Crimson Dynamo 128 Posted June 11, 2014 Share Posted June 11, 2014 http://www.bbc.co.uk/sport/0/football/27793911 Rangers are to launch a new share issue in a bid to raise in the region of £8m. The Ibrox board met institutional investors in London on Tuesday, with the new issue to take place before the end of August. Rangers chairman Graham Wallace recently told fans that the Ibrox club was "in a good place" financially. The BBC understands that a minimum of £7m is needed to cover a cash shortfall at the newly-promoted Scottish Championship outfit. Major shareholders Laxey Partners and Sandy Easdale, chairman of the football board, have both indicated they will buy more shares. The Union of Fans - a collective of Rangers supporters groups - has urged people to withhold season-ticket money in protest against the board's running of the club. It led to question marks over the ability of the club to meet the sales figures required for next season. However, Wallace insisted Rangers are "in a good place" despite concerns over the club's finances. The chairman's 120-day business review set out the club's intention to raise fresh equity in the autumn, win promotion from the Championship at the first attempt next season, before adding a Scottish title and being competitive in Europe by 2017. The club's interim accounts revealed losses of £3.5m for the six months to 31 December and "going concern" status was only granted on the basis of predicted rises in season-ticket prices and sales. The board have had to seek emergency funding in recent months. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 11, 2014 Share Posted June 11, 2014 we don't have the money for the august wage bill imho. frightening if thats he case. 0 Quote Link to post Share on other sites More sharing options...
RyanGers193 0 Posted June 11, 2014 Share Posted June 11, 2014 Chance for Dave King to invest. He wont though. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 11, 2014 Share Posted June 11, 2014 Chance for Dave King to invest. He wont though. he wont be allowed to actually. this is for existing shareholders only. 0 Quote Link to post Share on other sites More sharing options...
Calgacus 8 Posted June 11, 2014 Share Posted June 11, 2014 How can the CE say we're in a good place financially and a few days later they have to have a whip-round among the shareholders to keep things going? 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,215 Posted June 11, 2014 Share Posted June 11, 2014 Because they were intending to do it anyway? Snatched up rbr's snippet from another thread: Lifted this from RM, Posted by a very successful investor on VB There are inaccuracies in the posted article which can easily be refuted by referring to the Companies Act 2006 legislation. They fail to mention that under Section 561 of the Companies Act 2006, existing shareholders must be given the opportunity to maintain their stake in the same proportion as presently held. Once all current owners of Rangers shares have had a chance to take up a portion of the new offering, according to the size of their current holding, a new share issue can be placed with either institutional investors, retail investors or both. If existing shareholders do not respond to the offer in a timely manner, it is legally viewed as a refusal to participate in the share placement and their allocation of shares can be offered to alternate investors. Investors can only increase their stake, or see it diluted, if the allocation of new shares is not fully subscribed to by existing shareholders, or if they themselves decide not to take up the offer in full. Furthermore, the value of Rangers has not necessarily changed. A lower share price simply means that the market capitalisation has fallen. It's a shame that we don't have objective journalists to report the facts and give an honest representation of the story being reported. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted June 11, 2014 Share Posted June 11, 2014 (edited) How can the CE say we're in a good place financially and a few days later they have to have a whip-round among the shareholders to keep things going? Because he's a liar who will quite happily dupe anyone who is fool enough to listen to him. That is what he is being paid to do. Edited June 11, 2014 by Rangersitis 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,215 Posted June 11, 2014 Share Posted June 11, 2014 Because he's a lying bastard who will quite happily dupe anyone who is fool enough to listen to him. That is what he is being paid to do. You know what the sad thing is here? I fully expect that you believe the above. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 11, 2014 Share Posted June 11, 2014 Because they were intending to do it anyway? Snatched up rbr's snippet from another thread: while i am sure the article is correct its also a fact that the rangers board play fast and loose with aim rules so anything is possible. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 11, 2014 Share Posted June 11, 2014 You know what the sad thing is here? I fully expect that you believe the above. we know he lies. 0 Quote Link to post Share on other sites More sharing options...
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