TheTinMan99 0 Posted October 11, 2013 Share Posted October 11, 2013 "(BS left the meeting at this time as he had another commitment)" Twat. 0 Quote Link to post Share on other sites More sharing options...
TheTinMan99 0 Posted October 11, 2013 Share Posted October 11, 2013 So we still don't know who is supplying our £2.5m of credit (if needed)? Looks like we might be needing it round about April fools day. Poetic. 0 Quote Link to post Share on other sites More sharing options...
bossy 0 Posted October 11, 2013 Share Posted October 11, 2013 So we still don't know who is supplying our £2.5m of credit (if needed)? Looks like we might be needing it round about April fools day. Poetic. I hate to think how much it will cost us. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 11, 2013 Share Posted October 11, 2013 I hate to think how much it will cost us. How much did the short term loan from Zeus man Hughes cost? £50k a week? 0 Quote Link to post Share on other sites More sharing options...
TheTinMan99 0 Posted October 11, 2013 Share Posted October 11, 2013 I hate to think how much it will cost us. I'm convinced it's the end game for them. One last sting before the new season books are due, then they'll be offski, with their tidy arrangement fee's, plus interest. Shocking that this wasn't asked at the meeting. Are we just assuming this "overdraft" will be from a reputable bank/source? 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted October 11, 2013 Share Posted October 11, 2013 So we still don't know who is supplying our £2.5m of credit (if needed)? Looks like we might be needing it round about April fools day. Poetic. It's a Trojan Horse. What does the provider of the facility get, 'A' shares , 'B' shares, "Relevant securities"? Worth reading the full text of Resolution 9 and bearing the facility in mind. Nothing to stop the provider of that facility receiving a security ranking above ordinary shares in fact you can take as certain. A point to remember is these are the people who deliberately drafted the prospectus in order to conceal their 100% bonuses for winning SFL3. Resolutions 9 and 10 are pure "Poison Pills" and the £2.5m facility should be likewise treated. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,624 Posted October 12, 2013 Share Posted October 12, 2013 Using the "a big boy did it and ran away" excuse to try and avoid responsibility is pathetic. 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted October 12, 2013 Share Posted October 12, 2013 And by the way, if their investigation into Irvine is anything to go by, their look at resolutions 9 & 10 ought to be published, ooh, about Cup Final time. 0 Quote Link to post Share on other sites More sharing options...
compo 7,030 Posted October 12, 2013 Share Posted October 12, 2013 THE AGMRJ - you're blocking alternative nominations to the AGM - it looks like a waste of money to deny a choice - why not let the shareholders vote? CM - I'm not against that but we have to do things legally and properly. I'm happy to add to the dynamic on the Board. Dave King rang me and I was happy to meet and talk - I'm only interested in the future not past events. DK is not part of any team/conspiracy - he's an individual who cares about Rangers. We had two days of very positive discussions with him and working with the existing team. I am concerned about lies being told about people on the Board - I want voting at the AGM based on fact. 99% of why we are in court is purely from the legal aspect. I want Dave King on board for his historic knowledge of how the club works . I said we don't need his cash now. When we get back to the top flight and to compete in Europe then we would welcome an inflow of cash. RJ - the costs being incurred will be high - why not simply resolve differences and have a vote? BS - we have to comply with fiduciary duties and follow the rules. Costs are escalating but the business costs are under control. Haven't seen alternative plan from the requistioners. CM - I am looking to add quality people to the board and would have been delighted to welcome Frank Blin and Jim McColl. Interested parties need to disclose what their plans are and how they can improve the board RETAIL DIVISION INCOME GL - what is your plan? What will the income from retail be? It is critical. For profit and cash club looks entirely reliant on retail. How and when can you extract cash from the contract? CM - retail is ahead of target at this time. GL - what will the operating profit be this year. BS - figures are ahead of budget. I can't give price sensitive info but we and Sports Direct are absolutely happy with the results this year. We will extract profit by dividend whenever we want. RESOLUTIONS 9 AND 10 AT THE AGM AS - many fans are confused and concerned by the provisions of resolutions 9 and 10 at the AGM. BS - fairly standard ability to issue 5 - 10% more shares. Gives us the flexibility to raIse around £3milllion at present share price without seeking further approval. RJ - why is there no provision of proportionality in the proposed issue? The resolution is very wide to deal with just a employee share participation scheme - will all employees be able to take part in share scheme? I have a legal opinion on these resolutions and the summary is that the lawyers are astounded at them. GL - the resolutions seem to suggest the ability to allot significantly more than 10% of the shares. The first part of the resolution suggests up to 21.7m shares (33% of the total) and the part relating to allotment of shares to directors/managers also represents 10% of the current shares. CM - we will address proportionality in any share issue. BS - I can get a more detailed explanation of how the provisions would work from the lawyers and get back to you. For example - we need flexibility to allow us to take advantage of projects which would benefit the club. I'd be happy to talk to the lawyers concerned about these resolutions as I don't understand why they would be concerned by them. AS - Resolution 9 allows directors and employees amongst others to make a directors loan which is converted into equity at a nominal value of 1p per share. Nominated individuals can therefore acquire 6.6m shares for an investment of £66,000. BS- We will pass that on to our lawyers and look at having that re-worded as that is not what is intended by this resolution FINANCIAL PROJECTIONS GL - What will be the low point for our cash balances in this current year. BS - April of next year we will have over a million at that point plus we will also have an optional unsecured facility provided should we need it. CM - the million is without counting any Rangers Retail dividend. So there will be more than a million at our lowest point. GL - What was the cash balance at 30 Sept 2013 - can you give information BS - you know I am unable to tell you that. TG - you told us in August. BS - that was the year end balance. GL - the information I am asking is historical and not a forecast, and not price sensitive. You gave the June number before it came out. BS - I had cleared that statement with the Nomad. Our audit cost £90k - three times what I'd have expected - the amount of scrutiny we are under meant the auditors demanded that. (BS left the meeting at this time as he had another commitment) MEDIAHOUSE MD - Many fans are deeply concerned about the performance of this organisation and in particular the lack of action concerning comments made about John Greig. *** At this point Mr Mather made us aware of a statement being made concerning Mediahouse which will be released through the usual media outlets shortly. *** CM - Pressure of time has meant I have not dealt with this issue sooner. It was a Board decision to continue with the services of Mediahouse. Jim Traynor works a huge amount of hours and is also in charge of Rangers Media and the TV operation. Mediahouse are providing services in other areas such as agm and with Stock Exchange announcements. MD - I think most fans will struggle to accept the sincerity of the apology. CM - I spoke to Jack Irvine before I came in to the meeting and he agreed fully with the statement I've just read out. MEDIA RELATIONS TG - I feel you've let yourself down regarding comments about families being afraid to go to the game because of the protests. CM - I've had emails, letters and personal approaches in the street. Some people have written to say that they don't like the level of abuse at some matches. I've been to a lot of football grounds and this is the best family club. I don't mind criticism but the one thing I do object to is being called a liar. A lot of fans are being fed lies about me. RJ - The bias against the club has to be tackled. We need to be very robust in taking on orchestrated campaigns like the one launched against Armed Forces Day tributes at Ibrox. Too often positives are neglected, we need a fightback. Do you agree Jim that we are given a harsher press than any other Club? JT - There is a an obvious bias against Rangers in certain sections of the press and in one mass media outlet in particular. I'd rather see the club in court pursuing large media companies rather than fans. If individual journalists overstep the mark I am in favour of selective bans which are more effective than excluding organisations. MEMBERSHIP SCHEMES AS - Any membership scheme launched by the club must be genuine and not a license to buy a ticket. It must be backed up by an supporter owned equity holding otherwise the board could close the scheme at any time or simply choose to ignore it. CM - I'm in favour of a membership scheme but we need practical ways to facilitate representation. We chose not to launch one this summer as we didn't feel it we had the right vehicle at that time. We genuinely want to provide a mechanism for as many fans as possible, in fact all fans, to have their views heard. Open to suggestions. TG - explained the background to the formation and operation of the Assembly. Likewise DR for the Association and RJ for the Trust. DR - plenty of problems regarding the operation of any membership scheme and the organisations exist to represent their members in specific roles. We express the views of the majority of our members through meetings and elections. JT - a membership scheme can be developed jointly with the fans and the club. Consultation needs to be wide-ranging. RJ - we had 14 pages of questions raised by members for this meeting - we might have covered 10% of them. We will feedback through our website and will make the info available to other groups. TG - the Assembly is conducting a review of it's operations. MOVING FORWARD TG - what cost-cutting is being undertaken at the club? CM - We've set up a separate security company, Garrion, to offer services outwith the club in order to maximise club profits. We're looking at similar scenarios in other areas. With regard to catering we have cut the cost element significantly. We reckon £500k savings on catering per year over the next ten. Also, a huge cost has been taken out of facilities without undermining the operation. The meeting convened and all attendees agreed to produce minutes asap for agreement there is a song by the band queen called LIAR and that covers all that this board of of directors say in their replies 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,744 Posted October 12, 2013 Share Posted October 12, 2013 There sure is objectivity oozing out of this thread ... 0 Quote Link to post Share on other sites More sharing options...
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