tag:blogger.com,1999:blog-1124447278422534381.post1542449479754534262..comments2016-04-15T06:58:43.438-07:00Comments on The Demise Of Rangers FC: Charles Green Lies to fans, Caught in the act.The Demise Of Rangers In Pictureshttp://www.blogger.com/profile/12977638048782850948noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1124447278422534381.post-33037266440416599472013-02-06T11:47:50.617-08:002013-02-06T11:47:50.617-08:00I see chuckles told the Dubai Bears that he had li...I see chuckles told the Dubai Bears that he had lived there for 4 years running the largest Diagnostic Lab in the Middle East.<br /><br />I can only assume chuckles didn't mention his failed: ‘Last ditch solution’ to save his ‘Jewel in the Crown’ Dubai operation - whether that is the same diagnostic lab he referred to or not I don't know as sometimes I get confused over things he states.<br /><br />Chuckles became CEO of Medical Solutions Plc in February 2002 and stated that 2003: ‘Is set to be a fast moving and rewarding year for the Group, which is well positioned for expansion.’<br /><br />This duly followed in Dubai, Kuwait and Qatar in 2003 and 2004 but the 2004 Medical Solutions’ annual report described it as a ‘challenging year’ for the company, adding: ‘Having made significant investment into our operational capabilities in 2003, the level of revenue growth we anticipated did not materialise as quickly as we had hoped. This led to a drain on the Group’s cash resources.’<br /><br />The disastrous state of the company, which hadn’t turned a profit for four years in a row, was publicly revealed in November 2004 with its value more than halved to £12 million and shares slumping 58% to close at 8.5p. Shareholders bombarded Medical Solutions HQ with phone calls angry at their losses as many bought shares earlier in the year at 35p when the company raised £2 million to fund expansion.<br /><br />Fresh money was urgently needed for survival and its ‘jewel in the crown’ Dubai operation, bought only months before, faced being sold as: ‘A last ditch solution’.<br /><br />The company acted swiftly and decisively and in January 2005 organised a share placement and offer and raised £5.7 million to stabilise the company. They then set about reversing the 2004 decline and by September 2005, Medical Solutions announced that CEO Green would be concentrating his efforts, for the foreseeable future, on the Group’s Dubai business with a view to ‘maximising shareholder value’ and that his CEO duties would be assumed by the company’s Chief Financial Officer.<br /><br />Mr Green’s contract had a 12 month notice period and he left Medical Solutions in August 2006 with a £200,000 compensation package and the Dubai operation was disposed of three months later.Anonymousnoreply@blogger.com