Board Statement

[Zappa 0]

Here's the latest bitch-fest from our Club's board of directors...

 

Thursday, 28 November 2013 17:45

Board Statement

Written by Rangers Football Club

 

WE CONTINUE to be deeply concerned at the unsubstantiated allegations being promoted by the requisitioners.

 

These men, in particular Paul Murray and Malcolm Murray, portray themselves to our loyal fans as potential guardians of corporate governance, yet every action they take threatens to destabilise our club, could further influence the share price and may hamper the club’s ability to attract additional commercial partners in the future.

 

The requisitioners are appearing at a public meeting in Glasgow this evening.

 

We challenge them to prove their allegations but if all they can provide is rumour and hearsay they should now cease causing further damage.

 

We note that the requisitioners had the opportunity to put 1,000 words in the AGM pack - they chose not to do so yet.

 

Instead they have decided to wage a campaign in the media using fans to further their own agenda.

 

Any statement issued to shareholders by them will now increase the costs on the club.

 

Instead of putting forward their views to shareholders, fans, players and corporate partners through a letter included in the AGM notice, the requisitioners have chosen to mount personal attacks on individuals.

 

We are surprised that an international businessman of Jim McColl’s standing would lend his name to these crude tactics.

 

We believe that fans do not want to go back to the days of administration, relegation, boardroom strife and infighting which will ultimately prevent Rangers competing once again at the highest level.

 

We believe that this could be a result of what McColl’s group is offering.

 

Lastly we note that Malcolm Murray was present during the course of all the things complained of in yesterday’s statement - therefore the resulting press articles are in fact an attack on the requisitioners themselves.

 

Rangers Chairman David Somers said: “We are now on board and the fans can rest assured that costs incurred by previous directors prior to our appointment have already been thoroughly examined by a forensic accounting exercise and there is no evidence of any financial irregularity.

 

"The Company's auditors have also provided an unqualified audit report.

 

“The fans and the media need to understand that the assets were bought out of administration - the cost of equity was therefore going to be much higher, given the risk, with no football licence, the lower league issues and the fact that previous poor corporate governance of the club added to the costs of an IPO.

 

"Mr McColl may claim that the normal IPO costs are 5% but, despite his lack of experience in the sports world, even he must understand that the behaviour of some of his proposed directors contributed to those costs.”

 

http://rangers.co.uk/news/headlines/item/5670-board-statement

[Zappa 0]

Duly noted that yet another bitchy and embarrassing 'board statement' attacking the requisitioners is released on the Club website credited as having been "Written by Rangers Football Club" when in fact, it's no doubt been written by Jack Irvine or one of his Media House minions from hell.

 

Shameless stuff yet again.

[Stimpy 0]

What a mess. What a terrible mess. Utterly depressing.

[ian1964 10,416]

FFS!, what a pathetic statement!, are these people for real?,the audacity to question Mcolls' business acumen?. The sooner these clowns are out of our club the better, I really am becoming tired of it all, I just want us to come here to talk football, will that day ever come?.

[MikeN63 0]

this, unfortunately, is going to rumble a good deal longer than the AGM/EGM next month.

[Little General 80]

it's no coincidence that this was put out just before the fan conference.

[Mountain Bear 0]

It's not just embarrassing it's complete b*****ks.

 

That statement quite deliberately confuses the original capital raising by Green & his backers, when there was indeed a significant degree of risk involved, with the position at the time of the IPO, when Rangers did have a licence and 38k season ticket holders.

 

The risks incurred by the initial investors were amply rewarded by penny shares and mitigated by the fact that they paid a fraction of the underlying asset value. Tell us specifically what costs were incurred for the AIM listing, by whom and for what. Then I might start to accept that this isn't some sort of smokescreen.

[trueblue 64 53]

That statement is spot on, the only bitchy comments I see are the ones following it. If its bitch fest you are after get yourself along to the meet tonight.

[Zappa 0]

FFS!, what a pathetic statement!, are these people for real?,the audacity to question Mcolls' business acumen?.

 

The snide and bitchy remarks including questioning the business acumen of Jim McColl and others is the type of nonsense which gives embarrassing statements like these the Jack Irvine signature because he's been doing that type of thing repeatedly. Classic smear campaign PR tactics from a classless spin doctor who should be nowhere near our Club.

 

The attacks on Malcolm Murray are pretty pathetic too because we were starting reading of (or certainly rumours of) Malcolm Murray raising concerns about what was going on at the club almost immediately after the IPO, back in January or February. They keep trotting out this "but he was there too" rubbish as if it makes it all better or somehow ok. Deny, deflect, spin and repeat...

 

Embarrassing!

[Mountain Bear 0]

That statement is spot on, the only bitchy comments I see are the ones following it. If its bitch fest you are after get yourself along to the meet tonight.

 

Spot on? In what way are the actions of McColl's group likely to lead to Administration and another relegation as the statement suggests? I thought that the AGM result was a forgone conclusion given the number of statements about how many shares the Easdales control?

 

Do you think the Serious Fraud Office story is made up?

 

Do you think that statement is likely to reduce infighting and heal the divisions in our support?

 

Do you know anything about equity capital markets and normal levels of risk premium?

 

And more than anything, the language and tone of these statements are simply unbecoming of an institution like Rangers and are themselves damaging our reputation.