blueben_d 40 Posted February 25, 2011 Share Posted February 25, 2011 Hello all, just get sent this article by a tim at work.Let me start by saying I think this is full of inaccuracies but I though I'd post it anyway so that someone more in the know can hopefully pour scorn over it, what is it about timmy being so fascinated by our ownership/financies?Murray International Holdings Ltd (MIH) have submitted an AR-01 file to Companies House. This is a mandatory filing and is updated annually to provide information about the share capital of a company.If viewed with just a cursory glance, Sir David Murray appears to retain 70% ownership of the voting shares, and to control the company. However, a closer look provides a very different insight. He appears to have lost control of the business which he named after himself and built from the ground up. His shareholding in this company formed the basis for the bombastic estimates of personal wealth that have littered Scotland’s newspapers for over a decade.Even for those with an eye for minutiae, the complex web of off-shore trusts into which he has placed the ownership of his MIH shares can be mind-numbing. To cut a long story short, 95% of David Murray’s MIH shares have been transferred to a company called IFG Holdings (CI) Ltd. This is an offshore trust company which is one of many created by the Irish Republic-based IFG Group. Among other things, offshore trusts can be difficult for tax inspectors and litigants to pursue.It is fascinating to learn that one of the directors of the company that today nominally owns Rangers FC plc (through its majority holding in MIH) is a citizen of the Republic of Ireland, Declan Kenny. Rangers FC have come a long way under Sir David Murray. Prior to Murray’s involvement, Declan would have been an unlikely trialist at Rangers. Today, Declan nominally owns the club!The idea of one of Scotland’s best known businessmen ’caching’ his shares in one of Scotland’s best known businesses in an offshore trust provides food for speculation about his fears for the future. While it is impossible to guess David Murray’s true reasons for placing his MIH shares in a trust, it is not too difficult to imagine that he fears the worst regarding Rangers’ tax case. If Rangers lose the case for the amounts HMRC are claiming, the club would almost certainly have to file for administration. Is it possible that Sir David fears for his personal wealth in the blowback of such an event?However, what is really interesting about the recent filing is the revelation that Lloyds Banking Group’s private equity arm, Uberior Equity Ltd, not only owns 30% of MIH’s voting shares, but holds 165 million convertible preference shares. MIH currently has approx. 17.5 million shares outstanding.Therefore, if Lloyds choose to exercise their conversion rights, the preference shares will become voting shares and Sir David Murray’s shareholding would be diluted to just 7%. Prior to this, these preference shares will enable Lloyds to take dividend income from any free cash flow generated. This development puts Lloyds in control of MIH in everything except name.It is actually a very shrewd solution to the MIH problem for Lloyds. It gives them all of the levers they need to control the business without having to consolidate MIH’s accounts with their own. So rather than have their own annual financial results damaged by further bad news in the UK commercial property sector, they can keep these assets “off balance sheet” until such time as they can be sold or consolidated to show a healthy profit. Having borne almost all of the risk of Sir David’s foray into the property market, they may feel entitled to almost all of the future gains should a profit eventually become realisable.With the recent share transactions to cleanse the MIH balance sheet of assets related to another of David Murray’s vehicles for funding Rangers (MSL technically owed MIH £60m but had no income and no possibility of ever paying this money) MIH now owns about 87% of Rangers FC.So, taking this altogether, when Walter Smith says that “Rangers are being run by the bank” it is no longer just a simplistic way of saying that they have to do what the bank manager says- it is true in everything but name and can become literally true at the drop of a hat.David Murray now effectively has no say in what happens at Rangers and the ability of the bank to dilute him down to just 7% ownership of Rangers’ parent company makes him yesterday’s man. The AR-01 form does not specify any conditions around converting the preference shares to voting stock, but it seems unlikely that Lloyds put would barriers in their own way. Link to post Share on other sites More sharing options...
TravelingWilBEARy 4,319 Posted February 25, 2011 Share Posted February 25, 2011 Christ. Link to post Share on other sites More sharing options...
Hoody 103 Posted February 25, 2011 Share Posted February 25, 2011 Let me just say I didn't read it Link to post Share on other sites More sharing options...
TheNuts 552 Posted February 25, 2011 Share Posted February 25, 2011 why are the tims so interested in us? Link to post Share on other sites More sharing options...
blueben_d 40 Posted February 25, 2011 Author Share Posted February 25, 2011 He said in his email that you're unlikely to read this in the press, I said yes probably because it's full of inaccuracies as 99.9% of these things tend to be Link to post Share on other sites More sharing options...
archangel gabriel amato 240 Posted February 25, 2011 Share Posted February 25, 2011 What a lotta pish. Link to post Share on other sites More sharing options...
MosesMcNeil 1,664 Posted February 25, 2011 Share Posted February 25, 2011 If 'Declan O'Fenian' did indeed 'nominally' own our club (and tried anything on) I suspect he'd find that the death threats and bullets for Lennon were little but a fun-loving, cheeky wee cuddle in comparison to the hell unleashed on his life. Link to post Share on other sites More sharing options...
Ferdasyn 431 Posted February 25, 2011 Share Posted February 25, 2011 Rangers progress in Europe, negative pish comes out in full force.Don't bother reading pish like this, enjoy last night's result Link to post Share on other sites More sharing options...
gunslinger 270 Posted February 25, 2011 Share Posted February 25, 2011 mcgillivan back to predicting the demise of mih no doubt. thats about ten years running hes had it just round the corner. Link to post Share on other sites More sharing options...
blueben_d 40 Posted February 25, 2011 Author Share Posted February 25, 2011 Victor Arbuckle from Celtic minded is the author. Link to post Share on other sites More sharing options...
Dexter25 2 Posted February 25, 2011 Share Posted February 25, 2011 Rangers progress in Europe, negative pish comes out in full force.Don't bother reading pish like this, enjoy last night's result We shouldn't be surprised. Still as you say ignore them & enjoy last nights result. Link to post Share on other sites More sharing options...
djbroxybear 660 Posted February 25, 2011 Share Posted February 25, 2011 He said in his email that you're unlikely to read this in the press, I said yes probably because it's full of inaccuracies as 99.9% of these things tend to beThe reality is we need a takeover asap if only the club came out and told us what is really hapening they want our CASH and thats it we have a chairman who lives in America, we have a puppet in perma-tan, its a joke.If this guys e-mail is correct in information he getting from somewhere were doomed under Murray. Link to post Share on other sites More sharing options...
Ozblue 4,332 Posted February 25, 2011 Share Posted February 25, 2011 I believe it. Come to think of it, maybe that's why we're no allowed tae sing Billy Boys and the sash wi' the extras at Ibrox nae mair I guess the heid bead rattler will be oor next chairman in that case! Link to post Share on other sites More sharing options...
gunslinger 270 Posted February 25, 2011 Share Posted February 25, 2011 unless something has changed the bank own 24% not 30% of mih. Link to post Share on other sites More sharing options...
wearethemighty 186 Posted February 25, 2011 Share Posted February 25, 2011 Yeah right...Rangers owned by a declan!?I think timmy is hurting, we're in the last 16 of the Europa. Link to post Share on other sites More sharing options...
boss 1,941 Posted February 25, 2011 Share Posted February 25, 2011 Timmy forgets that this information was available on last year's Annual Return and was public knowledge then. Link to post Share on other sites More sharing options...
disgruntled_bear 157 Posted February 25, 2011 Share Posted February 25, 2011 Hold on, if this is true which I doubt. Would this not be good news in a way. If he's transferred his shares out of MIH into IFG Holdings (CI) Ltd, then surly that makes it easier for a potential takeover to happen? Link to post Share on other sites More sharing options...
2bob 3 Posted February 25, 2011 Share Posted February 25, 2011 The plot thinneth and the bullshit thickeneth and always before a big game and after a good result for us, even spreading it to the wee rangers in embra. The pricks email lays the lie in the first sentence, it is an annual requirement, so hardly something MIH just dreamed up yesterday. Fuck you taigs and the holes in your lifeboats are 1690 on diameter. Link to post Share on other sites More sharing options...
outlaw69uk 123 Posted February 25, 2011 Share Posted February 25, 2011 Victor Arbuckle from Celtic minded is the author. that sums it up then... as complete pish Phils little butt buddy victor Link to post Share on other sites More sharing options...
boss 1,941 Posted February 25, 2011 Share Posted February 25, 2011 Timmy forgets that this information was available on last year's Annual Return and was public knowledge then. Just checked my files. I have a copy of the Annual Return from last year showing this information. I downloaded it from Companies House in February 2010.Note to Timmy: next time, try harder to keep up, 12 months late is almost as bad as the Daily Rhebel. Link to post Share on other sites More sharing options...
Frankie 505 Posted February 25, 2011 Share Posted February 25, 2011 From Bluedell on Gersnet:Just because Murray has transferred his shares to an off-shore trust company does not mean that he is not the beneficial owner. Most of his Murray Sports shares have been owned by IFG Nominees CI Ltd for a number of years, and I have never given it a second thought. that's the same company that owns the shares in MIH, and not the one mentioned in the article.Just because "Declan" is a director of the company does not mean he owns the club and it is nonense to suggest it. I'm a director of a number of companies, one of which is based in the Republic of Ireland, and it doesn't mean that I own any proportion of any of them.If the club did go into administration Murray's wealth would be unharmed. Rangers are a limited company. Limited means that there is limited (or no) liability on the shareholders. Murray will have placed his shares in an off-shore trust because it benefits him personally from a tax point of view. Standard stuff when you are at his level.Now for the biggest lie. Uberior owns Cumulative Redeemable Preference Shares. this entitles them to didvdends only. No mention of the word "Convertible". There is no right to convert them to Ordinary shares. Murray's ownership cannot be diluted to 7%.It's not worth wasting any more time in the article, but there's nothing in it that is of any note, other than to highlight their continued capacity for being liars. Link to post Share on other sites More sharing options...
ritchieshearercaldow 22,370 Posted February 25, 2011 Share Posted February 25, 2011 Didn't understand a word of that article or how shares work.What I do know is that banks don't run company's, they only look at balance sheets and how to get their money back.The scum should be carefull for what they wish, if one or the other ever went to the wall the other would suffer, do they really want to play in a league with no competition?We may not have loads of cash too spend but we will never go to administration, so Declan you can wish all you want but it will never happen.No Surrender. Link to post Share on other sites More sharing options...
willcol 13 Posted February 25, 2011 Share Posted February 25, 2011 Rangers progress in Europe, negative pish comes out in full force.Don't bother reading pish like this, enjoy last night's result agreed :chopometer: Link to post Share on other sites More sharing options...
blueben_d 40 Posted February 25, 2011 Author Share Posted February 25, 2011 Thanks Frankie, just the sort of scorn I was looking for Link to post Share on other sites More sharing options...
Briton 394 Posted February 25, 2011 Share Posted February 25, 2011 Transferring 95% of his shares to IFG Nominees CI Ltd is a 'complex web'? Link to post Share on other sites More sharing options...
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