SFA have Rangers’ Interim Report…
31/03/2011 33 Comments
According to Phil MacGiollabhain’s blog (www.philmacgiollabhain.com), the SFA have confirmed that they have received Rangers interim report. We don’t know if it is complete, signed off, or meets all of the SFA requirements, but they have passed over a hurdle that would have prevented the SFA from issuing Rangers with a UEFA license to play in European competitions next season.
The events surrounding the alleged takeover and failure to release the interim results by today at 5pm makes this situation take on an increasingly surreal appearance. Whatever is going on within Ibrox as we speak can only be explained by some extremely unusual occurences. The interim results normally have no bearing on any takeover- the buyer will presumably already know all of the contents of such a report in a friendly takeover. It makes me wonder if Grant Thornton are wanting to apply a ‘going concern warning’ to the report. Could the fakeover all be an elaborate charade to convince Grant Thornton that the tax risk had been underwritten by a third party and therefore did not constitute a risk any longer?
Who knows, but for sure the events of recent days will only be explained by a story that will read like a Jeffrey Archer novel.
This extract from the PLUS Market regulations makes clear that Rangers were required to release the Interim Results today.
47 An issuer must release financial information in accordance with the following timetable:
(a) interim results in respect of the first half of each financial year (beginning with the six month period following the end of the last period for which audited accounts have been published on admission) must be announced as soon as possible and in any event not later than three months after the end of the relevant period;
Source: PLUS Market Rules for “Quote” companies:
PLUS Market Rules for Quoted Issuers
Rangers operate a 1 July to 30 June financial year. So the half year ends on 31 Dec. Three months to the day after 31 December is today, 31 March.
So the interim report is no longer “delayed” or “later than normal”. They are officially “late”.