Deal Done At Last - 85.3% of RFC sold for �£1 according to Stock Exchange

[forlanssister 3,114]

Wavetower intends to maintain the Club's listing on PLUS Markets for a minimum of 12 months from the date of this announcement.

 

Does not exactly fill me with joy.

[craig 5,199]

I've no idea what kind of owner Craig Whyte will turn out to be, that's a judgement for the future. But I can hardly find words to express the relief and joy I feel at David Murray's departure. Time to get back to Ibrox at last. I think that's about all I want to say about it.

 

I can honestly say that this one single statement from you MF puts a smile on my face. I am sure it has been somewhat painful not being at games through principle.

 

A beer at WRC next time I am home ?

[Gazza_8 233]

I can honestly say that this one single statement from you MF puts a smile on my face. I am sure it has been somewhat painful not being at games through principle.

 

A beer at WRC next time I am home ?

 

I'm there if I'm on days off.

[forlanssister 3,114]

I haven't a clue how serious AJ's misgivings are. He obviously has some though. He and the other 4 directors were appointed to the Committee to report to the other shareholders, which they are failing to do, other than some press sound-bites.

 

We can't automatically assume that Whyte is going to be better than the status quo, if his plan is putting us �£50m in debt by the end of next season.

 

 

This isn't exactly a ringing endorsement......

 

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 teh shareholders and supporters of the Club

[metlika 0]

Was about to post that, the IBC aren't exactly convinced but they can't really do anything.

[forlanssister 3,114]

Was about to post that, the IBC aren't exactly convinced but they can't really do anything.

 

Basically saying "Don't trust the c&*t!"

[Frankie 8,663]

I've updated my article of last week:

 

- Welcome to Rangers, Mr Whyte - Let the interrogation begin

http://www.gersnetonline.co.uk/2010/index.php?option=com_content&view=article&id=410:welcome-to-rangers-mr-whyte&catid=1:articles&Itemid=67

[Bluedell 5,679]

This isn't exactly a ringing endorsement......

 

 

Yeah, and it seems that the club's debt hasn't gone. It's just been transferred.

[der Berliner 3,808]

Yeah, and it seems that the club's debt hasn't gone. It's just been transferred.

 

So has ManU's and ManC's and that of every other football club in the world. The point is, will someone want the debt back?

[Frankie 8,663]

MIH are suggesting WT are to waive the debt in the future...