Stock Exchange Anouncement

[der Berliner 3,743]

From FF ...

Ashley's old loan is being paid off. Those 2 board seat rights have gone with it.

 

New loan contains two "nominees", not two appointments - which means the board know they can be voted off at EGM.

 

Today has basically opened up a credit line (presently unused) and beefed up the security. Nothing much else has changed. No assets have been 'handed over'.

 

All roads lead to the EGM, as before.

 

That was my impression too. Ashley made sure that his back is covered, but probably expects the EGM to go against him. Once his lot is ousted, the new board and investors simply need to stop drawing from Ashley's loan and floating charge. Nothing is utterly cast into stone here or in fact deals the club any more blows than it gets at present.

[BrahimHemdani 1]

Not sure about this.

 

Wouldn't think so.

 

If the MASH loan is repaid the existing agreement to appoint two directors would fall, so is replaced in the new agreement.

[Calgacus 8]

Maybe he's going to tie up as much as possible and then throw the Easdales and the Chairman under a bus? The other two Directors will then just move on to his next project

[forlanssister 3,114]

[BrahimHemdani 1]

As far as I can see in the short term (Tranche #1) all that has happened is that we now have £2m to cover us for maybe a month or two at the most subject to other income, LC Semi etc.

 

Longer term (Tranche #2) we have given up a proportion of rights to shirt sponsorship and retail income; I wonder if any other Club has done the same?

 

At least we know that Murray Park won't be sold unless we can't repay Tranche #2 in due course.

Edited January 27, 2015 by BrahimHemdani

[trublusince1982 243]

is it possible for him to appoint two nominees after the egm as part of the new loan?

[Darthter 542]

At least we know that Murray Park won't be sold unless we can't repay Tranche #2 in due course.

 

Am I right in thinking that if there is another insolvency, SD/Ashley have 1st dibs on MP, Albion CP & Edmiston House (possibly even Ibrox as well))????

[BrahimHemdani 1]

is it possible for him to appoint two nominees after the egm as part of the new loan?

 

Yes, I was wondering about that and had a sentence in my last post but took it out as I don't know the answer.

 

In theory it could go on ad finitum, the first two get voted off, then two new ones are nominated....................................

[der Berliner 3,743]

Once the facility is being paid off, much of Ashley's leg in the door is being removed. The good guys need to win the EGM, have a large share issue and probably go back to Sarver or Kennedy for an interim facility. The EGM remains vital.

Edited January 27, 2015 by der Berliner

[True_Ger_1872 2]

I cannot think that this news can be spun in any positive way with support. May only move the galvanise the support further leading into AGM.

 

Mind boggles as to the views of the institutional investors given this news - how can this be for the benefit of shareholders i do not know. Football clubs need good retail performance to support the finances. if anything, this situation at Ibrox proves that point completely.

 

I really hope this mob get booted out at the EGM and we can try and get back on a good footing.