Little General
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Everything posted by Little General
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Craig Whyte - Holidays are over it seems....
Little General replied to Dragonfly Trumpeter's topic in Rangers Chat
either way he's doing a lie in. -
great memories growing up watching Scotsport with Arthur and his jackets. "Argentina here we come " after Dalgleish scored Scotland's second against Wales. sad news indeed R.I.P.
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New King Statement: reveals Easdale email dialogue
Little General replied to Frankie's topic in Rangers Chat
Chris Graham @ChrisGraham76 6m6 minutes ago Oh my. It looks like Jack is lawyering up. One word PR pigmy. Veritas. embarrassing stuff -
New King Statement: reveals Easdale email dialogue
Little General replied to Frankie's topic in Rangers Chat
Easdale's account has been hacked would be my guess. -
New King Statement: reveals Easdale email dialogue
Little General replied to Frankie's topic in Rangers Chat
we will find out soon.Media House will be drafting up more nonsense. -
New King Statement: reveals Easdale email dialogue
Little General replied to Frankie's topic in Rangers Chat
Barry Scott -
http://www.dailyrecord.co.uk/sport/football/rangers-blazers-war-dave-king-4670042 Dave King releases details of email sent to Easdale.
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I know who I believe.
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https://twitter.com/STVGrant/media
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http://www.bbc.co.uk/sport/0/football/30134269 Sandy Easdale, chairman of the Rangers football board, sought assurances that boardroom changes would not force him out of Ibrox, Dave King has revealed. During discussions about a proposed £16m investment by King and a Rangers fans' consortium, he wanted reassurance that his position was safe. He was advised there was "no immediate intention to remove him or his brother [James] from the board". Sandy Easdale subsequently supported Mike Ashley's offer of a £2m loan. James Easdale is a non-executive director of Rangers International Football Club. A series of disagreements has broken out following the RIFC chairman David Somers' attempt to justify why the board accepted Ashley's offer ahead of the proposed investment from King and the consortium, and a £3m loan offered by Brian Kennedy. The latter has revealed that he was prepared to provide the loan at nominal or zero interest, and wanted Ibrox protected in a trust. Somers explained that the board opted for Ashley's loan, which has since been increased by an additional £1m, because it involved less interest and less security, Sandy Easdale also insisted in a strongly worded statement that he never agreed with the King consortium that they could provide proof of funding and the identity of all of the investors after shareholders agreed in principle to support the investment, which would have seen the group receive an equity share of RIFC and take control of the board. "I have grown tired of Mr King's antics," Easdale said, after offering his support to Somers' stance. This prompted a further response from King, who had already urged supporters to withdraw their financial support from the club on match days and in terms of merchandise. Ashley's Sports Direct already had a commercial arrangement with Rangers through the joint venture Rangers Retail Ltd. The terms of that have since been "normalised" and Sports Direct have entered a "partnership marketing agreement". Sports Direct have also given up the naming rights to Ibrox, but the company still retains "certain advertising rights". Around 10 administrative staff have been made redundant at Ibrox, including commercial and marketing employees. "It remains interesting that Sandy continues to take the lead on public company affairs," King said. "The truth is, when I spoke to Sandy on my recent trip to Scotland his main concern was whether, after investment by our consortium, he would still be able to stay involved with the club. "He indicated that Mike Ashley would look after him if he assisted Ashley in protecting his commercial rights. The new investment proposed by Paul [Murray], George [Letham] and I was seen as a threat to Sports Direct's desire to extend its influence over the Rangers brand in all its forms. "After discussion with Paul and George, I confirmed by email to Sandy that we had no immediate intention to remove him or his brother from board involvement at Rangers. "This concession was clearly not enough to gain his support and the board approved the inferior offer presented by Ashley. "Furthermore, in my meeting with the Rangers board I confirmed that I could give proof of funds within 24 hours of the board accepting our proposal in principle. I was never asked to do this."
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how do you know that? I haven't seen any details of Ashley's loan.
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Why did CEO (Wallace) approach him in the first place?
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can we now see Ashley's deal so we can compare which one is better?
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The CEO of Rangers PLC approached me on the 22nd October 2014 asking whether I would be willing to provide a short term loan to RFC Ltd. He informed me that he had been given a remit by RFC PLC to negotiate terms and to report back to the Board. My lawyers, DLA, proceeded to negotiate terms with RFC lawyers. After much discussion between the parties, the following terms were offered on Friday 24th October 2014. 1 A £3m facility for a period of 6 months from the date of the drawdown. 2 3% annual charge 3 Fixed security charge over Albion Car Park and Edmiston House 4 The Board of RFC would endeavour in the future to extend this to security over Murray Park as they were unable to grant such at this time. 5 Ibrox Stadium to be protected in a Trust or a similar Legal mechanism that would allow this asset to be used solely for RFC in whatever legal entity to play football in perpetuity. 6 Paul Murray to be appointed to the plc main board for a period of 24 months. 7 A lightweight floating charge over all assets except Ibrox Stadium 8 No qualifying floating charge to be granted to any other party. 9 In the event of administration the lender would have the right to appoint the Administrator. The loan (of which £1 million pounds had been provided by Mr George Letham) was designed to give the Board of Rangers PLC the time needed to pursue Dave King’s offer and/or a new share issue in order to ensure long term financial security for the business. Furthermore the appointment of Paul Murray would provide much needed harmony between the Board and the supporters. I was informed by Mr Somers that the Board had no objections to any of these terms. He later informed me that he had made the decision to go with Mr Ashley’s offer after consultation with the Major Shareholders. This is their prerogative.
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Somers said yesterday they rejected his bid,now Sandy Easdale is saying there was no bid. what's it to be?
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England were bigger, stronger and fitter than our squad and it showed tonight. This could easily be a rehearsal for the old firm game.
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what a goal 3-1 Rooney
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great goal 2-1
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I'm glad this is a friendly, rather than a Qualifyer against Germany
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Barry fuckin Bannan and Charlie Mulgrew, How do they even get in the squad never mind a game.
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THE South African-based businessman brands Ibrox chairman "disingenuous" after being accused of failing to provide proof of funds. DAVE KING has tonight hit back at David Somers’ claims he failed to prove he had the finance to invest in Rangers – and accused the Ibrox chairman of being "disingenuous". Somers had earlier today insisted the South African-based businessman couldn’t provide proof of funds and that made it impossible for the board to accept King’s offer of investment last month. A proposal from King's consortium was considered along with another from former Blue Knight Brian Kennedy before Ibrox directors instead accepted a £2million loan from shareholder Mike Ashley last month. And in an interview with Sky Sports News, Somers said: "We had three people offering us funds and I felt it was very important we do proper due diligence on all three. "In the past Rangers has perhaps done deals it wouldn't have done if it had done proper due diligence. "Where (the King offer) fell down was really at stage one. When I said to all three of these people 'would you show me proof of funds?' two showed me proof of funds. The consortium did not. "The second question for the consortium was, 'I know there are eight of you, I only know three of you. Can I please have the other five names?' And the message I was getting all the time was 'if you agree to do deal, if you persuade 75 per cent of shareholders, then we'll show you funds and you can have the other names'. "When I said to all three of these people 'would you show me proof of funds?' two showed me proof of funds. The consortium did not. "It wasn't meeting the due diligence requirements – they were simple questions. I cannot go to shareholders when I don't know all the names, I can't check the names out and I can't put my hand on my heart and say, 'these guys have the money'. "In the end we had to move on to stage two which left two providers. "Then it was a simple case of which provider was offering the lowest interest rate – Mike Ashley was offering zero interest which is difficult to beat – and which provider wanted least security. Again Mike Ashley only wanted a small amount relative to the other deal. "Once we got to that stage it was a no-brainer which one we were going with." But King has claimed Sandy Easdale - chairman of Rangers' football board - agreed proof of funds and individual identities could be provided once the backing of shareholders was confirmed. He insisted Somers was "being disingenuous with his comments". A statement from King read: "We had private discussions with both (former chief executive) Graham Wallace and Sandy Easdale in which we told them that we would immediately provide proof of funding and details of the full make-up of the consortium following confirmation from Sandy Easdale that the shareholders whom he represents were prepared to support the terms of our investment proposal in principle. "Sandy Easdale agreed to proceed on this basis. Unfortunately he was not then able to provide the confirmation we asked for. There was no possibility of proceeding any further without the support of Sandy Easdale's group who had the power to block our proposed investment." http://www.dailyrecord.co.uk/sport/f...s-out-4650192?
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Why do we need a loan from Ashley then? Somers talks nonsense imo.
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Including Bondholders?
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Competition: Win a 'Savile Rogue' Rangers scarf
Little General replied to Frankie's topic in Rangers Chat
Just got the email from Frankie. Delighted:rfcbouncy: Thanks to Frankie and Gersnet. -
what's the betting he's hiding in Costa Rica?