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BEARGER

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Everything posted by BEARGER

  1. BEARGER
    In what way? What were you looking for?
  2. BEARGER
    Have emailed but as I said already will not hold my breath.
  3. BEARGER
    Will they do the decent thing after today's news? Resign en masse and tell the board they have no wish to have dialogue with people who do not look after the best interests of our club? Will not hold my breath.
  4. BEARGER
    Three Bears blast Mike Ashley deal and tell Rangers board: Our offer was way better Jan 27, 2015 17:56 By Gary Ralston DOUGLAS PARK group up the ante on Sports Direct tycoon who has got the lot in Rangers power grab. THE Three Bears have tonight hit out at the decision to go with Mike Ashley’s millions after they refused to protect James Easdale on the Rangers board. Ibrox directors have attracted scorn and derision from fans after handing everything but the stadium to the Sports Direct tycoon for a paltry £2million. The offer of two tranches of £5m from the Newcastle United owner has been accepted over a rescue package from George Letham, George Taylor and Douglas Park totalling £10m. However, Ashley’s first £5m will only secure staff salaries for January and February as £3m will be used to pay off the loans he gave the club in October and November. It’s believed a reason behind the board’s decision to go with Ashley was the refusal of the Three Bears to back Easdale, a placeman for shadowy investors such as Blue Pitch and Margarita Holdings. A Three Bears spokesman said: “We feel it important to make the fans aware of details of our funding offer in order that they can make up their minds as to which would have been the best financial arrangement for the club. “Our main aim was to make short-term funding available to the club to ensure an insolvency event would be avoided. “In addition, we wanted to make certain new equity was invested in the club rather than large loans which will need to be repaid in the future. “Our final offer to the board was for a facility totalling £6.5m. A £4.5m tranche of the facility could be converted to equity at a future share issue (which we would partially underwrite). “To the extent this was not converted to equity it would remain available to the club as a loan for two years at an interest rate of 2%. “A £2m tranche of the facility was for short-term working capital purposes to be repaid in 12 months and interest free. In total, £1m of this tranche was available unsecured until the current notice relating to Murray Park expired. “It was a condition of our facility the £3m MASH loan be repaid and that security be given to us over Murray Park, Edmiston House and Albion. “Our request for a negative pledge on Ibrox to prevent it being used by anyone else as security was not accepted. “At one stage during the negotiations we indicated we could increase our funding package to £10m to match the Sport’s Direct facility and indeed provided proof of funds in excess of this amount. “However, after the EGM was called we felt that agreeing an excessive long term loan package with a board who may be removed in six weeks was not appropriate. “We were subsequently advised by Derek Llambias that our funding offer would be difficult for the board to accept if we did not provide irrevocable undertakings to vote against EGM resolutions to remove certain existing board members. We felt this was completely inappropriate.” Ashley has now been granted security over Murray Park, the Albion Car Park, Edmiston House and the copyright of the club’s trademarks, including the badge. He has also negotiated an additional 26 per cent in Rangers Retail Limited, taking Sports Direct’s total stake in the subsidiary company to 75 per cent. He now holds complete authority on the club’s retail department and is free to renegotiate existing contracts, already weighed heavily in the favour of Sports Direct. Rangers Retail Limited will also benefit from the sale of shirt sponsorship from season 2017/2018 and a dividend of around £800,000 Rangers were due from their current deal will be repaid to Sports Direct to cover the cost of closing unprofitable club shops. Ashley has also set aside an additional £5m in loans which, if the status quo remains, will be drawn down by the spring, possibly even using the stadium as security. Fan hopes are now pinned on Dave King leading a shareholder revolt at a general meeting he demanded almost two weeks ago, when the existing board can be overthrown and the loans to Ashley re-paid. Rangers fans protest outside Ibrox stadium VIEW GALLERY However, the long term security of the club remains in the balance as 75 per cent shareholder approval is needed to open up a wider share issue - and that is likely to be blocked by the Easdales’ 26 per cent proxy shareholding. The Three Bears spokesman added: “The announcement from the board suggests the Sports Direct facility is interest free, but the loss of revenue to the club from the transfer of 26 per cent of the share capital in RRL and 50% of the shirt sponsorship proceeds from 2017/18 equates to an annual interest rate significantly higher than our offer and probably in double digits. “Security for the Sports Direct facility involves the club’s registered trademarks and a floating charge over the club’s assets. This is disadvantageous to the club compared to the security required under our offer. “It appears the only measure by which the Sports Direct facility could be considered favourable to our offer is in respect of the quantum and duration of the second tranche of £5m, but there appears to be some uncertainty as to whether this will actually be required and it is subject to further due diligence by Sports Direct. “We fail to see how the Sports Direct facility can be described as better for the club than the funding offer we made. “It isn’t and should not have been accepted if the best interests of all the shareholders were considered. “Acceptance of the Sports Direct facility will do nothing to repair relationships with the fans which is critical in improving the revenue streams of the club.” The claim from chairman David Somers the Ashley deal is good for the club and will help Rangers return to domestic and European strength has been ridiculed by Union of Fans spokesman Chris Graham. Somers said: “It is a great deal. I’m really pleased to get some money into the club. “It is just over 12 months since I became chairman and I had three goals. One was to make sure this great club never, ever goes into administration. “The second one - there was no money when I joined the club so I wanted to get some money into the club. This deal really moves us a long way to getting some decent money into this club. “The third goal was all about the football. We’ve got to get this club into the Premiership, into the Champions League and this sort of money will really help us do that.”
  5. BEARGER
    I blame ipad!
  6. BEARGER
    Dalglish used the word "psychopaths" for those who put the ad in paper!
  7. BEARGER
    Jeez
  8. BEARGER
    Hope all tweeting the fact GERSNET raised this money.
  9. BEARGER
    Hope he doesn't mention the Russian subs that are up the Clyde:lol:
  10. BEARGER
    Just been looking at SOS FB. They have pics of invoice for £32400 from a media company that they say nobody remembers using! One of the directors of said compay is Llambias. The photo on the left is a photo of an invoice for a service no one can recall us using, the photo to the right is the directors of the company we paid for work that no on can recall using Can we have more of these guys please
  11. BEARGER
    If loans are given by Ashley Ibrox will not be used as security -Sky Sports News.
  12. BEARGER

    RST appeal

    BEARGER replied to BEARGER's topic in Rangers Chat

    Probably its not just about gaining more life members, it's promoting the RST to all shareholders and hoping for a spin off in memberships and BuyRangers sales. I see one person has donated all 714 IPO shares to the Trust.
  13. BEARGER

    RST appeal

    BEARGER replied to BEARGER's topic in Rangers Chat

    The letter was sent to all shareholders who bought in the IPO, that why I thought it was a wee bit steep. Suppose if people have also bought shares since then it could be looked at as being reasonable. I'm a life member anyway so offer is not for me. If not attending any agm's I will certainly proxy all my shares to RST.
  14. BEARGER

    RST appeal

    BEARGER replied to BEARGER's topic in Rangers Chat

    Direct offer 357 shares for life membership. Letter also asks for shareholders to join RST and BuyRangers, plus mentions proxy votes for egm saying they will be in touch nearer to meeting. All of it ok IMO, just thought that 357 shares a wee bit expensive assuming you bought at IPOD.
  15. BEARGER

    RST appeal

    BEARGER posted a topic in Rangers Chat

    @RangersFCTrust: All supporters who invested at the IPO should be receiving a letter from the RST over the next few days. Got my letter this morning. One thing they are offering is lifetime membership in exchange for 357 shares. This seems a bit expensive to me, 357 X 70p = £249.90 the price at IPO.
  16. BEARGER
    Not me although I have read her FB comments on well known Rangers fans. She plays the ****s game, she smears other fans who have actually tried to do something about the crisis at our club.
  17. BEARGER
    Got to wonder how much effort this female would put in if she received a request from one of those Rangers fans she so detests?
  18. BEARGER
    Proof of the type of person who would apply for this setup(one exception).
  19. BEARGER
    @RangersFCTrust: .@ChrisGraham76 talking about the RST will be on STV Glasgow tonight at 10pm: channel 23 on freeview, 117 on Sky, 159 on Virgin
  20. BEARGER
    I believe that most of the membership fees do go on shares as the RST has low expenses, sure I read that somewhere. Plgsarmy would be best bet for answer though.
  21. BEARGER
    Peralta is gone.
  22. BEARGER
    Brass neck comes to mind.
  23. BEARGER
    You are correct of course, I was too busy thinking about those like us that are on forums.
  24. BEARGER
    Is anyone really surprised about how the RFB members behave and how they are treated with contempt by the board and fellow fans? Time to make a stand, resign en masse if you have any dignity left.
  25. BEARGER
    http://www.therst.co.uk/buy-rangers/
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