ian1964 10,448 Posted March 12, 2014 Share Posted March 12, 2014 Former director Dave King will begin the next phase of his plan to bring fresh finance to Rangers on Wednesday. King is flying to London for meetings with current investors to discuss his plans for the future of the League One leaders before heading for Glasgow. The South African-based businessman has been involved in a war of words with the present board in recent weeks. Over the next couple of days, King will meet several of the institutions and individual investors who own shares. One of those meetings is scheduled to be with Laxey Partners Ltd, the club's single-biggest shareholder, which has been at the centre of the most recent controversy at Ibrox. The Isle of Man-based investment management company loaned Rangers £1m at a 30% interest rate only for the club to issue a statement this month saying they were considering an alternative loan at a lower rate of interest. King will ask current shareholders to back his plans for a new share issue, arguing that a diluted holding for them is better than a total write-off should Rangers go into administration. His plan then is to come to Glasgow at the end of the week to meet fans groups and other interested parties, with the current board having requested an audience. Rangers announced a £14.4m loss in the 13 months to June, but chief executive Graham Wallace has insisted that the Glasgow club is not facing a second administration. http://www.bbc.co.uk/sport/0/football/26539769 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,183 Posted March 12, 2014 Share Posted March 12, 2014 Despite all the publicity King has had compared to the negative publicity for the incumbents, this is still a big challenge for him. Remember McCollco could only achieve around 30% of support just 3 months ago so what's changed in that short time? Clearly the loan issue has aggravated relations between fans and the club while the departure of Irvine could be seen as a sign of good faith ahead of the Somers summit. It's going to be a fascinating week! 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 12, 2014 Share Posted March 12, 2014 He will need 75 percent to get a share issue is that right? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,183 Posted March 12, 2014 Share Posted March 12, 2014 He will need 75 percent to get a share issue is that right? Not sure mate. Something has to give though as club will need funded for next two years and beyond. We can't rely on high interest loans. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 12, 2014 Share Posted March 12, 2014 Not sure mate. Something has to give though as club will need funded for next two years and beyond. We can't rely on high interest loans. It will all depend on how the spivs see the best return. If they think the shares will be higher as we limp through the spl struggling for second place than after a share issue as we win it but they are diluted then we will be limping. Especially if King needs 75 percent. The fans will need to force the issue here. Don't forget Mather was hunted by the easdales for trying to bring king in to invest. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,183 Posted March 12, 2014 Share Posted March 12, 2014 Well, this time it was the chairman summoning King to his office. Like I say, both King and the club need this issue to end well. If not, both will look bad. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 12, 2014 Share Posted March 12, 2014 Aye but to explain himself. Mather invited him rather more cordially 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted March 12, 2014 Share Posted March 12, 2014 Do the likes of Somers and Easdales know what money is needed in the long run? Even the institutional investors. Wallace may have eventually got through to them about the needs of a successful football club. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted March 12, 2014 Share Posted March 12, 2014 Do the likes of Somers and Easdales know what money is needed in the long run? Even the institutional investors. Wallace may have eventually got through to them about the needs of a successful football club. Do they care? 0 Quote Link to post Share on other sites More sharing options...
Anchorman 0 Posted March 12, 2014 Share Posted March 12, 2014 Despite all the publicity King has had compared to the negative publicity for the incumbents, this is still a big challenge for him. Remember McCollco could only achieve around 30% of support just 3 months ago so what's changed in that short time? Clearly the loan issue has aggravated relations between fans and the club while the departure of Irvine could be seen as a sign of good faith ahead of the Somers summit. It's going to be a fascinating week! I think with McCollco nobody could really guarantee they had genuine money to invest, especially with McColl saying he would not invest any personal wealth (that didn't go too well with many). The investors had no more confidence than the fans on that issue. We all know, including the investors, that King can walk the walk financially. It might be down to how much he tells investors he will commit to if required. If it is down to supporting a board with no game plan for raising real dosh to cover outgoings, or diluting shares on a financially supported Club with real potential for future growth, then it could make the difference. I hope. 0 Quote Link to post Share on other sites More sharing options...
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