Crisis club Sevco have turned to WH IRELAND to handle their proposed share issue.
With Daniel Stewart about to be banned from the Alternative Investment Market the club requires a Nominated Adviser (NOMAD) to handle their business with the AIM.
WH Ireland will be the third NOMAD that Sevco have worked with since the December 2012 share issue that apparently raised £22m thanks to Charles Green and Malcolm Murray.
Manchester based WH Ireland were set up in 1872 and have a proud unbroken history in the financial services industry and describe themselves ‘as a growing Financial Services Group firm which provides its clients with a range of bespoke services. We have enjoyed good momentum in terms of new client wins and pride ourselves on the quality of service we provide.’
Among the directors of WH Ireland is Rupert Lowe who guided Southampton into administration in 2009.
As well as finding a way of meeting the December payroll one of the first tasks that WH Ireland will have is to prepare a prospectus for a share issue aimed at raising £8m after costs to keep the lights on at Ibrox until the new year.
That task will require a lot of work after the concerns raised by Deloittes last week as the club accounts to 30 June 2014 revealed headline losses of £8.3m.
Since then the club raised £3.13m from the September share issue with two loans from Mike Ashley bringing in £3m but requiring repayment in April 2015.
With a current market value of around £19m raising £8m after costs looks like a tall order requiring existing shareholders to dilute their existing holding and throw fresh money in to a club that shows no sign of wishing to live within it’s means.