rbr

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.

This whole episode is just sad and pathetic. EDIT: Remember last week mate - Frankie

Anyone who has bought shares , if you physically have the share certificate in your possession then you should be getting contacted direct with admission details , all those who bought through a broker and have their shares held by the broker , you need to contact them stating you want to get access to the AGM

Yes it the way they avoid paying corporation tax , one of the companies has around £38 million in debts and loans against it

Not 100% sure which companies , but they have had multiple share issues

People seem to think its a disaster that we may need a further share issue , however this was always likely and even looking closer to home , celtic have had a total of 4

The problems didnt stem fro our formation or players in defense , christ it was Arbroath we were playing , its the insistence on playing players out of position . Andy Little is never a wide player and brings next to nothing , possibly if played forward as part of a 3 , Peralta doesnt look comfortable wide right and it was ironic that his display was markedly improved once he moved into the middle , and I hope Clark has something to offer becasue his first tiouch and ability to hold the ball is awful , however I accept he needs time. We also didnt start the game at anywhere near the tempo of previous weeks and as has been remarked by many , we are a far better team playing at a high tempo

The country coefficient is very miss leading , a lot of people actually believe that this is the national teams it refers to when in actual fact it only applies to the teams from that country . We need to have stronger teams getting into the Europa league , its ok for the bigger countries when the likes of Stoke , or Newcastle qualify they generally earn loads of points , just look at Romania as an example , their Europa league teams earn way more than their c/l teams

utter bollocks

Hutton isnt even in the Villa 25 man squad , he wont even play this season unless he gets loaned out to the Championship , he hasnt played in 4 months

At the moment we are ranked 78th , the teams and countries Ranked from 62 and up are, Besiktas -turkey ,Hamburg Germany, Brugge Belgium Hapoel Tel Aviv Israel ,Wolfsburg Germany.Panathanikos Greece, Newcastle England,Levante Spain,Salzburg Austria,Sparta Prague Czechoslovakia ,Paok Greece,Udinese Italy,Genk Belgium,Cluj Romania,Young boys Switzerland,Borussia Monchengladbach Germany , Rangers Scotland, and so it goes on teams around us are English ,Romanian, Spanish, Russian , czech ,Austrian , Portuguese , Polish . And I guarentee you everyone will achieve a higher coeficient country average than we do not only because of their C/L teams but because their Europa league teams are stronger , its been happening for years , the secret of these coef aint the C/L its the points that can be picked up in the Europa league , however all our teams cant hack it

its absolutely negligible , any points a club earns is divided by the entire number of clubs participating from that particular country , so if they earn 3 points and we have 5 clubs each win equals 0.6 points

we were 92nd ranked but the 08/09 season in europe was a disaster for us m we only won 0.375 points and everyone close lost loads more , however the next 2 years see,s us losing 19 points and dropping like a stone

Jim Traynor can only do something if the board allow himor even task him to do it , he doesnt have a free license to tackle these things , anyway it should be the legal route we take

Fair enough , Frankie but guys like McMurdo do more damage than good and his constant muddying of already muddy waters don't help anyone , anyway what wrong with fud , it's a good old fashioned term

He's a total fud , his defence of Irvine is cringing

There is a very popular myth that whilst we are a financial basket case runs by shysters and crooks ( ok that part may be true lol ) .,the manky mob are a paragon of financial virtue where every season sees them reaping a financial lottery allowing them to hoard a future chest of money that will keep them well ahead for years if not decades to come . As with all of these things the truth is in the details , under the last board and struggling with £18 million of debt (take the BTC aside for the moment ) we continually beat them on the park and also off the park transfer wise , bar McGeady going to Spartak their transfer dealings were pityful. Now we are led to believe that everything over there is rosey bar the £36 million in loans that they are into the CIS bank for and the various other small amounts that they pay as dividends , not accounting for the shares that certain directors hold that Celtic must honour at full value when bought , Celtic have raised money via share issues since 1994 . £26 million was raised in 1994 split between high worth investors ,£12 million to ie wee fergus (£9.3) and £14 million which was bought by over 10,000 fans . 2001 saw a further share issue of upto £22 million , exact details are unknown as to the exact amount raised but the following is an extract from their prospectus which was used to woo high worth investors such as DD , Martin O,Neil , Eddie Jordan and the clubs own Directors and certain players (who were given interest free loans to buy shares ) From the 2001 prospectus it states "The board has examined a variety of funding possibilities before deciding that this imaginative and innovative security is the most attractive to investors. We believe this issue will be very attractive as investors will be offered at a price of £1.25 and will convert into ordinary shares on September 1, 2007. If the ordinary share price at the conversion date is £1.25 or above then each share will convert into one ordinary share. "Shareholders who have made this investment will already be in a position to make a capital gain. If the price falls below £1.25 then the shares will convert into more than one ordinary share. Therefore, the receipt of additional shares will protect the initial capital sum invested. "Each new Convertible Preferred Share will carry a fixed dividend of four per cent, plus a participating dividend that can rise to six per cent, depending on Celtic's progress in the Champions League each year. So the new investment instrument allows investors to benefit directly from success in European competition." Lastly in 2005 a further £15million was raised with DD underwriting £10 million of it , this was to be used to fund the building of lennoxtown, see below . Celtic have announced a share offer designed to raise £15m to fund their new football academy and reduce the football club's debts. Major shareholder Dermot Desmond will underwrite the issue to £10m but insists he does not wish to take outright control of the Glasgow club. Celtic chairman Brian Quinn said it was needed to stay competitive in Europe. "It must give a high priority to finding, developing and training high-quality players," he said. Subject to shareholder approval, 50 million new ordinary shares would be available to existing shareholders and new investors, priced at 30p per share. Celtic have long wished to improve their youth facilities and match that enjoyed in recent years by Rangers at Murray Park and Hearts at Heriot-Watt. The first team is already seeing the enormous benefit of the country's most successful youth development programme Celtic chairman Brian Quinn Quinn's club have earmarked the Lennox Castle Hospital site to the north of Glasgow for their new academy. "The board believes that, as well as continuing to retain and attract experienced players, we must build upon the already excellent results of the club's youth development programme," he said. However straight after this was done , from Celtics own accounts it can be seen that they immediately took out a loan against it from the CIS bank . there is no denying that they are bringing in money by the shed load but on the flip side they are heavily indebted , the Wanyamas of this world do not appear every year and this side dont look anything special , infact the star players which they seem to be banking on to get decent transfer fees are looking decidedly ordinary , time will tell.

To be honest you were better than Black last season GS lol

or your a complete yes man

sorry to be picky but would it not be the case that we reached a final where the other team had already qualified for europe

Aug. 29 (Bloomberg) -- Payment is in respect of personal income tax and tax liabilty of Ben Nevis, which is King trust co. managed from Guernsey, Channel Islands, South African Revenue Service says in e-mailed statement. • South Africa not pursuing fraud charges against King • King accepts liability on 41 counts of contravening South Africa’s income tax laws. • King to pay fine of 3.21m rand, or 24 months’ imprisonment after he entered into plea, sentencing agreement with National Prosecuting Authority • King ordered to pay 8.75m rand toward Criminal Asset Recovery Asset Fund

wouldnt hold my breath mate

It should make certain Directors position untenable more like , this is the last call of the truly desperate

Anyone any idea how to find out about this , if indeed there is a cut off date

Was asked this last when is the latest date that would still leave you eligible to attend the clubs AGM