maineflyer 0 Posted October 24, 2009 Share Posted October 24, 2009 I've been saying for well over a year that the club was collapsing and the regime on its last legs. Pardon me while I blow this trumpet and check back to see who said it was bullshit. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted October 24, 2009 Share Posted October 24, 2009 It was literally a dramatic slump in share price right before Murray stepping out though Craig. Some coincidence is it not? I think the question we should be asking is who actually owns the club now. Does SDM actually still have the majority shareholding?? A dramatic slump doesnt mean that much though does it ? Yes, SDM still has the majority shareholding - major shifts in shareholding (and for him to go from major to minor shareholder would be a major shift) are required to be noticed to the market that the shares are traded on. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 24, 2009 Author Share Posted October 24, 2009 A dramatic slump doesnt mean that much though does it ? Yes, SDM still has the majority shareholding - major shifts in shareholding (and for him to go from major to minor shareholder would be a major shift) are required to be noticed to the market that the shares are traded on. Ok, I think we've already discussed this now that you say that Craig. So are you saying that it's absolutely impossible that the bank have taken Murray's majority share away from him or that he's surrendered it to the bank?? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 24, 2009 Author Share Posted October 24, 2009 Surely the bank wouldn't have a seat on the board because of the �£30m debt alone? If the interest payments are being met, then the bank would have no control surely other than saying to the club that the credit facility can't be increased? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 24, 2009 Author Share Posted October 24, 2009 Anyone hear the main media conference on Snyde about 10 to 6? He was asked about what he said to Chick Young and informed that Johnstone and Bain had said that Rangers was not being run by the bank. "Well I've just said we are - there's a representitive of the bank on the board so as far as I know that's what's happening". Is this the first confirmation that the bank have a seat on the board or have I missed something? It actually sounds to me like Walter Smith either isn't 100% clear on the issue or that he's said all he can say, but knows more. mmmm 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 24, 2009 Author Share Posted October 24, 2009 "Well I've just said we are" Classic Walter!! 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted October 24, 2009 Share Posted October 24, 2009 Ok, I think we've already discussed this now that you say that Craig. So are you saying that it's absolutely impossible that the bank have taken Murray's majority share away from him or that he's surrendered it to the bank?? If they had then it would have had to have been reported to the exchange that Rangers are listed on, I think. BD would be able to confirm but most stock exchanges you are required to make a public announcement when there is a major shift in shares. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted October 24, 2009 Share Posted October 24, 2009 Surely the bank wouldn't have a seat on the board because of the �£30m debt alone? If the interest payments are being met, then the bank would have no control surely other than saying to the club that the credit facility can't be increased? There could be a number of reasons that the bank have someone on the Board of directors. You often see financial transactions put together whereby the person/company making the loan will have a non-executive director on the board to make sure that their "investment" is looked after appropriately. Dont also forget that the interest payments being met is not the only obligation the club have to the bank. If some or all of those loans are "repayable on demand" (which at least the credit facility is likely to be) then the bank can, at any time they like, demand the repayment of that money. If the bank want to reduce their exposure to Rangers then they could quite easily demand repayment of some, or all, of that debt. A change in the bank's ownership can also lead to this - whereas previously you have a strong personal relationship with the previous bank the new bank, if taken over (as happened with BoS), could have different lending criteria as well as a different risk tolerance. Interesting stuff.... for the bankers and accountants amongst us 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 24, 2009 Author Share Posted October 24, 2009 I think it's interesting stuff for everybody Craig. It's all just speculation, but how much is speculation? We get a year of speculation by the press & the club even deny some of it, but then say at a later date when quizzed about it that the situation has been well documented in the press... As for the bank's seat on the board, interesting questions regarding that would be - When exactly did they get it? Have they been placed there just recently due to changes in the debt management or have they been there for some time & are now being forced by their new employers to have more influence on the financial running of the club? Is there a chance that the bank do indeed actually now own shares in the club, but that this isn't to be made public? 0 Quote Link to post Share on other sites More sharing options...
maineflyer 0 Posted October 24, 2009 Share Posted October 24, 2009 As of this minute there is nothing registered at Companies House to say any bank has a seat on the board of Rangers Football Club plc. The bank may have been "invited" to observe part of Rangers board meetings but the bank has no one "on" the board. That, as they say, is a fact. 0 Quote Link to post Share on other sites More sharing options...
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