In the course of just over a year this site has become regarded as the go-to-site for individuals who were, and continue to be, central to the Rangers narrative. Readers would be surprised by some of the names who engage in private correspondence with this site’s humble author, creator and owner. These individuals know that I am inordinately well-informed and that my only agenda is the truth.
It’s important to note why I’m the go-to-guy for these very important individuals. The idea of corresponding with Phil Macgiollabhain is anathema to them. I voted for Phil in the FBA Awards, but his long-term involvement with An Phoblacht ( The Republic) which is published by Sinn Fein, is instructive of his politics and his antipathy to Rangers. It’s interesting to note that this 32-page monthly journal has a circulation of 15,000, which is similar to the daily readership of this site. It’s online edition receives circa 100,000 hits in any given week. This site, which has elicited 6,733,623 hits as I write (verified by WordPress’ counter widget), received 169,706 hits to September 12 and 157,680 hits to September 19. Mr Macgiollabhain has 31,800 followers on Twitter. This site has just over 4,000 followers. Twenty-seven thousand and eight hundred individuals prefer to get their news on the Rangers narrative from Phil Mac, however in doing so they won’t have access to the document which will directly follow this preface. My access was restricted. I was not allowed to copy and paste. As it’s a very significant two-page document, I chose to transcribe it word for word yesterday evening as others were free to watch Celtic and Manchester City engage in a six-goal thriller. The details in my transcription of the document have not been altered in any way, save for a comment in brackets to explain what WDV signifies. I have occasionally used red typeface for emphasis. The providers of the document, which I’m not at liberty to disclose, are impeccable sources at the summit of their chosen profession.
On Monday of next week, Craig Whyte will appear at Glasgow’s High Court of Judiciary. Whyte has been pursued by DCI Jim Robertson and shadowed by Halloween Houston. He has been accused of being the architect of the demise of Rangers. The following document which details David Murray’s involvement, portrays a distinctly different narrative. Rangers were in financial free fall long before Whyte’s involvement. Murray’s Russian Doll approach to his business interests is not easy to fathom, but I invite readers to read the following as conscientiously as possible. I will draw my own detailed conclusions at a later juncture in this piece.
The Rangers Football Club plc (co number SC004276) Annual Report to 30 June 2010
Report of the Directors SDM interest noted via shareholdings in Murray International Holdings Limited the holding company of Murray MHL Limited. He also had an interest via interest in RFC Investment Holding Limited, the holding company of Murray Sports Limited. Registered shareholders are Murray MHL Limited and RFC Investment Holdings Limited.
P33 Notes Ultimate holding company is noted as Murray International Holdings Limited which SDM controls.
Murray MHL Limited (SC143450) Financial Statement to 30 June 2010
P10 Notes Subsidiary stated as The Rangers Football Club plc – 57% WDV (Written Down Value) at 30 June 2010 £42.588m. Other investments include 7.2% of issued shares in Murray Sports Limited
P13 Notes Ultimate holding company is Murray International Holdings Limited
Financial statements to 30 June 2011 Directors Report (and P11 Notes) During the year the company acquired 37,488,489 shares in The Rangers Football Club plc for a consideration of £11.9m from Murray Sports Limited (a company in which Murray MHL Limited has a participating interest).
The company’s shareholding was then sold to a third party ( Craig Whyte) for a consideration of £1 creating a loss on disposal of 54,493,923.
During the year RFC Investments Limited sold its entire equity shareholding in The Rangers Football Club Limited to Murray MHL Limited in consideration for the waiver of loan notes (£60.6m) and interest (£49.3m).
P13 Notes Authorised share capital 1.2m shares of £1 each. Allotted, called up and fully paid – 1.1m of ordinary shares of £1 each.
P14 Notes On 7 March 2012 Murray International Holdings Limited and certain subsidiaries completed a financial restructuring.
Annual Return as at 31 December 2009 At 31 December 2009 all issued shares (1.1m) held by Murray Group Management Limited.
Annual Return as at 31 December 2010 20 April 2010 1.1m shares transferred from Murray Group Management Limited to Murray Group Holdings Limited.
21 April 2010 1.1m shares transferred from Murray Group Holdings Limited to HSDL Nominees Limited. At 31 December 2010 all 1.1m shares held by HSDL Nominees Limited.
There is no mention of HSDL Nominees holding the shares for any other party.
Annual Return as at 31 December 2013 At 31 December 2013 all 1.1m shares still held by HSDL Nominees Limited. Murray MHL Limited was dissolved on 2 January 2015.
Murray Group Holdings Limited (SC139469) Placed into liquidation on 16 February 2015 (Deloitte appointed)
Financial Statements to 30 June 2010 and 2011 P 11 (2010) and P14 (2011)
The subsidiaries of Murray Group Holdings Limited are listed and said to include Murray MHL Limited as 100% holding. In the 2010 statement The Rangers Football Club plc was shown as 61% subsidiary of an intermediate parent company. For both years the ultimate holding company is Murray International Holdings Limited, with ultimate control being attributed to Sir David Murray
HSDL Nominees Limited (02249630)
Incorporated 29 April 1988. In 2010 and 2011 the company’s immediate parent company was Halifax Share Dealing Limited with the ultimate parent being Lloyds Banking Group plc.
Financial Statements for the years ended 31 December 2010 and 2011
Directors in 2010 included Graeme Shankland who resigned on 16 June 2010. The principal activity is a nominees holding company. The financial position in 2009,2010 and 2011 showed only assets of amounts owed by parent undertaking £2.
Murray Sports Limited Annual Return as at 13 January 2010,2011 and 2012
Ordinary shares in issue total 19,797.053 of 10p each. Shareholders include:
- Noble Grossart Investments Limited – 811, 567 shares
- Murray MHL Limited – 1,424,947
- Uberior Investments plc – 1,657,881
- Alastair Johnston – 76,616
- Metlika Trading Limited (BVI Dave King) -3,064, 627
Final Statement for year ended 30 June 2011 P4 Directors’ Report
At 30 June 2010 SDM held beneficial interest in 98,801,034 shares in The Rangers Football Club plc.
On 31 January 2011 Murray Sports Limited acquired the entire equity shareholding in The Rangers Football Club plc which had been held in RFC Investment Holdings Limited, one of its subsidiaries.
On 2nd February 2011 Murray Sports Limited sold its entire equity shareholding in The Rangers Football Club plc to Murray MHL Limited its immediate parent company waiving the residual balance on the loan notes and creating a gain of £60,603,000.
Take a close look at the following photograph. One should note that there are others engaged in signing over Rangers to Craig Whyte. The presence of a hand in the right foreground suggests more than one signatory is sitting at the table. Don’t be distracted by the presence of Whyte and the pixellated image of an individual wearing a dark suit and a blue tie. The real action is at the table.
Have a close look at these three transactions:
- Financial statements to 30 June 2011: During the year the company, Murray MHL Limited, acquired 37,488,489 shares in The Rangers Football Club plc for a consideration of £11.9m from Murray Sports Limited (a company in which Murray MHL Limited has a participating interest).
- 2 April 2010 1.1m shares transferred from Murray Group Management Limited to Murray Group Holdings Limited.
- 21 April 2010 1.1m shares transferred from Murray Group Holdings Limited to HSDL Nominees Limited. At 31 December 2010 all 1.1m shares held by HSDL Nominees Limited.
As Dave King owned 15.48% of Murray Sports Limited, he picked up a cool £1,842,120 just prior to all his assets being sequestrated. Despite this he continued to plead hardship to SARS who set up the Mareva injunctions of his Guernsey accounts.
However one should ignore the activity of the piss-ant criminal and look at the big picture. Murray had already transferred 61% of The Rangers Football Club plc to HSDL Nominees. In 1.2, & 3, he transfers the remainder of his holding of 85.2%
As at 31 December 2010, four months prior to the sale to Whyte, HSDL Nominees Limited owned Rangers. Murray was a signatory as he had a participatory interest, as noted in the first paragraph of my document. He had gambled away Rangers. He had run up £109.9m in debts. These loan notes consisted of £60.6m capital and £49.3m in long overdue interest payment.
Lloyds were evidently prepared to allow Whyte to pay 16.8p on the pound to acquire their equity. The narrative that Murray was duped by Whyte, and that the bank forced him to sell to Whyte, is disingenuous. As Hugh Adam noted, David Murray was a great salesman. Murray roped in Whyte to appease Lloyds who were taking a razor to his £800m of debts. He achieved 16.8p in the pound for his banker. They allowed him one final flourish and photo opportunity prior to closing him down.
The document that I transcribed in painstaking detail has only been seen by a small number of individuals on a need to know basis. It is a very significant exclusive. I have been promised more insightful documents from the same source. Should this site continue, my readers will have access to the best sources of information bar none.
I would prefer not to write these final couple of paragraphs as I am a proud man who does not like losing face. I have been compared to a busker who is singing for his supper by one commenter. Is it a conceit for me to consider this site, that I have built from nothing in a year with thousands of hours of dedication, somewhat better than a few strummed chords in the underground?
I’ve noticed a worrying trend on Paypal. Some enterprising individuals have set up recurring payments in advance. On the 27th/28th October I will receive £1.40, £2, 3 x £5 and one £10 payment. £26.40 is the sum total of my worth in late October. September was ignored by these individuals. Maybe I’m wrong. I do a passable cover of the Peter Gabriel classic: In Your Eyes:
“Love I get so lost, sometimes
Days pass and this emptiness fills my heart
But whichever way I go
I come back to the place you are
All my instincts, they return
And the grand facade, so soon will burn
Without a noise, without my pride
I reach out from the inside
In your eyes
The light the heat
In your eyes
I am complete
In your eyes
The resolution of all the fruitless searches
In your eyes
I see the light and the heat
In your eyes
Oh, I want to be that complete
I want to touch the light
The heat I see in your eyes
Love, I don’t like to see so much pain
So much wasted and this moment keeps slipping away
I get so tired of working so hard for our survival“
Should you pass me in the underpass of Bank station, give generously so that I can return to writing. I wonder if I can earn the £26.40 that will be withdrawn for folding up my tent?