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The official "Takeover Completed" thread

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So, in summary (admittedly a long-winded one) we appear to have three different camps in this thread: Camp 1: Pro-Whyte Key arguments in favour: 1 - Get Lloyds largely out of Ranger's decision making

Lol maybe an extreme but honestly eeryome hand on hearts where do you see us In five years?

If rangers appeal they will end up docking leauge points. The dark cloud is coming and it's about to pish all over ibrox and when the rain evaporates we will have a brand new 24 hour tescos.

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I had to laugh at the Sky rememberence of Murray video, apparently he spent money on big name players such as Paul Gascoigne...check....Brian Laudrup....check and Jonas Thern....er....WIT?!!! :lol:

I did laugh at thay my misses asked who the fuck 8s thern

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I can tell you who owns some of the 15% of the remaining shares ... well, i can exclusively reveal i have 3 shares which by a rough calculation gives me about 0.00001% of the Club! wonder if I can get a seat on the board?

A wee one then :pipe:

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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

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The Rangers Football Club plc (the `Company')

Holding in Company

Information on Wavetower

Further information on the Acquisition and Strategy

Dispensation from obligations under Rule 9 of the Takeover Code to make a

general offer in cash

Appointment of Directors

Resignation of Directors

Holding in Company

The Company announces that it has been informed that Wavetower Limited

(`Wavetower') has an interest over 92,842,388 ordinary shares in the Company,

representing approximately 85.3 per cent. of the Company's issued share

capital. Wavetower acquired its interest in the Company (the `Acquisition')

from Murray MHL Limited (the `Vendor').

The Company's issued share capital comprises 108,791,499 ordinary shares of 10p


Information on Wavetower

Wavetower is a newly incorporated company formed for the purpose of the

Acquisition. The directors of Wavetower are Craig Whyte and Phil Betts, all of

whom have been appointed directors of the Company. Further details on Craig

Whyte and Phil Betts are set out below (see `Appointment of Directors').

Further information on the Acquisition and Strategy

Pursuant to an agreement made between Wavetower and the Vendor, Wavetower has

agreed to provide GBP5 million for 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 GBP

20 million over a four year period. Wavetower has also committed to maintain

the Company's PLUS Markets listing.

Craig Whyte, stated "After more than six months of negotiations, I am delighted

to confirm that agreement has been reached between myself, Sir David Murray and

Rangers FC, and that Wavetower now holds the controlling stake in Rangers.

`As a keen Rangers supporter, the directors and I now look forward to helping

the club secure its future as a leading force in Scottish and European


'My pledge to the manager, his backroom team, the players and, most

importantly, the loyal supporters that I'll do all I can to ensure further

success in the weeks, months and years to come.

`Rangers is a great club with a great future. It has the best supporters in the

world and I will do all can to protect and enhance the club's standing going


Dispensation from obligations under Rule 9 of the Takeover Code to make a

general offer in cash

Under Rule 9 of the Takeover Code, if any person acquires an interest in shares

which, when taken together with shares in which he and persons acting in

concert with him are already interested, carry 30 per cent. or more of the

voting rights of a company which is subject to the Code, that person is

normally required to make a general offer in cash to all shareholders in the

company at the highest price paid by him, or any person acting in concert with

him, for an interest in such shares within the preceding 12 months.

As a consequence of the consideration for the Acquisition being GBP1, 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.

Appointment of Directors

The Company announces that Craig Whyte and Phil Betts have been appointed as

directors of the Company with immediate effect.

Craig Whyte

Craig is a Scottish entrepreneur and investor born in Motherwell in 1971.

Craig has built his career on his expertise as a turnaround specialist

financing and managing established businesses experiencing cashflow


He is founder and chief executive of Liberty Capital which currently has

investments across several market sectors including technology, financial

services, ticketing and commodities trading, with operations in the UK, the

Netherlands, Switzerland and France.

He also holds interests in a large number of other companies specialising in

areas such as finance, corporate recovery, investment and stockbroking.

Current Directorships: Directorships in last 5 years:

Cairnwell Investments Limited Countryliner Group Limited

Merchant Corporate Recovery Plc LM Logistics Group Limited^

Merchant Interactive Limited Merchant House Financial Services

Merchant Strategic Renewal Plc Limited

Tixway UK Limited Merchant Turnaround Plc

Zemfill Plc

Phil Betts, Finance Director

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.

Current Directorships: Directorships in last 5 years:

Countryliner Group Limited Countryside & Suburban Ltd

Merchant House Finance Limited LM Logistics Group Ltd^

Merchant Turnaround Plc

Obsideo Investments Limited

Primary Asset Finance LLP

^ On 18 August 2010 an administrator was appointed to LM Logistics Group Ltd,

Craig Whyte and Phil Betts were directors of the company within the year prior

to appointment. The deficit to creditors was estimated at GBP3 million although

the administration is continuing.

No further disclosure pursuant to Rule 71 and paragraph 18 of Appendix 1 of the

PLUS Rules is required in relation to the appointment of directors.

Resignation of Directors

Michael McGill, and Donald Muir have each resigned as directors of the Company

with immediate effect. Alastair Johnston has confirmed that he will resign as

director and Chairman of the Company on 16 May 2011.

The directors of The Rangers Football Club plc, accept responsibility for the

information contained in this announcement and, to the best of their knowledge

and belief (having taken all reasonable care to ensure that such is the case)

the information contained in this announcement is in accordance with the facts

and does not omit anything likely to affect the import of such information.

Noble Grossart Limited is acting exclusively for The Rangers Football Club

plc and no-one else in connection with the Acquisition, and will not be

responsible to anyone other than the Company for providing the protections

afforded to clients of Noble Grossart Limited or for providing advice in

relation to the Acquisition.


(END) Dow Jones Newswires

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