BrahimHemdani 1 Posted May 14, 2014 Share Posted May 14, 2014 The way I see it right now is ... that there is an impasse between the current board (CB) and King. There is not much the CB can do against the campaign run by the supporters groups and King, they spilled the facts on the previous regime and said how they want to change for a better future. Whether people believe that or not is up to them. AFAIK, the CB can't hand out new shares (as stated in the review), unless it proves the club's stability to the stockmarket (maybe my reading on that is not without error though). Thus, King barks up the wrong tree at this moment and time. The CB has stated all along that it will not give Ibrox or Auchenhowie as a security, be that to a credit facility or indeed that King company. The pendulum swings both ways and rightly so. (I'm not even sure if they can do that business-wise anyway, the deals with Laxey/Letham and Easdale were essentially in-house and did not include either asset.) The CB needs to survive the summer, possibly by drawing the loans given by Letham and Easdale. As cash might be a rare commodity still, they may pay both with shares instead of money - and both parties have already agreed to that in the loan deal. Unless King and Co. come up with some decent plan for the future and/or something changes until the season starts, I reckon that quite a few Bears will simply give up on these party politics and (up to now) hollow words by King and go to Ibrox on a pay at the gate ratio - as they want to see their team play. Sure, thousands may stay away, but how do we know at which point the club will run smoothly? 30k every other week? We officially averaged 42k this season and with better opposition I doubt that supporters will stay away for long. (And granted, some will stay away over x-mas et al, as usual.) Once they get till October or November and make clear that they know what they are doing, the CB might be able to make another open-to-all share issue, where King might get his will at last. The thing is, we don't know just now and hardly anyone can really predict what is going to happen. *Who can say whether Ashley won't decide to snap up 40m of the 43m "in-house" shares at 24p ... Ashley would indeed be a good bet to underwrite it if the rules permit. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted May 14, 2014 Share Posted May 14, 2014 The question was rhetorical and hopefully I can make it.... I hope so too and bear in mind you'll be on the bell :cheers: 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 14, 2014 Share Posted May 14, 2014 The way I see it right now is ... that there is an impasse between the current board (CB) and King. There is not much the CB can do against the campaign run by the supporters groups and King, they spilled the facts on the previous regime and said how they want to change for a better future. Whether people believe that or not is up to them. AFAIK, the CB can't hand out new shares (as stated in the review), unless it proves the club's stability to the stockmarket (maybe my reading on that is not without error though). Thus, King barks up the wrong tree at this moment and time. The CB has stated all along that it will not give Ibrox or Auchenhowie as a security, be that to a credit facility or indeed that King company. The pendulum swings both ways and rightly so. (I'm not even sure if they can do that business-wise anyway, the deals with Laxey/Letham and Easdale were essentially in-house and did not include either asset.) The CB needs to survive the summer, possibly by drawing the loans given by Letham and Easdale. As cash might be a rare commodity still, they may pay both with shares instead of money - and both parties have already agreed to that in the loan deal. Unless King and Co. come up with some decent plan for the future and/or something changes until the season starts, I reckon that quite a few Bears will simply give up on these party politics and (up to now) hollow words by King and go to Ibrox on a pay at the gate ratio - as they want to see their team play. Sure, thousands may stay away, but how do we know at which point the club will run smoothly? 30k every other week? We officially averaged 42k this season and with better opposition I doubt that supporters will stay away for long. (And granted, some will stay away over x-mas et al, as usual.) Once they get till October or November and make clear that they know what they are doing, the CB might be able to make another open-to-all share issue, where King might get his will at last. The thing is, we don't know just now and hardly anyone can really predict what is going to happen. *Who can say whether Ashley won't decide to snap up 40m of the 43m "in-house" shares at 24p ... The official average was 42,000 because the club includes all season tickets when it gives official crowds. I'd imagine the actual attendance average was much lower - possibly between 30-35,000 at the very most. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,246 Posted May 14, 2014 Share Posted May 14, 2014 Ashley would indeed be a good bet to underwrite it if the rules permit. I was under the assumption that as a shareholder he would be able to buy some of these 43m, if not all. Dunno whether that threshold is applicable (31%?) where he has to offer to buy all shares ... or whether that was something else entirely. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted May 14, 2014 Share Posted May 14, 2014 Why would anyone in their right mind want anything to do with this Rangers ? The only reason I can see is to make money, it wouldn't surprise me to see King eventually say, not worth the hassle. Even if you were reasonably wealthy and a Rangers Supporter, would you want to put your family through the worry and threats, and that would just be from our own Support. We are in a horrible place right now, with no clear exit. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 14, 2014 Share Posted May 14, 2014 A very good, dispassionate analysis of the current situation. 1 (a) RF have said that they would hold back part of their investment so as to avoid a dilution but at the moment I doubt they have £50,000 in total to invest probably more like £20,000 - £30,000; so pretty meaningless. The initial uptake was good but it seems to have stalled over the past month or so. BR would need £100,000+ to avoid dilution of their 0.86% and I doubt they have more than £20,000 quite possibly a lot less based on a maximum of 200 people paying in monthly since December. I agree that it would take a major disaster to get significant additional numbers into either scheme. 1 (b) "All of King’s actions seem to be aimed towards trying to force the existing shareholders and directors out without him having to spend any cash in doing so He has built up a degree of animosity between him and the board and as such he has made it less likely that the board will turn round and make it easy for him to get control." A very important point that is oft overlooked. In fact it will increase the Investor's/Board's resolve not to allow him to achieve his objective or gain any form of control. IMHO the existing investors will take up all their rights to avoid any dilution. If possible one of them or a "friendly" new investor or institution will underwrite the issue so as to avoid King even being able to pick up the scraps. (I say that without knowing the rules about how these things are structured.) King COULD invest through BR or RF or both and it is possible that discussions have taken place behind the scenes. The silence on this from RF in particular may be telling or it may just indicate that there is nothing to tell. 2. "Does anyone seriously expect a quoted PLC to give security of its main assets to a third party company that apparently doesn’t have a season ticket holder or Rangers shareholder on its board or as a shareholder? There is no connection between this company and the club. As it stands, there’s no connection between the ownership and control of Ibrox 1972 Ltd and the support either. It’s almost as if King has come up with a vehicle that makes it impossible for the club to grant security, not that they would do it anyway. Perhaps that’s what King is hoping for?" Answer to your first question is - YES, GS! I agree with your conclusion and am sure that even if King was serious his lawyers would have told him that he was in no position to tell Rangers how or to whom they could sell ST's and on what terms. Much more knowledgeable people that me have described the whole scheme as preposterous. Again I have said as often as I could that the existing directors will do their best to return the Club to it's former glories with whatever resources the fans give them and they can raise in a rights issue; fans not renewing just makes it all the harder for them to rise above the mediocrity that GS and others complain about. I have a very good source and I mentioned somewhere in the disappeared "Amoruso" thread that the directors are out of touch with the views of ordinary fans. They just "don't get it". They are trying to run the Club as an ordinary business and aren't taking account of the fact that a any football Club is no ordinary business; far less one with the history and fan base of The Rangers. I am reminded of the story about one potential Middle Eastern investor in 2010 who pulled out when he discovered that it was Glasgow Rangers not Queens Park Rangers in which he was being invited to invest. Where we differ is in your conclusion. I hope that Mr King realises the truth of what you say, withdraws his scheme, encourages fans to buy ST's, possibly invests himself through BR or RF (unlikely due to OMOV) or even buys a large block of ST's himself. Me, I've renewed and will be applying for a transfer. May even join you in the comfy seats; if you are not in the Directors Box. That's all well and good and your entitled to your opinion. However, so far, with only 5000 renewals you seem to be in a minority. What happens if we only sell 10-15,000 season tickets? That suggests a serious problem and a distinct lack of faith in the club. Surely that should necessitate change rather than a shrug of the shoulders? 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted May 14, 2014 Share Posted May 14, 2014 That's all well and good and your entitled to your opinion. However, so far, with only 5000 renewals you seem to be in a minority. What happens if we only sell 10-15,000 season tickets? That suggests a serious problem and a distinct lack of faith in the club. Surely that should necessitate change rather than a shrug of the shoulders? Do you know that number for a fact? Not saying it is necessarily wrong just asking? I am used to being in a minority, that doesn't mean that the minority are wrong. Ultimately I think we'll sell 20,000+ ST's but if another 10,000 - 20,000 buy game to game, it won't necessitate change; as I said it will just make the job that much harder. I also stand by what I said before, IF we get promoted, we'll sell all the ST's we can print as it will be the only way to see the return of the old firm games apart from anything else. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,246 Posted May 14, 2014 Share Posted May 14, 2014 AFAIK, Friday is the renewal deadline and thereafter anyone can buy his/her ST? Not that I expect thousand will do so, but Friday is essentially a milestone, not the end of the road as some make it appear to be. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted May 14, 2014 Share Posted May 14, 2014 I was under the assumption that as a shareholder he would be able to buy some of these 43m, if not all. Dunno whether that threshold is applicable (31%?) where he has to offer to buy all shares ... or whether that was something else entirely. He will certainly be able to buy 2 for 3 or whatever is basis the offer. If he crosses 29.9% he has to make an offer for all the shares at the highest price in the previous 12 months. Note this applies to groups as well e.g. Easdale and proxies (so far as I understand). Even if he picked up the rights to ALL non-institutional shares approx. 12% i.e. no individual shareholder took up their rights he would still be well away from the threshold as he only has 4.6% at present. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted May 14, 2014 Share Posted May 14, 2014 Even from what i'd all reliable sources he season ticket numbers are varying, but no doubt they'll be down from the 36000 number 0 Quote Link to post Share on other sites More sharing options...
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