Stock Exchange Anouncement

[Frankie 8,562]

I gather we should expect a statement from King, park etc. before the day is out

 

I'd expect something over the next 24-48 hours.

 

Fans and other parties need to keep up the pressure.

[craig 5,199]

It is time for all out civil war. There is no other way.

 

I don't think that the deal is actually THAT bad as all of the securities, shareholdings etc are reversible (although the devil is in the detail before we could even be confident about that...) - the issue is timing. It is abundantly clear that we don't have the funds to repay these loans at present, so the Board will have their work cut out ensuring that they are repaid ASAP otherwise we are losing continued revenue streams.

 

You can look at this two ways :

 

1. Ashley knows he is beaten so is providing loans before being ousted from power at an EGM

2. Ashley thinks he has the voting strength to veto the share issue vote at the EGM (which you have to imagine would be called for by King &/or T3B)

 

Sadly, at this point, I am leaning towards the latter.

 

Otherwise, why would Ashley provide interest free loans if he thinks that he will be beaten ? In the event that he believes he would be ousted he would be looking for interest on his loans to get that last ounce of flesh from the Club. Also, if he believes he will lose the EGM then he knows that the first thing King &/or T3B will do is to get rid of any of his loans, securities and grip on the Club - so if that is the case why offer reversible securities and shareholdings ?

 

Today, I am the pessimist - but hope I am wildly wrong.

[SteveC 150]

Yes, you'd expect statements from various people/groups but you'd also expect that they'd need time to consider their initial response carefully.

 

Yes and you'd also expect that none of it will make a blind bit of difference to either Ashley or our downward spiral and continuing position of laughing stock (at best.) From the minute D&P were appointed Admin we were doomed to a Leeds type of existence - if existence is even the correct word.

[the gunslinger 3,366]

It is time for all out civil war. There is no other way.

 

I don't think that the deal is actually THAT bad as all of the securities, shareholdings etc are reversible (although the devil is in the detail before we could even be confident about that...) - the issue is timing. It is abundantly clear that we don't have the funds to repay these loans at present, so the Board will have their work cut out ensuring that they are repaid ASAP otherwise we are losing continued revenue streams.

 

You can look at this two ways :

 

1. Ashley knows he is beaten so is providing loans before being ousted from power at an EGM

2. Ashley thinks he has the voting strength to veto the share issue vote at the EGM (which you have to imagine would be called for by King &/or T3B)

 

Sadly, at this point, I am leaning towards the latter.

 

Otherwise, why would Ashley provide interest free loans if he thinks that he will be beaten ? In the event that he believes he would be ousted he would be looking for interest on his loans to get that last ounce of flesh from the Club. Also, if he believes he will lose the EGM then he knows that the first thing King &/or T3B will do is to get rid of any of his loans, securities and grip on the Club - so if that is the case why offer reversible securities and shareholdings ?

 

Today, I am the pessimist - but hope I am wildly wrong.

 

after the egm they will have 26% still.

 

though they will have to invest cold hard cash in rangers to retain that when the new board have the rights issue we actually need

[buster. 5,184]

Yes and you'd also expect that none of it will make a blind bit of difference to either Ashley or our downward spiral and continuing position of laughing stock (at best.) From the minute D&P were appointed Admin we were doomed to a Leeds type of existence - if existence is even the correct word.

 

What is important IMO is any legal advice received regards 'related party transactions' etc and how that may or may not influence matters going forward.

[Dragonfly Trumpeter 50]

What a pity that so much time and energy has been wasted over many years in the amateur financial analysis of what has been going on inside Ibrox. It didn't change anything - the wrong people are still in charge.

 

Fan ownership was put forward over ten years ago but it took far too long to build up a head of steam.. Even now, it's only making headway because people thought that Ibrox could be lost. You have to wonder - why were we never this upset when the entire club - including Ibrox - was in inappropriate ownership?

 

It has become impossible now for thousands of fans to prop up Mike Ashley's Rangers - and who can blame them.? Rangers has been consumed by a corporate empire that has effectively turned the club into SD Rangers.

 

What socially aware discerning 21st century fan in the west of Scotland is going to enthusiastically back Rangers now?

 

The EGM has become a must-win game for the Rangers support. The club will never maximise its potential while it is a glorified branch of Sports Direct.

 

Mr Glass's idea was excellent. A massive failure early doors yet it deserved to go places.

[buba3d 0]

depends if they win the egm or not i suppose.

 

in truth we should have torn the ****s apart before then.

aye a few years ago when the shit was hitting the fan, now that shit is every where and is pretty much setting in.

[govan_derriere 3]

Nomad asks if we are pleased with this deal?

 

I emailed the Nomad (and AIM) on 25/1 & today expressing my concern over “leaked insider announcement” on 23rd January stating that Rangers rule out using Ibrox stadium as loan security.

 

The LSE announcement today confirms that this leaked statement is true.

 

I seek assurances that this breach of AIM Rules 11 and 17 will be dealt with as a matter of some urgency.

Those responsible need to be taken to task & the NOMAD requires to ensure that appropriate procedures are put in place in order to comply with AIM rules

 

Response today.

 

Dear gd,

 

I am sorry that I have not replied to the last few e-mails but we have been busy, and I hope that this morning’s announcement is evidence of that, and further that you are pleased with it. The announcement this morning was not belated; the arrangements were signed very late last night. “Rangers rule out using Ibrox stadium as loan security” was only speculation, although it is possible that it could be a leak of the negotiations, if you have evidence of board correspondence being leaked and the source please let me (or the Regulation team at LSE) know.

 

Yours sincerely Paul

 

Paul Shackleton

Corporate Finance Director

 

 

 

My further response

 

Dear Mr Shackleton,

 

Thank you for your prompt reply.

 

Like many other shareholders, I

consider this deal to be in breach of Section 994 of the Companies Act.

Consider the fact that attendances are down by in excess of 20K for home games. As a performance indicator what does this say about the efficacy of the current board? ER2 does not seem to register with you I'm afraid!

 

Perhaps you can explain to me why you imagine stakeholders and shareholders are pleased with a deal so heavily weighted in favour of a minority shareholder and beneficiary of already onerous contracts?

 

gd

[the gunslinger 3,366]

Nomad asks if we are pleased with this deal?

 

I emailed the Nomad (and AIM) on 25/1 & today expressing my concern over “leaked insider announcement” on 23rd January stating that Rangers rule out using Ibrox stadium as loan security.

 

The LSE announcement today confirms that this leaked statement is true.

 

I seek assurances that this breach of AIM Rules 11 and 17 will be dealt with as a matter of some urgency.

Those responsible need to be taken to task & the NOMAD requires to ensure that appropriate procedures are put in place in order to comply with AIM rules

 

Response today.

 

Dear gd,

 

I am sorry that I have not replied to the last few e-mails but we have been busy, and I hope that this morning’s announcement is evidence of that, and further that you are pleased with it. The announcement this morning was not belated; the arrangements were signed very late last night. “Rangers rule out using Ibrox stadium as loan security” was only speculation, although it is possible that it could be a leak of the negotiations, if you have evidence of board correspondence being leaked and the source please let me (or the Regulation team at LSE) know.

 

Yours sincerely Paul

 

Paul Shackleton

Corporate Finance Director

 

 

 

My further response

 

Dear Mr Shackleton,

 

Thank you for your prompt reply.

 

Like many other shareholders, I

consider this deal to be in breach of Section 994 of the Companies Act.

Consider the fact that attendances are down by in excess of 20K for home games. As a performance indicator what does this say about the efficacy of the current board? ER2 does not seem to register with you I'm afraid!

 

Perhaps you can explain to me why you imagine stakeholders and shareholders are pleased with a deal so heavily weighted in favour of a minority shareholder and beneficiary of already onerous contracts?

 

gd

 

it really beggars belief

[der Berliner 3,743]

The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. {/QUOTE]

 

Essentially SD/Ashley will have a hold over EVERYTHING.....

 

... up until the facility is used and then repaid.