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Union of Fans threaten Ibrox board AGM mayhem...........


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...........after Rangers share issue raises £3.1million

 

THE under-fire Rangers board have been warned to expect another stormy AGM showdown with shareholders after a day of drama at Ibrox.

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An announcement to the Stock Exchange last night confirmed just £3.13million had been raised through the share offering as around four million shares went unsold.

 

Earlier Rangers confirmed an out-of-court agreement had been reached with former Commercial Director Imran Ahmad, who will receive an undisclosed sum after a series of legal wrangles in his bid to claim £620,000 from the Light Blues.

 

Once fan George Letham has been repaid the £1m he is due, the share offer money is likely to see Rangers through to their next AGM, which could be held within a matter of weeks.

 

Union of Fans spokesman Chris Graham told SportTimes: "The money raised through the share offering would appear to buy the board time until the AGM.

 

"If they are expecting an easy ride at the AGM then I can tell you they'll be sorely disappointed. The fans are not convinced. If you look at the season ticket numbers and attendances, they are down from last year and there is a huge amount of mistrust towards the board.

 

"Every time they make a decision it gets worse. You look at Mike Ashley being handed the shops, the news of the £1 naming rights deal that the board kept quiet and then the issue with Ahmad being paid off.

 

"The only way the board can try to remedy it is to approach someone with money whom the fans' trust and hope their credibility rubs off on the guys that are there just now. It is a big ask given everything that has happened."

 

Rangere were adamant that they were delighted with the shares take-up.

 

In a statement, the club declared: "The successful completion of the Open Share Offer strengthens our financial position and provides funds which allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success.

 

"The purchase of £3.13m of shares demonstrates the continuing commitment from our shareholders and we thank them for their ongoing support."

 

Current RIFC plc board members David Somers, Norman Crighton, Philip Nash and James Easdale all participated in the share offer, but there was no cash forthcoming from Newcastle United chief Ashley.

 

Last night, though, rumours were growing that the Sports Direct tycoon was preparing to support the crumbling Ibrox empire with a multi-million loan.

 

Only 78% of the shares available were snapped up before the deadline yesterday and Graham is not surprised to see some shareholders refuse to plough more money into Rangers.

 

He said: "We will find out next week if some of the shareholders have taken up more than their allocation, which I suspect is probably the case.

 

"So probably more than a quarter of shareholders have decided not to maintain their shareholding and I don't blame them.

 

"If you look at the way the board have run the club, it is short-term thinking.

 

"People who put money into Rangers at the moment have no idea what that money is going to be used for.

 

"The statement said that they were 'delighted' to raise £3.1m, which is bizarre when they were trying to raise £4m.

 

"How can they be delighted to raise £1m less than they wanted to when the finances are so bad? It is ridiculous."

 

The news of the share option came just hours after it was confirmed that an agreement had been reached with Ahmad that will see him receive 'significantly less' than the £620,000 he was suing for.

 

But fans are dismayed that the controversial former director and close ally of Charles Green has received a penny of Rangers' cash.

 

Graham said: "It was our view at the time of his dismissal that Mr Ahmad should not only have been sacked for gross misconduct, he should also have been reported to the Stock Exchange for posting price sensitive information on the Rangers Media message board under an assumed name. Our position has not changed.

 

"Fans who do their best for Rangers by supporting the club financially, consistently see the money they put in squandered in payouts to discredited individuals linked to the plunder of the club over the past few years."

 

http://www.eveningtimes.co.uk/rangers/union-of-fans-threaten-ibrox-board-agm-mayhem-after-rangers-share-180353n.25313795?

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In a statement, the club declared: "The successful completion of the Open Share Offer strengthens our financial position and provides funds which allow the company to start implementing the strategy to re-build and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success.

 

Pish. It is barely enough to cover the necessities for the next couple of months.

 

They, both the club and the newspaper, omitted to say that the £3.13m figure is before costs of at least £370k are taken off.

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The UoF want 'someone with money whom the fans trust'. Who is that then? Let them come out and name names if there is indeed anyone out there. Their previous backing of DK now looks like not so much as backing the wrong horse but backing a horse that isn't even running.

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Rab wants names! Whodathunkit?

 

Truth is the UoF have no one 'with money whom the fans can trust'. Why don't they just admit it?

Anyway what super wealthy person is going to throw money at Rangers and expect to have to get the consent of Dingwall,Graham etc every time they want to do something

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It was nice logging in today and reading the "very good performance " thread then 5 minutes later back to same old, fuck off Chris and give us peace for a day or two at least.

 

Did Chris also force you to open the thread, or did you not quite get the gist of the content within when reading the subtle title?

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Truth is the UoF have no one 'with money whom the fans can trust'. Why don't they just admit it?

Anyway what super wealthy person is going to throw money at Rangers and expect to have to get the consent of Dingwall,Graham etc every time they want to do something

 

Now you are asking me for names, Rab! :D

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