Frankie 8,677 Posted May 29, 2012 Share Posted May 29, 2012 4.20 The Offer Letter is confidential between Sevco and the Company, but the principal terms are as follows: 4.20.1 In addition to the £200,000 referred to in Paragraph 4.19, Sevco agrees to advance to the Company the sum of £8,300,000; 4.20.2 £8,300,000 will be available for draw down by the Company no later than 31 July 2012, but only once certain conditions (the ―Conditions‖) are satisfied; 4.20.3 The Company will repay the Loan together with interest on it on or before 31 December 2020; and 4.20.4 The loan will, subject to the laws of Scotland, be secured by standard securities and a floating charge over the assets and undertaking of the Company. I am reading this correctly, yes? 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 29, 2012 Author Share Posted May 29, 2012 I am reading this correctly, yes? Rangers are going to buy itself? 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted May 29, 2012 Share Posted May 29, 2012 Yeah sounds like a director loan which he will drawn down a salary from (tax free) until 2020. Which gives him an almost what 1mil salary a year tax free? nice. 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted May 29, 2012 Share Posted May 29, 2012 Rangers are going to buy itself? It's quite common actually, not saying I like it, but happens a lot. Also makes him secured creditor. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,677 Posted May 29, 2012 Share Posted May 29, 2012 It's quite common actually, not saying I like it, but happens a lot. Also makes him secured creditor. I wonder what he then does with the assets such as the stadium and training ground. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 29, 2012 Share Posted May 29, 2012 no wonder boss wanted me gone from rm before this came out. its a joke. its a whyte deal all over again. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted May 29, 2012 Share Posted May 29, 2012 why was the blue knights deal lb'd in favour of this? get green to fuck now. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 29, 2012 Author Share Posted May 29, 2012 It's quite common actually, not saying I like it, but happens a lot. Also makes him secured creditor. To my untrained eye, it's little different to what Whyte did. All we need now is some bullshit document which states he will spend x amount on the stadium, y amount on playing staff, yada yada yada. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,715 Posted May 29, 2012 Share Posted May 29, 2012 which takes us nicely to the 5.5 million Green has to pay by 31st July should the CVA fail... Schedule 4 sets out it quite clearly. Estimated Funds Available for Unsecured Creditors CVA 4,967,284 Newco 953,284 Liquidation Nil Who would vote against a CVA? 0 Quote Link to post Share on other sites More sharing options...
BlueMazza 0 Posted May 29, 2012 Share Posted May 29, 2012 I wonder what he then does with the assets such as the stadium and training ground. Well he also gains all the shares. So he/his group own the club, all the assets and used their cash as a loan which we have to pay back. Genuinely, I think we'll be liquidated. Ticketus & HMRC are owed just shy of £50mil between them. And the pot will be 5mil (less really after supervisors). If people think we robbed tax before, if this goes through we've robbed them again. 0 Quote Link to post Share on other sites More sharing options...
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