Sevco have issued a nameless statement in response to growing speculation that the club is on the brink of administration.
Central to the statement is confirmation that there will be no share issue with the statement admitting that they are unable to gain a listing on the ISDX.
Shortly after Dave King came on board the troubled company were booted off the Alternative Investment Market after failing to find a Nominated Adviser prepared to back the South African based criminal.
Mr King, alongside fellow board members Paul Murray and John Gilligan have yet to invest a single penny since sweeping up the marble stairway into the blue room in March.
Earlier this week Mr King issued a statement highly critical of Sports Direct prompting speculation that Mike Ashley was stepping up the pressure for repayment of the £5m loan he arranged with the AIM listed company in January.
With investment options limited and a criminal trial underway over the club assets tonight’s statement admits: “After careful consideration the Board has determined that it is not appropriate to proceed with a share issue and listing on the ISDX market until the criminal proceedings being brought against Charles Green, Imran Ahmed, Craig Whyte and others are concluded.
“The Board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the Group will be made available as and when required from the existing shareholder / lenders.”
Stepping up the pressure on the so-called three bears who remain outside the boardroom the statement added: “Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis.
“The facilities to be made available more than cover the projected shortfall for this Season and beyond. The Board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case by case basis in accordance with prior statements.”
According to the statement the club’s audited accounts will shortly be published allowing the company to host it’s first AGM under the chairmanship of Mr King who was described as a glib and shameless liar by a South African judge.
The statement concluded: “A resolution will be presented to the AGM to permit shares to be issued by RIFC on a non pre-emptive basis. The Board would like to see this resolution passed but this is not a condition of funding being made available. The resolution will be a special resolution and would require the support of 75% of those shareholders voting at the AGM. The Board recognises that funding of the sort being provided by its shareholder / lenders would more naturally be made available as an equity investment and believes it would be in the best interests of RIFC’s shareholders if the loans could be converted.”
In June just 53.64% of shareholders backed the board’s policy of not repaying the £5m loan from Mike Ashley, it’ highly unlikely that they will convince another 21.34% of shareholders to dilute their stake in the holding company.
Come on big Mike, do us all a favour and pull the trigger !
HH
Ha ha good one bud Hail Hail
No ..big Mike don’t pull the trigger,,I could watch this comedy for years to come..feckin hilarious
The only thing more comical than Sevco is the arrogance of the mugs supporting them.
The zombies are deluded,my favourite one is on twitter and goes by the name of ned stevens or nedward ,tweets constantly about sevco you would think he was some sort of die hard turns out hes not been to a single sevco game,absolute goon,if your reading carrot baws,girfuy!
No, no, no….this surely cannot be right.
It seems that only a few weeks ago TGASL issued another statement stating that the club (company) was comfortably funded for the next 6 months.
What’s changed? Perhaps with the publishing of the accounts imminent only a commitment from the Directors would enable the auditors to sign them off without a going concern notice?
I’m amazed that guys who have spent years building up their business and making a few bob are contemplating throwing good money after bad………if the shortfall is from December till June that will cost them £10 million big ones, though one can only presume that King will be the major contributor????!
That’s leaving aside Green’s legal fees, SD’S outstanding loan and if Ashley is further litigating, as King claims, then who knows what else is coming down the line?
It’s laughable when the statement says that these further loans will be converted to equity………will they? It’s not as if the trial of the century is about to kick off and the ownership of the assets is in question……….
How amenable do the board think that other major shareholders will be to a significant dilution in their share value…….apart from the fans groupings, not very I think.
The timing of the latest statement coincides with the start of the pantomime season in Scotland, how appropriate.
Diddly Die /// Die/// Die/// Da Diddly Fiddilly Die Die//just Die….
There the Huns were, stumbling down the street, drinking the Buckie, and puking on their feet … Sorry. Had a Manfred Mann flashback there. 😉
If your outgoings exceed your incomings
Your upkeep will be your downfall.
HH
For Fox sake
Is this king clever or is he clever.
The loan ranger rides again.
And here we where all thinking he was a numpty.
He has 30 thousand bottles of wine for Fox sake.
Haw haw haw.
Obladee oblada life goes on …….