Boom! History was officially transfered.

11 July 2012

"5.48 Following the CVA creditors‟ meeting on 14 June 2012, the Joint Administrators were approached by a party verbally offering £6m for the business and assets of the Company. No offer had been received by this party in the previous 17 weeks. The person making the offer was believed to be part of the Party 3 consortium. Notwithstanding the verbal offer, the Joint Administrators confirmed that a binding contractual agreement with Sevco had been reached and the business, history and assets were subsequently transferred from the Company to Sevco."

http://www.rangers.co.uk/staticFiles/a2/b6/0,,5~177826,00.pdf

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Special thanks to Just Wotsit for the heads up on the document.

comment by Mitre_Mouldmaster (U13206)

posted on 11/7/12

"comment by dobberdish (U15104)

posted 2 hours, 1 minute ago

Yet Charles Green said on camera that the clubs history would be lost if a CVA wasn't agreed.

If the club has continued and its just the company that has been liquidated why are "club" shareholders holding worthless pieces of paper?

Bombscare Brown and Green are wanting the fans to buy into the new club are they not?"

============

He didnt actually say the clubs history was being lost. It was the company's hisotry that was being lost due to a change in corporate shell. Its unfortunate as it would always be better to retain the company history as well as the clubs, but its not a biggy.

Your point about the shares is just a poor understanding of business workings.

You always own shares in a company, no tin the business itsself. Often for simplicity, when a business is self contained, then you could refer to having shares in the 'whatever business' it was.

E.g.

A race horse.

A company is set up when buying a race horse, this company contains ownership of the horse, the breeding rights etc.

You buy shares in the company that owns the horse, and this could be thought of as 'buying shares in a race horse'. You actually have shares in the company though.

The company can then sell the horse, or the breeding rights or everything.

Say the horse won 54 grand nationals.

The shareholders in the company can decide to sell the business (the horse and all its rights) to a new company. The horse takes it history with it.

So the company now has nothing but the proceeds of the sale. This pot is then divided between the shareholders. If the value it was sold for was very small and only covered the costs of the administration of the sale, then the shares are basically worthless.

Horse still keeps its history though.

Basic stuff when you think about it.

comment by ohspecialone (U14161)

posted on 12/7/12

Mitre

You just keep clutching dem straws

comment by ohspecialone (U14161)

posted on 12/7/12

A hiorse that wins 54 grand nationals !!!

I thought it would have been a pot of glue after the 18th win.

Did the horse have an ebt and was it registered correctly ?

comment by Mr. Unsubscribe (U1110)

posted on 12/7/12

Comment Deleted by Site Moderator

comment by TRFC - You can take the pash but the titles are ours :) (U14832)

posted on 12/7/12

oh there are some bitter kants on here the day, anybody would think it was a special day or something

comment by DC (U8199)

posted on 12/7/12

mitre

comment by Partick Bateman (U14112)

posted on 12/7/12

And if you liquidate the horse you get glue.