ian1964 10,724 Posted July 28, 2014 Share Posted July 28, 2014 "The Union of Fans were approached approximately two weeks ago, on behalf of the PLC board, to once again try to reach agreement on a binding legal guarantee over the club's assets. These discussions continued and various drafts were passed back and forth. The statement that the board released yesterday was rejected by UoF last week due to the fact that it does not give a binding guarantee over Ibrox and that several misleading statements are made within it. Despite us negotiating in good faith, the board has seen fit to release the statement anyway. We were seeking written guarantees over both Ibrox and Murray Park. The board removed all reference to Murray Park. This was not an oversight - they are explicitly refusing to include Murray Park in any undertaking. We believe this is because the board are actively looking to sell this vital club asset due to their failure to so far secure enough funds to see the club through the current season. Their statement is also disingenuous and is a slap in the face for the thousands of fans who have given up long cherished seats attempting to get this board to guarantee the future of our clubÂ’s home. Despite their attempts to claim otherwise, it has never been their position to give any kind of legally binding guarantee over Ibrox and they still have not done so. This most recent statement, on behalf of the so called 'Football Board' - not the PLC board - has crucially not been released to the stock exchange and therefore reduces the chance of shareholder action should they go back on their word. The board claim that they are "committed to protecting the assets of the club". Currently the club has four main assets. Two of those, Edmiston House and the Albion Car Park, have already been used as security for crisis loans due to financial mismanagement. The board continues to refuse to give any legally binding safeguard over Ibrox and we believe they are actively looking at a sale and leaseback of Murray Park - a vital asset if we are ever to properly develop our own talent. They have shown no commitment to protecting the club's assets. This board has committed to raising funds from existing investors through a new share issue in September. We do not believe that they have support from those investors for what is essentially money to keep the lights on and we would ask Graham Wallace to urgently clarify the position on new money coming into the club. The board have lost just under half of the club's season ticket holders due to a complete lack of ability to build trust. Even if those fans were to buy season tickets now, the club still does not have the funds to complete the season and yet the board keeps us in the dark over how they will address this shortfall. We ask them to stop the half-truths, spin and smoke and mirrors and tell fans the truth." 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 28, 2014 Share Posted July 28, 2014 the harder we work to root this lot out the better. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,724 Posted July 28, 2014 Author Share Posted July 28, 2014 the harder we work to root this lot out the better. No!no!,the board are doing a sterling job, it's those pesky rebel fans that are holding the club back 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,667 Posted July 28, 2014 Share Posted July 28, 2014 Correct me if I'm wrong but if the board wish to have a 2nd share issue and current shareholders do not take up their allocation then the board can then offer those shares to other investors???? Surely then the likes of DaveKing with his 50million would be welcomed with open arms? 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,830 Posted July 28, 2014 Share Posted July 28, 2014 Correct me if I'm wrong but if the board wish to have a 2nd share issue and current shareholders do not take up their allocation then the board can then offer those shares to other investors????Surely then the likes of DaveKing with his 50million would be welcomed with open arms? If you believe that this mob will give DK any influence in our club you have not been paying attention. 0 Quote Link to post Share on other sites More sharing options...
pete 2,499 Posted July 28, 2014 Share Posted July 28, 2014 If you believe that this mob will give DK any influence in our club you have not been paying attention. He doesn't think King has the 50 mill to invest. It was sarcasm. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 28, 2014 Share Posted July 28, 2014 Correct me if I'm wrong but if the board wish to have a 2nd share issue and current shareholders do not take up their allocation then the board can then offer those shares to other investors????Surely then the likes of DaveKing with his 50million would be welcomed with open arms? you would think anyone with 50 million would be welcomed with open arms but apparently not. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,667 Posted July 28, 2014 Share Posted July 28, 2014 you would think anyone with 50 million would be welcomed with open arms but apparently not. Well if, according to the UoF, there,s to be a second share issue(as early as September?) then let Mr Dave King (and whoever else) come out and openly challenge the board that he is prepared to underwrite this share issue. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 28, 2014 Share Posted July 28, 2014 Well if, according to the UoF, there,s to be a second share issue(as early as September?) then let Mr Dave King (and whoever else) come out and openly challenge the board that he is prepared to underwrite this share issue. he's done that an been told where to go. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,256 Posted July 28, 2014 Share Posted July 28, 2014 This whole mess is just beyond a joke , only matched by our football dept in ineptitude 0 Quote Link to post Share on other sites More sharing options...
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