Rangersitis 0 Posted October 20, 2014 Share Posted October 20, 2014 Whilst he was obviously more sympathetic to the requisitioners proposals, he wasn't really involved. I don't agree, but it's neither here nor there. 0 Quote Link to post Share on other sites More sharing options...
Ruff 0 Posted October 20, 2014 Share Posted October 20, 2014 Regarding Keith Jackson saying "if Wallace, Nash and Crighton remain in agreement then this package will receive boardroom support": I can't really comprehend why Laxey's representative Norman Crighton would vote in favour of King & co's offer because Laxey have invested millions in buying 13.3 million shares and won't be keen to see that shareholding massively diluted. Going by their previous actions - including their participation in the recent Open Offer - it would seem far more likely that Laxey would want to increase their shareholding in a further share issue as opposed to see it diluted. I'm unsure how all of this works so if I'm way off, forgive me. The Laxey shareholding just now gives them an influence in major decisions, their influence has increased because of circumstances and maybe put in a posistion where they had to increase so they could protect their innitial investment. Having their shareholding diluted would decrease the influence held but wouldn't decrease how many shares they held. If funds like Laxey are setup just to make money then would it not make sense for them to accept that helping this deal go through is a good chance to see those shares increase in value over the next 1-2-3 years albeit they would have to settle for not being amongst the louder voices when it came to decision making? If they don't want to dilute their shareholding due to influence in desicions, they might not have anything worth deciding over soon. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted October 20, 2014 Share Posted October 20, 2014 Dave King has told BBC Scotland that his discussions with Rangers continue. The former Ibrox director has submitted a funding offer, which is dependent on a new share issue being approved at the club's annual general meeting. With 75% shareholder support required, King needs backing from at least part of a group for whom Sandy Easdale currently holds voting rights. However, indications are that the group, who collectively own more than 26%, is unlikely to be fragmented. Asked about that, King replied: "It is essential they are on board", adding that "we will know soon enough" if there is a prospect of that happening. South Africa-based King met some of the board last Tuesday to detail his proposal, some of which would be a loan, with the majority to go in as part of a new share issue. He has been speaking to some of the Championship club's bigger shareholders but expects the board to do likewise and assure him he will get that 75% before he commits any money. Laxey Partners are Rangers' biggest shareholder with 16%, while Newcastle owner Mike Ashley, who owns 9%, is trying to remove the chief executive Graham Wallace and the finance director Philip Nash. Rangers are required to hold an AGM before the end of the year. http://www.bbc.co.uk/sport/0/football/29697846 0 Quote Link to post Share on other sites More sharing options...
SteveC 150 Posted October 20, 2014 Share Posted October 20, 2014 (edited) same report............... Edited October 20, 2014 by SteveC Chilled Bear a minute quicker! 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted October 20, 2014 Share Posted October 20, 2014 Not sure about Lamont at all. Only two quotes.. "It is essential they are on board" and "We will know soon enough." 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted October 20, 2014 Share Posted October 20, 2014 some of which would be a loan, with the majority to go in as part of a new share issue. that is new info , is it not? still anything relying on 75% shareholder approval with them holding the whip hand with 26%? no chance. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 20, 2014 Share Posted October 20, 2014 Struck me as rather strange too, Zappa. It should be pointed out that Laxey were also reported to be on board a year ago. Look how that turned out for King and company. Laxey played it cute a year ago. Making out as if they would vote along with the wishes of the supporters, but then voting with the status quo was possibly because their % vote at the AGM wasn't going to be enough to pass the resolutions from McColl & co anyway. Let's not forget that they already had their man Crighton on the board and wouldn't have wanted to risk losing that position of boardroom influence and inside info. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 20, 2014 Share Posted October 20, 2014 They will want the people who presided over 20k non renewals gone Where does the "over 20k" figure come from? 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted October 20, 2014 Share Posted October 20, 2014 that is new info , is it not? still anything relying on 75% shareholder approval with them holding the whip hand with 26%? no chance. Exactly. Wouldn't securing support from at least part of that group have been the logical first step? 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted October 20, 2014 Share Posted October 20, 2014 Laxey played it cute a year ago. Making out as if they would vote along with the wishes of the supporters, but then voting with the status quo was possibly because their % vote at the AGM wasn't going to be enough to pass the resolutions from McColl & co anyway. Let's not forget that they already had their man Crighton on the board and wouldn't have wanted to risk losing that position of boardroom influence and inside info. The polite version. 0 Quote Link to post Share on other sites More sharing options...
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