85% shareholding after securing a deal they believe to be in the best interests of the club.

And, in a statement, Sir David Murray said: "From a personal perspective, today is the end of an era.

"I have had the privilege of being the majority shareholder of our great football club for over 22 years.

"During this time, we have seen many highs and lows together, and I trust that the successes will continue for many years to come.

"I have worked with numerous talented directors, players and staff members, whose support and endeavour have assisted in our collective success.

"Finally, I must thank our loyal fans, without whom the club would be unable to survive. They are, and will remain, the backbone of our history, and of our future."

MIH had announced in June last year that they were no longer actively marketing their shareholding, but Whyte emerged as a potential buyer in November and secured the deal after convincing the former Rangers chairman of his intentions.

The MIH statement read: "Over the last few years, MIH has received interest in its controlling stake from a number of parties.

"However, the board of MIH has previously been unable to secure an offer which it considered to be in the best interests of the club, its shareholders and its fans.

"Following detailed negotiations and discussions with Craig Whyte, MIH now considers that an agreement has been reached which satisfies these criteria.

"The transaction provides for funds to be immediately available with £5million of investment in the playing squad together with further money available for the infrastructure of the stadium and working capital.

"In addition, Wavetower has stated its intention to invest a further £20m over a four-year period.

"Wavetower will also acquire the indebtedness of Lloyds Banking Group, the secured creditor, and is under an obligation to waive this debt in the foreseeable future, thereby strengthening the club's balance sheet.

"MIH is receiving £1 for the sale of its controlling shareholding.

"MIH and its executive chairman, Sir David Murray, have agreed terms attaching to the sale of its stake in the club that ensure an immediate and substantial improvement in the club's financial position as well as a significant investment in the club and its playing squad."

http://www.sportinglife.com/football/scottishpremier/news/story_get.cgi?STORY_NAME=soccer/11/05/06/SOCCER_Rangers_Murray.html

[boss 1,941]

Statement by the Independent Board of The Rangers Football Club plc 6 May 2011

Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the Club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case.

Hilarious and pathetic. Where is the clarity on how the current Board of numpties would meet future cash requirements? Those guys oversaw the position we are in and now all they can do is cry that their blazers have to be handed in.

Just go now, please.

[minnbear 30]

Hopefully Wednesday night will turn out to be wee lennys housewarming gift to our new owner.

[CottonRunt 978]

Just a side thought....

Imagine if Donald Finley QC was appointed to the board of directors, or given some official capacity within the club again!

Tims would be fucking spewing!

[Strayk9 3]

Happier than a tomcat with three baws!

[WWTC 2,247]

It gets worse every time i read it, are none of you worried? Debts not paid, just moved, and we get £5M to splash on players? Goodwillies about 2 straight away! We prob cant even afford him! We're now owned by a newly formed company with £25M debt, not including any debts we havent paid yet, for example albion. Weve just been bought and £0 have changed hands, ok maybe £1.

Im sorry lads, but im a worried bear. Hope some of you might be able to ease my concerns.

[djbroxybear 660]

It gets worse every time i read it, are none of you worried? Debts not paid, just moved, and we get £5M to splash on players? Goodwillies about 2 straight away! We prob cant even afford him! We're now owned by a newly formed company with £25M debt, not including any debts we havent paid yet, for example albion. Weve just been bought and £0 have changed hands, ok maybe £1.

Im sorry lads, but im a worried bear. Hope some of you might be able to ease my concerns.

Whyte is wiping out Lloyds debt, debt moved where? £25m debt where?

[MARK92GERS 807]

so after reading a few articles it seems we are going to have around 10 million to spend plus whatever we gain from other sales does any one think this is enough to bring the standard of the sqaud back to a respectable level ?

[roboscot 1,176]

Now, eyes on the prize.

[H72 265]

Hilarious and pathetic. Where is the clarity on how the current Board of numpties would meet future cash requirements? Those guys oversaw the position we are in and now all they can do is cry that their blazers have to be handed in.

Just go now, please.

You seem to be the only one that understands all of this financial jibber jabber. I haven't a clue.

Could you please explain that statement the Independent Board just made and what they are saying?