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boabie

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Posts posted by boabie

  1. I just love how the Daily Record can use, " "The Scottish FA can confirm we have received a petition for judicial review and will be defending it. We will make no further comment at this stage." as a basis to lead with the headline, " The SFA fire back at Mike Ashley over Rangers ruling: We'll fight you every step of the way ."

  2. From 2012 on McConvilles website;

    "Amazingly the SPL, SFA, SFL and Woody Allen & Spice Girls were all connected with a now liquidated company that Charlie helped float on the Alternative Investment Market (AIM) back in 2000 and I can’t help but wonder if the SPL and SFA remember much happier times as valued customers with their name and reputation, along with Woody and the Girls, helping boost business and share prices.

    Kingsbridge Holdings Plc is an interesting study in a company brought to market with a successful flotation and dazzling share performance sizzling upwards from 25p to 94p in months. But the company value collapsed from £60 million to £2 million in little over a year as shares slumped to 2.5p.

    Things became so bad that in March 2003 ‘substantial shareholders’ were forced into a desperate bid for a board seat to protect their interests. This was rejected but within months the board capitulated and the shareholders’ choice was appointed Chief Executive as the storm clouds surrounding the troubled company thickened and darkened.

     

    A number of factors contributed to the failure of the company which eventually became a cash-shell, changed its name and was finally liquidated and dissolved. This post doesn’t cast blame or responsibility on any director for the outcome. Dealing in shares can provide salutary lessons and it is always worth remembering that what goes up can also come down so don’t gamble on shares unless you can afford to lose the cash :)

    Kingsbridge Partnership was founded in 1992 by Kevin McMenamin and David McKee and provided specialist financial advice and services to high net worth clients, including players, managers, coaching staff and administrative personnel from English professional football clubs.

    The two partners were joined by Charles Green who became chairman of Kingsbridge Holdings Plc which floated in July 2000 at 25p per share to raise £14 million funding for an aggressive expansion programme which saw them open offices, within a couple of years, in Nottingham, Glasgow, Harrogate, London and Sunderland with new client groups in non-football sports and the entertainment industry.

    In September 2000 £3.99 million was spent buying John Murray & Company (Scotland) Ltd – a leading football focused independent financial adviser whose clients included, at that time: Scotland Manager Craig Brown; Christian Dailly, Blackburn Rovers & Scotland; and Jack McGinn, President of the SFA; as well as the SFL and SPL.

    Chairman Charlie stated: ‘The acquisition of John Murray, a leading adviser in Scotland, is an important step in the development of the Group. The deal is expected to be earnings enhancing and will strengthen Kingsbridge’s position not only in Scotland but also throughout the UK.’

    The share price soared to 85p in mid September and was tipped to trade up to 100p.

    In October 2000 Maxdelta Ltd, a subsidiary of Keysports Management Ltd with clients in the media, entertainment and sports industries, such as ‘the Spice Girls, Beautiful South and Woody Allen’ was acquired and Charlie said: ‘At the time of listing we indicated our ambition to diversify into other high net worth areas beyond premier league football where we sit as a market leader’. He promised even more buy-outs and a widening of the Kingsbridge client base.

    The following month Kingweb was acquired – the website of the professional managers in the FA Premier League and Nationwide Football League – which Charlie described as: ‘One of the most important in football’. Agreements were reached with other companies bringing clients from: Rugby League, Rugby Union, horse-racing, rugby, golf and cricket.

    In April 2001 the dizzy round of acquisitions continued with the £12 million purchase of the Stafford Group Plc and in July, Kingsbridge’s main competitor Benson McGarvey Limited was snapped-up for £13.5 million with Green stating: ‘The acquisition will help Kingsbridge to achieve its stated aim of becoming the leading provider of financial services and advice to sports personalities’.

    By November 2001 Charlie was able to report: ‘A very active and successful period of some fourteen months since the flotation of the Company on the Alternative Investment Market. The Board believe that the future for the enlarged Group is exciting and we are optimistic that the current year will be a year of continuing progress and expansion.’

    In May 2002, Green reported: ‘Your Board is optimistic that the second half of the current year will show continuing progress and expansion’ but Kevin McMenamin and John Murray stood down from the board at the same time and by July, Charlie was predicting Group results for the year ended 31 August 2002: ‘Will be significantly below current market expectations’.

    Come September 2002 the Board announced a review of its non-sports division because of continuing uncertainty in equity markets and low activity generated by the Group’s non-sports client base although it noted the sports division continued to ‘trade satisfactorily’.

    The end of January 2003 saw the publication of the prelim results for the year to 31/08/2002 which revealed a loss before tax of £25.69 million as opposed to an £0.82 million profit the previous year. Green stated: ‘Set against a year of weak investor confidence and poor stock market performance and when judged against others in our quoted peer group, the results achieved are quite satisfactory.

    ‘As a consequence of my other business commitments, particularly my role as Chief Executive of Medical Solutions Plc, I have decided, with immediate effect, to step down as Chairman and will continue as a non-executive director’.

    At the end of February 2003 Kingsbridge reported: ‘The Group continues to experience extremely difficult trading conditions. In the absence of any improvement in the general economic climate, results for the financial year to 31 August 2003 will be substantially worse than current market expectations’.

    What wasn’t known publicly at the time was that a number of substantial shareholders ’were extremely concerned that the company’s value had plummeted from more than £60m to less than £2m in little over a year’.

    Laurence Turnbull was sent as an emissary from the concerned shareholders to meet with the Board on 12 March 2003 but was refused a place on it to represent shareholder interests. The Board rejected Mr Turnbull as it: ‘wished to continue with their plans for the company’.

    However, days before the end of the company’s financial year, they contacted Mr Turnbull to offer him a non-executive directorship and on 27 August 2003 he was appointed Chief Executive.

    Turnbull, then chairman and chief executive of the privately owned conglomerate Texas Holdings Limited, brought in a Company Secretary and non-executive director, both personally known to him, and later stated: ‘Within days I became aware of the grave difficulties facing the Company’. This included a steadily increasing overdraft and substantial payments due to major creditors including HMRC. In order to gain support from the company’s bank Turnbull personally provided ‘comfort’ to them.

    The new chief executive added: ‘Within days, two of the cornerstones that made up the company had been sold, in effect to the management, and the company had no financial facilities to see it through the disposal of the remaining two businesses.

    ‘To compound matters, one of the businesses, had virtually been sold, in a separate management buyout. This then left a small operation in Scotland to be dealt with and a heads of terms for its disposal were in existence.

    ‘It is not appropriate for me to comment on the previous board of directors however I am pleased to inform you that from the date of my appointment no fees or salaries have been paid to a Director of the Company.’

    Company Chair Eric Cater added: ‘The market difficulties and the collapse in the share price meant that our key people were disillusioned with the public status of the Company’. "

     

    On the day Turnbull was appointed chief executive, Charles Green resigned as a non-executive director to concentrate all his efforts on his role as chief executive of Medical Solutions Plc and was replaced by Brian Willmott who had been brought in by the new chief executive.

  3. I am sure we gan agree to differ, Boabie, but I would submit I'm not alone on here, though clearly in a minority.

     

    However, it would seem that I have already been proved correct in terms of the SPFL.

     

    There's no way I would fall out with a fellow bear on a simple difference of opinion BH. However I would take what the SPFL have been reported as saying with a huge pinch of salt. Reports elsewhere have the SPFL and SFA "standing back waiting on the fines appeal decision". If that one goes against us both those organisations will be steamrollered and I fully anticipate harsh sanctions against us.

  4. Should we dispense for the need to refer to case law BD & just apply the test of "common sense" to every legal debate ?

     

    There have been judges who have been quoted as stating that cases rely on "law" and have nothing to do with "justice". Yesterdays announcement throws that right out of the window. The law is on its ass if judges start determining that common sense is how they should reach decisions rather than what has been proven during any hearing.

  5. We spend far too much time worrying what others think.

     

    When I was involved in Amateur football I used to try to school the guys in the philosophy that what really matters is that we put the ball in the back of their net more often than they put it in ours. What happens in between really doesn't matter all that match, it's the results that are recorded in the history books.

     

    The history books will continue to show the trophies we won fair and square on the football pitch, credit Jackie McNamara for a footballer's view of that. The Nimmo verdict was that we did not gain an unfair sporting advantage and that will stand as well.

     

    We all know we took advantage of an apparent loophole in the law that many others (including Celtic on a much more limited scale) used at the time and we all know the ultimate cost to our Club.

     

    I could be wrong but I very much doubt if there will be an appetite in the SFA/SPL to go over old ground again.

     

    I agree with JohnMc's well argued post; it's time to move on.

     

    I have to say I totally disagree with what you posted there BH. Whether some good fairy continues to fund the fight against the proceedings remains to be seen but " it's time to move on " is just not going to happen. Not if you have followed general media and online coverage and comment since the announcement was made earlier today, it won't. The more militant obsessed bloggers have been pushing for the SPL and SFA hierarchy to be removed due to their granting us a licence since day one. Their behaviour today shows that moving on will be a one way thing for your good self and nobody else.

  6. 47 years ago this week colin stein scored his hatrick debut at gayfield...
    I was at that game.

     

    Also...Rangers lost 4-3 in '71' to sporting lisbon but won on away goals from a 6-6 aggregate....
    and that one too.
  7. That wee tosser Chrus McL on BBC after alluding to cheating etc. said that after contacting the football authorities there seems to be no appetite to go down that route again.

     

    Thomson has already been chirping. Speirs has crawled out from under his rock after a prolonged absence and BBC are giving Daly time on tv tonight to lead the campaign for further punishments to be handed out. It has started.

  8. I wouldn't put "anything" beyond the SFA/SPFL.

     

    The campaign by all the usual suspects to have the SFA take retrospective action has already started again. They won't be happy until Rangers are absolutely hammered. There was always more to the chair shuffling at Hampden while we were out of the system than simply making sure that those of a sellik persuasion had an unfair representation. There will be more to come I'll predict.

  9. So only £4m a year? We've had turnover of £12m a year in the past (excluding the years when we made our own strips) so the boycott is definitely having an impact.

     

    No doubt it is having an impact B. My depression comes from Ashley still managing to shift £8 millions worth. The figure should stand at zero.

  10. On this day back in 1968 we trounced dundalk 6-1 in the Fairs cup. I've never seen a team so scared in all my life lol...

     

    I was at that match. If I remember right it was Colin Steins 3rd game after signing for us. He only scored 2 after successive hat-tricks in his first two matches. The wags were saying he was "finished". :bouncy2:

  11. If Whyte really does have money stashed away (and I genuinely don't think he has) then if convicted after being made bankrupt then that money will be found.

     

    The court would maybe use the proceeds of crime legislation and set a gang of forensic accountants on the case. If they haven't been set to work on that already.

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