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Rangers FC Team Talk/Gossip/Rumours Thread 2012/2013
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Tiocfaidh Armani wrote: »As I was saying about Rangers new owner...
Stock exchange investigates Rangers over Whyte’s ban
EXCLUSIVE BY PAUL HUTCHEON
27 Nov 2011
RANGERS are being investigated by a London-based stock exchange for allegedly failing to disclose new owner Craig Whyte’s previous directorship ban.
PLUS-SX, which the Ibrox club trades on, requires firms to announce whether any new directors have been disqualified from “acting in the management or conduct of the affairs of a company”.
Sanctions for breaching the rule can include a fine of up to £100,000 and firms not being allowed to trade shares on the exchange.
A PLUS spokesman said of the alleged non-disclosure of Whyte’s ban: “PLUS Regulation are looking into this matter.”
Whyte shot to prominence earlier this year after one of his firms, Wavetower Ltd, acquired an 85.3% stake in The Rangers Football Club plc.
Around the same time, Whyte and his business associate Phil Betts also became club directors. PLUS confirmed the deal in May.
However, PLUS rules make clear that “issuers”, in this case Rangers PLC, must announce certain information “as soon as possible” about new directors.
This includes directorships held over the past five years, as well as details of some unspent convictions.
Firms also have to supply information about new directors’ involvement with companies which have gone into administration, receivership or liquidation.
Crucially, the rules also require: “Details of any official public incrimination or sanction of such person by statutory or regulatory authorities ... and whether such person has ever been disqualified by a court from acting in the management or conduct of the affairs of a company.”
A BBC Scotland documentary last month revealed Whyte had been banned as a director by the Insolvency Service in 2000 for seven years.
Motherwell-born Whyte made his name in the 1990s in the security and plant hire business.
Whyte was disqualified as a director after the Government began to pursue his firm, Vital Holdings, for failing to produce satisfactory accounts. By the time the ban came into force, Whyte had left Scotland for Monaco.
However, it is alleged that Rangers never announced the disqualification when Whyte became a director. The disqualification is not mentioned in any of Rangers’ statements posted on the PLUS-SX website.
Breaching the rules can result in PLUS imposing “disciplinary sanctions”.
A spokesperson for the PLUS regulation department told the Sunday Herald that the “disqualification of a director” is “treated as information required to be disclosed pursuant to Rule 71 and Appendix 1, Rule 18. In the case of Mr Whyte PLUS Regulation has taken account of recent accusations over the possibility of Mr Whyte failing to make adequate disclosure under the PLUS Rules and is progressing these concerns”.
Asked if this meant Whyte’s disqualification had not been disclosed and that PLUS was investigating this issue, the spokesman added: “Indeed. If Mr Whyte were disqualified from acting as a director then this should have been disclosed. PLUS Regulation are looking into this matter.”
It is understood that PLUS has been in contact with the Insolvency Service over Whyte’s disqualification.
In the past, PLUS has imposed sanctions on firms for rule breaches. Earlier this month, China CDM Exchange Centre Ltd was fined £12,500 after it was found to have imposed restrictions on the transferability of shares.
Prior to the fine, PLUS suspended trading in the securities of the same firm.
News of the investigation comes against a backdrop of financial uncertainty for Rangers.
The club is awaiting the outcome of a £49 million tax battle with HMRC, a case that could result in the owners going into administration.
Former chief executive Martin Bain and ex-finance director Donald McIntyre have also launched legal bids to freeze the club’s assets in separate cash disputes.
Glasgow-based legal firm Levy & McRae, which also acts for The Herald and Sunday Herald, successfully took Rangers to court over an unpaid bill. Rangers settled another alleged debt with law firm Fyfe Ireland last week.
This newspaper revealed recently that The Rangers FC Group Ltd – which used to be called Wavetower and now owns the 85.3% stake in the club – had missed a deadline for filing its annual return.
However, the firm has since submitted the document to Companies House.
It shows the plc has three directors, Whyte, Betts and Andrew Ellis, while the sole shareholder is Whyte’s Liberty Capital Ltd.
A statement issued jointly on behalf of Craig Whyte and Rangers FC plc read: “These accusations were made in a recent BBC Scotland documentary which is now the subject of litigation. While legal action is ongoing, it would be inappropriate to make any public comment. Any announcements will be made in due course through the proper channels.”
An Insolvency Service spokeswoman confirmed Whyte had been disqualified as a director in 2000.
http://www.heraldscotland.com/news/home-news/stock-exchange-investigates-rangers-over-whyte-s-ban-1.1136798?52434
Again obsession you only ae to turn up when you want to tell us this sort of thing it was know on most Rangers forums yesterday
Meh I will wait and see the outcome of it all before having a go and to be honest all he would be guilty of there is not telling the relevant authorities which would surprise me as according to you he is up to no good well that being the case he doesn't make a very good job of being one
Yes another one bumps his gums carry on we have heard it all before
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TheBuilder wrote: »Supposedly they do, but why sould the referee get away scot-free with mistakes that cost points
No way the scottish refs are doing a great job......for now! 0 -
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TheBuilder wrote: »Glasgow is home to some amount of morons
Ah it is but they dont deserve to have their car vandalised in fairness
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HSV v Rangers kicks off in 30 minutes. We're putting out 8-9 bench/reserve players for it. Seems Rangers are doing the same. Only 15-20k expected for it.
Streams
http://sportingtv.eu/index.html
http://www.kiwi-sportz.eu/stream-2.html
http://tykestv.eu/channel2.php
I didn't think Rangers even had 8 or 9 reserve players, is Ally going to be starting? 0 -
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That Aluko lad looked handy enough when he came on. After a google I realised he's the guy who ye just signed and were talking about a few pages back.
Massive f**k up at the back for the winner though!
Handy work out for both teams though was pleased with what I saw from some of our fringe players but your right Alexander really fecked up for your second
And thank feck you got post 1888 and not one of the tic fans 0 -
Join Date:Posts: 10663
Broxi_Bear_Eire wrote: »Handy work out for both teams though was pleased with what I saw from some of our fringe players but your right Alexander really fecked up for your second
And thank feck you got post 1888 and not one of the tic fans
Don't worry BBE, posts 1916 and 1967 are coming up soon. 0 -
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1916 certainly doesn't bother me and that other one I will remember for a different reasonBroxi_Bear_Eire wrote: »Handy work out for both teams though was pleased with what I saw from some of our fringe players but your right Alexander really fecked up for your second
And thank feck you got post 1888 and not one of the tic fans
Don't worry BBE, posts 1916 and 1967 are coming up soon.
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WHEN I became the majority shareholder and Chairman of this great football club in May this year, the sense of honour and privilege I felt was overwhelming. Those feelings are stronger than ever within me now.
First, I would like to address what matters most to every Rangers fan - football. In recent years the performance of the players and the football management team has been quite magnificent and I would suggest their achievements rank among the Club's greatest.
Three successive League titles, three out of the last four Scottish League Cups, plus two Scottish Cups and a UEFA Cup Final appearance is extraordinary by any standard and set the seal on Walter Smith's outstanding second term as Manager and a truly remarkable managerial career. Every Rangers supporter owes him an enormous debt of gratitude.
Walter also left the Club in good hands and Ally McCoist, Kenny McDowall and Ian Durrant are showing the same tremendous drive for success. All of us wish them - and the players - continuing success this season.
In May, the Club entered a new era both on and off the pitch. Whilst this Statement covers the 12-month period ending on 30 June 2011, it also affords us the opportunity to look forward.
I am the first to recognise the contribution that my predecessor as majority shareholder, Sir David Murray, made to Rangers over 20 years. With any change in ownership, however, there will be a change in approach and I firmly believe the changes I have implemented will be in the longer-term interest of the Club, which must always come first.
We have a new Board. In addition, we have appointed a new Chief Operating Officer to drive the business forward and take advantage of emerging opportunities and a Director of Football, whose role is to help Rangers maximise every opportunity to develop, attract and retain playing talent, as well as ensure the Club engages productively with football authorities at domestic and international level.
Perhaps the biggest change that has been effected since the takeover in May has been the repayment of all bank borrowings. The Club is no longer reliant on bank funding, nor does any bank control our operations on a daily basis.
I hope fans would share my view that, looking ahead, the Club should do everything to live within its means and operate on a commercially viable basis. I firmly believe that is the only sustainable, long-term strategy for Rangers.
Performance on the field has a direct bearing on the Club's business performance. Participation in the UEFA Champions' League remains important although increasingly difficult to achieve given the qualification process for the SPL champions.
During 2010/2011 we qualified for the UEFA Champions' League and played in the UEFA Europa League. Turnover at £57.2m for 2010/11 was an overall increase of £0.9m over the previous year.
Gate receipts and hospitality sales increased overall by £1.3m to £27.1m, due to the extra European games, although there was an overall reduction in season ticket sales, hospitality sales and sponsorship revenue.
Net operating expenses increased by £3.6m to £47.5m reflecting increased salary levels, higher European fixture costs and operational cost increases across the business.
The Club remains embroiled in historical tax issues with Her Majesty's Revenue and Customs, primarily the tax tribunal on Employee Benefit Trusts. It has been a dark cloud hanging over the Club for far too long and any resolution must enable the Club to move forward.
Rangers has never been short of challenges in recent years and there is no question there are many challenges ahead for both the Club and Scottish football in general.
However, I am certain that, as a Club, we can rise to these challenges and deliver success both on and off the pitch. That is what Rangers is all about.
I would like to take this opportunity to thank all supporters who have offered me so much encouragement. Your support for the Club is inspirational and I can only promise to ensure that the interests of Rangers and our fans will be at the heart of everything I do as Chairman.
Craig Whyte, Chairman
Profit: £760,000
Cash in bank: £9m
Long term debt of around £14m
£70m on the balance sheet.
http://www.rangers.co.uk/articles/20111130/chairmans-statement_2254024_2533292?utm_source=dlvr.it&utm_medium=twitter
Big Phil needs some new sources 0 -
TheBuilder wrote: »Profit: £760,000
Cash in bank: £9m
Long term debt of around £14m
£70m on the balance sheet.
http://www.rangers.co.uk/articles/20111130/chairmans-statement_2254024_2533292?utm_source=dlvr.it&utm_medium=twitter
Big Phil needs some new sources
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-15976000
Rangers Football Club has confirmed its chairman and majority shareholder, Craig Whyte, was disqualified as a company director.
The club admitted Mr Whyte was disqualified for seven years, with the ban beginning 11 years ago.
The disqualification was revealed in a BBC Scotland documentary.
:rolleyes:
In a separate announcement, the club has revealed that its net debt for the most recent financial year was down from £27m to £14m.
Its turnover was also up by nearly £1m.
The disqualification announcement should have been made to the Plus stock exchange, on which Rangers shares are traded.
The figures are included in unaudited accounts published through the Plus exchange. They also show that net current liabilities have risen sharply, from £21.5m to £34.2m.
That appears to reflect the £49m tax bill which Rangers has been disputing through a tax tribunal procedure, and which could force the club into administration.
'Dark cloud'
Mr Whyte's statement, with the accounts, said turnover rose nearly £1m to £57.2m.
That was helped by extra income from European games,:D "although there was an overall reduction in season ticket sales, hospitality sales and sponsorship revenue".:D:D
Net operating expenses rose by £3.6m to £47.5m, reflecting higher salary levels, increased European and fixture costs and inflation.
Proceeds from the sale of players increased in the year to June 2011 from £512,000 to £4.2m.
And after making a pre-tax profit of £4.2m last year, that fell to only £76,000.
In his statement, Mr Whyte said that the tax bill had been "a dark cloud hanging over the club for far too long".
He went on: "Rangers has never been short of challenges in recent years and there is no question there are many challenges ahead for both the club and Scottish football in general".
The Rangers chairman stressed that the club was no longer reliant on bank funding, since he took over the £18m debt held by Bank of Scotland.
He paid tribute to his predecessor Sir David Murray, as majority shareholder, and to former manager Walter Smith, saying his recent achievements on the pitch were "extraordinary by any standard" and set the seal on "a truly remarkable managerial career".
"With any change in ownership, there will be a change in approach, and I firmly believe the changes I have implemented will be in the longer-term interest of the club, which must always come first," Mr Whyte added.
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Don't let a good story get in the way of facts. Let big Phil spout his shyte.TheBuilder wrote: »Profit: £760,000
Cash in bank: £9m
Long term debt of around £14m
£70m on the balance sheet.
http://www.rangers.co.uk/articles/20111130/chairmans-statement_2254024_2533292?utm_source=dlvr.it&utm_medium=twitter
Big Phil needs some new sources0 -
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They can make as many sly digs as they like when did they suddenly become the bastion of truth in this country that's shat I would love to knowBroxi_Bear_Eire wrote: »Dear me somehow I don't think he is a stupid man so you may be so very wrong in what you say as for the accounts part they would have to have been audited
Like they have been done for the last 10+ years? :pac:
Rangers officially announced that Whyte was disqualified as a company director for 7 years as per Plus stock exchange rules. Did they manage to get that requirement done in on time?
http://www.bbc.co.uk/news/uk-scotland-glasgow-west-15976000The figures are included in unaudited accounts published through the Plus exchange. They also show that net current liabilities have risen sharply, from £21.5m to £34.2m.
Surely not another sly dig from the BBC?! :P
As for the last ten years you can't bring that into the Whyte era I mean you may not like the man but to include him in events that happened when he had no say on the club is strange
And I am not going to start discussing the Murray era all over again I think everyone know the legacy he left this club
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