Rangers "hamstrung" by Charles Green legal bid...

[ian1964 10,578]

...but John Gilligan confident of stock exchange listing.

 

JOHN Gilligan, the Rangers director, last night stressed the Ibrox club is still “striving” for a listing on the ISDX Stock Exchange and still intends to raise money at a share issue in future.

 

However, Gilligan admitted their efforts had been “hamstrung” by other events in the last few months – including Charles Green’s bid to get them to pay the legal costs at his forthcoming criminal trial.

 

Rangers were de-listed from the AIM Stock Exchange back in April after being unable to secure a nominated advisor to replace WH Ireland who resigned the day before the EGM the previous month.

 

Dave King, the major shareholder and chairman, and Paul Murray, the director, have both been passed as “fit and proper” by the Court of Session and the SFA since then.

 

And in July the Championship club appointed Peterhouse Corporate Finance in a move which was seen as significant in their goal of achieving a listing on the ISDX market.

 

But Green, the English businessman who led the takeover of Rangers in 2012 and who has been charged with fraud and conspiracy, has taken legal action to compel the club to pay his costs . King has stressed the bid will be "strongly resisted".

 

Gilligan, the former manager director of Tennent Caledonian Breweries, admitted the club board was facing constant unforeseen challenges in its efforts to restore off-field stability.

 

Asked if the club still planned to hold a share issue at the Rangers Supporters Trust AGM at Ibrox last night, he said: “The answer in the long term is yes.

 

“You know the story with the listing. Until we are listed, we can’t do the share issue. We are striving to get the listing. In the longer term that is exactly where we want to be.

 

“What makes it really difficult is, because of the Police Scotland investigation, there are other things that are coming into play here which certainly I didn’t see them coming anyway.

 

“Not the least of which is when you are handed a piece of paper which says the former chief executive (Green) has a contract which he says means we have to pay his legal fees. Nothing is very simple."

 

Gilligan added: “But in the medium to longer term we intend to raise capital that way, there is no question about that. You are challenged all the time. We have got lots of challenges. And we take them all on. We are working hard.

 

“The listing is important for us. We are still striving for it. The share issue is important to us. We are a wee bit hamstrung in the last few months on it, but we’re still working towards it. I feel confident. This club can’t survive in the next 10 years without supporters’ input.”

 

Meanwhile, Gilligan has confirmed Rangers could consider renaming Murray Park – the club training ground which is currently named after former owner Sir David Murray – at some stage in the future.

 

He said: There are a number of plans to look at the academy at Auchenhowie and try and get the proper message over of what it is all about.”

 

Elsewhere, Gordon Dinnie, the Rangers Supporters Trust chairman, revealed that liquidators BDO had confirmed to the organisation that it would be possible to transfer the assets back into the control of the oldco in the future.

 

Dinnie said: “We asked: ‘Would it be possible to resurrect oldco?’ The answer we got was: ‘Yes, it would be very difficult because there is too much going on legally elsewhere at the moment, but come back to us’. The advice we have had is it is doable.”

 

http://www.eveningtimes.co.uk/sport/13801552.Rangers__quot_hamstrung_quot__by_Charles_Green_legal_bid___but_John_Gilligan_confident_of_stock_exchange_listing/

[RANGERRAB 3,387]

I don't understand how Green can possibly be entitled to have his legal fees paid by Rangers.

 

I could understand a past or present employee of a company getting legal fees paid by that company for any sort of litigation against them for any actions or work during their service with that company provided they were seen to be at least trying to act in the best interests of the company at that time.

 

But this is direct criminal proceedings against an individual is it not ? Or am I missing something here?

Edited October 3, 2015 by RANGERRAB

[trublusince1982 243]

I don't understand how Green can possibly be entitled to have his legal fees paid by Rangers.

 

I could understand a past or present employee of a company getting legal fees paid by that company for any sort of litigation against them for any actions or work during their service with that company provided they were seen to be at least trying to act in the best interests of the company at that time.

 

But this is direct criminal proceedings against an individual is it not ? Or am I missing something here?

I would imagine he wrote the wording along with his buddies to cover the worst case scenario for himself.

 

For me having this in his contract shows he was under no illusion in what he was doing. He had the foresight to protect the back door so to speak. The best way to protect himself from people within the club who would take offence and action against what he was doing, would be to show any legal ramifications / action against himself would financially hurt the club, a club which he obviously fully intended to keep in financial hardship with his little cartel of supporters. The law can be manipulated by those with the will and foresight, hopefully in this case it falls apart and the law shows some backbone.

Edited October 3, 2015 by trublusince1982

[ascender 352]

This tie-in to a question I was going to ask about our finances. There seems to be a growing amount of "noise" online from people about just how precarious our finances are. Even when you have to consider that much of it is guesswork, is there still a cashflow problem at the club or is it just wishful thinking from our enemies?

[boabie 230]

This tie-in to a question I was going to ask about our finances. There seems to be a growing amount of "noise" online from people about just how precarious our finances are. Even when you have to consider that much of it is guesswork, is there still a cashflow problem at the club or is it just wishful thinking from our enemies?

 

The board have already stated that there is enough cash to see the club through to the end of the season. That has not stopped the usual claims of impending bankruptcy from those who have even less of a clue about our finances than we do. I think you got it right mate. It is simply wishful thinking.

[der Berliner 3,432]

Who knows, but we've sold 35k season tickets and Ibrox gets 40k plus spectators each time we play there. Given the amount of high-waged people we have shed in the summer, we should not have any great problems. Yet, what do we know about all the other stuff that is going on with various contracts and obligations? Probably as little as anyone producing rumours about our financial health. Lack of information can be a "useful" tool.

[jhunter 0]

This tie-in to a question I was going to ask about our finances. There seems to be a growing amount of "noise" online from people about just how precarious our finances are. Even when you have to consider that much of it is guesswork, is there still a cashflow problem at the club or is it just wishful thinking from our enemies?

 

king has stated time and again any shortfall will be covered by himself/the 3 bears until a share issue can happen and they get their loans turned into shares.

 

this presumably will be part of the 30M investment he promised to make

 

its only utter fannies/celtc supporting vermin who continue to spout shite about Rangers finances.