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Alasdair Lamont ‏@BBCAlLamont 33m Rangers chief exec Graham Wallace on £320k pa + 100% bonus. Plus £25k salary increase as Rangers move up leagues. More to follow.

I am just reading that Scottish rugby are on the verge of signing a deal for, a period of five years for 20 million pounds for the naming rights to murryfield I have a sneaking suspicion that our board will go down this road what do you think

Might as well get a gander at Merlin's latest on here as opposed to giving his blog hits..... May 15, 2014 by billmcmurdo Who Blinked? Much has already been said and written about last night’s meeting between Graham Wallace and the UoF. Depending on who you listen to, the board of Rangers has caved in to rebel demands or has once more outsmarted them. The issue of Ibrox being sold and leased back or mortgaged has never been an issue to worry about, as far as I am aware. Back in the early days of the new era, a sale and leaseback of Ibrox option for financing was pitched to Charles Green and Imran Ahmad. The figures were very impressive and would have brought millions into the club. However, it was never an option as both Green and Ahmad refused to sell what they regarded as the heart and soul of the club for easy money. So there is no victory for the Union of Fans in “obtaining” a guarantee that was already known board policy in terms of security over Ibrox. It could be argued that the UoF is now acting in opposition to Dave King’s interests because his season ticket fund is demanding Ibrox be handed over as security. It certainly looks like a hollow victory for the UoF as their backing for King’s proposals left them even further out in the cold than he is, after the board unequivocally ruled out dealing with the harebrained fund idea. The reality is that any guarantees by Wallace are not worth the paper they are not written on. Which means this civil war will continue and get murkier. From discussions with other bluenoses I am aware that Graham Wallace has cheesed off a large section of the Rangers support, particularly those who have renewed already, by even agreeing to engage with these anti-board people. It is increasingly looking like Wallace is keen to appease the rebels but not so eager to engage with loyal supporters. The truth is that last night’s meeting has left the board looking weak and prone to compromise – something that will not fill many with confidence. Whilst I accept that there are some fans who support the anti-board faction with genuine concerns about the condition of Rangers and the club’s finances, there are also those in the reb camp who will never stop till they have displaced the board and have their own Murrayite placemen in. This means they will go agitating and undermining no matter what – and this makes Graham Wallace’s capitulation even harder to stomach. The most stupefying thing about all of this is that the UoF are lucky if they represent 5% of the Rangers fanbase. For the board to cede to any demands made by such a small constituency beggars belief. Yesterday was the centenary of the date when Bill Struth first joined Rangers. I have no doubt Bill Struth would have hunted the UoF down Edmiston Drive and told them never to darken the door again. Oh how we need such a leader in 2014.

Lorenzo Amoruso urges Rangers supporters to put their trust in Dave King to oust Ibrox board Sunday 11 May 2014, by Stewart Fisher LORENZO Amoruso last night became the latest former Rangers player to call for supporters to back Dave King and Richard Gough's plan to boycott season tickets and place the money in a trust instead as a means of forcing major boardroom change. The Italian has emerged as a fierce critic of the current hierarchy and feels that placing funds in Ibrox 1972 Ltd, the vehicle introduced by King and already being used by supporters groups' the Union Bears and the Blue Order for pooling their funds, is the only mechanism for bringing about change. "Too many people have been touching the heart of the club who don't deserve to be so close," said Amoruso. "They have ripped out the soul of the club. It's so frustrating for people like me who were running, chasing after every ball, spitting blood sometimes and going through so many operations. " I didn't do all that to see this situation develop. We want to see better people control the club, people who really care about Rangers. "I didn't really encounter Dave King much when I was a player because he was in South Africa a lot, but I met him," said Amoruso, who was in Glasgow this week. "He was a director but not involved in the way David Murray was. But he is a Rangers man and he is putting himself out there and he deserves credit and support. He has been there before for the benefit of the club. "This is a crucial period because season ticket holders have a week left before deciding whether to renew and from those I've spoken to I don't think there is a feeling that supporters want to renew and I think that is the best solution. "It's hard to believe I am asking for the stadium to be empty. But if that is what it is going to take to get this board out then that's the way it has to be. There are easier ways to solve this problem but some people don't want to listen. That's why we must take a hardline approach. I'm sorry, this board just has to go." http://www.heraldscotland.com/sport/football/lorenzo-amoruso-urges-rangers-supporters-to-put-their-trust-in-dave-king-to-oust-ibro.24190175

Following the success of the First Annual Gersnet Dinner it has been suggested that the event be held more frequently than annually and that we should not wait a year for the next one, particularly as several members of the site were unable to attend the first one for a variety of reasons. The new football season kicks-off on the following dates: • Weekend of 26 July - First Round of the Scottish Challenge Cup • Weekend of ‎2 August - First Round of the Scottish League Cup • Weekend of 9 August - SPFL League season starts across all four divisions Leaving aside July as being a bit early (and it would be dependent on a home or away draw in any event), I’ve divided the broad date zones as follows: Early Season - August/September Autumn – October/November Christmas New Year Spring – February/ March End of Season – April/May Please vote for your preference. Note this is just for the NEXT dinner; so voting for Christmas/New Year say, does not preclude one later in the season as well. Once we get an idea of the most popular time of year we can wait till the fixtures are published and TV schedules are known to decide an exact date, time and venue. I’m working on the assumption that most if not all folk will want to stick with after a weekend match. Please post any other comments. Also anyone who wants to take over organising duties step right up.

via @Rangers_Official Now that the season is over, this is a good time for me to speak to you directly as part of our ongoing Ready To Listen fan engagement programme. In order to do so I will be answering questions from supporters today in a Twitter Q&A on our official club account. You can tweet your questions directly to me on @RFC_Official using the hashtag #ReadyToListen between 1pm and 2pm. I will answer as many questions from supporters within the hour and look forward to speaking with as many fans as I can. Graham Wallace, Chief Executive Officer.

Hi there, first post, great site. I read lots of blogs etc and this is the best one in Scotland by a distance. If Rangers FC cannot continue as a going concern, in the event of the Dave King faction starving the board out, what happens? How does Rangers International deal with this?

The Blue Order is confirming that we are reluctantly not renewing our season tickets for the 2014/15 season. It is, however, our intention to buy tickets for home and away games on a match-by-match basis so that we can continue to give our full support to our team. Unfortunately, until further notice, we are unable to accommodate any new requests to join TBO or for seat transfers into our section however we would welcome others to congregate with our group in BF5. As part of the Union of Fans umbrella group, TBO have been at the forefront of recent protests against the board and we strongly urge Rangers FC to engage openly with concerned supporters and potential investors to safeguard the club's future.

how many have actually pledged to dave kings scheme and how may season books have actually been sold?

Backed by Dave King, Richard Gough and the Union Of Fans https://www.ibrox1972.co.uk/

http://vanguardbears.co.uk/ Evidence-Based Mathematics Written by: Ulster Loyal Wednesday, 7th May 2014 Much has been said and written about the finances of Britain's most successful sporting institution, Rangers Football Club. Speculation over the possibility of a second administration or likely direction of the share price has dominated Rangers based conversations in many a pub and many an internet forum. Not all of these conversations are helpful when they are presented in public, through various media, with no factual substance. They can subsequently cause unnecessary, widespread alarm and subject the club to destabilising influences, such as supporter boycotts and police investigations. The preferred way forward for all supporters should be to thoughtfully and objectively use the available information in Rangers' financial accounts to present a factual representation of our club's current business operations and forecast it's likely success going forward. Mathematics can help us to analyse the prospect of a company entering bankruptcy. On 25th December 2013, the following report was prepared, and posted on the Vanguard Bears forum, regarding the likelihood of Rangers going bankrupt: --- START OF ANALYISIS --- Rangers International Football Club (RIFC) has an Altman Z2-Score of 2.25; a statistical bankruptcy meter generated from a set of balance sheet ratios. Q – Are liquid assets a significant proportion of the assets? A – RISK •Testing: Working Capital/Total Assets > 0.2375 •RIFC Details: Working Capital/Total Assets = 0.018 Q – Do reinvested earnings make up a significant portion of the assets? A – SAFE •Testing: Retained Earnings/Total Assets > -0.1355 •RIFC Details: Retained Earnings/Total Assets = 0.34 Q – Are the assets relatively productive in terms of earnings? A – SAFE •Testing: Earnings Before Interest and Taxes/Total Assets > -0.082 •RIFC Details: Earnings Before Interest and Taxes/Total Assets = 0.019 Q – Does firm value compare favourably to its liabilities? A – RISK •Testing: Market Value of Equity/Book Value of Total Liabilities > 1.439 •RIFC Details: Market Value of Equity/Book Value of Total Liabilities = 0.89 Regarding the Altman Z2-Score: •Greater than 3.00 = good financial health. •Less than 1.80 = a company is in the distress zone and is in serious financial trouble; the distress zone is 80-90% accurate in predicting bankruptcy. •Rangers' score of 2.25 indicates it is not entirely safe from financial distress and investors should be cautious. --- END OF ANALYSIS --- The problem with supporters warning of the imminent arrival of another financial collapse at Rangers is that they have no statistical analysis to give credibility to their claims. When the share price was at around 33p, it was my opinion, reached using mathematical evidence, that the likely intrinsic value of Rangers was closer to 25.67p. I made similar comments in October 2013 when the share price was around 43p. The following analysis regarding an estimate of the true share price valuation of RIFC was also carried out in December: --- START OF ANALYSIS --- a) Discounted Cash Flow Valuation Method (forward looking growth model): 0p per share; 100% overvalued (due to negative cash flows that are not forecast to increase in the next 8 years). This is based on the following inputs: •The company's sustainable cash flow is -£12.61m (taken as the average between latest free cash flow (-£18.9m) and 3 year average free cash flow (which includes 2 years of £0 due to not having data for those years, making this valuation input more unreliable)) •Expected growth rate of cash flow of 0% for the next 8 years (3 year average cash flow growth, 5 year average cash flow growth, year 1 forecast earnings per share growth and year 2 forecast earnings per share growth are normally added as an input here but that data is not available for Rangers at this stage, making this valuation input more unreliable) •The company should settle into a long term growth rate of 3% (if we don't have reliable forecasts, we default to normal inflation levels and that is what we've done here) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) b) Earnings Power Value Valuation Method (zero growth model based on current earnings): 25.67p per share; 23.4% overvalued. This is based on the following inputs: •Sustainable level of revenue is £19.11m (latest revenue; 3 year average revenue and 12 month rolling forecast revenue is normally included but we don't have these inputs for RIFC, making this valuation input more unreliable) •Across the economic cycle, the operating margin in 7.8% (we normally take an average of a 5-10 year operating margin and a trailing 12 month operating margin but we don't have that data for RIFC, making this valuation input more unreliable) •On average the company see £0m of 'exceptionals' (we normally deduct the long term average of non-recurring charges but we don't have this data for RIFC, making this valuation input more unreliable) •15% of historic selling, general and administrative expense has funded growth (typically 15% to 50% of this is added back to a company's Earnings Power Value to make up for the fact some of that expenditure went towards funding growth as opposed to maintaining the existing asset base; Earnings Power Value only takes into account current earnings and is a zero growth model; we don't have enough data for RIFC on this value so we assume the minimum standard of 15%) •Each year, the company spends -£2.48m on maintenance capital expenditure (capex) (maintenance capex can be calculated by subtracting growth capex from total capex; again, we don't have long term forecasts for this based on historical figures so we are largely estimating these on limited results from the previous earnings report) •Investors require a return of 15% for the risk they are taking (due to being a small cap company, 9% would be applicable to large cap companies) c) "Relative to Sector" Valuation Method: 92.51p per share; 176.2% undervalued Based on the following inputs: When we compare RIFC to the Hotels and Entertainment services sector, we have the following valuation ratios for RIFC: •Price To Book Value: 0.39 • Price To Tangible Book Value: 0.57 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 3.14 • Enterprise Value To Operating Profit: 8.38 • Enterprise Value To Sales: 0.66 By comparison, we have the following corresponding valuation ratios for companies in the Hotels and Entertainment Services sector: •Price To Book Value: 1.95 • Price To Tangible Book Value: 2.19 • Enterprise Value To Earnings Before Interest, Tax, Depreciation and Amortisation: 12.7 • Enterprise Value To Operating Profit: 18.3 • Enterprise Value To Sales: 2.10 The Relative To Sector Valuation Method compares RIFC's valuation against the median multiples of the company's sector peer group. d) Net Current Asset Value Valuation Method: 0p per share; 100% overvalued Based on the following inputs: The company's current assets (long term assets are not included) are £16.5m • Cash And Short Term Investments (trailing 12 months) £11.2m •Total Receivables, Net £5.23m •Total Inventory £0.085m •Other Current Assets £0.000m The company's total liabilities are £24.7m • Total Current Liabilities £15.1m •Minority Interests £0.25m •Deferred Tax £7.82m •Total Long Term Debt £0.96m •Total Other Liabilities £0.52m The shares outstanding are 65,095,856m e) Net Working Capital Valuation Method: 0p per share; 100% overvalued Based on the following inputs: •The company's Cash and Short Term Investments are £11.2m • The company's Inventory is £0.085m • The company's Receivables are £5.23m • The company's Total Liabilities are £24.7m • The Shares Outstanding are 65,095,856m f) Tangible Book Value Valuation Method: 59.1p; 76.4% undervalued •The company's Book Value (total assets minus liabilities) is £56.9m • The company's Intangible Assets are £18.4m • The company's Goodwill is £0.000m • The Shares Outstanding are 65,095,856m --- END OF ANALYSIS --- The following commentary from the 10th of January 2014 further explained the information provided on the 25th of December 2013. --- START OF COMMENTARY --- "As you can see there are only three valuation methods that assign a value greater than 0p to Rangers; Earnings Power Value, Tangible Book Value and Relative To Sector. There are only two valuation methods that assign a share price that is higher than the current level of 28.5p. However, investors likely won't use these methods to value Rangers, and inform their investing decisions, for the following reasons, thus eliminating any mathematical reason to think that the current share price is cheap, based on an objective analysis of the company's financial results: Relative To Sector is an unreliable valuation because it compares Rangers to the Hotels and Entertainment Services sector, based on how the stock is classified by the stock market. It would be better to only compare Rangers to other football clubs but there is a shortage of listed football clubs and the sample size would be too small to draw any conclusions. The Tangible Book Value method is good at valuing the club's assets. However, value of assets is very different to the value of the business. If the assets are not generating sufficient income to make a profit, then investors lose confidence in the ability of those assets to generate future growth and profitable cash flows. As a result, the business is worth less to those that may seek to invest in it. If the company is liquidated due to large debts, the investors likely won't see the value of the assets they invested in because shareholders are below creditors in the capital structure of a business. Therefore, an investor does not invest on the basis of the book value of the assets of a company but rather the ability of those assets to generate a return on investment. Now, the only method left that assigns a value to Rangers, and would be a realistic evaluation of the club's true worth as a business, in the opinion of investors (which is largely what dictates the share price), is the Earnings Power Value method. This valuation metric values the club based on current earnings and assumes no growth in the company (which can't be measured anyway due to negative cash flows). It is a realistic valuation because it makes no assumptions about future growth, which can be inaccurate, and is only an analysis of the present situation. According to the Earnings Power Value method, Rangers is valued at 25.67p. Therefore, the current share price of 28.5p is close to being a fair valuation of Rangers. Rather than speculating on boardroom battles and their subsequent effect on the share price, I have simply looked at the value of the business from an objective, mathematical view. In the long term, a company's share price will converge with its Intrinsic Value. It's just mathematics and market forces. The downwards movement in the share price of Rangers comes as no surprise to me." ---END OF COMMENTARY--- The best way to comment on the financial situation at Rangers is by working with the facts, not by letting unfounded allegations cloud your judgement. History will show us which commentary - evidence based mathematics here on Vanguard Bears or the agenda-driven, emotional rhetoric from power-seeking, self-proclaimed fans' representatives - proved to be an accurate account of the financial picture at Rangers. It is now the 7th of May 2014 - Rangers is still operating and the share price is 23.00p.

http://www.rangers.co.uk/news/headlines/item/6929-club-statement

Up on BBC: Rangers' former commercial director Imran Ahmad is to go back to court on Tuesday as he seeks to have more than  £500,000 frozen in the club's account. In February, Lord Tyre disagreed with Ahmad's claim that Rangers were trading while insolvent. Now, with doubts over season ticket sales, Ahmad is concerned about Rangers' ability to pay out should he win his ongoing legal battle with them. The two parties are in dispute over his claim for unpaid bonuses. At the February hearing, Lord Tyre made his decision in Rangers' favour because of what he described as the cyclical nature of a football club's finances. Since then, Rangers have made it clear that a significant drop in season ticket sales would leave them unable to trade without seeking external finance. The chairman of Rangers' football board Sandy Easdale also told BBC Scotland the League One champions are in a "fragile situation". Rangers will again have to satisfy a judge at the Court of Session that they can continue to trade, with the implications of the decision going in Ahmad's favour next week potentially devastating for the board. I reckon he'll get it frozen this time. Wasn't the reason it was declined before because there wasn't enough evidence to say the club was in financial hardship? IMO this is to put pressure on fans to renew season tickets. They are all in it together. How on earth can he get that money ring fenced when the contract he had was pie in the sky ffs..

From today's Sunday Mail. Rangers in crisis: Entire Ibrox board reported to police in storm over statements made by CEO Graham Wallace May 04, 2014 07:07 By Norman Silvester 63 Comments INVESTMENT banker Phil Maher claims Wallace misled fans over the club's finances and he has asked police to examine whether the board committed an offence by failing to stop the chief executive. RANGERS' entire board of directors have been reported to police investigating statements made by chief executive Graham Wallace. Investment banker Phil Maher made two new allegations to detectives who travelled to London on Wednesday. He earlier claimed that Wallace misled Rangers fans over the club’s finances. In a three-hour interview, he alleged Wallace has made other misleading statements. Maher – a shareholder and lifelong Rangers fan – also asked police to examine whether the board committed an offence by failing to stop Wallace. Last week, we revealed Maher had complained about comments made by Wallace at the club’s annual general meeting in December. He claims Wallace misled shareholders when he said the club had enough funds to operate until May before the board took out a £1.5million emergency loan two months later. Craig Williamson/SNS GroupGraham Wallace However, a new complaint relates to comments made by Wallace about season ticket sales on Friday, April 25. Fans have been told they must pay by cash after payment providers First Data Solutions insisted on full security in return for their services. Wallace claimed the firm had made the demand after Dave King, who wants to take over the club, called for a season ticket boycott. Maher, who declined to comment yesterday, told police that is misleading because the credit issue was first raised with Rangers in January, a month before King’s boycott plea. A Rangers spokesman said yesterday: “The club has no knowledge of any erroneous complaints of this nature which, if they are ever put to the football club, will be defended rigorously as they have absolutely no grounds. “As these complaints appear to be vexatious, we will consider our legal position with regards to defamation.” Some disgruntled Rangers supporters held a red card protest against the board during their League One clash with Dunfermline at East End Park yesterday.

Today's 5-0 for Hearts who had nothing but pride to play for v Kilmarnock for whom the points were vital and who beat them 4-0 at Tynecastle in December; shows that Hearts youngsters shave learned a lot this season and will be no pushovers in the Championship. If Hibs don't come down, I'd certainly welcome some trips back to Rugby Park.

By TheLawMan on RM

THEY were dismissed, by some at least, as troublemakers with personal grievances against Rangers. They were accused of being opportunists who were simply after a place on the Ibrox board without spending a penny of their own money. But now the grave fears they expressed about their beloved club have been shown to be far more than just scaremongering. Scott Murdoch, Paul Murray, Malcolm Murray and Alex Wilson all failed in their bids to be elected directors at the Rangers agm in December. The backing of many institutional investors and major shareholders ensured the existing incumbents were all returned by sizeable margins. Yet, the Requisitioners, as they became known, have since been vindicated in their view that all was far from well behind the scenes at the club. And their prediction that limited funds would run dry without fresh investment - which they had managed to line-up - has also been proved to be accurate. The revelations contained in the 120-day business review carried out by Rangers chief executive Graham Wallace, then, came as no surprise to the group. "I read the review on Friday and noted what Mr Wallace had to say about the previous regimes and how they conducted their business with alarm and interest," said Wilson today. "To be honest, it is what we as a Gang of Four were saying in the build-up to the agm. "We also had a degree of disbelief that the club had enough money to see it through to the end of the season. "We had no inside information. It was just a general feeling. If you looked at the existing funds and the cash burn and then tracked forward you could see it running out. "Everything that we said was going wrong was indeed going wrong. Everything that we said we felt was going to happen has transpired. It is really, really, really frustrating." A complaint has been made to Police Scotland about Wallace allegedly misleading shareholders at the agm by stating the club had enough money to see out the season. Wilson said: "Whether Mr Wallace knew or not is for the police to investigate. "He had a financial director, Brian Stockbridge, who we had no confidence in and we said he was a disgrace at the time." But the Scot, who has worked in HR for multinational companies including BT, Ford, Guinness and ICI during a successful 40-year business career, feels another matter should be scrutinised. He was taken aback by an interview that shareholder Sandy Easdale gave to BBC Scotland last Thursday - the day before the review was released to the London Stock Exchange. Easdale revealed the Rangers finances were "fragile" and then expressed the belief that the Ibrox club would be unable to survive a second administration. Wallace distanced himself from the comments made by the bus tycoon in a series of media interviews on Friday. However, Wilson agrees wholeheartedly with the Union of Fans who have publicly called for club chairman David Somers to look into the matter. He said: "I have worked on boards before. Stuff like that is price sensitive. Speaking publicly about it breaks all sorts of stock exchange rules. "Mr Easdale is not on the main board. So how did he have access to that information? "If a board member has price sensitive information and has released it to another individual it should be looked at. "The director responsible should, at the very least, be censured." Somers broke cover to issue a firm denial of the "odious and unfounded" allegations of "inappropriate behaviour" against Wallace on Monday night. But there was no mention of the remarks made by Mr Easdale who has been accused of an "utter lack of corporate governance" by the Union of Fans. Wilson said: "The chairman has been notable by his absence and by his lack of comment on some of the issues which have arisen at the club. "If serious accusations are made, as has been the case, then you would expect the chairman to step forward and make a statement saying what will be done or saying that no action is necessary and why. "Graham Wallace's rebuttal of Sandy Easdale's remarks on Friday, when he said he doesn't speak for the board, was interesting. "Was he trying to save the situation with regards to price sensitive information being used?" Wilson was also scathing of the possibility that senior executives, including the chief executive, at Rangers could receive substantial bonuses at a time when staff are being made redundant. He said: "To make a ham-fisted approach to the players last year and ask them to take a 15% pay cut without at the same time taking an identical cut was a disgrace. "Again, I don't know what the situation with bonuses at the club is, but I would hope there is no executive on that board taking away a bonus when the finances are in such a parlous state. "We (the Requisitioners) said we would serve on the board for nothing. "Our purpose was not personal gain or self-aggrandisement. We were all prepared to work together for the good of the club." Lifelong Rangers fan Wilson, who has two season tickets at Ibrox and commutes to games from London, was also unhappy about supporters being blamed for the loss of credit and debit card facilities. It has been alleged that First Data withdrew their services in January - the month before fans were first urged to pool their season ticket money in a trust fund. Wilson added: "By all accounts, withholding season ticket money was not a serious proposition when they (First Data) first asked for security back in January. "I am sure that the action being taken by the Union of Fans has hardened their resolve. "But it has a lot more to do with just fans saying they were going to withhold season ticket money. "Once again, this smacks of the board looking to blame somebody else for the club's problems." http://www.eveningtimes.co.uk/rangers/rangers-requisitioners-warned-cash-storm-clouds-were-gathering-161584n.24094362

If the board acquiesce to UOF demands who will then hold first charge/security on the stadium rights to our club ?

DAVE KING has savaged Rangers’ 120-day review and branded it good news for CELTIC fans. The former Ibrox director dismissed chief executive Graham Wallace’s findings — claiming an office junior could have produced the same in a day.

Given all the talk about share issues , proxies , who own what , who has proxies for whom , here is an up to date position , ( stands back to be shot down ) , this is from the Rangers International Football club site on shares , http://www.rangersinternationalfootballclub.com/share-information. Sandy Easdale - owns 2,942,957 , proxies of 14,387,003 . This Includes all of BPH (4,000,000) and Margaritta 's 2,600,000 share holdings . Laxley owns -8,292,957 Artemis -5,749,000 River & Mercantile -4,795,500 Hargreave Hale - 4,601,888 BPH - Proxied to Sandy Easdale -4,000,000 Miton Capital -3,143,857 Mike Ashley_3,000,000 Margaritta ,Proxied to Sandy Easdale ,2,600,000 Cazanoza Capital - No longer shown as having a reportableholding Legal & General -No longer shown as having a reportable holding Dont know what this means exactly Currently, 16.24%+ of the Company’s Ordinary Shares are not in public hands. The Ordinary Shares are freely transferable and no Ordinary Shares are held in treasury. + Does not include the 14,387,003 Ordinary Share (representing 22.1% of the issued share capital of the Company) which Alexander Easdale has voting rights over pursuant to the terms of proxy agreements entered into with other shareholders. Should also point out this was last updated on the official site at the end of Jan 2014

"The Union of Fans is absolutely appalled by Graham Wallace’s business review and revelations over the weekend regarding Mr Wallace’s alleged behaviour and that of this board. Given the serious nature of the allegations, we expect David Somers, in his role as chairman, to suspend Mr Wallace until these investigations are complete. It is our firm belief that shareholders have been misled. First of all we would like to address the London Stock Exchange statement, and Mr Wallace’s subsequent comments in his press conference, which attempted to lay the blame for the withdrawal of credit and debit card facilities at the door of UoF and Dave King. We are aware that FirstData, the payment processing company, first alerted Mr Wallace to the need for security for these facilities on 23rd January of this year, a full month before Dave King and the Union of Fans spoke about the idea of a season ticket trust. FirstData clearly communicated that this was due to the shocking financial results released in December and Mr Wallace’s attempt on the 16th January, just four working days before FirstData raised the issue, to get the players to take a wage cut. FirstData did not at that time raise any issues with a possible decline in season ticket sales as being a reason for the need for security. Once again we have seen a Rangers board attempt to deflect the blame for their own incompetence onto fans who only want the best for the club. Even more seriously, this is a blatant attempt to mislead shareholders as to the underlying reasons for the club’s inability to provide these facilities. As if this was not bad enough, we now find out that Mr Wallace has been reported to police over his comments at the AGM about the club’s financial position. We have consistently stated that his AGM undertaking that the club had sufficient funds was false and nothing that has happened since has shaken us from that belief. We are not surprised that his consistent refusal to address this issue has led to angry shareholders taking this action and we hope there will be a full and thorough investigation. Mr Wallace’s ‘120 day’ review could have been written by any Rangers fan before Mr Wallace even took up his position. It is full of vague promises for the future which read like a wish list from a fans forum. Whilst much of the content in terms of football progress is certainly desirable, there is a complete lack of any detail as to how this board can achieve it. They have provided no evidence that they can raise the necessary funds to take the club forward and we have no confidence in them to do so. We note Mr Wallace’s criticism of previous boards. James Easdale sat on the previous board from July of last year. Is he now going to be removed for his part in this financial mismanagement? Sandy Easdale became a de facto member of the previous board in September last year and has clearly had unprecedented and unjustifiable access to the PLC’s financial details since. His public statements just prior to the review showed that he has access to information he should not, were share price sensitive and showed the utter lack of corporate governance being enforced by Mr Somers in his role as chairman. It is time for Mr Somers, our absent chairman, to step forward and clear up this mess. He must explain why his CEO, Mr Wallace, misled shareholders. He must suspend Mr Wallace pending the conclusion of police investigations. He must deal with the serious questions over Sandy Easdale’s role and why he is being treated like a privileged PLC board member when he is simply a minority shareholder with undue influence. He should also inform shareholders and fans whether the board as a whole was aware that the reason given to the London Stock Exchange for the need for security to obtain credit and debit card facilities was misleading. He is responsible for the total lack of corporate governance on this board and must act now or his own reputation with be irrevocably damaged. This board is a disgrace to Rangers Football Club and the current members of it are running our club into the ground whilst simultaneously making a mockery of the positions they are privileged to hold." http://www.unionoffans.org/statements/2014/4/27/uof-statement-270414

http://www.dailyrecord.co.uk/sport/football/football-news/police-probe-launched-after-rangers-3464370 Forgive me, but I think things have just taken a particularly unedifying turn for the worse.

According to STV the review will be published to LSE today as planned. Please ensure all discussion takes place in this thread where appropriate. Full review for download here: http://t.co/HNRfyvKDAe