Requisition Of General Meeting - Paul Murray wants in

[Stimpy 0]

Related to that too, you have to wonder what would happen with STs if McColl's side of this new boardroom battle win the fight and McColl takes control of the club. What if McColl bought out Green & co and kicked them out of dodge? ST numbers would probably rise, but would it be significantly or hardly noticeable now that we're already up around 34k?

 

Don't think we'd see a dramatic difference now that the season is underway. I'd be looking for stability on a consistent basis where we have a vision over at least one year. Asking too much?

[Zappa 0]

Don't think we'd see a dramatic difference now that the season is underway. I'd be looking for stability on a consistent basis where we have a vision over at least one year. Asking too much?

 

It's definitely not asking too much to have stability, trustworthy people running the club and a realistic/sensible vision put in place.

[UCF2008 0]

'CVA or nothing', their own words, highly indicates they wouldn't even consider the newco back up.

 

The Blue Knights were against the newco option from square one and as it turned out they had good reason. However, in what was eventually the final round of bidding the proposal they put forward DID include a newco option. If you need to refresh your memory you can do so here

 

They proposed an asset purchase with the following amongst the conditions...

 

'8.4 that the SFA and SPL grant approval to the transfer of the Shares in the SFA and SPL to our Newco purchasing vehicle'

 

The adminstrators appointed by Whyte rubbished this bid and opted for Green & Whytes CVA proposal instead. Awarding Sevco 5088 preferred bidder status they then refused to reopen the bidding when the CVA was rejected despite the fact they transferred the assets to a company other than the one which had the supposedly binding preferred bidder agreement.

 

FWIW I'm trying to point the finger as little as possible at Green here, but those are the facts.

[the gunslinger 3,366]

Absolute nonsense and you know it.

 

As is the notion tbk ever had a chance.

[the gunslinger 3,366]

 

Surely this is something we can finally all get behind.

[the gunslinger 3,366]

I assume they were all told, nobody has said they weren't, TBK simply refused to consider newco, in their own words. The newco route being lower than the CVA was presumably an attempt to show the creditors they'd get more via a CVA.

 

Considering how our situation dragged on I honestly think we had no time for another bidding war anyway, so as unpopular an opinion as it may be I think D&P got it right.

 

Plenty of time for a quick auction. For that was all it would have been.

[the gunslinger 3,366]

Related to that too, you have to wonder what would happen with STs if McColl's side of this new boardroom battle win the fight and McColl takes control of the club. What if McColl bought out Green & co and kicked them out of dodge? ST numbers would probably rise, but would it be significantly or hardly noticeable now that we're already up around 34k?

 

I would buy. But I imagine it would only be a few k wecare nearing saturation point.

[ian1964 10,720]

By Keith Jackson

 

Revealed: Billionaire Jim McColl the man behind bid to oust Rangers board in new Ibrox power struggle

3 Aug 2013 07:53

 

JIM McCOLL has been revealed as the man spearheading a shareholder revolt to overthrow the current Rangers board.

 

 

SCOTTISH billionaire Jim McColl is spearheading a shareholder revolt to overthrow the dysfunctional Rangers board.

 

Record Sport can exclusively reveal the 61-year-old entrepreneur – who failed in an 11th-hour bid to stop Charles Green taking control of Ibrox last summer – is behind the latest move to end the power struggle inside the club’s boardroom.

 

McColl has signed a legal letter calling for the immediate removal of chief executive Craig Mather, finance director Brian Stockbridge and non-executive director Bryan Smart.

 

He wants them replaced by former Blue Knights leader Paul Murray, who attempted to save the club from the clutches of disgraced former owner Craig Whyte, and highly-respected Glasgow businessman Frank Blin.

 

McColl made his move after being approached by a number of institutional investors, who ploughed millions into a December share issue but have since watched from afar as bitter infighting has raged.

 

They have demanded a greater degree of transparency, honesty and integrity from the people in charge and want lifelong fans Murray and Blin to use their business acumen to begin cleaning up from the inside.

 

The letter was served on chairman Walter Smith on Thursday afternoon. Yesterday, the board reacted by reappointing controversial Green – whom Smith helped force out of the chief executive’s role five months ago – as a “consultant”.

 

Just less than 29 per cent of the club’s shareholders have signed up for McColl’s revolution and they will demand an EGM is held in 18 days from now, unless their proposed clear-out is pushed through.

 

That would allow all shareholders to vote on the changes and it’s anticipated McColl’s plan will win majority approval.

 

Record Sport understands the three largest institutional investors have all signed McColl’s requisition letter.

 

Rangers confirmed the move yesterday with an announcement to the stock exchange. It read: “The board confirms that, on 1 August 2013, it received a notice requisitioning a general meeting of shareholders.

 

“The requisition puts forward resolutions for the removal of Craig Mather, Brian Stockbridge and Bryan Smart as directors of the company and the appointment of Paul Murray and Frank Blin as directors.

 

“The board is verifying whether the requisition is properly constituted and further announcements will be made as appropriate.”

 

Record Sport understands McColl is determined to see it through and convinced that financial high flyer Murray and former Price Waterhouse Cooper man Blin are the right people to put in charge.

 

A city expert told us: “It’s almost unheard of for so many of the institutions to put their name to a

requisition letter and that serves to highlight the extent of their anxiety over the way this club is being run.

 

“They have been alarmed by the lack of corporate governance and seemingly endless infighting. They want to know what has happened to the internal investigations into the relationship between Green and Whyte and the management of the club since the IPO.

 

“There are also serious concerns about the financial health of the club and the size of the cash burn since the flotation.

 

“It’s been said that, of the £23m raised, there was less than £7m left in the bank at the end of last season. That’s horrendous news and it’s no wonder they have turned to respected people such as Jim, Paul and Frank.”

 

Mather was one of Green’s original investors, shortly after the Yorkshireman snapped up the club’s assets for just £5.5m following its financial collapse last year.

 

He is understood to have ploughed around £1m into the club and was then welcomed into the hierarchy by Green and former commercial director Imran Ahmad, who has also since left the club in shame.

 

Mather then filled in as temporary chief executive before being given the job permanently last month.

 

He is believed to have a long-standing friendship with Stockbridge, who was also brought to the club by Green and Ahmad.

 

Stockbridge has recently survived two scandals after being exposed by the Record as the man who filmed former chairman Malcolm Murray worse for wear at the end of a boozy night out.

 

We then revealed how Stockbridge met with Whyte and Ahmad as the three discussed selling around £5m of shares in the club to convicted fraudster Rafat Rizvi, who is one Interpol’s most wanted list.

 

It’s understood many of the biggest London investors were astonished Stockbridge was allowed to continue after those revelations.

 

And this apparent inactivity by the board was another key reason behind their decision this week to wade into the situation.

 

They trust Murray and Blin to help Smith reclaim control of the boardroom and McColl is determined to play his part in making it happen.

 

Green, though, is unlikely to step aside without a fight. He has been pushing hard for a seat on the board for a fortnight and was finally given a position as “consultant” yesterday. It’s understood chairman Smith fought against Green’s return but was outnumbered .

 

It’s also expected Green will continue to demand a directorial role.

[the gunslinger 3,366]

Interesting indeed that the guys who haven't taken millions out have the institutional investers on side.

Edited August 3, 2013 by the gunslinger

[crucible 0]

Puts Walter and Alistair in a tight place being allies of Mather.