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Miggy Sinclair

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    Great news tomorrow !

    in Jimmy Bell's Kitroom

    Posted

    Ticketus are owed £27m by Rangers and have agreed to reduce that to £10m should the Blue Knights gain control of the club.

    This amount would be paid over nine years with no repayments at all in the first two years. Rangers would then pay approx £1.4m per year over the remaining seven years but only if Rangers qualify for European football. There are no repayments in any year that we don't.

    There is no interest charged on the £10m.

    Additional Working Capital

    To aid the club through the next few years Ticketus will provide a £10m facility to fund operations.

    Legal Proceedings

    Rangers FC will not be pursued by Ticketus over any outstanding monies by they retain the right to pursue other parties regarding any losses they may have incurred.

    It will open the way to the option for the Blue Knights to purchase the club via a CVA and hence avoid liquidation.

    Great news tomorrow !

    in Jimmy Bell's Kitroom

    Posted

    So ticketus originally say we owe them 27 million , D@P go to court on our behalf and the outcome is that the judge cannot give guidance as to wether or not the contract can be breached , then mini murray has a word with ticketus and then they just wipe their hands of 17 million and lower our potential debt from season ticket sales to 10 million . Why would ticketus be so accomadating , whats the catch ? cause usually if it's too good to be true ,it usually is

    ( sorry for any doom n gloom caused in my post ) <cr>

    They'll be going after Whyte for the rest. I wish them luck with that.

    Great news tomorrow !

    in Jimmy Bell's Kitroom

    Posted

    Tomorrow's media will have some details of the deal negotiated between by Paul Murray and Ticketus on behalf of the Blue Knights.

    It will be incredibly good news for Rangers.

    It will reduce the debt owed by the club incredibly - far beyond what I personally thought to be possible.

    It will remove the threat of legal action by Ticketus against RFC - they will be free to pursue whoever else they think fit.

    It will open the way to the option for the Blue Knights to purchase the club via a CVA and hence avoid liquidation.

    :uk::crabflute::uk:

    creditors meeting called for noon on 20th April at Ibrox

    in Jimmy Bell's Kitroom

    Posted

    So whats to be taken from this ,,, good or bad ?? not sure.

    Under the Insolvency Act 1986, D&P must issue a “statement of proposal” within 8 weeks of admin starting – they had until 10 April. It’s likely, then that the proposal date of 5 April is correct. Proposal must be sent to the Registrar of Companies, to every creditor and to every shareholder. Looks like, D&P are using the Rangers website to publish the proposal – which is perfectly reasonable. There are over 25,000 share holders after all!

    By law, and in order of priority an admin’s objective is:

    1. rescuing the company as a going concern, or

    2. achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), or

    3. realising property in order to make a distribution to one or more secured or preferential creditors.

    If D&P consider that only one, or both of the objectives, 1 and 2 cannot be met, they must explain why.

    The proposals can include the making of a CVA or some other form of compromise.

    Once the proposal is sent out, D&P must convene a meeting of creditors. This must be within ten weeks of appointment – in our case 24 April . D&P would present the proposal to the creditors. So again 20 April at Ibrox (there could be up around 30,000 individuals present at that meeting!!) sounds right.

    The voting forms are for creditor approval.

    The creditors can accept the proposals made without qualification, or accept them with modifications. As long as D&P accept the modifications, then the administration continues, working towards the goals set and agreed at the meeting.

    If the creditors reject the proposals, then this has to be reported to the court. At that stage the court can make any order it thinks fit, including terminating the administrators’ appointment there and then or from a specified date.

    creditors meeting called for noon on 20th April at Ibrox

    in Jimmy Bell's Kitroom

    Posted

    Admin have sent out notices of a creditors meeting to be held at noon on 20th April at Ibrox.

    The voting forms and 'statutory proposals' will be on rangers.co.uk this Thursday, 5th April

    Meeting called in accordance with Rule 2.28 of the Scotland Insolvency Rules (1986)

    Anyone who can't access them there can get details free of charge from D and P offices in London.

    This is all legit - straight from a creditor who has the notice.

    It will be in the Herald and other papers on Wednesday

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