Frankie 8,131 Posted August 1, 2014 Share Posted August 1, 2014 From @SonsofTruth twitter (not sure who administrates/runs/owns that account): Some really good news that puts to the sword some of the lies that are being spread. I contacted Colin Kingsnorth co-founder and Director of Laxey partners and put to him a number of searching questions at the heart of the many lies spoken about Laxey and other shareholders in general. His answers also 100% back up many of the things I have been saying when challenging these hurtful lies about the clubs largest shareholders. Here are the questions, that any decent journalist could have asked, and the answers from Colin. Q1. It is claimed that Laxey have made money from the club due to erroneous contracts given to friendly businesses by the Board. Can you please confirm that as things stand, you have invested your money in shares and not received a single penny from any source in relation to Rangers FC. Colin: We haven’t received a penny from anything, no contracts for us or friends anything. Q2. It is claimed that Laxey, BP and Marg, deliberately allowed Charles Green and his then directors to squander £67m to put the club in its current position. Can you please confirm this is not the case and comment on any control you had over Charles Greens spending policy. Colin: Good grief. They certainly squandered the money, the club’s money our money, the lot. They were paying themselves large bonuses out of the club’s and our cash. We have never been part of any decision making at the club. Q3. It is my belief that you were extremely unhappy at the gross mis-management of Charles Green and his then directors who spent £67m in 18 months and as such you now keep a closer eye on things in relation to the board. Could you please comment on the above. Colin: Completely , they raised the money and could have really got the club back up to its rightful position instead they wasted it on bonuses and spent on items not really at the top of any list. Millions on Wi-Fi, new large screens , car parks. Ok it's good they are assets of the club but not the thing to buy when the team should have come first. Q4. It is also claimed that the biggest shareholders are against a new share issue(in addition to the rights issue) as you do not want Dave King to have any shares in the business. My contention is that a secondary share issue would put the club on a more solid footing and more than likely increase share price. Could you please comment on the above. Colin: Hard to comment on stock change sensitive issues but we are very supportive of raising money. We aren't part of any group and have no idea who Blue Pitch and Margarita are ( actually I think one of them did appear in a paper saying who they were but can't remember which one) . The club knows who they are and should force public disclosure. I don't understand the Dave King issue he is as free to buy shares as anyone. I would support any major shareholder being represented on the board and I think most people would. So why doesn't he buy shares? Q5. The fan groups who are anti-board believe that the ultimate goal is for the largest shareholders to own Ibrox and Murray Park and lease them back to the club. Given the boycotts and fan reaction to this, I maintain this would be crazy as fans would leave the club in their droves leaving the assets as a worthless investment. Can you confirm your thoughts on this. Colin: It would be lunacy to sell or lease Ibrox and Murray park. We have absolutely no interest in the club doing this or being any part of it. Q6. Can you please state clearly that Laxey would vote against any decision to sell Ibrox or Murray Park. Colin: Yes easy one we would vote against it. Q7. Can you please also state your views on raising finance by using Ibrox and Murray Park as security for a loan. I accept this one is more difficult as I don’t think we can rule this out, but your honest assessment would be appreciated. Colin: That is more difficult, but standard form for borrowing is you shouldn't borrow more than you could afford to lose. We can't afford to lose Ibrox. The world of financing maybe more sophisticated than that and find ways to juggle the maths, but no not against Ibrox maybe against profits but that's a way off. Q8. Finally, could you please confirm if you have a short/medium/long term view on your holdings of Rangers FC. Colin: It's a personal investment , I want the club to get back to where it was and prosper. I don't have a time frame . I want to stick with it. So there we have it. I hope the fans groups take note. 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted August 1, 2014 Share Posted August 1, 2014 how about asking Colin why Laxey voted the way they did at the last AGM 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,306 Posted August 1, 2014 Share Posted August 1, 2014 A couple of questions immediately spring to mind; How big is his shareholding in the club? Is he represented on the board? Only with the answers to the above 2 questions can anyone put the above interview into context. If he is a minor shareholding with no board input, his opinion while noteworthy is unimportant. On the other hand if he is a significant shareholder with board representation, his interview has some merit, but also we would then be asking why he has allowed it on his watch, why he continues to allow the current board to be putting shareholders interests above the Company's, and why he has done nothing to try to get fans onside. 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted August 1, 2014 Share Posted August 1, 2014 More infighting , this time it's sons of truth yet again rubbishing the sons of struth 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted August 1, 2014 Share Posted August 1, 2014 sons of truth? how exactly did they manage to get an interview? Merlin by any chance:merlin: 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,131 Posted August 1, 2014 Author Share Posted August 1, 2014 A couple of questions immediately spring to mind; How big is his shareholding in the club? Is he represented on the board? Only with the answers to the above 2 questions can anyone put the above interview into context. If he is a minor shareholding with no board input, his opinion while noteworthy is unimportant. On the other hand if he is a significant shareholder with board representation, his interview has some merit, but also we would then be asking why he has allowed it on his watch, why he continues to allow the current board to be putting shareholders interests above the Company's, and why he has done nothing to try to get fans onside. Well, Laxey have the biggest single holding at the club at the moment - 8,292,957 shares which is 12.74% of the issued share capital. It can be argued he's represented on the board by Norman Crighton but there seems to be some inconsistency with regard to that. Surprise surprise. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 1, 2014 Share Posted August 1, 2014 They tried to make money online lying to be stopped by the fans. We all know that. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted August 1, 2014 Share Posted August 1, 2014 Two parties conducting some twee interview for no reason other than self-interest. 0 Quote Link to post Share on other sites More sharing options...
lenzEK 0 Posted August 1, 2014 Share Posted August 1, 2014 They tried to make money online lying to be stopped by the fans. We all know that. Can you expand on that one GS? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted August 1, 2014 Share Posted August 1, 2014 There's an awful lot of typos in the answers for them to have come from an educated business and financial expert. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.