Points to note with regard to the Rangers accounts to June 2013

Last updated : 29 September 2013 By The Leather Jacketed CA


A well-used line of those yet to be convinced by those sceptical of the current Board is - 'this is all rumour and propaganda, wait for the audited accounts for evidence we are suffering from a poor performance by the current board.’


There is already plenty of evidence out there if people could be bothered to look. And the source of that evidence is the Board themselves.


The interim results announced by the board on 4 March 2013 disclosed costs incurred in the period to 31 Dec 2012 relating to the acquisition and IPO of £5.3m. This is shown under note 4 - non recurring items of £284k and £609k and under note 13 -  share premium relating to costs incurred fund raising of £4.373m.


Some seem to have also missed the reference in the SOS leaflet to the Board minutes of 31 October 2012.


The board can hardly deny the terms of the £590k loan from Zeus or the generous £1.1m worth of shares sold to Richard Hughes for £22k since the terms of these were detailed in their Board minutes.


Others defend Craig Mather simply because he has invested £1m but ignore the fact that 28% of the shareholders who own 18.2m shares and invested £12.7m want to remove him. Contrast that with those that want to keep him: namely Messrs. Green, Ahmed and Hughes who paid £94k for their 9.4 million shares  (14.4%).