RANGERS International Football Club PLC Unaudited Results for the six months to 31 December 2015

Yesterday the Holding Company Vehicle issued this statement that had been finessed in the Engine Room Subsidiary.

I was grateful that Rugger Chap gave me some of his valuable time for free and parsed the announcement for me.

Here is his expert read of the RIFC communique to The People:

“In reviewing the interim results of RIFC for the six months to end of December 2015, a number of thoughts occur.

At face value, these statements indicate that there has been financial progress over the last year. However, it is almost impossible to pass on any sensible comment on the results.


“Last year’s interim statements included a profit and loss account, a balance sheet with notes to explain the key items, and crucially an independent review report by Chartered Accountants Jeffreys Henry LLP of London.

“This year, the statements only have a profit and loss account, with no balance sheet, no notes to the statements and no independent review report by a firm of Chartered Accountants.

“The more cynical person may suggest that this represents nothing more than a set of management accounts with very limited disclosure.

“In the absence of verification, there are various ways to flatter the results.

“One interesting comment is that shareholder loans at 31 December provided on an interest-free basis are £9.25m.

“On 1 January 2016, RIFC announced £6.5m loan facilities were provided by a number of parties.

“At 30 June £3.75 m had been provided by Directors. Therefore, £5.5m had been used in the next six months. I am assuming that this other £1m has been used sometime over the last few months. RIFC made a further statement; Additional funds have been committed to cover the balance of the financial year to June 2016.

“Unsurprisingly the last time that this was quantified was when the full year accounts were signed off by Campbell Dallas, with their emphasis of matter for £2.5m. I am also surprised to see that this additional finance has been provided interest-free, but unfortunately, this has not been verified independently.”

It might be worth reminding you dear reader that his adherent of Harlequin F.C. has no skin in this particular game.

All I have done is what the stenographers seem incapable of doing, and that is contacting an independent expert who will call it straight.

I hope you found his analysis useful.

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