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Holding in Company - RE: Sandy Easdale


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From the release

 

The Company announces that it was notified yesterday that further to the Company's Open Offer, Alexander Easdale purchased 1,242,110 ordinary shares of 1 penny each in the Company ("Ordinary Shares") at a price of 20p per share on 12 September 2014. As a result, Mr Easdale now holds 4,242,110 Ordinary Shares in the Company, equal to 5.21% of the issued share capital of the Company. Mr Easdale also holds voting rights over, but does not own, a further 17,062,395 Ordinary Shares, representing 20.94% of the Company, meaning that in total he holds voting rights over 21,304,505 Ordinary Shares, representing 26.15% of the issued share capital of the Company.

 

Not quite the £500K investment talked about in the press last week.

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From the release

 

Not quite the £500K investment talked about in the press last week.

 

Well, I wouldn't be surprised if the "press" mixed this up with his loan of 500k. Speaking of which, am I right in assuming that if he takes up the share- instead of pay-back option, his total amount of shares will become even greater than it is already?

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Well, I wouldn't be surprised if the "press" mixed this up with his loan of 500k. Speaking of which, am I right in assuming that if he takes up the share- instead of pay-back option, his total amount of shares will become even greater than it is already?

 

What share instead of payment option are you referring to?

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Having since read the "loan agreement" I can take that question back:

 

"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 £1m, 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 September 1, 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.

 

"Under the AIM Rules for Companies, the Laxey Facility is a related party transaction under Rule 13 of the AIM Rules.

 

"The directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned."

 

.. as Easdale has no share agreement for the premium, that was only for Laxey & probably Letham. BTW, that share agreement seems to run for up to a year (starting in Feb 2014), should Letham not decide to want the money instead - which he has, AFAIK.

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Having since read the "loan agreement" I can take that question back:

 

 

 

.. as Easdale has no share agreement for the premium, that was only for Laxey & probably Letham. BTW, that share agreement seems to run for up to a year (starting in Feb 2014), should Letham not decide to want the money instead - which he has, AFAIK.

 

Ok, thanks.

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Well, I wouldn't be surprised if the "press" mixed this up with his loan of 500k. Speaking of which, am I right in assuming that if he takes up the share- instead of pay-back option, his total amount of shares will become even greater than it is already?

 

Oh I'm sure the Easdale family spokesperson was the one mixing up the figures.

 

Easdale overall share influence in this case has now decreased from before the open offer.

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