Tom Winnifrith on Rangers ISDX Listing

As much as I welcomed Mr Winnifrith’s podcast, I must take issue with any suggestion that Dave King has received any approval or endorsement from The Financial Conduct Authority (FCA). The facts of the matter are that a series of complaints on King’s manipulation of the share price of RIFC, that were submitted in October 2014, were not upheld for further review. However there are other complaints made in January to the FCA. These complaints were made when the share price was at an all time low of 18p on 31/12/14 which led to their acquisition by King’s concert party soon after.

There are therefore two complaints that have yet to be determined by the FCA:

1.Did King and his concert party breach the 30% ownership threshold?

2. Did King manipulate the share price prior to their acquisition?

King has ‘previous’ in share manipulation and in surreptitiously breaching the 30% threshold so as to renege on his obligations to make an offer for all remaining shares, as per the regulations of The Johannesburg Stock Exchange (and The London Stock Exchange Alternative Investment Market). Shares held in his daughter’s name suddenly breached the 30% threshold and proceeded to a 76% holding as a consequence of an acquisition by an ‘anonymous’ third party. Everyone knew that this was the handiwork of Dave King. Ian Gregory Morris, in his capacity as MMI chairman, failed to answer questions on this obvious breach of the JSE rules and regulations. Morris bluffed and blustered on King’s artifice, then quickly reverted to type with a slew of fanciful bullet points about growth and profits, accompanied by a one line statement that no dividends would be paid.

Those who have paid attention to Paul Murray’s statements would have noted his intention to raise capital via ISDX. I agree with Winnifrith’s analysis that a figure north of £15m was the target. I also concur that there is no possibility of any listing when the ownership of assets is in dispute.

I disagree with Winnifrith’s assertion that ownership issues will be resolved by the end of 2016. I have no problem with his assertion that the assets could revert to BDO.

Which leads me to the obvious question. What is the Plan B of the shyster board? Winnifrith calculated that they would require at least £15m to balance the books, maintain Ibrox and provide £1m for players for next season in the Scottish Premiership. King has referred to soft loans, but no-one in his concert party has access to this kind of funding.

Mr Winnifrith reviewed austerity measures such as selling players and closing down our training facilities/academy at Auchenhowie.

The former would be a problem as 10 members in our squad can agree a pre-contract with other clubs in January, with no fee. As for the £665,000 in four acquisitions, only Tavernier and possibly Waghorn would have resale value, but not enough to make any appreciable difference. In my opinion Mr Warburton would vigorously oppose any attempt to sell either player in January or the 2016 close season.

The latter makes fiscal sense, but with this prized asset in dispute would it not be better to use it now as we may not be able to do so in the future?

In a matter of months the ramifications of King’s lies will hit home. A decision will have to be made on the £4.5m in loans that are due in December. There is no possibility of repaying them. The improved match day income, ST and ticket sales should sustain operations until January. Getting by from one match day to the next in 2016 will not be tenable.

The AGM in December should be instructive. King will fly in at great expense to candy-coat the austerity.

Meanwhile Level 5 will issue positive spin to soften the media impact.

In the final analysis, austerity measures will continue for as long as Green remains on trial. Murray had a seven year plan of organic growth and CL participation in 2022. Will he now review his plan and increase the timeline to a minimum of the next decade?

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5 thoughts on “Tom Winnifrith on Rangers ISDX Listing”

  1. The good news is on the park. We have now defeated 8 of our 9 rivals in The Championship. I don’t anticipate anything other than a convincing win against Falkirk. Should the team continue as it has done, guaranteed promotion could be achieved by the end of February.

  2. Could these complains with the FCA follow the club to the ISDX? Any idea on when the FCA will rule on those two open complaints?

    Also, which 10 players are on one year contracts and can sign with another club in January?

  3. Just so you all know, this is taken in each case directly from press releases and print media in the public domain:

    Cammy Bell – July 2017 (end contract),
    James Tavernier – July 2018 (end contract),
    Rob Kiernan – July 2017 (end contract),
    Lee Wallace – July 2017 (end contract),
    Dominic Ball – January 2016 (loan period expired),
    Nicky Law – January 2016 (end contract),
    Gedion Zelalem – January 2016 (loan period expired),
    Kenny Miller – July 2016 (end contract),
    Nathan Oduwa – January 2016 (loan period expired),
    David Templeton – July 2016 (end contract),
    Nicky Clark – January 2016 (end contract),
    Andy Halliday – July 2017 (end contract),
    Barrie McKay – January 2016 (end contract),
    Fraser Aird – January 2016 (end contract),
    Dean Shiels – July 2016 (end contract),
    Jason Holt – July 2018 (end contract),
    Wes Foderingham – July 2018 (end contract),
    Danny Wilson – July 2018 (end contract),
    Liam Kelly – July 2017 (end contract),
    Martyn Waghorn – July 2018 (end contract),
    Ryan Hardie – July 2017 (end contract),
    Jordan Thompson – July 2017 (end contract),
    Tom Walsh – July 2016 (end contract).

    Possibly departing January 2016 (7):

    Ball, Law, Zelalem, Oduwa, Clark, McKay & Aird.

    Possibly departing July 2016 (4)

    Miller, Templeton, Shiel & Walsh.

    So by the end of season 2015/2016 the current squad of 23 could be slashed to just 12 players.

    There are also two players in the squad but currently out on loan to other teams:

    Robbie Crawford – January 2016 (end contract),
    Andy Murdoch – January 2016 (end contract).

    So 9 registered players can leave in January.

  4. I have to say I had two reactions to Winnifrith’s pod. The first was that I found his comment and predictions on a share issue by the current incumbents as very interesting and the other rather wary regarding his loaded allegations regarding all of the previous Board incumbents. His statements regarding Craig Whyte and his associates was rather predictable given Winnifrith’s recent experiences with some of the Companies and players with whom Whyte is connected. His comments regarding Mike Ashley were worrying as he painted him as the devil incarnate in his business dealings. The fact that he went down the road of recommending that fans starve him out by boycotting the Superstore at Ibrox was all too reminiscent of the nearly three year campaign enacted by SoS, UoF, RST and RF at the behest of King and company. His comments on King were from a perspective of he was a decent businessman which ignores his entire South African business history and the fact that he is a pariah amongst South African Institutional Investors and the business community in general. Immediately I thought was this a paid for Level 5 piece of propaganda but at the start of the pod Winnifrith was at pains to disassociate himself from any bias good or bad towards Rangers. So what was his motive for painting a picture of King that is clearly way off the mark and would be laughed out of Court in King’s homeland? JJ as for King’s share price manipulation and whilst I don’t doubt you his real previous is with his pump and dump scheme Specialised Outsourcing from which he caused one of the biggest financial losses ever experienced by Institutional Investors. I am less concerned that he continues his activities with MMI as King’s Family Trust originally held 85% of the share issue with the balance held by Morris and one or two others. That to me indicates he is fooling himself and no matter his ultimate intentions he will not be able to overcome his reputation.
    We are in a very dangerous place at the moment and I cannot see a way out unless the crooked King pulls another of his schemes which will see everyone except him out of pocket.

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