buster. 4,808 Posted August 26, 2014 Share Posted August 26, 2014 He'd need to be insane to accept his million quid paid back in shares that could be worth hee haw at the drop of a hat. It's only the interest premium that has the option to convert to shares. The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash. http://rangers.g3dhosting.com/regulatory_news_article/374 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 26, 2014 Share Posted August 26, 2014 He'd need to be insane to accept his million quid paid back in shares that could be worth hee haw at the drop of a hat. or have a plan. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted August 26, 2014 Share Posted August 26, 2014 It's only the interest premium that has the option to convert to shares. Yes, you're right and only if the board were granted authority to issue the new shares at a general meeting. It's also only the principal amounts of the two loan/credit facilities that are "repayable no later than 1 September 2014", while the £45,000 premium fee can be paid "at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement" http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11872699 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted August 26, 2014 Share Posted August 26, 2014 From the regulatory notices. 23/2/14 The Board of Rangers is pleased to announce that it has entered into two secured short term credit facilities for an aggregate of up to £1.5m. The credit facilities are being provided by Alexander Easdale, a shareholder in the Company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC, and Laxey Partners Ltd ("Laxey"), a substantial shareholder in the Company. These credit facilities will be used by the Company for general working capital purposes over the next few months.Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the "Easdale Facility"). Laxey will make available to the Company up to £1 million, with a premium payment equal to 15% of the nominal amount of the facility (the "Laxey Facility"). The Easdale Facility and the Laxey Facility (together the "Facilities") are both secured against the Company's Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources. The premium on the Laxey Facility is payable in cash or, at Laxey's discretion, in ordinary shares of 1p each, at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement. The number of ordinary shares of 1p each which may be issued will be calculated using the lower of either 26.5 pence, being the mid-market closing price of the Company's shares on 21 February 2014, or the lowest price at which any equity fundraising is carried out prior to the first anniversary of the date of the Laxey Facility agreement. The issue of any ordinary shares of 1p each in payment of the premium is subject to the Company obtaining authority from its shareholders at a general meeting of the Company. http://rangers.g3dhosting.com/regulatory_news_article/373 and on 25/3/14 On 24 February 2014, the Company announced that it had entered into two secured short term credit facilities for an aggregate amount of up to £1.5 million. These credit facilities were provided by Laxey Partners Ltd ("Laxey") to the amount of £1 million (the "Laxey Facility") and Alexander Easdale to the amount of £500,000 (the "Easdale Facility"). Laxey has, pursuant to an agreement entered into today, transferred all rights and obligations in relation to the Laxey Facility to Mr George Letham including all its rights in relation to the standard security granted as security for the Laxey Facility. Mr Letham is a shareholder in the Company and a lifelong Rangers fan. The Laxey Facility, now transferred by Laxey to Mr George Letham, remains subject to the same terms and conditions with the exception that the premium payment has been reduced to £45,000 and remains payable in shares or cash. http://rangers.g3dhosting.com/regulatory_news_article/374 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted August 26, 2014 Share Posted August 26, 2014 He'd need to be insane to accept his million quid paid back in shares that could be worth hee haw at the drop of a hat. or have a plan. What sort of plan? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 26, 2014 Share Posted August 26, 2014 What sort of plan? world domination. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,254 Posted August 26, 2014 Share Posted August 26, 2014 hopefully he presents them with a winding up order. Yes that would be fantastic would it not ? Rangers supporter? 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,254 Posted August 26, 2014 Share Posted August 26, 2014 Why do so many so-called Rangers supporters on this forum want Rangers to fail ????? Is it because there aren't enough 'Rangers men' in the boardroom ? I'd love to see Rangers run by 'Rangers men' but face fact it isn't going to happen anytime soon.I'm not convinced by the board either but until there's a credible alternative it's all we've got. Hoping the club go out of business is utter madness and it may never get a chance to fully recover were that to happen god forbid 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted August 26, 2014 Share Posted August 26, 2014 Why do so many so-called Rangers supporters on this forum want Rangers to fail ?????Is it because there aren't enough 'Rangers men' in the boardroom ? I'd love to see Rangers run by 'Rangers men' but face fact it isn't going to happen anytime soon.I'm not convinced by the board either but until there's a credible alternative it's all we've got. Hoping the club go out of business is utter madness and it may never get a chance to fully recover were that to happen god forbid Because their views differ from the way you see things? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 26, 2014 Share Posted August 26, 2014 Yes that would be fantastic would it not ? Rangers supporter? perhaps it would rid us of this lot that have destroyed us. even if not could you blame him if he is overdue a million loaned in good faith. 0 Quote Link to post Share on other sites More sharing options...
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