Financial : Rangers' EGM tomorrow {12/06/2015}, with two resolutions : 1} Mike Ashley (MASH) : that the £5M loan be repaid to MASH immediately. 2} RIFC Board : that the loan not be repaid immediately and Rangers' contract (through Rangers Retail) with Sports Direct be renegotiated. So, what information is so embarrassing (confidential) that Mike Ashley wants to suppress it ??? Skysports - Rangers: Sports Direct granted injunction ahead of EGM Skysports - Rangers First group to back Dave King at Friday's general meeting Skysports - Mike Ashley issues statement ahead of Rangers general meeting I had concerns about Dave King's history in South Africa, but he has been cleared as a 'fit and proper person' by the SFA, so that is that, as far as I am concerned, so why is Ashley bringing this matter up now ??? For the record, I also voiced concerns about the Easdales, regarding their convictions in Scotland, when they became Board members.
After calling this EGM, neither Mike Ashley nor any representatives from MASH cba turning up ! Any answers to questions raised were limited by the injunction. The two resolutions were rejected and passed respectively, although we will have to wait until Monday next week for the official results. There should be a decision made on the identity of Rangers' next Manager next week too. Skysports - Rangers EGM: Directors issued with Sports Direct injunction at home
Confirmation of the results of Rangers' EGM on Friday, June 12, 2015. Resolution 1 (MASH) : For - 29,376,675 (46.36%) Against - 33,988,991 (53.64%) Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company’s issued share capital Resolution 2 (RIFC) : For - 39,760,539 (62.5%) Against - 23,852,291 (37.5%) Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company’s issued share capital Rangers FC - General Meeting Voting
As well as appointing Mark Warburton and David Weir, Rangers are getting things organised off the pitch too. Skysports - Rangers name Stewart Robertson as new managing director at Rangers
This relates to the appeal by HMRC against the rulings on EBTs used by Rangers' Oldco. Perhaps it is appropriate that this matter should resume on Budget Day ! BTW, the Oldco has not 'been liqudated', if it had been liquidated, it would not exist. If it does not exist then against whom, or what, is HMRC contesting this Case ??? Skysports - Rangers 'big tax case' goes back to court
Oldco is "In Liquidation". It is in the process of being Wound Up, it therefore exists but that's not the issue. HMRC - if they don't contest this - would see people use this loophole (ie Loans that never have to be repaid are still classed as "Loans") to escape their Tax liabilities. Every Football Club or business in the land would be paying people with Loans.
The loophole was closed years ago. HMRC have never won a case against EBTs. This is a complete waste of time and tax payers money.
I disagree, if HMRC win their case the people who got these "Loans" will have to pay money into the Creditors pot and the people/small businesses who got shafted will get more than the 4p or so in the £ that they are being offered at present. Why should people like Barry Ferguson (£2.5m) be allowed to keep every single penny they got in this manner and a face Painter who was owed £100 get £4? Believe it or not, I would say the same if it was a Celtic player who got such a "Loan", its corrupt.
But the money wont go Into the Oldco pot. If HMRC win their appeal then they will chase those players to repay tax that they owe.That money will go to HMRC. This is not about Rangers as such, this is HMRC trying to get a legal ruling which will let them go after everybody else. As I said before they have never won a case yet. It was their mistake, they left the loophole. Tbh I care not a jot either way. If they get the ruling then some rich ****s have to pay their dues. If they don't then me and you have ro pay their legal fees. The face painter was paid btw. A lot of creditors were paid through the fans fighting fund.
The Oldco is 'in liquidation' and BDO are looking after its interests. It is because of the sloppy language used by most journalists : 'liquidated' ... and/or ... 'wound-up' ... that I keep having to remind folks that the Oldco has NOT been liquidated or wound-up. Depending on the outcome of the HMRC and Collyer Bristow Cases, the Oldco may not need to be liqudated or wound-up at all. Time wil tell, but for now, matters are ongoing.
Not entirely true Larry, think about it, what's the best case scenario? They can't unliquidate Oldco, if they did a lot more people would be wanting money that has long since been blown/lost. Let's say for a minute you are right and the Liquidation is reversed, where does that put Newco and the current regime at Ibrox, what about the Original Rangers Bond holders who never got a bean? Can of worms.
There is no way Oldco won't be liquidated. It owes HMRC £18 million in unpaid tax and national insurance. That's the reason it went into admin. and then liquidation.
The Oldco cannot be 'unliquidated' as it has not been liquidated ! As I said previously, the liquidation process may not end in the Oldco being liquidated (wound-up) at all. This will depend on the finally winning the HMRC Case and utilising the £24M damages received from Collyer Bristow last November (2014) to reimburse the unpaid creditors.
Turning the screw on the nefarious characters: http://www.rangers.co.uk/news/headlines/item/9724-shareholder-information
"It will be a long road but as long as we travel that road together I guarantee the fans absolute transparency and accountability and if there is one thing that has been missing in Rangers over the past couple of years it is not just the ethos and the level of respect, but accountability and transparency, which has been completely absent." 6 March 2015
