Jump to content

 

 

govan_derriere

 View Profile  See their activity

  • Posts

    93

  • Joined

  • Last visited

 Content Type 

Everything posted by govan_derriere

  1. govan_derriere
    I have emailed the Met in London expressing my concerns over health and safety relating to the selected venue. In particular I have requested that they examine the Risk Assessment carried out by Shackleton et al before deciding on this venue.
  2. govan_derriere
    Will do, but as you say . . won't be holding my breath.
  3. govan_derriere
    I emailed the directors earlier today. Maybe they have reconsidered . .
  4. govan_derriere
    Can't get the link to this announcement to work. Looks like they may have removed it!!
  5. govan_derriere
    This 'Company statement' appears to be a breach of AIM rule 22! Provision and disclosure of information Rule 22 The AIM company must use all due skill and care to ensure that information provided to the Exchange pursuant to this rule is correct, complete and not misleading. If it comes to the subsequent attention of the AIM company that information provided does not meet this requirement, the AIM company should advise the Exchange as soon as practicable. All communications between the Exchange and an AIM company are confidential to the Exchange and its nominated adviser and should not be disclosed without the consent of the Exchange, save to appropriate advisers to the AIM company or as required by any other regulatory body or agency. Dear Sir, Are RIFC in breach of AIM Rule 22? I am a shareholder in RIFC. Today RIFC has produced a statement that leaves me totally confused! The company statement has not been made through the LSE and seems to contradict two statements made through the LSE on Oct 27th & Nov 3rd. ( See below) Has RIFC used all due skill and care to ensure that information provided to the Exchange on 27th Oct. and 3rd Nov. was correct, complete and not misleading? Has RIFC advised the Exchange that the statements made on 27th October Oct and 3rd Nov. are incorrect? Yours faithfully, govan_derriere Company Announcement . . . Further to the Company's announcement on 27 October 2014, the Company would like to clarify the position in relation to any rights of MASH to appoint directors of RFC as referred to in that announcement. The correct position is that MASH never had the right to directly appoint directors of RFC. http://www.rangers.co.uk/news/headli...y-announcement On 27th October, 2014, Credit Facility of £2 million http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12129094.html "the Company has invited MASH to put forward the names of 2 nominees of its choice for appointment to the Board" On 3rd November, Appointment of Director http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12136731.html "The Board of Rangers announces that it has appointed Derek Llambias as a non-executive director. He was nominated as a director of its choice by MASH Holdings Limited pursuant to its agreement to withdraw its requisition for a General Meeting, as set out in the announcement dated 27 October 2014."
  6. govan_derriere
    I have sent him copies of my correspondence with Shackleton. His response:- Received. i am on the case and will be doing more work on #RFC @ShareProphets but not all at once or in 1 go @TomWinnifrith
  7. govan_derriere
    "Sports Direct do not own shares in any other professional team in football or any other sport but own the brands." Looks like a crass attempt to distance Mash from Sports Direct. Now let me think? Who owns most of SD? It doesn't really matter what Llambias says, the board have shown themselves to be totally untrustworthy. A possible question for Llambias. How much, in total, did Rangers pay Keith Bishop during their 18 month contract with RFC? What services were actually provided? Did these services and the fees paid represent value for money for Rangers?
  8. govan_derriere
    Nomad asks if we are pleased with this deal? I emailed the Nomad (and AIM) on 25/1 & today expressing my concern over “leaked insider announcement” on 23rd January stating that Rangers rule out using Ibrox stadium as loan security. The LSE announcement today confirms that this leaked statement is true. I seek assurances that this breach of AIM Rules 11 and 17 will be dealt with as a matter of some urgency. Those responsible need to be taken to task & the NOMAD requires to ensure that appropriate procedures are put in place in order to comply with AIM rules Response today. Dear gd, I am sorry that I have not replied to the last few e-mails but we have been busy, and I hope that this morning’s announcement is evidence of that, and further that you are pleased with it. The announcement this morning was not belated; the arrangements were signed very late last night. “Rangers rule out using Ibrox stadium as loan security” was only speculation, although it is possible that it could be a leak of the negotiations, if you have evidence of board correspondence being leaked and the source please let me (or the Regulation team at LSE) know. Yours sincerely Paul Paul Shackleton Corporate Finance Director My further response Dear Mr Shackleton, Thank you for your prompt reply. Like many other shareholders, I consider this deal to be in breach of Section 994 of the Companies Act. Consider the fact that attendances are down by in excess of 20K for home games. As a performance indicator what does this say about the efficacy of the current board? ER2 does not seem to register with you I'm afraid! Perhaps you can explain to me why you imagine stakeholders and shareholders are pleased with a deal so heavily weighted in favour of a minority shareholder and beneficiary of already onerous contracts? gd
  9. govan_derriere
    Have sent another missive to our Nomad. Subject: Fiduciary Duties Dear Mr Shackleton, In line with recent announcements on the LSE by WH-Ireland promoting high standards of Fiduciary Duty, you will be pleased to note today that the Rangers Supporters Trust is following your lead. Also, in line with your advice in a recent response, I have submitted a lengthy file to Police Scotland outlining my concerns over my perceived "Lack of Fiduciary Duty" demonstrated by the board of RIFC against the demands of the Company's Act 2006. I sent this off by registered mail yesterday. Yours faithfully, GD Shareholder in RIFC http://www.therst.co.uk/news/rst-gai...x-legal-fight/
  10. govan_derriere
    Another email sent to the Nomad & Aim Regulation Dear Sir, RIFC, Director’s duties, ER2 and QCA guidelines As a shareholder in Rangers International Football Club, I write to you again to express my concerns regarding the directors of Rangers International Football Club. As you are already aware smaller quoted companies listed on AIM are expected to “follow, as a minimum, the ‘Corporate Governance Guidelines.” Under guideline 10, shareholders’ needs and objectives, “Vested interests should not be able to act in a manner contrary to the common good of all shareholders” On 3 November 2014, “the Board of Rangers announced that it has appointed Derek Llambias as a non-executive director. He was nominated as a director of its choice by MASH Holdings” http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12136731.html Subsequently, Mr. Llambias was appointed Chief Executive Officer on 19th Dec. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12190732.html At the Rangers’ AGM on 22/12/14 Chris Graham of the Union of Fans wants to know if Llambias is contracted elsewhere, if he is in the paid employ of another. Llambias assures the floor that he is not being paid by Sports Direct - or Mike Ashley. At 11:40 am http://www.dailyrecord.co.uk/sport/football/football-news/2014-rangers-agm-recap-live-4851852 Now this may well be true, but bear in mind that Llambias was nominated as a director of its choice by MASH Holdings on November 3rd. So, does Mr. Llambias not operate on behalf of Mash Holdings? Now, consider this article published on 9th January in the Scottish Daily Mail, http://www.dailymail.co.uk/sport/football/article-2902782/Rangers-regime-scored-huge-goal-axing-dissenter-Norman-Crighton-conference-call.html “Mike Ashley called the shots despite owning just 8.92 per cent of the shares in Rangers” “To the outside world, Ashley’s goal appeared to be to protect the lucrative Rangers merchandising contracts which poured millions into the coffers of Sports Direct. His trusted lieutenants Derek Llambias and Barry Leach were brought in and became influential. So much so that, weeks before his appointment as chief executive was confirmed to the stock market, Llambias was the man who instigated the dismissal of Crighton during a conference call which became heated following more awkward, unwanted questions. To an outsider, Crighton’s questions would have seemed logical — necessary even. They were concerns any shareholder or non-executive director with the broader interests of the club might ask. But the broader interests of Rangers were no longer what was at stake two weeks before Christmas. What mattered by then were the interests of Ashley and Sports Direct.” If I may remind you about Aim rule 16 for Nomad A nominated adviser must act with due skill and care at all times. And also ask you to re-examine the suitability of Mr Llambias as a director of RIFC under ER2. Has Mr Llambias operated on behalf of Vested interests? Has Mr Llambias acted in a manner contrary to the common good of all shareholders? “What mattered by then were the interests of Ashley and Sports Direct.” The article published by the Daily Mail leaves little room for doubt! I have asked you on several occasions before when best practice QCA guidelines and Aim rules for Nomad will be applied to directors of RIFC? To my untrained eye, it is difficult to understand why ER2 has not already been applied. Yours faithfully, govan_derriere (Shareholder in RIFC)
  11. govan_derriere
    Looks like KJ expects an announcement soon - possibly tomorrow morning. Funding needed by early next week. @tedermeatballs: this is why a decision is imminent. The funding has to be in place by start of next week. @tedermeatballs: if you recall when ashley's loan was chosen ahead of Kennedy's it was finalised on Saturday morning. @tedermeatballs: i think it's 6.5m loan for two seats on the board. @tedermeatballs: or turn down both and take Big Mike's cash instead!! @tedermeatballs: because they are out of cash early next week.
  12. govan_derriere
    Amazing! I thought that proponents of the 'dignified silence' brigade were extinct. Where have you been for the last four years?
  13. govan_derriere
    I emailed the pensions regulatory authority yesterday expressing my concerns about David Somers, chairman of the Fujitsu pension scheme. I attached the Somer's email 'leaked' a few days ago. Initial response received:- Dear govan_derriere, Thank you for your email. The Pensions Regulator's role is to enforce the legislation surrounding work-based pension schemes in the UK. Our primary objectives include protecting member’s benefits of those schemes, promoting good administration and improving understanding of work-based schemes. Our primary focus is to educate and enable those responsible for managing pension schemes to ensure that the right member outcomes are achieved. We do, however, have a number of enforcement powers that we can use to help meet our objectives, such as imposing fines where a breach of legislation has occurred. We are a risk based regulator and we apply this approach when dealing with concerns around the conduct of trustees. The regulator appreciates you bringing these concerns to our attention. We will make initial enquires about the information you have provided and subject it to our risk assessment process. We may ask you to clarify the information you have already provided, but we do not encourage you to try to get any new information. If appropriate, the matter will be referred for further investigation. Please note that we are unable to supply any feedback to you about the outcome of any possible investigation. Once again, thank you for bringing these concerns to our attention. Kind regards http://www.thepensionsregulator.gov.uk/contact-us.aspx http://www.trusteetoolkit.com To whom it may concern, David Somers, chairman of Fujitsu pension scheme, Dear Sir, I understand that Mr David Somers is chairman of Fujitsu pension scheme. I have reservations about the suitability of this gentleman to hold this post & fear that he does not meet the fit and proper test. I am a shareholder in Rangers International Football Club. As chairman of Rangers International Football Club, David Somers has failed miserably to apply appropriate standards of Corporate Governance and has fallen considerably short in meeting his fiduciary duty. The attached email was released into the public domain several days ago. In this email, I believe that David Somers reveals that he has been operating on his own behalf for personal gain and not on behalf of the company and its shareholders. The email also indicates that he has backed a minority shareholder, Mike Ashley, who only owns around 9% of the company! These are not the actions of a trustworthy chairman of a publicly listed company. On 31st December, Colin Kingsnorth from Laxey Partners released this statement:- In this statement he provides a damning description of Mr Somers as 'just a wet fish agreeing anything Ashley wanted'. On PA wires: Laxey partners chairman Colin Kingsnorth confirms he has sold his 16% stake to the Three Bears: "I sold because a fans-based group were hopefully going to be the best placed to take on Ashley's power. After Ashley removed Norman Crighton, Ashley's most vocal critic, it was obvious David Somers was just a wet fish agreeing anything Ashley wanted. I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands." As a shareholder in RIFC, I have grave concerns about the lack of integrity shown by David Somers in his role as chairman of RIFC. I believe that any chairman needs to display personal qualities that are above reproach. He has singularly failed to do so at RIFC. I feel duty bound to bring my concerns to your organisation given he also serves as chairman of Fujitsu pension scheme Yours faithfully govan_derriere Shareholder in RIFC I append some web links that provide some additional background. http://www.telegraph.co.uk/sport/football/teams/rangers/11311642/Rangers-chairman-David-Somers-pleaded-for-Mike-Ashley-takeover-to-succeed-emails-reveal.html http://www.eveningtimes.co.uk/rangers/fans-chief-demands-rangers-chairman-david-somers-quits-over-email-193484n.115565781 http://www.express.co.uk/sport/football/548420/Shambolic-David-Somers-told-to-give-up-Rangers-chairman-s-role http://www.directorstalk.com/rangers-dave-king-slams-chairman-david-somers-bids/
  14. govan_derriere
    Late on Hogmanay, I sent this little missive to our esteemed chairman. No response from him yet, but that does not entirely surprise me! Dear Sir, David Somers - just a wet fish I wish to share a public view of you flagged up by Colin Kingsnorth of Laxey Partners posted online today. As a shareholder of RIFC, I have raised my concerns with the Nomad under Aim Rules, ER2, for Nomad, As they say North of the border, your jacket is on a shoogly nail. Time for you to go. Please do not collect a bag of loot on your way. Be aware that I fully intend to draw this matter to the attention of Aim Regulation. Yours faithfully, govan_derriere RIFC shareholder On PA wires: Laxey partners chairman Colin Kingsnorth confirms he has sold his 16% stake to the Three Bears: "I sold because a fans-based group were hopefully going to be the best placed to take on Ashley's power. After Ashley removed Norman Crighton, Ashley's most vocal critic, it was obvious David Somers was just a wet fish agreeing anything Ashley wanted. I am sure the Three Bears are an upgrade on us for fans and hopefully this is the start of the ownership being in the right hands."
  15. govan_derriere
    Immovable object v Irresistable Force! How satisfying will it feel when (hopefully) we eventually remove this absolute blight from our club?
  16. govan_derriere
    Agreed. They also confirmed Paul Shackleton's new, WH-Ireland email address, which had not been established officially.
  17. govan_derriere
    Shrouded in secrecy, as ever.
  18. govan_derriere
    Response from AIM today. Dear govan_derriere Thank you for your e-mails below regarding Rangers International Football Club ("the Company"). As you may already know, AIM Regulation is the department within London Stock Exchange that is responsible for the regulation of AIM. We can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies ("AIM Rules") and for Nominated Advisers ("Nomad Rules") and takes action where appropriate. Please note that AIM Regulation's remit does not extend beyond the AIM Rules and Nomad Rules. We note your comments that Alexander (Sandy) Easedale is acting as a shadow director of the Company and that you have previously raised this concern directly with the Company’s former nominated adviser. As you have noted the Company’s nominated adviser is responsible for assessing the suitability and efficacy of an AIM company’s board, having regard to the fact that the Company is admitted to trading on a public market. Should you wish to raise your concerns with the Company’s new nominated adviser, WH Ireland Limited, the relevant contact detail are: Adrian Hadden / Paul Shackleton, Tel: 020 7220 1666, email: adrian.hadden@wh-ireland.co.uk or paul.shackleton@wh-ireland.co.uk We can assure you that we investigate all complaints which raise matters within our remit but please note that, for reasons of confidentiality, we are unable to discuss/update you with regard to any steps we may take pursuant to your complaint. Thank you for bringing your concerns to our attention. Kind regards AIM REGULATION
  19. govan_derriere
    I have sent another rant off to the NOMAD, together with a copy of Somers leaked email. I append an extract from AIM Rules for Nominated Advisers ER2 – In assessing the appropriateness of an existing AIM company and its securities for AIM, a nominated adviser should (i) investigate and consider the suitability of each director and proposed director of the AIM company and (ii) consider the efficacy of the board as a whole for the company’s needs, in each case having in mind that the company is admitted to a trading on a UK public market http://www.londonstockexchange.com/companies-and-advisors/aim/publications/aim-rules-for-nominated-advisers.pdf I think much of what appears in the Somers email needs to be addressed by the NOMAD in light of ER2 above. Once again, though, not going to hold my breath awaiting a meaningful response. Sent the email to both Paul Shackleton & Adrian Hadden. Have received a standard out of office response from Hadden. He isn't back in the office till 5th Jan!
  20. govan_derriere
    I have also fired off an email to AIM & to what I believe could be Paul Shackleton's email address. To whom it may concern, I am a shareholder in Rangers International Football Club. I believe that RIFC is in breach of AIM rules 10, 17 & 26. The attached image is an email by the current chairman of RIFC, Mr David Somers, in which he confirms that Mr Sandy Easdale is a member of the board. I have raised the issue of Sandy Easdale operating as a Shadow Director of RIFC with AIM on several occasions before! The attached image is widely distributed on social media websites and is the subject of several newspaper reports today. I attach links to the newspaper reports for your information. In the attached image, Mr Somers states that:- "Dave King's proposal includes board seats which means Sandy, James and I will not survive on this board very much longer." I read this statement as an absolute confirmation that Sandy Easdale is a shadow director of RIFC. I understand that the NOMAD is required to ensure that RIFC comply with AIM rules. I have previously been in touch with Paul Shackleton (Daniel Stewart) in this regard several times. He now seems to have assumed the same role with WH IRELAND, but I am uncertain of his contact email address. I would be grateful if you could investigate this issue fully & ensure that the Nomad complies with Aim rules. Yours faithfully, GD
  21. govan_derriere
    Another look at Somer's email suggests that he has confirmed Sandy Easdale is a shadow director. "Dave King's proposal includes board seats which means Sandy, James and I will not survive on this board very much longer." If so, RIFC must comply with the following AIM rules:- AIM rule 10, Principles of Disclosure. It is no longer acceptable that the company continue to omit this information. AIM rule 17, appointment of any director. AIM Rule 26, Company information disclosure. I have sent off an email to our new (old) NOMAD, Paul Shackleton flagging this up. Will post any response received.
  22. govan_derriere
    The full question asked & collected reports by journalists present. On the 25th April, the club published the Business review & strategic plan update. (120 day review) “The club has entered into a number of contracts that are onerous and not delivering value on price or service. In several instances it appears that the club did not use lawyers to protect its interests." How many onerous contracts are there? Who signed them off? Name the main beneficiaries of these contracts. Reported reaction by Somers. Grant Russell ‏@STVGrant Shareholder: In 120 day review, "onerous contracts" mentioned. How many are there? Who signed them? Name main beneficiaries? #rangersagm Richard Wilson ‏@RichwilBBC 10s10 seconds ago Shareholder: how many onerous contracts, who signed them off and who are the beneficiaries of these onerous contracts? Grant Russell ‏@STVGrant 41s42 seconds ago Somers: Checking what I can say legally. Have to be careful as this is a Plc. Grant Russell ‏@STVGrant 28s28 seconds ago Somers: "Found a lot of onerous and dodgy contracts". #rangersagm Grant Russell ‏@STVGrant 24s25 seconds ago Somers: "with a number of contracts we've just said 'sod you, we will see you in court'. Can I say that?" #rangersagm Richard Wilson ‏@RichwilBBC 26s26 seconds ago Watertight. These contracts are all over the place. No one beneficiary I believe that this is as close as we can get to an admission from Somers that there has been a breach of fiduciary duty by Green et al. On 2 separate occasions I have emailed Somers and asked why RIFC has not initiated legal proceedings against those responsible in order to protect shareholder interest. Absolutely no response, I'm afraid.
  23. govan_derriere
    Our future under Ashley looks precarious, at best. I have doubts that he will invest in us through a further share issue. He has used short term loans to secure control over us. Through onerous contracts he has grabbed revenue from our retail & advertising operations. To me, this is all he is interested in. The Union of Fans issued a statement calling on the SFA to intervene. Have they not met this request? I fear for our existence under continued 'Wig' control. SFA sanctions could also threaten our licence to play. We are indeed between a rock and a hard place!
  24. govan_derriere
    My feelings in this matter can be summed up in the words of the old Manfred Mann song. "If you've gotta go, go now"!
  25. govan_derriere
    I have emailed Somers again today. If/when I receive any response I will update the forum. Dear Mr Somers, I write to you again as a shareholder in RIFC. On Monday October 6th at 10:33 PM you informed me that “We have now decided, at a recent board meeting, the date of the next AGM. The AGM will be before the 31st December to fulfil our legal requirements.” David Somers Chairman Rangers International Football Club May I also remind you what you stated on 5th March, 2014. On 5 Mar 2014, at 22:10, David Somers <DavidSomers@rangers.co.uk> wrote: Dear GD, . . . “Going forward our intention is that all financial statements should be produced professionally and on time.” Given the period of notice required to call an AGM perhaps, in your role as chairman of the plc, you would care to provide me with an update of when the AGM will take place? Yours faithfully, govan_derriere
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.