Rangers Announce Secure Loan - £1.5m. Repayable by 1st Sept

[chilledbear 16]

Douglas Fraser ‏@BBCDouglasF 14m

#Rangers announces it's secured £1.5m working capital from director Sandy Easdale and Laxey Partners. Repayable by 1 Sept.

[Bluedell 5,329]

Lacey charging 30% interest. Wonga.com.

 

And the directors think that's reasonable....

[SteveC 150]

Ally told us it was all perfectly normal, nothing untoward.

 

Looks like the Easdales are not so greedy. Though repaying this, even the bit without interest, just hastens us running out of money next season. We are already starting to spend next season's ticket money and it is only February.

[SteveC 150]

Perhaps Sep 1st means we can sell someone in August to pay it back though everyone will know we are desperate sellers

[chilledbear 16]

http://www.iii.co.uk/research/LSE:RFC/news/item/1001843/credit-facility-15-milllion

 

 

Rangers International Football Club plc

("Rangers", "RIFC" or the "Company")

 

Credit Facility of £1.5 million

 

 

The Board of Rangers is pleased to announce that it has entered into two secured short term credit facilities for an aggregate of up to £1.5m. The credit facilities are being provided by Alexander Easdale, a shareholder in the Company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC, and Laxey Partners Ltd ("Laxey"), a substantial shareholder in the Company. These credit facilities will be used by the Company for general working capital purposes over the next few months.

 

Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the "Easdale Facility").

 

Laxey will make available to the Company up to £1 million, with a premium payment equal to 15% of the nominal amount of the facility (the "Laxey Facility").

 

The Easdale Facility and the Laxey Facility (together the "Facilities") are both secured against the Company's Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources.

 

The premium on the Laxey Facility is payable in cash or, at Laxey's discretion, in ordinary shares of 1p each, at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement. The number of ordinary shares of 1p each which may be issued will be calculated using the lower of either 26.5 pence, being the mid-market closing price of the Company's shares on 21 February 2014, or the lowest price at which any equity fundraising is carried out prior to the first anniversary of the date of the Laxey Facility agreement. The issue of any ordinary shares of 1p each in payment of the premium is subject to the Company obtaining authority from its shareholders at a general meeting of the Company.

 

Under the AIM Rules for Companies, the Laxey Facility is a related party transaction under Rule 13 of the AIM Rules. The Directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned.

 

 

 

For further information please contact:

 

Rangers International Football Club plc

 

Graham Wallace

Tel: 0141 580 8647

 

 

Daniel Stewart & Company plc

Tel: 020 7776 6550

Paul Shackleton / James Thomas

 

 

 

Newgate Threadneedle

Tel: 020 7148 6143

Graham Herring / Roddy Watt / John Coles

 

 

 

Media House International Ltd

Tel: 020 7710 0020

Jack Irvine

[Calgacus 8]

It says that the Easdale facility is fee and interest free.

[Super Cooper 0]

Lacey charging 30% interest. Wonga.com.

 

And the directors think that's reasonable....

 

Where are you getting that from? RM reporting there's no interest just a 15% set up fee.

[Bluedell 5,329]

Where are you getting that from? RM reporting there's no interest just a 15% set up fee.

 

15% payable on a 6 month loan is 30% pa. It doesn't really matter what they call it, it's 30% interest.

[Super Cooper 0]

Ally told us it was all perfectly normal, nothing untoward.

 

Looks like the Easdales are not so greedy. Though repaying this, even the bit without interest, just hastens us running out of money next season. We are already starting to spend next season's ticket money and it is only February.

 

This must not be underplayed or ignored, it is extremely serious. Not sure i can renew and look at myself in the mirror knowing i am financially backing so many people i don't trust, respect, like or support.

[Super Cooper 0]

15% payable on a 6 month loan is 30% pa. It doesn't really matter what they call it, it's 30% interest.

 

See, that's why places like Gersnet need people like you! Thanks BD.