calscot 0 Posted April 27, 2011 Share Posted April 27, 2011 From the ET: "Whyte had the basic blocks of his bid in place. He has reached an agreement with Sir David Murray for the businessmanâ��s 93% share of the club and has deposited �£28m with Lloyds. "This includes �£18m to satisfy the conditions of the debt repayment and a further �£10m for working capital for the club." So we're paying off the debt and still using Lloyds as our preferred bank and actually depositing working capital? I know the management has changed there but I really hope we move to another institution soon after the takeover. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,663 Posted April 27, 2011 Share Posted April 27, 2011 Apparently the purchase price money above is in escrow with LBG... As such, once the deal is complete, the bank will get their cut as will Murray and then the club into their respective accounts. The escrow account will then be empty. It will then be up to Whyte to change or close existing club bank accounts which are currently with HBOS/Lloyds. 0 Quote Link to post Share on other sites More sharing options...
Waltersgotstyle 307 Posted April 27, 2011 Share Posted April 27, 2011 (edited) Frankie where do you get your information... Edited April 27, 2011 by Waltersgotstyle 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,663 Posted April 27, 2011 Share Posted April 27, 2011 Frankie where do you get your information... If I told you, I'd have to kill you... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 27, 2011 Share Posted April 27, 2011 I'm pretty sure that SDM's share is now less than 93% which would mean that the article writer can't even get basic facts accurate. If there's just one wrong basic fact it makes you suspicious about all the others being reported. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,266 Posted April 27, 2011 Share Posted April 27, 2011 I'm pretty sure that SDM's share is now less than 93% which would mean that the article writer can't even get basic facts accurate. If there's just one wrong basic fact it makes you suspicious about all the others being reported. I think it depends how you calculate them Zappa , there are that many different companies that hold a % and basically he owns them all so in effect that's where I believe the figure came from , also I could be talking pish ...... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 27, 2011 Share Posted April 27, 2011 I think it depends how you calculate them Zappa , there are that many different companies that hold a % and basically he owns them all so in effect that's where I believe the figure came from , also I could be talking pish ...... According to Bluedell in his recent Dispelling Timmy myths thread, he clearly states that 'MIH's holding in Rangers is currently around 85%'. From what I can see myself, the current figure owned by SDM is 93,134,454 shares which is 85.6082%, but I'm no expert. This plus market news item from 4th February has the figures in it - http://www.plus-sx.com/newsItem.html?newsId=1082026 0 Quote Link to post Share on other sites More sharing options...
calscot 0 Posted April 27, 2011 Author Share Posted April 27, 2011 Apparently the purchase price money above is in escrow with LBG... As such, once the deal is complete, the bank will get their cut as will Murray and then the club into their respective accounts. The escrow account will then be empty. It will then be up to Whyte to change or close existing club bank accounts which are currently with HBOS/Lloyds. Is it normal for a bank that will be a recipient of a large fraction of the monies to hold the escrow account also? Seems like a conflict of interest. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted April 27, 2011 Share Posted April 27, 2011 I'm pretty sure that SDM's share is now less than 93% which would mean that the article writer can't even get basic facts accurate. If there's just one wrong basic fact it makes you suspicious about all the others being reported. Indeed it is nearer 85% due to the recent untangling of Murray Sports. It's a very significant point if Whyte wants to take the club private he needs 90% of the shares before he can compulsory purchase the balance (IIRC). 0 Quote Link to post Share on other sites More sharing options...
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