spangles
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Posts posted by spangles
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and nothing to make people take it up.
especially as it will be clear its going to debt not rangers.
the worst he can do is dilute the shares of others.
no big deal.
The point was there is no bar to a public issue, Murray's failure led us into all sorts of problems, as with everything else Whyte is in a no lose situation. He/They have agreed to forgo their option, a public issue if taken up negates the forgoing and still brings money into the clubs coffers, under the control of Whyte and co.
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They say they've an agreement to waive the debt so, assuming that agreement is guaranteed somehow, they will surely waive the debt. They also say they won't take up the equity option "as provided for in the agreement" which, presumably, is the first bit in bold.
No you have them the wrong way around, there is nothing to prevent a public offering.
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The debt is being waived within 90 days of the tax case finalising unless we go bust.
I know, some don't.
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You seem rather happy!
Strange individual
Not as strange as truth is to you...
or maybe you can confirm the debt has been waived..or not.. 
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Are you referring to this bit: "The Rangers FC Group will either waive the debt that it has acquired or convert it into equity by way of an issue of new voting ordinary shares in the Club"?
If so, then I don't think they will exercise the 2nd option according to this bit: "However, The Rangers FC Group has separately undertaken to the Club that it will waive the debt that it has acquired and not exercise its option to convert it into equity as provided for in the Agreement"
The second bolded does not prevent the execution of the first bolded, a public offering, as opposed to the second being a private option relating to The Rangers FC Group. The fans taking up the slack of the public offering and pissing in the pot, the sort of scheme were Minty got his fingers burned.
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So, the debt IS cleared then. Excellent news (well for us who weren't doomsaying).
tut tut tut
Before you start -
The debt is cleared, but if the tax case goes against us, we will effectively have to borrow the money to pay for it.
Don't be bamboozled with folk trying to link the two things. They are insinuating we'll have the debt AND a tax bill.
This release confirms the previous debt is gone and we'll only need more if HMRC win, in which case we'll be back into a bit of debt but we still won't be run by banks.
We can't blame Whyte for the tax case.
If we were still unsold, we'd still have the original debt PLUS any tax liability, regardless of any daft rumours about Murray paying it, and a bank looking to shaft us.
This release is good news re the takeover, and it now means we need to get a good resolution from HMRC to complete the picture.
No doubt others will see plenty to try and spin from the statement.
No the debt isn't cleared, it has yet to be waived, and only under certain conditions.
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if we are made in solvent rangers owe whyte millions anywhere between 25-55 million depending on timing.
he will get his money first.
Not bad return for a £1, also there is the mooted floatation related to the debt to be waived goodbye, all in all Whyte can't lose, only we and the club could, but I don't think it will come to that, as the tax case will be our victory, the alternative is unthinkable for us and the club.
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The circular excellent reading............ http://tinyurl.com/67364so
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I think your initial thought is the right thought. Released assets to me is what it says it is. ie assets(empty seats each worth 20 odd quid a pop) that we own that over the course of the season get sold to the customers with the cash getting released to us.
Craig Whyte's autograph is on the form as well so there is the creditors name on the form as well as somebody who is employed/acts for him
Why as a creditor, i.e. one who is owed a debt.
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Where do you get that from? The document says all assests are released apart from the season tickets.
No, it specifically states the season tickets are the released partial assets, more interestingly....it appears Phil Betts has signed off as the creditor or acting for the creditor,,,
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collateral is different to paying down. very different.
So what would have been the prior to this doc surfacing, usage of the said season ticket revenues, as they appear now to be a released asset, and what will be their future usage or asset value applied to. In laymans terms of course, since they appear to have been a confined or guaranty asset previously, despite Minty's view to the contrary.
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so let me sum this up in laymans terms.
rangers used to have season book money used as collateral against our loans with lloyds.
some of that has been released most likley because the loan is repaid.
securities are still in place to cover overdrafts etc.
this is standard business practice.
yahoos are still desperate.
Not according to our former owner.
The former Ibrox chairman firmly denied reports that the bank is insisting on using ticket sales revenue to pay down any of the club's debt.
"There's no truth to the bank wanting to ring fence the season ticket money," he said.
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as best as I can see the requirement comes from the ibc. i.e. aj and bain.
but that said whyte has agreed to it.
As a consequence of the consideration for the Acquisition being £1, and
following consultation with the Company and its financial adviser, Noble
Grossart Limited, the Panel has waived the obligation under Rule 9 for
Wavetower to make a general offer in cash to all shareholders. As a condition
of this dispensation, Wavetower is required to send to shareholders, no later
than 16 May 2011, a circular providing further details on Wavetower and further
disclosure in relation to the terms of the acquisition.
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It says in the document that the season tickets are released assets, presumably there are unreleased assets.
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It's certainly taking a long time for him to say that Rangers don't owe anyone for the debt repayed to Lloyds, and that they never will.
It would appear the pisspot overflowing with the magical £1, has turned out to be a very large lever, we are said to have had an original debt of circa £20 million, it now appears that season tickets to the total of 100,000 and projected value of at least £40 million over four years are to be used as some sort of guarantee. So we are guaranteeing at least twice our original debt, Glazer like manipulations ?
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On reflection I am quite happy to await the outcome of this week, it is no small job that Whyte has taken on, I am still hopeful that we will hear something today to keep us in the loop, if only via Plus or the press, a circular tomorrow would be nice, fingers crossed.
ETA.... could be posted today on re-reading the official announcement...
Further to the announcement made on 6 May 2011, the Company announces that,
with the agreement of the Independent Board Committee of The Rangers Football
Club P.L.C. and the Takeover Panel, it has extended the timetable within which
a circular will be posted by the Company to all of the shareholders of The
Rangers Football Club P.L.C. to a date on or before 6 June 2011.
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Gooooooooooood moooooooooornig Mondaaaaaay, are ya listening The Rangers FC Group Limited...
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What the document appears to say, and it was filed AFTER we were bought, is that Lloyds(formerly BOS) still have some sort of claim against Rangers FC.
Goodness knows what for but Mr Whyte better explain himself tomorrow.
If what you say turns out to be correct, a piss pot overflowing with £1 has shuffled the debt about, and we the fans are the anvil for that debt to be hammered out on.
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I am more concerned with the potential of Lloyds still having security against our assets by way of 100,000 season tickets over the next 4 years.
Very strange document indeed and im waiting on a few greater minds than me commenting on it that i have sent it to.
Whilst we Rangers are registered in Scotland, Wavetower-goodbye now known as The Rangers FC Group Limited, our holding company/owners are registered and based south of the border. You may not be far away with your season ticket theory, nothing like a nice leveraged bit of a buyout...
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oh i know little of such things
I was hoping it meant the Albion had been resolved, but this part worries me.. "no longer forms part of the company's property for a company registered in Scotland" ...
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if we dont get anything tomorrow hes up to something. i will want to know what hes hiding.
What do you know of this, and yes it has been registered at CH. .. http://www.companieshouse.gov.uk/forms/generalForms/LL_MG05s_application_for_registration_of_a_memorandum_of_satisfaction_that_part_or_the_whole.pdf
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we have been promised details of the finance of the deal. details on the debt and details on future financing tomorrow.
will be interesting to see these.
You are not seriously expecting anything GS are you ?
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Worst thread ever. Close-season is crap.
Aye, and you bumped it ya louper...
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Rome wasn't built in a day.
Spend money on Bartley and a few others, and plug the few gaps that are left with loans.
Next Summer, same thing.
Eventually we've built a team worth wearing the shirt.
Too many games of Fifa and thinking you can sign 20 players a season?
Naw son, 60 years o watchin Rangers, Struth, Symon and Deedle-Doddle will be birlin at the very thought of The Rangers tappin players aff o any fukers..
or maybe you can confirm the debt has been waived..or not.. 
:lol:
The Circular
in Jimmy Bell's Kitroom
Posted
Interestingly ... Responsibility statement
The directors of The Rangers FC Group, whose names appear on page 3, accept responsibility for all
information contained in this document except for the information set out in Part III. To the best of the
knowledge and belief of the directors of The Rangers FC Group (who have taken all reasonable care
to ensure that such is the case), the information contained in this document for which they accept
responsibility is in accordance with the facts and does not omit anything likely to affect the import of
such information.
Why would that be ?