Frankie 8,674 Posted January 7, 2016 Share Posted January 7, 2016 (edited) Not seen the email myself but I believe this has been sent to members this afternoon... http://www.heraldscotland.com/sport/14189083.Rangers_First_consider___500k_loan_offer_to_Ibrox_board/ RANGERS FIRST have today started polling members over a potential £500k interest free loan to the Ibrox club. The fan ownership scheme have become one of the largest shareholders in RIFC plc in recent months and continue to collect a significant sum of money each month. Now the group have offered half a million pounds to the Light Blues board on the same terms as the loans provided by chairman Dave King and the Three Bears consortium. If approved, the loan could be converted to shares at a future date to further strengthen Rangers First's hand and give supporters a greater say in the running of their club. RF members have until January 10 to cast their vote and the resolution requires 75% approval to be passed. In a letter to members today, RF say: "Rangers First is the 8th largest shareholder in the Club and we remain committed to increasing your shareholding in the Club. "We are always looking at ways in which to build our holding while also contributing to the rebuilding of our Club and we have such an opportunity to present for members' approval today. "We believe you, as our members, want to help to drive the push for promotion and get our team and Club back to where we belong. "As you know loans have been provided to the Club and the Rangers First Board also want to give our members the option to contribute. We are therefore asking you to decide whether or not to join with Dave King, the Three Bears and others and offer the Club a loan of half a million pounds. "If the necessary approvals are obtained, then the intention is that the loan will be converted to shares which will increase the shares held by Rangers supporters in the club. "The loan would be on the same terms as Dave King and the 3 Bears and would be made available in the middle of January with drawdowns through to the end of the Season. "The loan will be interest free, unsecured and will run until a share or rights issue can take place with a longstop date for repayment of two years. The Club would also have the option of being able to repay it at any time in that period. "Your Board has had much discussion and debate regarding this and believes that this may be one of the best ways for Rangers First to help the Club continue to rebuild, develop and expand. "This is a key issue on which RF asks its members to decide, we are therefore asking members to approve your CIC making a loan of half a million pounds to Rangers International Football Club PLC." Edited January 7, 2016 by Frankie 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,761 Posted January 7, 2016 Share Posted January 7, 2016 Dear Ian, Rangers First is the 8th largest shareholder in the Club and we remain committed to increasing your shareholding in the Club. We are always looking at ways in which to build our holding while also contributing to the rebuilding of our Club and we have such an opportunity to present for members' approval today. We believe you, as our members, want to help to drive the push for promotion and get our team and Club back to where we belong. As you know loans have been provided to the Club and the Rangers First Board also want to give our members the option to contribute. We are therefore asking you to decide whether or not to join with Dave King, the Three Bears and others and offer the Club a loan of half a million pounds. If the necessary approvals are obtained, then the intention is that the loan will be converted to shares which will increase the shares held by Rangers supporters in the club. The loan would be on the same terms as Dave King and the 3 Bears and would be made available in the middle of January with drawdowns through to the end of the Season. The loan will be interest free, unsecured and will run until a share or rights issue can take place with a longstop date for repayment of two years. The Club would also have the option of being able to repay it at any time in that period. Your Board has had much discussion and debate regarding this and believes that this may be one of the best ways for Rangers First to help the Club continue to rebuild, develop and expand. This is a key issue on which RF asks its members to decide, we are therefore asking members to approve your CIC making a loan of half a million pounds to Rangers International Football Club PLC. To be approved, this proposal will require no less than 75% of votes cast to be in favour. Closing date for voting is Sunday 10th of January 2016 Rangers’ supporters are unique and together can achieve something special to help restore Rangers to the top of Scottish and European Football. Join Rangers First. Be the 4th BEAR. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted January 7, 2016 Share Posted January 7, 2016 good for them. Really just buying shares with the money put up front. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted January 7, 2016 Share Posted January 7, 2016 This is great, that' IS why i joined RF. Long term it's the way forward, helping the club financially by the support. 0 Quote Link to post Share on other sites More sharing options...
Jimmy Mac 0 Posted January 7, 2016 Share Posted January 7, 2016 Think this is why people signed up to RF I'd rather the money for shares went to the club than faceless investors. 0 Quote Link to post Share on other sites More sharing options...
plgsarmy 111 Posted January 7, 2016 Share Posted January 7, 2016 I see the club has issued a statement on this. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted January 7, 2016 Share Posted January 7, 2016 (edited) RANGERS International Football Club plc note Rangers First’s decision to seek approval from its members to offer the Club a loan of £500,000. The Club is not considering further loans at this time beyond what has already been committed and announced. However, any offer from Rangers First will be considered as part of any future fund raising. Rangers remains committed to forging even closer links with supporters and the Club is working on a new initiative to make this possible. It is hoped all of the Club’s fan groups, including Rangers First, will participate fully in acquiring a larger stakeholding in the company and this initiative by Rangers First could be incorporated into such a proposal. It should also be understood that Rangers First was not approached by the Club for funding and, despite what has been incorrectly reported, had no discussion whatsoever with the chairman, Dave King, that their funding, if accepted, would be matched by Mr King. http://rangers.co.uk/news/headlines/rangers-international-football-club-statement-3/ Edited January 7, 2016 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2016 Share Posted January 7, 2016 What a shambles 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted January 7, 2016 Share Posted January 7, 2016 I must admit that I have concerns over the continuing loan scenario. The Club must obtain sufficient long term capital in the form of equity as soon as possible and must also balance the books if not on a season by season basis at least over a reasonably short term cycle. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted January 7, 2016 Share Posted January 7, 2016 I must admit that I have concerns over the continuing loan scenario. The Club must obtain sufficient long term capital in the form of equity as soon as possible and must also balance the books if not on a season by season basis at least over a reasonably short term cycle. Isn't that exactly what the Board are attempting to do? Remember your preferred choices Llambias and Leach option was to make the club beholden to Mike Ashley for eternity via a loan that designed never to be paid back. 0 Quote Link to post Share on other sites More sharing options...
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