Stuart Gibson increases stake in club with £5m investment

[Bluedell 5,627]

Unclear whether it's new cash or loans being converted.

 

[craig 5,199]

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

[Bill 13,717]

4 minutes ago, craig said:

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

It looks like it. Does the waiver of pre-emption rights granted previously is still effective? Normally I would expect a special resolution like that to apply to a specific share issue.

Edited October 6, 2020 by Bill

[craig 5,199]

1 minute ago, Bill said:

It looks like it. Does the waiver of pre-emption rights granted previously is still effective? Normally I would expect a special resolution like that to apply to a specific share issue.

They usually apply to a specific issue, as you say.  Otherwise it gives the board more flexibility than the shareholders would normally give.

[Bill 13,717]

1 minute ago, craig said:

They usually apply to a specific issue, as you say.  Otherwise it gives the board more flexibility than the shareholders would normally give.

It might have been a lasting resolution if it applied (say) until all director loans had been resolved. Otherwise there should have been a notice asking if we wanted to exercise our pre-emption rights.

[Bluedell 5,627]

I believe that the resolution was renewed at the last AGM.

 

Quote

 “THAT the Directors be and they are empowered pursuant to Section 570(1) of the Act to allot equity securities (as defined in Section 560(1) of the Act) of the Company wholly for cash pursuant to the authority of the Directors under Section 551 of the Act conferred by Resolution 7 above, as if Section 561(1) of the Act did not apply to such allotment provided that unless previously revoked, varied or extended, this power shall expire at the conclusion of the Company’s next Annual General Meeting in 2020, except that the Company may before the expiry of this power make an offer or agreement which would or might require equity securities to be allotted after such expiry and the Directors may allot equity securities in pursuance of such an offer or agreement as if this power had not expired.”

 

[forlanssister 3,114]

2 hours ago, craig said:

If it was new cash would they not have had to offer to the other shareholders in order to dilute the shareholding ?  Either that o get shareholder approval to issue the new shares without offering to current shareholders ?  I suspect if it were new cash we would have found out about it through C1872 as one of the major shareholders.

 

I a obviously guessing too but I would suspect this is conversion of loans to equity.

It's the usual mixture of loan repayments and some fresh capital. 

[Frankie 8,570]

Further info:

 

https://www.glasgowtimes.co.uk/news/18782930.stuart-gibson-makes-5million-investment-Rangers-part-8million-Ibrox-share-issue/

 

Quote

SCOTTISH businessman Stuart Gibson has made a £5million investment in Rangers to become the fourth largest shareholder at Ibrox.

Documents lodged at Companies House earlier this week showed that £8million worth of shares in RIFC plc had been allocated and Gibson is the main money man behind the transaction.

Gibson – who was born in Paisley and now operates in the Far East- previously provided a £1million loan to Rangers and has now stumped up a further £4million in cash to secure an 8.27 per cent stake in the Light Blues during the latest Ibrox share issue.

The property tycoon is the founder of the Redwood Group and is currently the co-CEO of ESR, a leading real estate firm that operates in China, Japan, South Korea, Singapore, Australia and India.

His significant Ibrox investment comes as George Taylor, Douglas Park and George Letham also put more money into their boyhood heroes to further strengthen Rangers’ financial position.

Chairman Park now controls 13.23 per cent of the shares in RIFC plc and is the second largest shareholder behind former Ibrox chief Dave King, who own 22.06 per cent through New Oasis Asset Limited.

Taylor and Letham control 10.45 per cent and 4.89 per cent respectively, while fan group Club 1872 are the sixth largest investors with 5.36 per cent of the issued capital.

[Bearintokyo 1]

This is fresh cash from a new share issue, I’ve met the guy a couple of times at British Embassy events in Tokyo. He is the real deal and has built a business in Asia with a current market cap of circa 10bn USD, look it up HKEX 1821. Always came across as a great guy and mentioned that he plans to inject more as he gets to know the board and Managemnet better. We are lucky to have fans like this guy, hope he doesn’t work out who wrote this! 

[the gunslinger 3,366]

I see more shares have been issued to someone