Accounts out this morning

[TheLawMan 6,240]

John McKay said, but there's still a serious concern they could run out of money again.

If you go back to what i said to you a few pages back, it would be daft to not be "concerned" that we "could" run out of money as something has to change.

I dont think he should be using the word "serious" though at this stage.

[boss 1,941]

Update to what I posted earlier - we actually raised £35.5m in share capital. There were two tranches of shares issued pre IPO - £7.7m and £5.6m. This is the money that effectively funded the purchase of the club and initial trading losses, not the IPO money.

The costs of £5.7m are in relation to all of that, not just the £22m IPO. The costs of the IPO were about £2.5m. Costs of the other share issues were about £3.2, which is very high but more risky than the IPO.

[RFC55 109,330]

If you go back to what i said to you a few pages back, it would be daft to not be "concerned" that we "could" run out of money as something has to change.

I dont think he should be using the word "serious" though at this stage.

Ta mate, I'm just wondering if it will be that guy Neil patey they have on

[Carsons Dog 9,878]

It's all about The Rangers

Great move by the board releasing the accounts today

Yellow teeth must be beeling

[boss 1,941]

Don't know if STV have that guy fae Ernst and young coming on but their main headline says "warning rangers may run out if money again"

Someone better tell Deloitte quickly - STV obviously know better than the auditors.

[mitre_mouldmaster 21,509]

It's all about The Rangers

Great move by the board releasing the accounts today

Yellow teeth must be beeling

Was thinking that myself!

At first when I heard the accounts were going to be released today, I thought they were trying to bury some bad news.

Actually the accounts are not very good (little worse than I hoped), but it is recoverable.

Really has taken the attention right off them though. Only hope they still make the back pages tomorrow with a humiliating record defeat though.

[sergio 1,199]

I heard what the Earnest and young guys said. He said we were paying out 600k a month all said and done, he said that in he 2 years that it will take us to get back to the top, if we kept the current level of revenue, we would need a cash injection. Next year I would expect the revenue to grow, we need to pay more for our books, I see a 100 quid rise on the price of a ticket for next season.

[Shuggy 1,308]

Expect two things from Sportsound in the next hour:

Put worst possible spin on accounts.

Spence will struggle to avoid saying "new club".

[Mor3los_1 3,672]

I'll give some credit to FF.

I have been on there arguing my points over the last 12 hours, and I have not been banned for my opposing view to the party line.

I cant even get on FF now. Says my account isnt authorised for anything. Guess i am banned, only had like 5 posts

[stfu 596]

How many millions did we spend on stupid legal issues this year?

How many millions on Edmiston house and the Albion?

How much on the Green/Whyte investigation?

How much on the football debts?

None of these will be there next year and we will have a greater turnover and greater merchandising so will the doom and gloom folk please get a life?

[Inigo 32,534]

I heard what the Earnest and young guys said. He said we were paying out 600k a month all said and done, he said that in he 2 years that it will take us to get back to the top, if we kept the current level of revenue, we would need a cash injection. Next year I would expect the revenue to grow, we need to pay more for our books, I see a 100 quid rise on the price of a ticket for next season.

I'm up for that.

[bawsburst 1,381]

Let's hope Neil makes a better job of reading the accounts than he did of reading the iIPO, otherwise he wouldn't have been surprised.

Neil Patey, accountancy expert from Ernst and Young, was quoted by the BBC website on August 2 saying:-

“It’s slightly unusual that they are using money raised from the IPO for working capital. Usually, money raised from the IPO is used to fund things like buying over new companies and not working capital.

“Unusually, they are using the money from the IPO to fund their losses until such time as they return to the top flight and are able to tap into that prize money and money from a return to European football.

“If you don’t keep a prudent cost control, you could spend the £22m and run out of money before getting to the top division.”

[mitre_mouldmaster 21,509]

I'm up for that.

Be about an extra £2.8m in the bank based on 35,000 tickets being sold.

Would certainly help.

[mitre_mouldmaster 21,509]

Let's hope Neil makes a better job of reading the accounts than he did of reading the iIPO, otherwise he wouldn't have been surprised.

Neil Patey, accountancy expert from Ernst and Young, was quoted by the BBC website on August 2 saying:-

“It’s slightly unusual that they are using money raised from the IPO for working capital. Usually, money raised from the IPO is used to fund things like buying over new companies and not working capital.

“Unusually, they are using the money from the IPO to fund their losses until such time as they return to the top flight and are able to tap into that prize money and money from a return to European football.

“If you don’t keep a prudent cost control, you could spend the £22m and run out of money before getting to the top division.”

To be fair, he doesnt say it caught him by surprise (not in the bit you posted anyway) about us using the IPO for working capital, he just said it was unusual.

It is a very unusual situation we are in though, so was only to be expected that we would use the IPO money to tide us over, even if it is unusual in most business situations.

[RFC55 109,330]

@mm

Bad headline tbh,

Patey from Ernst and young said the exact same as the law man has said. We have to cut costs, or we will have to go back to the investors for additional funding,

[jimfaebrigton 31]

Just seen stv news there rangers in non story shocker ffs tellin us what we already know

[Carsons Dog 9,878]

I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

[mitre_mouldmaster 21,509]

I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

To be honest, ive not really seen anything on CF that is particularly damaging.

Highlighted a few things that needed some questions answered, but hasnt uncovered any major conspiracy or anything.

[Laudrup1984 25,100]

I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

[bawsburst 1,381]

Let's hope Neil makes a better job of reading the accounts than he did of reading the iIPO, otherwise he wouldn't have been surprised.

Neil Patey, accountancy expert from Ernst and Young, was quoted by the BBC website on August 2 saying:-

“It’s slightly unusual that they are using money raised from the IPO for working capital. Usually, money raised from the IPO is used to fund things like buying over new companies and not working capital.

“Unusually, they are using the money from the IPO to fund their losses until such time as they return to the top flight and are able to tap into that prize money and money from a return to European football.

“If you don’t keep a prudent cost control, you could spend the £22m and run out of money before getting to the top division.”

To be fair, he doesnt say it caught him by surprise (not in the bit you posted anyway) about us using the IPO for working capital, he just said it was unusual.

It is a very unusual situation we are in though, so was only to be expected that we would use the IPO money to tide us over, even if it is unusual in most business situations.

He must have missed something that was out in the open.

The Company plans to use the money raised from the Placing to improve the

infrastructure of the Club. In particular, the Directors have identified:

• upgrades to Ibrox stadium (approximately £5.5 million);

• acquisition of land assets adjacent to the stadium (£4.5 million);

• other identified projects which could result in additional revenue

generating activities (approximately £3.0 million); and

• general working capital purposes.

In addition, should the Company receive funds from the Offer, the Directors have

identified other potential investments that would go beyond the Group’s strategy

in the next 12 months, but which could further enhance revenue opportunities.

In particular, the Directors have identified:

• further upgrades to Ibrox Stadium (approximately £3.5 million); and

• other identified projects which could result in additional review

generating activities (approximately £2.0 million).

Additionally, cash could also be used to provide the Directors with additional

flexibility to opportunistically consider appropriate investment opportunities

as and when they arise.

[j1mgg 3,766]

I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

Is that what we are being lowered to now, accounts are out and people are making up their own opinion so no longer can they use the accounts as a weapon against the board, they have to use a twitter account that post either made up or illegally obtained material.

I seriously think some people would rather we failed if they can't their Paul Murray on the board.

#itsnotaboutrangers.

[sonofbear 398]

I see Furry is encouraging his followers to read Charlotte Fakes

You actually couldn't make this up

Fake Bake @ Charlotte Fakes ?

[Carsons Dog 9,878]

To be honest, ive not really seen anything on CF that is particularly damaging.

Highlighted a few things that needed some questions answered, but hasnt uncovered any major conspiracy or anything.

It's the principle

[bornabear 6,208]

As I see it, the accounts are good for a first year Company. They really have shot down the "going bust by Christmas brigade", also one or two on here who kept saying they would be interim accounts, or wouldn't be out til next April, or this seasons ST money would be in them..... you got it wrong, even after I explained it to you. Wow, I feel so smug now lol.

The one thing that ties up these accounts as being good, is that they have been signed off, if they had been bad , they would not have been signed off.

Yes, fellow bears, we are on the road to recovery and on the up positively.

[bornabear 6,208]

Get it right up you mini, f***ing joke of a man.