rbr

Whilst I agree with the above Frankie , one thing is baltanty obvious in all of this , it wont be the fans that get change through , though we can demonstrate and attend meeting like last night , ultimately this will be determined by the large institutional investors who have and who in the future will be required to further fund the club . How we change this , either through a membership scheme , or by the recent buyrangers scheme I dont know , but 12% is not anywhere near enough to hold sway and influence . However as they say the longest step in a 1000 mile walk is the first one

To add to what Frankie posted above , and correct me if I'm wrong on this Frankie , McColl stated that he thought Stockbridge would be sacrificed and that possibly 2 of the 4 requisditioners would get on , but getting Stockbridge out was key as he is " the gatekeeper"behind whom Greens consortium hide. He also thought it was possible that Somners would get voted off , he stated he couldn't understand either why he took the job nor why has hasn't spoken or voted to any of the 4 nominated .

Have to say i was very impressed overall , Jim Mccoll was very straightforward and laid his cards firmly on the table , PM whom I am no great fan of didnt dodge any questions and was also very impressive , the rest spoke well without giving a great deal away , there wasnt too much rabble rousing , but also there was a realisation I thinbk that we cant turn the clock back , we need to look forward and deal with what is in front of us . McColl spoke in a very conciliatory note , not in any way defeatist , just in down to earth terms . Also had a word with PM at the end and they are bringing out further youtube video's including how to properly fill out the voting forms , which may be of help to some. Plus I had the pleasure of meeting forlanssister from our very own gersnet , sir it was a brief pleasure

Have to say i was very impressed overall , Jim Mccoll was very straightforward and laid his cards firmly on the table , PM whom I am no great fan of didnt dodge any questions and was also very impressive , the rest spoke well without giving a great deal away , there wasnt too much rabble rousing , but also there was a realisation I thinbk that we cant turn the clock back , we need to look forward and deal with what is in front of us . McColl spoke in a very conciliatory note , not in any way defeatist , just in down to earth terms . Also had a word with PM at the end and they are bringing out further youtube video's including how to properly fill out the voting forms , which may be of help to some. Plus I had the pleasure of meeting forlanssister from our very own gersnet , sir it was a brief pleasure

you have no idea how bright im blushing just now

I hate to say this but this scheme will go the same as the gersave scheme which had a pathetic uptake , our fanbase is too apathetic and too driven on hating each other edited now bluedell soo sorry everyone

Im definitely going , anyone fancy meeting up then pm me

I intend to go , just sent my email today so hopefully will get something back

Was treated to a beautiful day out yesterday at the blythswood hotal and spa , prior to a lovely massage we went upstairs to the salon for a little refreshment and lo and behold who was sitting there discussing all things Rangers but PM and a certain Martin Bain ,I realise they have business interests together but I was sitting less than 5 feet away and it was definetly Rangers that was being discussed

Ahhhh I see now , cheers mate Sent from my iPhone using Tapatalk

Cheers mate Sent from my iPhone using Tapatalk

Will shareholders be recieving new "invites" to the AGM given that the dates changed , just wondering as I binned my last one

What's all this about a vetting process , seen it mentioned on twitter , is this not available to all fans Sent from my iPhone using Tapatalk

Anyone going fancy meeting up for a pint either prior to or after let me know

maybe we could get a special deal on a McGill's one

we were dreadful yet again last night . & times in the first half we had every player on the park bar the 2 goalies in one quarter of the pitch like school kids it was embarrassing to watch

voted for , remember troops you can vote online and by text

And now we are onto the next stage , elite over world class , or should we not be classing the elite as being world class and the rest very very going lol Sent from my iPhone using Tapatalk - now Free

Totally agree Sent from my iPhone using Tapatalk - now Free

Totally agree Frankie , we have had many a heated arguement in work over this topic , it's possibly the most over used term in football today Sent from my iPhone using Tapatalk - now Free

The term world class is probably the most discussed term in football arguments , what actually is world class , is it the ability to get into any world team and improve it , can " world class players " transcend times , ie would Sir Stanley Mathews get the plaudits today when every player is an athlete , In every era how many world class players can there actually be , enough for 1 team , 2 teams etc etc if you get my meaning. Many people including Frankie extol the virtues of Gazza as the biggest signing in Scottish football history and whilst that may be so , if you strip it down to pure footballing terms imho Laudrup was a far better player and would get into most teams ahead of Gazza, but its all about opinions

In todays climate where young footballers are portrayed as greedy , selfish nomarks who dont care about anyone or anybody that was amazingly uplifting

You have to wonder or laugh or even both at what King is coming back to , in his statement he says and I quote "I wished the discussions to remain confidential until something definite was agreed- one way or another. I have maintained that confidentiality. However, given my awareness of incorrect inferences being drawn in the media I would like to make a limited statement at this time." He must have known it was Rangers that gave the story to the press last week , with JT phoning everyone of the main sports papers editors personally to tell them ,bizarre

THE AGM RJ - you're blocking alternative nominations to the AGM - it looks like a waste of money to deny a choice - why not let the shareholders vote? CM - I'm not against that but we have to do things legally and properly. I'm happy to add to the dynamic on the Board. Dave King rang me and I was happy to meet and talk - I'm only interested in the future not past events. DK is not part of any team/conspiracy - he's an individual who cares about Rangers. We had two days of very positive discussions with him and working with the existing team. I am concerned about lies being told about people on the Board - I want voting at the AGM based on fact. 99% of why we are in court is purely from the legal aspect. I want Dave King on board for his historic knowledge of how the club works . I said we don't need his cash now. When we get back to the top flight and to compete in Europe then we would welcome an inflow of cash. RJ - the costs being incurred will be high - why not simply resolve differences and have a vote? BS - we have to comply with fiduciary duties and follow the rules. Costs are escalating but the business costs are under control. Haven't seen alternative plan from the requistioners. CM - I am looking to add quality people to the board and would have been delighted to welcome Frank Blin and Jim McColl. Interested parties need to disclose what their plans are and how they can improve the board RETAIL DIVISION INCOME GL - what is your plan? What will the income from retail be? It is critical. For profit and cash club looks entirely reliant on retail. How and when can you extract cash from the contract? CM - retail is ahead of target at this time. GL - what will the operating profit be this year. BS - figures are ahead of budget. I can't give price sensitive info but we and Sports Direct are absolutely happy with the results this year. We will extract profit by dividend whenever we want. RESOLUTIONS 9 AND 10 AT THE AGM AS - many fans are confused and concerned by the provisions of resolutions 9 and 10 at the AGM. BS - fairly standard ability to issue 5 - 10% more shares. Gives us the flexibility to raIse around £3milllion at present share price without seeking further approval. RJ - why is there no provision of proportionality in the proposed issue? The resolution is very wide to deal with just a employee share participation scheme - will all employees be able to take part in share scheme? I have a legal opinion on these resolutions and the summary is that the lawyers are astounded at them. GL - the resolutions seem to suggest the ability to allot significantly more than 10% of the shares. The first part of the resolution suggests up to 21.7m shares (33% of the total) and the part relating to allotment of shares to directors/managers also represents 10% of the current shares. CM - we will address proportionality in any share issue. BS - I can get a more detailed explanation of how the provisions would work from the lawyers and get back to you. For example - we need flexibility to allow us to take advantage of projects which would benefit the club. I'd be happy to talk to the lawyers concerned about these resolutions as I don't understand why they would be concerned by them. AS - Resolution 9 allows directors and employees amongst others to make a directors loan which is converted into equity at a nominal value of 1p per share. Nominated individuals can therefore acquire 6.6m shares for an investment of £66,000. BS- We will pass that on to our lawyers and look at having that re-worded as that is not what is intended by this resolution FINANCIAL PROJECTIONS GL - What will be the low point for our cash balances in this current year. BS - April of next year we will have over a million at that point plus we will also have an optional unsecured facility provided should we need it. CM - the million is without counting any Rangers Retail dividend. So there will be more than a million at our lowest point. GL - What was the cash balance at 30 Sept 2013 - can you give information BS - you know I am unable to tell you that. TG - you told us in August. BS - that was the year end balance. GL - the information I am asking is historical and not a forecast, and not price sensitive. You gave the June number before it came out. BS - I had cleared that statement with the Nomad. Our audit cost £90k - three times what I'd have expected - the amount of scrutiny we are under meant the auditors demanded that. (BS left the meeting at this time as he had another commitment) MEDIAHOUSE MD - Many fans are deeply concerned about the performance of this organisation and in particular the lack of action concerning comments made about John Greig. *** At this point Mr Mather made us aware of a statement being made concerning Mediahouse which will be released through the usual media outlets shortly. *** CM - Pressure of time has meant I have not dealt with this issue sooner. It was a Board decision to continue with the services of Mediahouse. Jim Traynor works a huge amount of hours and is also in charge of Rangers Media and the TV operation. Mediahouse are providing services in other areas such as agm and with Stock Exchange announcements. MD - I think most fans will struggle to accept the sincerity of the apology. CM - I spoke to Jack Irvine before I came in to the meeting and he agreed fully with the statement I've just read out. MEDIA RELATIONS TG - I feel you've let yourself down regarding comments about families being afraid to go to the game because of the protests. CM - I've had emails, letters and personal approaches in the street. Some people have written to say that they don't like the level of abuse at some matches. I've been to a lot of football grounds and this is the best family club. I don't mind criticism but the one thing I do object to is being called a liar. A lot of fans are being fed lies about me. RJ - The bias against the club has to be tackled. We need to be very robust in taking on orchestrated campaigns like the one launched against Armed Forces Day tributes at Ibrox. Too often positives are neglected, we need a fightback. Do you agree Jim that we are given a harsher press than any other Club? JT - There is a an obvious bias against Rangers in certain sections of the press and in one mass media outlet in particular. I'd rather see the club in court pursuing large media companies rather than fans. If individual journalists overstep the mark I am in favour of selective bans which are more effective than excluding organisations. MEMBERSHIP SCHEMES AS - Any membership scheme launched by the club must be genuine and not a license to buy a ticket. It must be backed up by an supporter owned equity holding otherwise the board could close the scheme at any time or simply choose to ignore it. CM - I'm in favour of a membership scheme but we need practical ways to facilitate representation. We chose not to launch one this summer as we didn't feel it we had the right vehicle at that time. We genuinely want to provide a mechanism for as many fans as possible, in fact all fans, to have their views heard. Open to suggestions. TG - explained the background to the formation and operation of the Assembly. Likewise DR for the Association and RJ for the Trust. DR - plenty of problems regarding the operation of any membership scheme and the organisations exist to represent their members in specific roles. We express the views of the majority of our members through meetings and elections. JT - a membership scheme can be developed jointly with the fans and the club. Consultation needs to be wide-ranging. RJ - we had 14 pages of questions raised by members for this meeting - we might have covered 10% of them. We will feedback through our website and will make the info available to other groups. TG - the Assembly is conducting a review of it's operations. MOVING FORWARD TG - what cost-cutting is being undertaken at the club? CM - We've set up a separate security company, Garrion, to offer services outwith the club in order to maximise club profits. We're looking at similar scenarios in other areas. With regard to catering we have cut the cost element significantly. We reckon £500k savings on catering per year over the next ten. Also, a huge cost has been taken out of facilities without undermining the operation. The meeting convened and all attendees agreed to produce minutes asap for agreement

Posed by the RST on Facebook, if this is in the wrong place or it's already been started... feel free to move or delete. Minutes of meeting with C Mather and B Stockbridge Minute of meeting between the Rangers Supporters Association, Rangers Supporters Assembly and the Rangers Supporters Trust had a meeting with club Chief Executive Craig Mather, Finance Director Brian Stockbridge and Director of Communications James Traynor. Ibrox Stadium 10 October 2013. SEDERUNT C Mather, B Stockbridge, J Traynor and J Hannah (Rangers FC). Fans reps - D Roberton, J Kirk, T Green, M Dingwall, R Johnston, A Sheppard and G Letham. INTRODUCTIONS CM - Introduced himself, keen to be open with the fans. Brief introduction of fan groups and rationale. IPO ISSUES GL - Queried the excessive £5.6m costs from fundraising, can we get a breakdown. BS - pre-IPO fees are high. Large cost to secure the club - at time of acquisition there was no license to play football and it was risky private investment and that attracts high costs. GL - normally fees would be 5% - why are these as high as 25% BS - fees paid were commensurate with normal legal and professional fees but the other costs were high. I came in on 14th June by which time these costs were already fixed. Payments agreed by the club prior to my joining were only paid if I considered they were properly incurred and constituted proper commercial contracts. Intends putting together a more informative analysis of historic costs ref the IPO before the AGM - this sort of information is not normally in the public domain. Will have to liaise with investors and advisors that they are happy to have fees disclosed. Hope to be as transparent as I can be. You must remember there were Inherited costs - in terms of wages these were around the £30m mark for example and will not remain at that level. GL - £450,000 arrangement payment to Zeus - is this transaction included in the cost of the IPO? What about refunds to investors such as Laxey, Eurovestech and Alan Mackenzie? BS - Yes, it is included. But there were no illegal returns of capital. CM - as far as fees are concerned I'm happy to state a £50k - 5% commission was paid on my introduction regarding investing in the company. GL - why have the costs of finance raising been so high? Charles Green assured Rangers fans that fundraising would be easy. BS - can't be responsible for CG statements or contracts. Only invoices club pays out are those which are contractual, reasonable and binding. We have cut costs considerably going forward. STAFF REMUNERATION The staff costs appear massive and should not have been incurred for the level of football or the amount of work undertaken. CM - certain salaries are in the Annual Report and some scrutiny is valid. My own salary is £300k and the major institutional investors are aware of that and happy with it. The structure of my bonus has been discussed but it will not be linked just to winning the league. Lots of other factors will have to come into play, meeting player and financial budgets. Both McCoist and myself are content to work together to ensure that we reach a balance on incentives regarding the PLC budget for players and saving money so that one part of the club is not working against the other. We're looking at reducing the historic level of professional costs - for instance, we are considering an in-house legal department to cap the level of expenditure there. We need to restructure and define cost centres. We are looking at the efficiency for example of Murray Park and wish to make that measurable in setting remuneration/bonuses. BS - the terms of my contract are public - £200k bonus for each of the next three years. I voluntarily agreed to remove my bonus payment that had been agreed for those years. It's about delivering financial performance, I'm not taking an automatic bonus. Expect that post-AGM my remuneration and bonus will be announced. I joined the company on 14th June and wasn't salaried until September. Paid a £50k electric bill form my own resources. Banners and chants do not reflect the reality of the situation. I have no outside interest and I have no 1p shares. BS paid 70p per share at the IPO. TG - why give up bonuses now? BS - with hindsight I should have been rewarded for financial performance not football basis. CM - I want Brian looking over my shoulder as finance director controlling spending. BS - the club is financially secure. We have a completely clear audit from Deloittes. We have no debt. CM - McCoist package - we've almost got it signed off. An agreed reduced package will be put in place soon. GL - termination payments appear very generous - for example Charles Green. BS - Green's package was decided by the Remuneration Committee. I sacked Imran for gross misconduct, he received no compensation. DR - I thought Green had resigned? CM - it was a compromise agreement to protect the club. Employees have rights they can exercise. BS - The Remuneration Committee contains no executives - it contained Malcolm Murray, Phil Cartmell and Ian Hart. CLUB ACCOUNTS GL - We don't want to dwell too much on the historical numbers, we would rather focus on the future. We would however record that the accounts just released were an appalling set of figures. CM - We recognise the losses. These were predicted and investors knew there would be a substantial loss in the first year. GL - pre-IPO research note issued by the broker Cenkos predicted a £1m loss compared with a £14m actual loss. Half-year forecast predicted a £7m loss. BS - We've seen leaks of price-sensitive information from illegal leaks. It's difficult to form an accurate opinion on partial information. We've removed £2m costs off operational expenditure. GL - your December management accounts predicted a £6.8m loss but the loss was £14m. BS - we've had problems with the retail division - the JJB contract going and the Puma deal being late. A lot of one-off costs - £1m for the Pinsents investigation. Pay-off for Green, etc. GL - do you have a monthly phased plan for the current year and are actual results reviewed against this plan by the Board on a monthly basis? CM - yes, and regular Senior Management meetings. GL - can you tell us what the budget revenue and operating profit/loss figures are for the current year 2013/2014? BS - I can't give price-sensitive info and hence can't give profit forecast numbers. However, Daniel Stewart are working on a research note for insitutionals. We do things by the book - we'll note non-recurring items and will break them down. RJ - what about provision for similar costs for next year? BS - difficult to predict as we did have a lot of non-recurring fees this year. RJ - but we keep losing executive and non executive board members on an almost regular basis and incurring associated costs. CM - unusual year of change. For instance we had season ticket sales on course as of 1st August but then the requisition for the EGM came in and killed confidence. Sales went from 174 a day to 6. But that's based on perception not reality. We're ahead of budget in many areas. I want to sort the club - the Board have to be able to look at themselves and if I am not the right man I will go. If I haven't performed then I deserve to be voted off at the AGM. I have successfully bought businesses out of administration before - I know what I am doing. What happens if we are voted out at the AGM and there is no alternative? BS - the Stock Exchange will suspend the company from the market.