Retail Deal - UOF statement

[Frankie 8,674]

What do you think quattro, nice deflection on his part, eh?

 

There's only one deflection happening here and it's not from T4C.

 

The £2.72m figure was published in an official RIFC publication to the Stock Exchange. 'Unaudited' may well have been the clarification given by the business but given its relation to the Open Offer earlier this year, that's hardly something for anyone to trumpet about and such blasé use of financial information may explain why the 2012 IPO is allegedly under investigation by BDO/Police Scotland as well.

 

No matter, the issue at hand is the clearly onerous and clearly less than 'normalised' retail contact the club is involved in with Sports Direct. Usually it surprises me when I see anyone defend such obvious breaches of duty to the club but with 'quattro', I just smile. After all it can't be easy trying to spin the worst of news into criticism of the very fans that are being misled.

[the gunslinger 3,366]

I treat the offerings of that particular poster with the gravitas I feel they merit.

 

as do i..........

[Calgacus 8]

You are full of disingenuous and dishonest deflection and don't deserve to be engaged with.

 

It's the house style!

[Mountain Bear 0]

I have absolutely no idea what you are talking about, since the subject at hand relates to retail.

 

Aw Jack, is that really the best you've got?

[buster. 5,280]

Aw Jack, is that really the best you've got?

 

They really are that empty and bereft of any meaningful 'defence'.

 

It really tells you all you need to know.

 

 

It also points to the Toxic One defending retail/onerous Ashely contract whilst 'acting for Easdale'.

 

Toxic serves in part to show us the root of the sp.iv/shark continuum.

Edited December 6, 2014 by buster.

[Mountain Bear 0]

I'd love to see Buy Rangers selling more tops to our fans than Mike Ashley.

[Bluedell 5,680]

The figure of £590K is arrived at by taking the non-controlling interest figure of £567K in the face of the P&L account and prorating it.

 

Based on that method, Rangers Retail Ltd has made £1.65m profit to date. One has to ask why Rangers Retail has cash balances of £3m. Where has this cash come from? Surely a retail business doesn't have large stocks of cash, particularly in early years of trading?

 

It could be that the club has lent cash to Rangers Retail, but that would have been repayable as it's not part of the profits, one would think, although with this mob in charge, who knows?

 

It could be that our share of the profits is only £590K but we can't tell for sure unless we see the detailed agreement, which would never be released to us on commercial grounds.

 

I've had another look at the accounts, and it appears that the above profit is after accounting for £411K stock provisions and £422K of lease provisions.

 

The lease provisions cover a number of years so we should not have the hit in future years. Hopefully the stock provisions will not reoccur either, which would result in Rangers Retail making an annual profit of £1,890K and us getting a profit of £964K.

 

Not brilliant, and the principle of the stock provisions is still troubling, but perhaps not just as bad as first appeared.

[the gunslinger 3,366]

i think it's a safe bet we will have stock provisions.

 

ashley will have set himself some minimum profit levels.

[Bluedell 5,680]

i think it's a safe bet we will have stock provisions.

 

ashley will have set himself some minimum profit levels.

 

I'd like to disagree with that, but you're probably right.

[the gunslinger 3,366]

I'd like to disagree with that, but you're probably right.

 

and if he hasn't already then it's likely after the agm he will have all of the board.