Stock Exchange Anouncement

[BrahimHemdani 1]

The floating charge is a big worry to me because, whilst it doesn't specifically cover Ibrox at the moment (unlike the fixed charges) it would cover all the company's assets if the loan was not repaid, so it would cover Ibrox at that point in time. It would also cover things like trade stock and in fact any "assets" of the company. It's the widest form of security available over a company's assets, so benefits the creditor. The benefit to the company is that we can use the stadium, without asking permission!

[Bluedell 5,624]

The floating charge is a big worry to me because, whilst it doesn't specifically cover Ibrox at the moment (unlike the fixed charges) it would cover all the company's assets if the loan was not repaid, so it would cover Ibrox at that point in time.

 

That's not how I read it. It covers all assets apart from Ibrox.

[Bluedell 5,624]

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....................................

 

if King wins the EGM and gets rid of the current directors and gets his 3 appointed and Ashley gets his 2 on, it wouldn't make much difference as Ashley's would be out-voted, and all decisions would be made away from the boardroom with meetings only being made to rubber-stamp what had already been decided.

[forlanssister 3,114]

That's not how I read it. It covers all assets apart from Ibrox.

 

We'll have to wait and see the actual floating charge itself before we know for sure.

[Darthter 542]

That's not how I read it. It covers all assets apart from Ibrox.

 

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. None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security.

 

Based on the wording above, I would expect the floating & fixed charges to include specific exception for Ibrox....

[forlanssister 3,114]

Based on the wording above, I would expect the floating & fixed charges to include specific exception for Ibrox....

 

Rangers have a habit of making statements which appear to say one thing but actually say another.

[Scott7 6,002]

"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."

 

I read that as the fc covering the whole of the "club's" assets but without specific security over Ibrox. That leaves Ibrox subject to the fc but open to competition from other creditors especially if they can get in with a security when the current Ashley option expires in ? days.

[Calgacus 8]

"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."

 

I read that as the fc covering the whole of the "club's" assets but without specific security over Ibrox. That leaves Ibrox subject to the fc but open to competition from other creditors especially if they can get in with a security when the current Ashley option expires in ? days.

 

The Floating Charge will have a clause prohibiting any other securities without the consent of Ashely. It is standard.

[Oleg_Mcnoleg 50]

it looks like the fat man can do anything I have now lost faith in the three bears and king there will be no more season tickets bought from this house

T3B could have offered a billion quid unsecured and hourly blow jobs to the board and they still would have opted for Ashley's offer. It's been an absolute stitch-up from the start.

[Oleg_Mcnoleg 50]

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

 

We could raise much needed funds by auctioning the chance to drive the bus and sell tickets to watch. I'd pay decent money to watch them run over repeatedly.