Frankie 8,145 Posted November 12, 2014 Share Posted November 12, 2014 http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12147393.html The Board of Rangers announces that MASH Holdings Limited ("MASH") has agreed to increase the £2m credit facility (the "Facility") announced on 27 October with The Rangers Football Club Limited ("RFCL"). MASH shall make available the additional sum of £1 million for drawdown by the Company on 26 November 2014. All other terms remain the same. During the Autumn, the Club has suffered from lower than expected match attendance which has exacerbated the financial condition of the business The Directors have begun a cost cutting exercise, but further working capital in addition to the Facility will be needed before the end of the year. MASH is a shareholder in the Company holding 8.92% of the voting rights in the Company. MASH also has an indirect holding in Rangers Retail Limited, a 51% owned subsidiary of RFCL. MASH is a Related Party under the AIM Rules and accordingly the Facility is a Related Party Transaction pursuant to AIM Rule 13. The Board discussed offers of finance in detail with two different potential funders over a period of time and also had discussions with an additional potential funder who expressed interest at the end of the period of the Board's discussions with the two original potential funders. Following such discussions, the Independent Directors comprising David Somers, Norman Crighton and James Easdale ("Independent Directors") narrowed down the immediately available funding options to two proposals, being those which were able to provide proof of immediately available and uncommitted funds and proof of the identity of the funders. As such the Independent Directors identified the two proposals that were, in their opinion, capable of immediate delivery. Having assessed these two proposals, the Independent Directors also consulted with major shareholders holding a majority of the voting rights in the Company. Following such shareholder consultations and with the support of such shareholders, the Board resolved to enter into the Facility. The Independent Directors, consider, having consulted with Daniel Stewart its nominated adviser, that the terms of the Facility are fair and reasonable insofar as shareholders of the Company are concerned. The Independent Directors would like to thank all the individuals who showed an interest in helping the Company. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,145 Posted November 12, 2014 Author Share Posted November 12, 2014 At the end of the day, as long as the club hides from open debate about various issues and continues to antagonise us as above, then many fans will stay away. They are responsible for putting bums on seats. They are failing in that. Not us. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 12, 2014 Share Posted November 12, 2014 boycott is working good. 0 Quote Link to post Share on other sites More sharing options...
Stimpy 0 Posted November 12, 2014 Share Posted November 12, 2014 Basically having a pop at supprters and King and co. But they want our cash. Unbelievable, 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,409 Posted November 12, 2014 Share Posted November 12, 2014 He will probably continue to lend us money,enough so we finally have huge debt to him that we can't pay back! 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted November 12, 2014 Share Posted November 12, 2014 All our fans will be loving him even more now. God knows what Ashley got in return for this. 0 Quote Link to post Share on other sites More sharing options...
26th of foot 5,827 Posted November 12, 2014 Share Posted November 12, 2014 Sitting in Bar '72 these last few weeks, I have realised it was all my fault. Those mid-60s philosophers will have daubed us as, 'lost souls', not knowing our role. Thanks to the Board for shining a light into a dark corner. Sorry to the Board, mea culpa, mea maxima culpa. As Hughie Green used to say, "and I mean that most sincerely folks". Does the Co-op still sell sincerity? I'll have a quarter pun. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted November 12, 2014 Share Posted November 12, 2014 .@BBCSport understands job losses now likely at #Rangers but playing squad won't be cut. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 12, 2014 Share Posted November 12, 2014 their have already been numerous large cuts in staff. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,231 Posted November 12, 2014 Share Posted November 12, 2014 IMHO just more "bridge-money" up until the AGM takes place and agrees* to a new share issue and thus new investment. You would hope that there will be some decision been made about whether or not Ashley can have a greater holding or not. I wouldn't be surprised if he's talked to e.g. Laxey already, setting up a deal so that they take over a greater sharehold in his stead, will signing a deal with him to sell it in say 2016 at a set price. That said, a new share issue might also be King's last chance (for the time being) to get a foothold in the club/company. Somehow I can't see that happening. *Since the majority shareholders all voted for Ashley and not King, you can bet that they will follow his plans/suggestions about a new share issue. 0 Quote Link to post Share on other sites More sharing options...
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