Rangers fan who loaned club £1m

[ian1964 10,390]

........of emergency cash slams Brian Stockbridge's 'disgusting' golden handshake share deal.

 

GEORGE Letham, who is still out of pocket four months after bailing the club out, has accused the regime of misleading shareholders about Stockbridge's penny share option at December's agm.

 

 

 

THE Rangers fan who loaned his club £1m of emergency cash last night said he is “disgusted” by Brain Stockbridge’s golden handshake share deal.

 

Record Sport revealed yesterday that former financial director Stockbridge will pay just £7000 for around £215,000 worth of shares as part of an agreement with the board when he was booted out of Ibrox in January.

 

Now wealthy fan George Letham – still out of pocket four months after bailing the club out of a financial crisis in February – has accused the current regime of misleading shareholders about Stockbridge’s penny share option at December’s agm.

 

At that meeting, Letham asked specifically about Stockbridge’s entitlement to share options worth up to £500,000.

 

In a statement supplied to Record Sport last night, Letham described the board’s failure to disclose the full details of that deal as “indefensible”.

 

He said: “I am disgusted by the news that the share options granted to Brian Stockbridge were at an exercise price of one pence and feel that myself and all other shareholders present at the agm were misled by the response to my question.

 

“The response to it from Stockbridge and David Somers meant I left the agm comforted that my shares were not going to be diluted to the benefit of Stockbridge.

 

“I think it is indefensible that company representatives and advisers present at the agm did not seek to clarify the position especially when shareholders were voting on a resolution to give authority to grant share options of up to 6.6m shares to directors and employees.”

 

The Union of Fans also hit out and questioned whether Charles Green had a similar agreement on his shares.

 

Their statement read: “If ever fans required a reminder of the reasons for our campaign to secure our club’s home, it is the recent windfall received by Stockbridge, who has been handed shares worth around £215,000 for which he has paid just over £7000.

 

“It is the current board’s position he was contractually entitled to these shares and so it was outwith their control. We reject this entirely ... the windfall is an absolute disgrace.

 

“Charles Green had a clause in his contract which entitled him to 1,028,571 shares. Can the board confirm whether this option was also allowed to remain following Mr Green’s contract termination?

 

“If so, can we expect a further windfall in the near future for Mr Green on top of the small fortune he has already bled from the club?”

 

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-fan-who-loaned-club-3806719

[Rangersitis 0]

Everyone appears to have been duped by the clever word play, but it must be a tad more embarrassing for a high flyer in the world of finance.

[Frankie 8,136]

Well, I think Mr Letham has perhaps more right than most to have his voice heard given the risk he's taken (not without reward of course).

 

I think it would be helpful if the Rangers board were clear about who else stands to benefit from such cheap share options rather than use clever word play (or worse) to deflect from people who continue to fleece us all of our hard earned.

[Rangersitis 0]

Well, I think Mr Letham has perhaps more right than most to have his voice heard given the risk he's taken (not without reward of course).

 

I think it would be helpful if the Rangers board were clear about who else stands to benefit from such cheap share options rather than use clever word play (or worse) to deflect from people who continue to fleece us all of our hard earned.

 

I won't be banking on that happening any time soon, Frankie. They would have been well aware of how the Stockbridge revelations would be received but chose to take the hit when it was announced.

[Frankie 8,136]

I won't be banking on that happening any time soon, Frankie. They would have been well aware of how the Stockbridge revelations would be received but chose to take the hit when it was announced.

 

Agreed which makes the joy from some quarters about the UoF scheme failing difficult to understand.

[the gunslinger 3,366]

Time to call the cops on the board again.

[Rangersitis 0]

Time to call the cops on the board again.

 

Third time lucky? This mob are far too clever to stray over the line.

[the gunslinger 3,366]

Telling shareholders that the options would not be taken up because they were at 70 p then giving them away at a penny. Is seriously misleading.

 

They will be lucky to get away with that.

[Rangersitis 0]

Agreed which makes the joy from some quarters about the UoF scheme failing difficult to understand.

 

It was always going to happen given the deep division within the 'online' support. The scheme could have been the best thing since sliced bread, but for certain parties it would only ever be about the personalities behind it.

[Frankie 8,136]

It was always going to happen given the deep division within the 'online' support. The scheme could have been the best thing since sliced bread, but for certain parties it would only ever be about the personalities behind it.

 

I really don't get it.

 

Sure I understand that falling outs happen and it can affect issues. However, we really let the tail wag the dog as a support.

 

Mr. A Perfect could stand up to lead a perfect fan organisation tomorrow and some would take the huff because he once bought a fanzine from someone else or had a coffee with another.

 

It's laughable and holds us all back.