Tycoon Dave King set to return to Rangers as chairman

[simplythebest 0]

conning whyte is easy when you don''t need him. when you need his shares how do you do it?

 

as for kings prediction here we are 76 days till Christmas and they are cap in had to him already for fresh investment.

 

The auditors signed off our accounts though and that Neil Patey said another insolvency is very unlikely.

 

They made a deal for Whyte to transfer his shares to Green's group.

[the gunslinger 3,366]

The auditors signed off our accounts though and that Neil Patey said another insolvency is very unlikely.

 

They made a deal for Whyte to transfer his shares to Green's group.

 

and if the shares were to be transferred it would make the deal binding.

 

your not going to tell me you still believe it was a deal for 2 quid. surely?

 

based on the accounts it does look unlikely.

 

but if we are spending 3.5 million a month like last year 11 million won't see us to christmas.

 

let's hope the looting has slowed.

[forlanssister 3,114]

Forgive my ignorance, but can someone refresh my mind as to the content of Res 9 & 10 please.

 

http://www.rangers.co.uk/images/staticcontent/documents/AGMNoticeLetter2013.pdf

 

ORDINARY RESOLUTION

9. “THAT the Directors be and are hereby generally and unconditionally authorised in accordance with section 551 of the

Companies Act 2006 (the “Act”) to allot Relevant Securities (as defined in the notes to this resolution):

 

(a) up to an aggregate nominal amount of £217,000; and

 

(b) up to an aggregate nominal amount of £66,000 to employees and directors in accordance with the rules of any share

option scheme approved by the Company; and

 

© comprising equity securities (within the meaning of section 560 of the Act) up to an aggregate nominal amount of

£434,000 (after deducting from such limit the aggregate nominal amount of any Relevant Securities allotted under

sub-paragraphs (a) and (b) above) in connection with an offer by way of rights issue to holders of ordinary shares of

one pence each in the capital of the Company (‘Ordinary Shares’) in proportion (as nearly as may be practicable) to

their existing holdings and to holders of other equity securities as required by the rights of those securities or, as the

Directors otherwise consider necessary, but subject to such exclusions or other arrangements as the Directors may

deem necessary or expedient in relation to treasury shares, fractional entitlements, record dates, legal or practical

problems in or under the laws of any territory or the requirements of any regulatory body or stock exchange,

and such authority shall expire on the date of the Annual General Meeting of the Company to be held in 2014 or, if

earlier, 24 January 2015, but so that the Company may, in each case, before such expiry make an offer or agreement

which would or might require Relevant Securities to be allotted after such expiry and the Directors may allot Relevant

Securities in pursuance of any such offer or agreement as if the power conferred hereby had not expired. This authority

shall be in substitution for any previous authorities granted in this regard by the Company, but without prejudice to

any allotment of Relevant Securities or grant of rights already made, offered or agreed to be made pursuant to such

authorities.”

 

AGM Notice Letter_2013.indd 3 27/09/2013 14:25:02SPECIAL RESOLUTIONS

 

10. “THAT the Directors be and they are empowered pursuant to Section 570(1) of the Act to allot equity securities (as

defined in Section 560(1) of the Act) of the Company wholly for cash pursuant to the authority of the Directors under

Section 551 of the Act conferred by Resolution 9 above, and/or by way of a sale of treasury shares for cash (by virtue

of Section 573 of the Act), in each case as if Section 561(1) of the Act did not apply to such allotment provided that:

 

(a) the power conferred by this resolution shall be limited to:

 

(i) the allotment of equity securities and sale of treasury shares for cash in connection with an offer of, or invitation

to apply for, equity securities (but in the case of the authority granted under paragraph © of Resolution 9, by

way of a rights issue only):

 

(A) in favour of holders of Ordinary Shares in the capital of the Company, where the equity securities respectively

attributable to the interests of all such holders are proportionate (as nearly as practicable) to the respective

number of Ordinary Shares in the capital of the Company held by them; and

 

(B) to holders of any other equity securities as required by the rights of those securities or as the Directors

otherwise consider necessary,

 

but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient to

deal with treasury shares, fractional entitlements or legal, regulatory or practical problems arising under the

laws or requirements of any overseas territory or by virtue of shares being represented by depository receipts

or the requirements of any regulatory body or stock exchange or any other matter whatsoever; and

 

(ii) in the case of the authority granted under paragraphs (a) or (b) of Resolution 9 and/or in the case of any sale

of treasury shares for cash, the allotment, otherwise than pursuant to sub-paragraph (i) above, of equity

securities or sale of treasury shares up to an aggregate nominal value equal to £66,000; and

 

(b) unless previously revoked, varied or extended, this power shall expire on the date of the next Annual General

Meeting of the Company, or if earlier 24 January 2015, except that the Company may before the expiry of this

power make an offer or agreement which would or might require equity securities to be allotted (and treasury

shares to be sold) after such expiry and the Directors may allot equity securities (and sell treasury shares) in

pursuance of such an offer or agreement as if this power had not expired.”

[forlanssister 3,114]

The condensed version that appears on the ballot papers is:

 

9) To authorise Directors to allot relevant securities.

 

10) To enable Directors to allot shares for cash without first offering them to existing shareholders.

[the gunslinger 3,366]

it's a licence to give them and there pals shares as they see fit.

[Crimson Dynamo 128]

it's a licence to give them and there pals shares as they see fit.

 

Forgive my ignorance

 

But would that not only dilute the shareholders holding?

[forlanssister 3,114]

Forgive my ignorance

 

But would that not only dilute the shareholders holding?

 

Some but not every which is the point basically.

[compo 7,030]

The present board have got the club into the state it is in at present so i would urge Dave King to keep his money in the bank until things improve at the club because i feel the any more money invested with the present board is just a waste of good money .

[the gunslinger 3,366]

Forgive my ignorance

 

But would that not only dilute the shareholders holding?

 

Yes. Unless you are getting the issued shares.

 

It could see the easdales for example getting more power at the same time as everyone elses shrinks.

[BEARGER 1,830]

Every share company must have an authorised share capital, also known as the nominal share capital. This capital signifies the maximum amount of share capital that the directors can issue. Not sure what the Rangers NSC would be but will be a substantial figure above what has been issued so far,. There is always an unallocated amount of shares in any new company just in case they need to raise funds in the future. It is these shares that Dave King was alluding to when he was talking about investing in the club and not buying from the spivs. Normally each existing share holder would be offered shares so that they would still have the same % of the new total as they had initially.

That's what should happen with us, but these greedy bastards?