FFW and Travers Smith score roles on Rangers' £20m IPO
Field Fisher Waterhouse (FFW) and Travers Smith have been instructed to advise on Rangers FC’s £20m flotation on AIM.
The club announced the IPO this morning, with FFW corporate finance partner Christine Phillips advising Rangers.
Travers Smith corporate partner Philip Cheveley has been instructed by Cenkos Securities, the nominated adviser on the deal.
In trying to raise £20m, Rangers will aim to use the funds to boost capital, improve facilities, develop property and strengthen the playing squad.
Rangers is currently languishing in the Scottish Division Three following the administration and liquidation of the club (13 August 2012).
Its former lawyers Collyer Bristow and former owner Craig Whyte’s takeover vehicle, the Rangers FC Group, are being sued by administrators at Duff & Phelps for at least £25m in damages for allegations of conspiracy, breach of undertaking, negligence and breach of trust, in relation to the club’s financial meltdown (24 April 2012).
Charles Green, CEO of Rangers, said in a statement: “From the time we acquired the business and assets of Rangers FC, we indicated our intention to list the company and provide our fans with the opportunity to invest in their club. Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days whilst ensuring it is run efficiently and profitably.”
Background to this deal:
Travers’ Cheveley was instructed for Cenkos and Investec as joint brokers to Assura Group on its £35m rights issue last year. He has previously acted for clients making multi-million pound cash offers for West Ham United FC and Aston Villa FC, as well as for General Sports & Entertainment’s acquisition of Derby County FC.
FFW’s relationship with Rangers includes being instructed by its new owner Charles Green during his takeover of the club, with Phillips on a team led by sport head Patrick Canno alongside corporate partners David Wilkinson and Amerjit Kalirai.
The firm’s links with Green go back years to an instruction for AIM-listed construction management specialist Formation Group when Green was chairman.
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Readers' comments (14)
Anonymous | 11-Oct-2012 2:53 pm
If this new club is claiming 140 yrs of history then the right thing to do is pay your debts to the government and the creditors. You cannoy have it both ways. Either you are a brand new entity as viewed by UEFA or you need to pay up if attached to the old club
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Anonymous | 11-Oct-2012 3:22 pm
Why is this non-entity news?
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Anonymous | 11-Oct-2012 3:23 pm
What hasn't been announced today is that 22 million shares have already been issued to the original investors who provided the money to but the assets of the old club which was in administration and is shortly to be liquidated.
It also faces having 10 years of titles stripped by the SPL and is banned from Europe for 3 years and isn't allowed to buy any players for another 18 months.
The CEO Charles Green, was deputy chairman of Panceltica which is well remembered by AIM shareholders who lost 85 million in the shortlived company. Green has also publicly barred Rangers from playing in the top scottish league the SPL while he is still in charge. I think shareholders should know that.
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Anonymous | 11-Oct-2012 4:02 pm
We cannot buy players until after Xmas next year. We need £6M to just get to the end of the season to cover our shortfall. This is simply being rushed to put money back into Green and Cos pockets. Are they offering us "ordinary share holders" to be the same deal as they have had the opportunity to take up. I guess we will see the master plan after 5pm!. I've not trusted them from the start.
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Anonymous | 11-Oct-2012 4:05 pm
i agree with the first person's comment.
if sevco want to claim "rangers" history, that history includes £94million worth of debt, which could have paid for schools, hospitals, care for the elderly etc...
so this money should be paid back...£2million back each year for next 50 years should cover it. 50 years to pay off their debt, isn't unreasonable.
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Anonymous | 11-Oct-2012 4:19 pm
http://www.uefa.com/teamsandplayers/teams/club=50121/profile/index.html
Before posting erroneous comments perhaps you should 'know your history'. Here's a link to the official uefa website...if you can read.
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Juventus | 11-Oct-2012 5:03 pm
Apart from a few sentimental fans, why would anyone buy shares in Rangers FC?
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Anonymous | 11-Oct-2012 5:18 pm
sevco fans have tried to say that it was the company that was liquidated and not the club, so what exactly are they buying shares in? club or company?
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John | 11-Oct-2012 5:25 pm
UEFA last updated 2011 can't you read.
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Anonymous | 11-Oct-2012 5:28 pm
chap that posted that EUFA link to Rangers - last updated
* Last updated 31 December 2010
Now the club no longer exists - it's impossible to update
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