The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
I wouldn't be worrying now about why and when the last Nomad left. The question today should be why did Deloittes, who Interim Chairman Murray referred to as the 'existing auditors', not willing to sign of on the interim accounts. ( It wouldn't happen to be because, both previously and now, they see no-one on the horizon with deep enough pockets to allow them to say this venture a going concern) Regardless whether or not the old board or the new board are to blame everything points towards a very bumpy road ahead.
"Perhaps a glass of warm milk may provide a soothing tonic ?" Or some champagne tomorrow? Not everyone is driven by hate for Rangers. If you see vomiting into a rant against Rangers, that's a sad place to be. That's a very visual description that says much about your mindset. You are the poster who made frequent reference to Celtic fans as Bheasts. It is an age old tactic in war, to de-humanise your enemy so your soldiers would show no mercy. Such thinking can be the root of feeling superior, having a sense of entitlement. All you seem to have left is to pick people up on grammar and punctuation. I would suggest, as suspected, you have nothing meaningful to add to this board. Just one more thing - you don't need a space between the last letter of a sentence and a "!" or "?". Hopefully that helps. What do they say about people who live in glass houses?
Probably Eddie - it was an error in my opinion for King to say he was against relisting but would try for it anyway - make your mind up dear !
"King was blind-sided by Ashley on this - and spent 30 days trying to find one... and looks like he cant .... or wont ." My money would be on "can't". That's not how it will be spun by the press, of course. As soon as it happens, we will find out it was all part of the master plan that no-one has mentioned yet. And the happy Bears will nod and smile knowingly, their heads filled with Zadok the Priest.
Cambridgeblue said "I doubt you will get many well argued replies." On this occasion I was proved correct - I may well be wrong on other topics. The problem for ff, LA etc is that they are actively wishing for Rangers to fail. You don't even need to remember that fact - it rips out of every post, once you get past the appalling grammar and spelling each post vomits into a rant against Rangers for having the temerity to still exist. A fatal flaw. Perhaps a glass of warm milk may provide a soothing tonic ?
Come on Stu, we are not in the playground any more. Can we have an adult discussion? The result of the vote was made known before the EGM date. It was well publicised, as you know. Are you saying WH Ireland resigned before King was notified and made so much of it in the press? We both know that isn't true. There are lies, damn lies, and statistics. It is a fact WH Ireland resigned before the EGM. But that's not the whole truth, is it? You do yourself no credit.
"Not true. They resigned prior to the EGM. " They resigned when the count of the proxies showed result not in doubt. Why was Kings Nomad not already working prior to the handover ???? King was blind-sided by Ashley on this - and spent 30 days trying to find one... and looks like he cant .... or wont .
Cambridgeblue said "I doubt you will get many well argued replies." His further comments on the thread are a sarcastic comment to a well reasoned reply and a pedantic deflection, on grammar, to the well made point that King supporters are desperate to lay the loss of the Nomad on the board outed by the "Concert Party". Back to the original questions Why does King have control? Because he is pulling Paul Murray's strings and was acting in concert with board member Douglas Park in purchasing the shares required to force the EGM. What next with the £5m? Well it would have been enough to see the end of the season and may just have been enough to prevent Deloittes walking away. The £1.5 will probably not even cover April payroll and the lack of a plan beyond that maybe why Deloittes could not and would not sign of the accounts as a going concern. Oh and on top of Stuzee's lie in the first point about L&L losing the Nomad his second point is a bit dodgy too. Best player? Really? But even if that were true take a look at the cashflow in the intereims. Ignoring RRL money that was included despite not being available at the time the funds availabe were just over £125k. Presumably there was a bill due in early January for more than that hence, not for the first time, an interest free loan from Alexander Easdale of £500k. Lewis Macleod needed to be sold to prevent RIFC demonstrably trading while insolvent.
You and your facts Stu - won't be popular. The new board grasped the most important issue - the failing team and management - and brought in two guys who have turned it around. The boy Vuckic has done alright - but he played in the three straight defeats in Feb and the numerous draws early in March - didn't look worth £30k a week then. Why the previous board didn't address things is an obvious sign of their many many failings.
@stuzeeuk - "Signing the Newcastle wounded 4" but one was injured playing for us...... ? again facts undermine your argument.
Rebecca Loosing ?
‘the facts (as reported), is WH Ireland told King & Co they would resign if they got into power. That is exactly what they did.’ Not true. They resigned prior to the EGM. Just a fact.
@stuzeeuk - "L&L were exactly the reason there was no handover process between NOMAD’s" But to have a handover needed two parties.... existing nomad WHIreland and Kings Nomad.... which he never announce name of..... cos they did not exist. King stopped the handover - saying he was taken by surprise - yet he claims he would get rid of existing nomad... therefore you have your NOMAD ready to handover - and start this process BEFORE the EGM only a dolt like stu - tries to push line that king was blameless.... ha bloody ha! stu peddles false claims - its all he can do - done it for 2000+ posts....
Stu - I have never seen such a childish transition of power in a UK corporate entity in all my life. I have. Whyte came in promising to clear debts and invest cash, became all secretive, got rid of members of the old board and executive who looked like being trouble, promised cash never ever came to fruition as plan was really all about the club to be funded by the fans. Finally company/club got into trouble through lack of cashflow, trading in shares was suspended and then came admin followed by liquidation. Still think things will stay afloat for a while yet but looks like a lot of history repeating itself.
Stu, your record in the facts department leaves very much to be desired. You have a history of distorting and torturing facts to the point they are unrecognisable. I have not forgotten your oft repeated cut 'n' paste efforts. You see orchestration in the events. You might be right, but the facts (as reported), is WH Ireland told King & Co they would resign if they got into power. That is exactly what they did. King asked shareholders to vote for him and that he would become Chairman. They did, and he didn't. King told shareholders to vote for him because he had another NOMAD lined up. They did, and he didn't. King promised shareholders transparency. Any explanation on the above, Mr King? King deliberately misled shareholders, encouraged shareholders in a stock that had some value to vote for him. If the stock de-lists, that value will be largely wiped out. Shareholders have been duped by a "glib and shameless liar". The amount of money I will lose wouldn't buy a nice lunch. That's not the point. There are others who have much more invested. Pointing the finger at this stage at L&L is pointless. Today, and what follows, is what matters. Where is the new NOMAD? Where is the £30M promised? Why did the Auditor quit, and when? Where is the transparency? And most important of all, what's the plan?
Cambridge blue I would respond ff but I fear it would be like teaching my dog to play chess. A thankless task with no reward. Yeah must be humiliating loosing at chess to a dug.
L&L were exactly the reason there was no handover process between NOMAD’s, the wounded 4 contacts and the £500,000 payment to Newcastle also appears to have been orchestrated. If you can’t see that Eddie you should remove your specs. I am sure there will be more we are unaware of, or has still to come to light. I have never seen such a childish transition of power in a UK corporate entity in all my life.
Predictive text, I blame Apple. I'm sure the message was not lost though. I see you were able to work through my issues, we'll done. I agree on "instructive", would it be more instructive to focus on the share rather than punctuation? Do you have anything meaningful to add?
Very helpful. Would a good example be....We were the people ( before liquidation ) ?
I've been following this site for a while now....I have to say it seems to be mostly full of children claiming to be investors and posting absolute nonsense.....we have a guy called stu who claims to be some kind of financial Whizz kid who jets aboard on business (laughable) yet his financial.knowledge could be written on the back of a postage stamp....we have a guy with a user account called "big jock canoe"....clearly a.sick.reference to a historic child abuse case involving the celtic boys club....pathetic!....and then other posters trying to spin that delisting is somehow a positive move for this share (dear god!).well I suppose the warped entertainment comes to an end soon after today as once delisted this share thread is finished......well I hope you've enjoyed it...Mr king has managed to make your shares almost worthless.
L&L we're not the reason the NOMAD resigned, why do you keep peddling that lie? The NOMAD resigned, as you we'll know, because King was unacceptable to them. It seems King is unacceptable to every other NOMAD the new Board tried too. Could try dropping your PR puff? There are people on this site who can see right through it. I expect in the final hours this forum will go into agenda overdrive. I hope people can be objective and respectful.
Somers and the Easdales were always a disaster. I had hoped Lambias and Leach would have cut costs and started the trurn around process, however - losing the NOMAD - Selling Rangers best player - borrowing against the assets - Alienating the customers - Signing the Newcastle wounded 4 - Agreeing to pay 0.5m to Newcastle for promotion it appears like the simply engaged in passing the income streams to their paymaster Mr Ashley and a form of fiscal vandalism. I reserve judgement on the current board, however, the last lot I agree, were an unmitigated disaster.
Some sort of Babelfish required I guess ?
king controls board, % does not matter, board control does. king and pm were onboard part of gang who drove train off tracks in first place.... they back in time to do same again? even cambridge admits thats??? l&l wouldhave drawn £5m which gets to ST money and therefore buys time, to turn around our club, just like newcastle, who postes £19m profits this week!!!!! so l&l able to build business with debts at newcaslte its £120m to ashley... but they still make £20m profit after paying ashley £10m debt repayment!!!!!! king and pm back on board to run our club of thr rails again.... its what they do.. they dont have history of making money for thier shareholders... they run businesses into the ground..... king made money with huge share flotatiins where he sold out without telling people, and pm runs 12 business which dont make combined profit........ i dont want our club to undergo 2nd admin, i did not like ashley as he has no ambition (to win cups) but would accept that in short term if it meant we were financial stable and backed by business men who make profits for thier shareholders.... choice seems to be in debt to ashley and alive, or bust with king.... not a great choice?
I doubt you will get many well argued replies. Fact is these guys laid down in front of a train to get the club out of the hands of greedy vultures. For that they deserve thanks.