The Rangers Football Club plc (In Administration) Chairmans Report 20 June 2012

THE COURT OF SESSION Parliament House Parliament Square Edinburgh

IN THE MATTER OF THE RANGERS FOOTBALL CLUB P.L.C. ("the Company")

IN THE MATTER OF THE INSOLVENCY ACT 1986

CHAIRMANS REPORT DATED 20 JUNE 2012 PURSUANT TO RULE 1.17 OF THE INSOLVENCY (SCOTLAND) RULES 1986

DUFF &PHELPS

The Rangers Football Club plc (In Administration) Chairmans Report 20 June 2012

Contents

Introduction

2. Attendance 3. Voting 4. 5. 6. Resolution Results EC Regulation

Appendix

1. Proxy Schedules

DUFF&PHELPS

The Rangers Football Club plc (In Administration) Chairmans Report 20 June 2012

1.

Introduction

1.1

The meetings of creditors and members of the Company to consider the Joint Administrators proposal for a Company Voluntary Arrangement, dated 29 May 2012, (the Proposal") were duly convened and held at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD on 14 June 2012 at lOam and 1pm.
Attendance

2.

2.1

The following were present at the meetings of creditors: Paul Clark of Duff & Phelps Ltd. - Chairman and Joint Administrator David Whitehouse of Duff & Phelps Ltd. - Joint Administrator Charles Green - Sevco Scotland Limited

2.2 The following were present at the meeting of members: Paul Clark of Duff & Phelps Ltd. - Chairman and Joint Administrator David Whitehouse of Duff & Phelps Ltd. - Joint Administrator Neil Smyth of Taylor Wessing LLP - the Joint Administrators solicitors 2.3 Creditors/members were present and/or represented as per the proxy schedules at Appendix 1.
3. Voting

3.1

As noted in the Proposal, the provisions of the Insolvency Act 1986 and the Insolvency (Scotland) Rules 1986 (the Rules") apply when assessing votes for the purposes of the approval or rejection of the Proposals
Resolution

4.

4.1

The following resolution was subject to votes by creditors and members of the Company: "For the acceptance/rejection of the proposed voluntary arrangement"

5.

Results

5.1

Detailed below are the results of the voting at the respective meetings:
Meeting of Creditors Acceptance Rejection General Abstention 29,310,931.07 94,850,989.48 2,640.00 54,851.82

% 23.596% 76.358% 0.002% 0.044%

124,219,412.37

100.000%

DUFF &PHELPS

The Rangers Football Club plc (In Administration) Chairmans Report 20 June 2012

Meeting of Members Acceptance Rejection General Abstention 94,384 0 0 0

%
100% 0% 0% 0%

94,384

100%

5.2 The Proposal was therefore rejected, subject to any subsequent appeal by any member or creditor. 5.3 Further information on the progress of the Administration of the Company will be provided in the Joint Administrators next progress report to creditors.

6. 6.1

EC Regulation As required under Rule 1.17(2)(ca) of the Rules, I confirm that in the opinion of the Nominees the EC Regulation on Insolvency Proceedings will apply in respect of this Voluntary Arrangement and these proceedings will be main proceedings as provided by Article 3 of the EC Regulation. The centre of main interest is the United Kingdom.

6.2 Should any creditors have any queries regarding the content of this report, please contact rangers@duffandphelps.com .

Signed .

............................................. Paul Clark Joint Nominee and Joint Administrator

Date:

20 June 2012

The affairs, business and property of the Company are being managed by the Joint Administrators, Paul Clark and David Whitehouse who act as agents of the Company and without personal liability. They are both licensed by the Insolvency Practitioners Association.

DUFF &PHELPS

The Rangers Football Club plc (In Administration) Chairmans Report 20 June 2012

Appendix I Proxy Schedules

DUFF&PHELPS

The Rangers Football Club Plc (In Administration) Schedule of Proxies For CVA Creditors Meeting on 14 June 2012 Creditor Arsenal Football Club Business Cost Consultants Ltd Brabners Chaffe Street LLP Cairns & Scott Caterhire Limited Collyer Bristow LLP Solicitors Cairn Financial Advisers LLP Eagle Consulting MR MARK DOWNIE Football Promotions (Scotland) Limited HM Revenue & Customs Kube Networks MR STUART COOK Kickstarl 200 MR ROBERT GILL MRS JANET CATTERALL MR ANDREW BEARHAM Petroplus Refinery Teesside Limited (In Ad MR SIMON MARSTON MISS SHERRON MORTON MR E ROBERTSON OSK Elitofotboll AB MR MARK WALKER Strathclyde Joint Police Board STy Central Limited Solutions.TV Limited Saffery Champneas MR JOHN MCKAY AS St Etienne The Scottish Sports Council t/a Sportscotland Footuro AG Ticketus LLP Ticketus 2 LLP Newsquest (Herald & Times) Limited G4S Secure Solutions (UK) Limited David Christie Mr Michael Martin Hay McKerron Associates Ltd Scotrae Production Ltd Frances Tran Mr Adrian Coll Simple Waste Solutions Keith Downie Hugh McLean Robert McPhail William Henderson USC Palermo Citrus Office Supplies Robert Killen Stewart Boal Alan Barlow Murdo MacPherson Alan Duncan James Dingwall Tom Barlow George Barlow Mark Galley Big Think Agency R Forsyth David Morrison Alan James Howe Acceptance 438982.63 70,588.91 36,046.00 762.00 50,765.82 4,127.60 40.00 3000.00 22300.00 94,426,217.22 8,124.52 1,000.00 119,600.00 1,300.00 1,300.00 1,300.00 2,600,00 1,300.00 2,600.00 1,000.00 152,317.00 1,300.00 51,882.00 1,290.00 2,796.00 31,254.93 1,500.00 228,230.00 650,000.00 82,471.86 10319722.00 16,891,949.63 1,500.00 295,036.24 1,300.00 2,600.00 5400.00 12000.00 3,000.00 1,200.00 23,279.06 300.00 1,350.00 1,250.00 675.00 199,004.35 5,004.00 1,300.00 1,300,00 1,500.00 2,650.00 2100 2,600.00 1,500.00 1,500.00 23,000.00 17,445.60 1,650.00 1,000.00 1,300.00 Rejection General Abstention

TOTAL

29,310,931.07

94,850,989.48

2,640.00

54,851.82

Summary Acceptance Rejection General Abstain Abstention 29,310,931.07 94,850,989.48 2,640.00 54,851.82 23.60% 76.36% 0.00% 0.04%

124,219,412.37

100.00%

dotes he claim of HMRC is admitted to vote in full but 72,786,534.91 of the claim is marked objected to by the Chairman of the Meeting. he claims of Ticketus LLP and Ticketus 2 LLP are admitted to vote in full but marked objected to in their entirety

The Rangers Football Club Plc (In Administration) Schedule of Proxies For CVA Members Meeting on 14 June 2012 Member Mr Billy Crombie Mr James Mcbwarr Mr Donald John Nisbet Brown Mr Berrjarnmrr McFetndge Mr David Sands Mr Peter Crawford MrJohnCamrrrrs Mr Ronald W Horsburgh Mr Robert Killen Mr Arthur Cuthbort Mr Stewart Soul Mr Aloe Re,d Mr William Gilchrist Mr Ian Hamilton MrJRowe Mr John McLaren MrRobert Pollock Mr Michael Mvfurlune Mr G Dickson Mr Stephen Thomson MrAPoder Mr Gilbert Lung MrWmllram White Mr Alistair P Kerr Mr Ian Mime Mr Craig Chirrey Mr Cohn Mover MrJohn Tagged MrStuart Flynn Mr loin MacLeod Muster Robert Cartwright Mr George Shaw Mr James Madden Mr Peter Cozens Mrs Elizubeth Brows James Mr Gray Mr M Taylor Mr lain Thompson Mr George Brown Mr Douglas Gibson MrJ Mackay Mr Joseph Simpson Mr John FocI Mr William Robertson Mr Robed Speirn Mr Harry F-labrovitsky MrWdlium Fleming Mr Brian Armstrong Mr DovguiKerr Mr William Black Mr Robed Shankland Mr Robed Jack Mr Angus MacAimsIer Mr Ian Cameron Mr Robed McCallum Mr Cohn Griffin MrHugh Madden Billy Mr McGinty Mr Brian Wilkerson Mr Robed Gray Mr Alexander Bole Mr Steven English Mr Ronald Black Mr David WraSeo Mr John Duncan Mr Malt Clark Mr John Leruhmeun MrRSmmpson Mr William Smith Mr Ken Macgregor Mr Alan Pelts Mr Robed Gibson Mr Cameron Baird Mr Duncan Whitelow Mr Eric Younguon Mr Robed English Mr David Stewart MR PETER MDWAT MR Robed J Shanklond MIGary Cousin Mr Wrlham Prasuer MRJim JOHN Clarkson Brawn Mr MR Thomas McCallum Mr James Kune Mr peter came ron MrArrdyWmlson Mr Edward Muirhead Mrs Margret King Master Gary Bowman Mr James Fowler Mr Chris Moyhead MR Thomas Immin Mr Alex Brechin Mr David Haggarty Mr Adam Love Mr CHARLES THOMSON Mr W Macfarlane Mr Henry Crawford Mr William Anderson Mr Gordon Anderson Mr David Dyce Mr David Craig Mr Matthew Commmngs Mr Alexander Reid Mr James McKechnie Mr James Mueheud Mr McDowell Mr Doe Mckioloy Mr John McAvoy Mr Allan Morrmsoe Mr Brian Fvlton Mr 0 Crawford Mr A Cuthbedson Mr Bran Bowmao Mr Robed Smith Acceptance Rejection General Abstention

155 309 15 150 100 100 1200 100 30 100 100 300 105 400 100 1 20 40 I 1 1000 290 55 1090 lBS 200 95 2 55 21 26 I 2000 1 100 1200 IS 650 400 100 100 16000 102 101 2400 10010 400 lbs 100 666 1000 133 2212 200 2 150 100 100 10 1 3333 1 55 244 1466 1550 190 299 66 1 132 266 200 100 100 193 400 1 1 105 1 1220 500 SOS 300 123 300 212 10 100 55 15 500 133 100 1 I 206 20 500 I 1 1 15 33 200 20 1153 13

Mr Henry Miller Mr Brian Taylor Mr John Macpherson Mr Mark Robertson MrThomas Campbell MrWilliarrr Mtler Mr Wilharn Hatch Mr Roddy Mornson Miss Margaret McMaster Mr William McCulley Mr Ian Mccroskiie Mr Mao Latterly Doctor Christopher Robson Mr also Murray Mrs Margaret Graham Mr Alex Campbell Mrs Helen Hancock Mr Thomas Holliday Mr Taylor Holliday Mr lames dunachin Mr William Rodgers Mr Andy Anderson Mr Kenneth MacLeod Mr J Mclsaac Mr William Steele Mr Graham Campbell Mr David Morton Mir James Bowman Mr Brian Henderson Mr Brian Henderson Mr allan cuthbndson Mr Steven Gallacher Alex Mr Kevin Anderson McBride Mr Mr Fraser Macmillan Mr GenII McCartney Miss Harriet Cousin DJohnson Mr David Simpson John Murdoch Mr Jim Thomson Mr Sdward Emslie K Hamilton Mr Stuart Crow Mr Joseph Stewart Dempsie Mrs Anne Kathleen Ewing Mr Hamish Robson Ewing Mr Andrew Craig Mr Andrew Hunter Joan Holliday Mr Steven J D Jack Mr James Hon ter Mr David Marshall Mr Robert McAllister Mr R MoTaggart Mr Alexander McGillivray Mr Gary Keown Mr Mcrdve Macrae Mr Michael Mvadhur Miss Kiisty Price MrAllan Price Mr James Mceullach Mr Keith McPherson Mr Robert Ross Mr Allan Mclrusty Ms Margaret Holliday Mr Andy purdue Mr Thomas Cunningham Mr George Thomson Mr Peter Agnew Mr James Armstrong Mr James Borneo Andrew Fernie Mr James Soak William Fellows Mr Duncan Ford Mir Miss Ashley S Galley Jim Ford Ms Lesley Anne Graham Mr Alan Gulf Mr John McKenzie Mr Ian Eric Kerr MrRobert Brunton McCartney MrJohn Joyce Mr William Tollan Charles Keith Mr David Smeaton Hugh Thompson Mark Turnbull Christopher Millar Robed Provan Mr Robert Mcmartin Mr Kenneth Orr Mr Ateoannder Macdonald Ms Lisa Gray Mr Gary Raison Ronald Alexander Munro Mr James Mcgregor Mr Crook Mr James Mcconnell

75 800 200 399 405 1 132 2 133 102 200 400 13 132 1 152 10 5 80 60 1200 200 500 100 190 100 100

1 101 1 I 300 132 1 1 555 ISO 1 1 50 1 3000 365 112 40 1 333 B 1 359 133 26 10 1000 20 44 44 96 3150 66 150 20 30 16 40 4000 932 2993 247 10 IS 450 3038 133 200 10 500 100 40 400 1 3000 500 IS 100 13 500 1 26 20 70 1333

TOTAL

94,384

Summary Acceptance Rejection General Abstention 94.364 0 0 0 100,00% 090% 0.00% 000%

94,384

100.09%