Sum things just don’t add up

Here’s a question to ponder  and one which the BDO people might be interested in.

If Rangers assets were worth 5.5m in June 2012, and since then the business prospects have got much worse with Division 3 football and the main playing assets leaving, how come only 9.8% of Sevco is now worth 2m?

(a) Mike Ashley is a very bad business man (not very likely given his track record).

(b) Oil has been discovered under Ibrox, thus justifying a four fold increase in value despite the business worsening.

(c) The sale to Sevco of the assets of Rangers was at a significant undervalue.

Now I know which one I would bet on if I was a betting man…

I wonder what the BDO people will think?


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