Laxey Partners have sold their 16.32% to the Park, Taylor & Letham consortium

[Frankie 8,651]

Just back from a nice birthday lunch to this news.

 

It's not altogether unexpected to be honest. Laxey have been on the brink if this for a while and I'm just glad these shares have went to the right hands.

 

The first hopeful step on what will be a long road to recovery.

[Zappa 0]

Just back from a nice birthday lunch to this news.

 

Happy birthday mate. :cheers:

[Zappa 0]

That's right Zappa. Could be another good guy buyer though. Kennedy, say, as an example. Where did this Artemis rumour start, in any case? Is there anything behind it to lend credence.

 

Not sure Steve, but major moves are obviously afoot, so fingers crossed.

[Steve1872 4]

Rangers power shift as major shareholders Laxey Partners sell 16 per cent stake

 

 

• Douglas Park, George Letham and George Taylor have paid £2.6million for three blocks of shares totalling 13.3million
  
• A stock market announcement has yet to confirm the precise identity
  
• Sources claim bus tycoon Park, Letham and Taylor are the purchasers after announcing plans for a £6.5million investment last week
  
• Mike Ashley's plans to increase his stake have been rebuffed by the SFA
  

By STEPHEN MCGOWAN FOR MAILONLINE

PUBLISHED: 14:13, 31 December 2014 | UPDATED: 14:20, 31 December 2014

The balance of power at Rangers has taken a decisive twist after major shareholders Laxey Partners sold their 16 per cent stake in the club.

Wealthy supporters alliance Douglas Park, George Letham and George Taylor have paid £2.6million for three blocks of shares totalling 13.3million to become the biggest single shareholders in the club.

A stock market announcement has yet to confirm the precise identity of the buyers and sellers. Final confirmation may not come until Friday at the earliest.

+4

 

 

Sandy Easdale (left), pictured at Easter Road on December 27, has offered a cautious welcome to investment

+4

 

 

Mike Ashley's plans to take further control at Rangers have been stymied by SFA rules on dual interest

But sources claim bus tycoon Park, Letham and Taylor are the purchasers after announcing plans for a £6.5million investment last week.

Last week Park, Letham and Taylor offered to buy up all the new stock issued in a pending fresh share issue.

Existing shareholders will be given first refusal – and by purchasing Laxey’s stake the so-called ‘Three Bears’ will be guaranteed a chance to up their stake when new shares are sold.

Newcastle owner Mike Ashley’s plans to up his stake in the club to 29.9 per cent have been stymied by SFA rules on dual interest.

+4

 

 

Rangers fans have protested outside Ibrox on numerous occasions at the running of their football club

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Ibrox has not seen Premiership football for a number of years as Rangers attempt to climb the leagues

And that left the Rangers board seeking urgent investment to avoid a fresh insolvency event.

Football board chairman Sandy Easdale has offered a cautious welcome to the prospect of fresh investment. But city sources have pointed out that that the proceeds of this morning’s share sales go to equity fund Laxey rather than the football club.

The moves could also place the status of chairman David Somers and the Easdale brothers James and Sandy in some doubt.

Hugely unpopular with supporters the trio were protected by an all-powerful 51% voting alliance which included Laxey Partners.

 

Read more: http://www.dailymail.co.uk/sport/football/article-2892559/Rangers-power-shift-major-shareholders-Laxey-Partners-sell-16-cent-stake.html#ixzz3NUCFcYgz

 

[Zappa 0]

What if they do it individually though and not as a group then surely that gets around the 30%?

 

The Laxey shares were purchased in 3 separate blocks, 2 blocks of 5 million shares and a block of 3,299,415 shares, but it's hard to say at the moment who's actually putting their name to the purchases.

[Steve1872 4]

[forlanssister 3,114]

Artemis? 9.95%

 

It's being reported that the Park, Taylor & Letham consortium have bought Laxey's 16.32% plus George Taylor already owns 3.2% in his own name and Park & Letham will have their own personal shareholdings too, but under the 3% notifiable interest level.

 

I'd be surprised if they could buy all of that Artemis holding and not be going above 30%.

 

Rule 9 is a bit of a red herring.

 

I expect they'll try and keep just below 30% then go over it via the rights issue in the knowledge they'll get a dispensation.

[North Rd 0]

What a brilliant late Xmas pressie ! Onward and Upwards.

[blue1 0]

Try and borrow it, they certainly won't be needing it today.

 

 

[Siam69 0]

Trying to be calm and cautiously optimistic, but really I'm fucking delighted

Edited December 31, 2014 by Siam69