BrahimHemdani
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Everything posted by BrahimHemdani
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I think this is a very fair and balanced article which I am in no doubt reflects the views of many who would like to support King but are increasingly frustrated at the lack of anything concrete coming out of his camp. His season-ticket trust still hasn’t launched, his equity fund is non-existent and, if the best he can offer is mere words, I think I’d rather he didn’t bother. His campaign has been an immense let down for many fans who saw him as a unifying figure and as a potential solution to our current problems, of which there are many, but there is still time to rectify that. He really must do better. I'd add, actions speak louder than words.
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His opinion on the Board isn't valid because it's wrong in your opinion?
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There was reference to at least one appendix, were they published anywhere? Also one has to assume that there will be a new budget and cashflow forecast that you would not expect them to publish and other information that will be commercially sensitive.
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His opinion is as valid as your's.
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As I thought you and others might have recognised it was said a little tongue in cheek. Nonetheless as someone who goes to as many away matches as I can get tickets for and will be at this one, I can tell you that the atmosphere amongst the Rangers support is quite different at away grounds than it is at Ibrox. For example at Arbroath recently, "f****n b***d and FTP rang out loud and clear. Furthermore there were reports on here of those who chose not to sing sack the board or those who did choose to sing sack the board at Ibrox last week being abused by persons of the opposite persuasion. I will not be signing sack the board and I will not be holding up a red card and I can easily see myself being in awkward if not dangerous situation as a result. In addition, regardless of your view of Rangers Board, it will be extremely embarrassing for them (and by extension RFC) to be sitting in the director's box at an away ground at the same time as being subject to such protest. You can say that that is the purpose of the protest, but I personally think it is out of order at an away ground, especially where the team are going for an unbeaten record. I respect the right of any Rangers fan or group of fans to protest about anything they don't like but IMHO such protests should be restricted to Ibrox Stadium.
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That's totally uncalled for. Why would STB's opinion be less valid than yours; just because he is prepared to give Wallace and the Board a chance to sort things out and you are not.
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About me, Darther, STB, dB, RAB etc; or the Board; or all of the above?
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You can certainly have mine and tell Mr Houston I said so; come to think of it, I'll tell him myself.
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He's put forward the Board's review & plan; you may not like it but it's out there. DK is very good at criticising the Board; but where's his alternative plan?
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No you don't; but isn't it about time that DK did?
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The First Annual Gersnet Dinner (The Bears Picnic)
BrahimHemdani replied to BrahimHemdani's topic in Rangers Chat
That's a fair shout, I'll just add it to my ST payment; only joking FS/GS, don't get excited. -
Hope they get chased by the polis.
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With respect, it's not really. "Averaging down" is a theory that relies on occasional purchases at lower prices than the first price. Thta is what I meant in this case. "Pound cost averaging" is a mathematical truism. The theory demonstrates that if you buy shares on a regular basis, you will buy more than if you bought all the shares at the average price over the period, regardless of the fact that you will buy some at a higher price and some at a lower price. It is most commonly used to describe the advantage of buying shares through a monthly savings scheme rather than in a one off lump sum.
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Well, taking R&M as an example, if it's 2 for 3 at say 25p (but more likely 20p now) then all you are talking about is under £800,000 spread across two funds with almost £600m between them, so it's almost a drop in the bucket. When considering what such an institution might do it also worth bearing in mind that the investment objective of the R&M UK Equity Long Term Recovery Fund, for example is to achieve capital growth. In seeking to achieve the objective the portfolio will primarily consist of UK equities that meet the manager’s recovery criteria of a turnaround in company profitability over the longer term. Similarly the investment objective of the R&M UK Equity High Alpha Fund is to outperform the FTSE All-Share Index by 3% per annum (net of fees) over rolling three year periods. . Of course the likes of Laxey and others may have a different perspective but I doubt if any institution went into this thinking they would make a profit in less than 3 years.
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You may well be correct about the institutions, both of us can only guess at this stage; but it's hard to see any sellers at this level. Just to clarify there is a difference between what I mean by "averaging down" as an investment strategy especially in a 1 for 1 rights issue (more likely 2 for 3 but this is an easier example) and pound cost averaging. In such a rights issue if an investor takes up all their rights then their average price would be half the total price. So if investors bought at 70p and 20p; their average price is 45p and they will make a profit on their overall holding if the price rises and they subsequently sell at anything above 45p; despite having bought some shares at 70p. However if I spend £100 on shares at 70p; £100 on shares at 35p; and £100 on shares at 52.5p (the average price of the two previous purchases) ; my average price is not 52.5p; because I bought 142.8, 285.7 & 190.5 shares respectively, a total of 619; so the average price of my shares is £300/619 = 48.5p. If I had bought all my shares at 52.5p I would only have 571. In other words the theory of pound cost averaging dictates that the average price of shares bought over a period of time is less than the average price of those shares.
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That would echo the Chairman's statement in the Interim Accounts: In particular, recent public comments suggesting season ticket holders divert payment away from the Club has caused a level of uncertainty over the timing and quantum of season ticket cash flowing into the Club, which as with many other football clubs, is Rangers' primary source of income. If this were to happen then there would be a negative impact on short-term cash balances and it is possible that the Club may need to seek alternative additional short term financing This does not rule out a new share issue or issues, indeed in his review Mr Wallace said: The authority given to the Board at the AGM in December 2013 to enable the Company to allot up to 43,400,000 new ordinary shares of 1p each in the capital of the Company on a pre-emptive basis to existing shareholders has not been exercised to date. In the event that season ticket sales over the forthcoming weeks are materially less than anticipated then the Company may seek to use this pre-emptive authority which can offer a cost effective and efficient method of raising capital. To implement the initial phase of the three year plan set out below, the Board intends to seek shareholder approval in Autumn 2014 for the issue of additional equity pursuant to Section 551 of the Companies Act 2006.
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Don't see the likeness TBH.
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My understanding is that it is most likely to be a rights issue and if it is underwritten by Mr King (if he is asked and accepts) then he will only be able to acquire such shares as are not taken up by existing shareholders. I would expect most if not all of the institutions to take up their rights (which will cost them very little in the overall scheme of things) rather than have their holdings diluted. It would also "average down" their price; thus making it easier to get out with a profit at some point. The most likely source of shares therefore for Mr King by his route would be small shareholders who either cannot afford or do not wish to exercise their rights because of the losses they have already suffered and perhaps a fear of losing all their money in the event of admin2 . I have previously estimated this at 10%-15%.
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The First Annual Gersnet Dinner (The Bears Picnic)
BrahimHemdani replied to BrahimHemdani's topic in Rangers Chat
Just to confirm that with interest added for April we now have 7p in the bank account, which I propose to leave there in order to keep the account open for future use. 01/05/2014 INTEREST £0.04 BALANCE £0.07 £0.04 Credit However, anyone who wants their 1/13th share of the 7p, can apply here -
Perhaps we should ask the UN to send peacekeepers and negotiators; they don't seem to be doing much good in the Ukraine.
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Rangers investor urges Dave King to put his money where his mouth is
BrahimHemdani replied to Frankie's topic in Rangers Chat
The legendary Scottish investor Sir John Templeton (Templeton Funds, Franklin Templeton etc) said that: The first rule of investment is “Buy Low and Sell High”, but many people fear to buy low, because of the fear of the stock dropping even lower, then you may ask “When is the time to buy low?” The answer is: When there is maximum pessimism. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” -
There's a great deal more to it now than that, GS; as the above list of questions surely demonstrates.
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Unless I am missing something here then if "Dave King and Richard Gough, under the auspice of Dave King’s new company, Ibrox 1972 Ltd." would have a legal charge on the stadium then there is no trust (in the legal sense) now and there doesn't seem to be any reason to create a trust; so it would appear that calling it a "Season Ticket Trust" is a complete misnomer. Of course as we and Mr Graham know full well,"the Board has no intention of granting security over Ibrox" (though oddly no mention was made of Murray Park in the review). So as you say D'Art "The answer, (is) as many undoubtedly suspected" and the devil may well be in the detail yet to come. Did Mr Graham give you any idea as to when that might be? I am sure that those who are keen to give Messrs King and Gough their money are growing impatient for answers as much as those of us who are more interested in the wherefores of the situation.
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No disagreement on that.
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I think disloyal is a bit strong because no doubt most have supported the Club through thick and thin for many years; but it is surely inarguable that withholding ST money will contribute to the Club's downfall.