Rangers Rumours Archive October 15 2013

 

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15 Oct 2013 08:04:01
Further to the announcement on 4 October 2013 regarding the petition filed in the Scottish Courts (the "Petition") by Paul Murray, Malcolm Murray, Ian Cormack, John Graham and Colin Howell being shareholders representing 0. 71 per cent of the voting rights of the Company (the "Petitioners"), the Company confirms that the Petition was called in the Scottish courts to be heard today, Monday 24 October, 2013 by Lord Tyre.

The Petitioners sought an interim order to require the Company to circulate notices received from the Petitioners pursuant to section 338 of the Companies Act 2006 (the "Notices") to shareholders putting forward resolutions for the appointment of Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson as directors of the Company. The Petitioners also sought an interim order to require the Company not to hold its Annual General Meeting ("AGM") until such time as the Notices have been circulated to shareholders.

The court has ruled that the AGM convened by the Company to be held on 24 October 2013 should not go ahead on this date in order for there to be sufficient time for the shareholder resolutions as proposed by the Petitioners in the form of the Notices to be circulated and considered by the shareholders of the Company.

The Petitioners' submission and argument that the Company should simply have accepted the signed Notices at face value without any further enquiry was rejected by Lord Tyre. The Board of Directors of the Company received clear and firm advice from its solicitors and senior and junior counsel that on the face of documents provided by the Petitioners the Notices had not been signed in a manner that was authorised and as a result the Directors were obliged to seek further clarification from those shareholders. Every effort was made to engage with the Petitioners on these issues however the Petitioners chose to resolve the matter in court. In Lord Tyre's opinion, these irregularities did not invalidate the Notices.

Lord Tyre said that it was appropriate to refrain from circulating the signed Notices if there were reasons to justify this. Lord Tyre ruled that the categories of reason for not sending out resolutions were strictly limited and did not include cases where requests appeared not to have been signed by shareholders in a manner that was not authorised by corporate shareholders' own rules.

Steps will now be taken by the Company to fix an alternative date for the AGM as soon as possible and for the business to be considered at the AGM to include the resolutions proposed in the Notices.

Further announcements will be made as appropriate.

 


All this means is that block shareholders will now consider the four would be directors. That's all.
What has been overlooked is that the board received info from the city that DK couldn't be put forward as chairman of the Plc. They hurriedly put out info that he was only being considered for the limited company. This is hugely significant.
Lastly I don't think P Murray, D King and the others on SDMs board ever had £1m left in any April as they borrowed from ticketus by then to get through to next season ticket sale. Whilst having £130m debt and £48m EBT running in tax avoidance.
This board appear more competent than the one P Murray was on.


Pray for the day we can actually get back to talking about football! My head is bouncing with all this nonsense!.


Dont necessarily disagree with previous post but to 'only' have 1 mill left is April will probably mean we are headed for another admin event. The season does not end until May and then we will only have the drip feed of season tickets to keep going. Guesstimate ST sales at 10 mill with no games in June / July and a high burn rate we won't make it thru next season unless there is a large injection of cash from someone, either a benevolent Dave King or another IPO. I'm not that optimistic that King will throw more money in on top of what he has already (20 Mill) unless he gets some sort of security ie Ibrox / Auchenhowie etc. Afraid its really just a wait and see game. BTW worst case might be that we need to get funding from Ticketus over the summer months until the ST money comes in, but unless we get some heavy fudning coming in I'm not optimistic.


The requirement will be for another round of funding only this time a new share issue without using a 'rip off merchant' to the placing. The funds from this issue will go straight to teh Club with Dave King and his associates buying up sufficient of these shares to give him controlling interest in teh club.

In teh process the current Investors will see their shareholding suitably diluted and indeed in such circumstances we might well see them offer to sell their holding for significantly less than they paid for the shares in the first instance.


Ermmm. so you think the existing BODs will sell their shares for less than what they purchased them for? hmmm. if this occurs it will be one reason and that is that the "loss" would be offset by the monies they had made in the intervening period. E buy or receive shares at £1 (say 500,000 each) and sell for 50p (so a £250,000 "loss") offset by outrageous earnings through silly salaries and bonuses and back officejigarypockery etc. IF and it is a BIG IF. there is another share issue this would only be successful if the "investors" in that issue were satisfied that the club was going places in terms of the balance sheet (allowing for a benevolent financier who doesn't mind blowing a fortune (in good faith) to not have a controlling interest in the hope that these funds are used to invest in his beloved GERS etc. and therein lies the problem. TRUST. let's say Rangers wanted to raise another £20m to £30m this would mean more shares being offered resulting in share dilution (notwithstanding the rise in share numbers (IE dilution) would be offset by cash in the bank) but if the cash in the bank is to spend and invest, it would only be the very long term investors who would be prepared to sit out and await a return. remember that investors and institutions purchasing shares are doing it for a dividend or to re-sell the shares at a higher price (to make profit); the issue for me is that there is not a "blueprint" that shows a route to a long term profitable business. which begs the question. why would anyone get involved with a secondary share issue?


I don't even get what half of what the main message means lol. Just want someone running that side of it we can trust again, its driving me up the wall. The sooner people like murray and king come in (old skool rangers), the better.


Once again this is why I didn't renew my season book, i'm sick of hearing of all this in fighting and quite honestly don't understand it or want to understand it, all I want is an honest team in royal blue with honest men running the club in action every time they take to the park doug t. s. o


What about laxeys did green not assure them that ther shares wouldn't be diluted so how does that work then


Doug t s o

couldn't agree more. but whilst you may be sick of it the back office intrigue will dictate the team you see on the park and our health for a decade to come.

we need to accept that people are making bucket loads of money (even Ally) and we the fans will be worse of for it


It's never going to be an "investment" that pays back money or profits.
The people who make out of rangers is the salaried employees; directors, management, players,.


Agree that the people that make out of it is the salaried employees directors and players BUT with 1 caveat. shareholders are entitled to expect the over arching enterprise to be "profitable" FACT and they would thus be entitled to a dividend. unless rangers have miraculously amassed 100% shareholders who are all happy to see their investment go directly in to the pockets of mongrels


How can any of the investors trust Mathers and Stockbridge. They try and tell us that the business is strong and robust then tell us that by April there will be only £1m left. Surely to protect their investments these jokers need to be removed ASAP. Otherwise it's another admin and more money lost


Mather resigns as chief executive of rangers 😊


If stockbridge walks out on rangers next is it true that the share issue will be automatically suspended because the club has no board members, if so what is the chances of everyone white collar investors and joe public alike losing all their investment


Sandy easdale is still on board with Stockbridge


Easdale is on the non executive board, different from stockbridge


There is no Monday 24/10/13 this year


 

 

 
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