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Fund Objectives and Questions for River & Mercantile


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Thanks for the questions and comments guys.

 

I've put the following together which I think incorporates most of the questions (sorry Andy). I am open to additions and corrections until tomorrow morning and I'm sure we'll get at least one chance to follow up based on their response so if there's anything missing we can get it at that stage.

 


  1. Can you detail the build up of the holding to the current 7.37% and say why it appears there was no notification to the market when you crossed the 3% threshold given that you had previously held 2.23% as of March last year? In this connection it is noted that the holding was 3,095,500 shares (4.76%) prior to the additional 1,700,000 purchase on the 24th notified on the 27th thus taking the holding to 7.37%.

  2. What is the weighted average price at which you purchased these shares?

  3. It has been noted that Malcolm Murray, the former Chairman of Rangers and a leading member of the “requisitioners” was employed at Phillips & Drew during the same time period as the Fund Manager, Hugh Sergeant, and also joined SGAM in 2002. To what extent, if any, did this connection influence the purchase of Rangers shares by R&M?
  4. What was the principle reason(s) why R&M invested in Rangers International Football Club?
  5. Who did you support at the AGM and why?

  6. If you supported the requisitioners what is your view and position on the current Board?

  7. Are you looking for a seat on the Board and if so who would you be proposing?
  8. What contact have you had with the new CEO Graham Wallace, did you seek any assurances from him as to the financial future of the Club and what was the outcome of any such discussions?

  9. What is your expected ROI and where do you see that coming from?

  10. In any eventual sale would R&M consider giving supporters first refusal on your holdings?

  11. What is R&M's position on a convicted VAT fraudster sitting on the Football Club Board and apparently having considerable influence within the Club?
  12. As investors are R&M pro-actively involved in ensuring that the Company follows best practice in terms of corporate governance and in this connection are you satisfied that, if reported correctly, it was appropriate for the recently resigned Finance Director, Mr B Stockdale to receive a year’s salary on leaving whereas the terms of his contract as per the prospectus only called for Rangers to give him 6 months notice of termination (not for cause).

  13. It is rumoured that there is likely to be a rights issue in the near future. Will R&M take this opportunity to invest directly into the Club?

  14. Would you welcome an investment from Mr Dave King?

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What made them buy these shareholding in the first place, i.e. do they view Rangers on a solid standing as an investment? (Well, on hindsight, they must have or else they wouldn't have invested in the first place, but maybe he'll elaborate ... )

 

Are they willing to support the club now, i.e. invest some money directly into the club?

 

Have they been in contact with our CEO and if so, did they get assurances that the club is "safe" and investment is going to come in?

 

dB, I was told today that as you surmise, they view the shares as undervalued.

 

The example I was given was of Man Utd paying £37M for Juan Mata and Rangers FC being valued at £16-17M; the implication being that they feel that Rangers ought to be worth at least as much as ONE Man Utd player if not several (my interpreatation, they didn't say that).

 

I've incorporated your other questions in the list.

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