Mountain Bear 0 Posted December 24, 2014 Share Posted December 24, 2014 Didn't he call that a pittance at one point? Barely worth getting out of his 5-star hotel bed for. I remember now, he complained in an email about his "poor level of remuneration" - £2.5k / day - when discussing a certain supporter's request to view the Directors' service agreements...[emoji9] 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted December 24, 2014 Author Share Posted December 24, 2014 From Daily Record article "The email is dated October 10 – two days before Ashley called for an emergency general meeting in a bid to remove chief executive Graham Wallace and finance director Philip Nash from the board." http://www.dailyrecord.co.uk/sport/football/football-news/leaked-david-somers-email-shows-4870054 This paragraph is wrong, or at least the way I'm reading it, it sounds wrong. To me, it gives the impression that the EGM was called on the 12th. The letter from MASH Holdings Ltd. requesting an EGM and the removal of Wallace and Nash was received on the 7th of October. It was then announced to the market on the 8th, two days before the leaked e-mail was sent. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted December 24, 2014 Share Posted December 24, 2014 On the BBC now . . . Richard Wilson http://www.bbc.co.uk/sport/0/football/30571648 David Somers was concerned that he would lose his seat on the Rangers International Football Club board if a consortium including Dave King was successful with a funding offer. The RIFC chairman expressed his fears in an email to an associate of Sports Direct owner Mike Ashley. Somers also asked why a funding offer had been changed to a "particularly stupid alternative". Two weeks later, Ashley's £2m loan offer was accepted ahead of a loan offer from Brian Kennedy and the funding proposal made by the consortium. In the correspondence, Somers referred to a "formal proposal of a deal from Dave King and my board are clamouring for a call to discuss it and no doubt approve it. A board on which James [Easdale] and I are a minority". Somers also revealed that the consortium's proposal included board seats "which means Sandy, James [Easdale] and I will not survive on this board very much longer. Yes, you can vote them off at the next AGM but they can do a great deal of damage before then." Describing himself as "very angry", Somers also said that he was prepared to terminate Sports Direct's retail contract. The RIFC board was seeking funding to cover for a shortfall in season ticket sales. The consortium involving King wanted boardroom control in return for a £16m funding package. Kennedy was prepared to provide a £3m loan in return for security against the assets and one board place. Ashley's loan offer was also secured, and sought two board places. The long-time Ashley associate Derek Llambias, who was previously managing director of Newcastle United - the club Ashley owns outright - is now chief executive of Rangers, having been appointed as a consultant then a non-executive director in the weeks following Ashley's loan offer being accepted. David Somers responded to BBC Scotland: "The Dave King proposal started well but, as I stated, fell at the first hurdle of 'show me the money' and 'who are the eight people in your consortium'. "Sadly this proposal quickly began to look more like one designed simply to impress the media rather than a proper proposal. "The mystery to me is if Dave King really wants to support Rangers then why doesn't he buy some shares, then he can participate in rights issues? Or he could buy us a couple of players? "It was worth a try but in the end we couldn't get a sensible realistic deal from anyone at that time despite my trying to put pressure on each of them to produce something sensible, so we had to opt for one of the two loan possibilities." The Scottish Football Association has issued notices of complaint to Ashley and Rangers over potential dual interest breaches. The SFA rules do not allow individuals to hold stakes in two clubs, but the governing body made concessions when Ashley first took a stake in RIFC. He agreed to be bound to an undertaking, which including not having undue influence on the board. Rangers now need £8m in additional funding and shareholders have voted in favour of a share issue in the new year. Ashley could underwrite the issue, but needs SFA approval to raise his 8.92% stake beyond 10%. When RIFC held an open offer to existing shareholders last September, another associate of Ashley - Stephen Mucklow - was set to underwrite it. A draft RNS statement to the Stock Exchange was prepared to that effect, only for the underwriting offer to be withdrawn less than a week before the open offer. On the day of the offer, Ashley also announced that he would not participate in the fundraising, which Rangers required for working capital. The offer raised a little over £3m. Ashley subsequently spent around £400,000 acquiring Hargreave Hale's stake in RIFC. 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted December 24, 2014 Share Posted December 24, 2014 On the BBC now . . . Richard Wilson http://www.bbc.co.uk/sport/0/football/30571648 David Somers was concerned that he would lose his seat on the Rangers International Football Club board if a consortium including Dave King was successful with a funding offer. The RIFC chairman expressed his fears in an email to an associate of Sports Direct owner Mike Ashley. Somers also asked why a funding offer had been changed to a "particularly stupid alternative". Two weeks later, Ashley's £2m loan offer was accepted ahead of a loan offer from Brian Kennedy and the funding proposal made by the consortium. In the correspondence, Somers referred to a "formal proposal of a deal from Dave King and my board are clamouring for a call to discuss it and no doubt approve it. A board on which James [Easdale] and I are a minority". Somers also revealed that the consortium's proposal included board seats "which means Sandy, James [Easdale] and I will not survive on this board very much longer. Yes, you can vote them off at the next AGM but they can do a great deal of damage before then." Describing himself as "very angry", Somers also said that he was prepared to terminate Sports Direct's retail contract. The RIFC board was seeking funding to cover for a shortfall in season ticket sales. The consortium involving King wanted boardroom control in return for a £16m funding package. Kennedy was prepared to provide a £3m loan in return for security against the assets and one board place. Ashley's loan offer was also secured, and sought two board places. The long-time Ashley associate Derek Llambias, who was previously managing director of Newcastle United - the club Ashley owns outright - is now chief executive of Rangers, having been appointed as a consultant then a non-executive director in the weeks following Ashley's loan offer being accepted. David Somers responded to BBC Scotland: "The Dave King proposal started well but, as I stated, fell at the first hurdle of 'show me the money' and 'who are the eight people in your consortium'. "Sadly this proposal quickly began to look more like one designed simply to impress the media rather than a proper proposal. "The mystery to me is if Dave King really wants to support Rangers then why doesn't he buy some shares, then he can participate in rights issues? Or he could buy us a couple of players? "It was worth a try but in the end we couldn't get a sensible realistic deal from anyone at that time despite my trying to put pressure on each of them to produce something sensible, so we had to opt for one of the two loan possibilities." The Scottish Football Association has issued notices of complaint to Ashley and Rangers over potential dual interest breaches. The SFA rules do not allow individuals to hold stakes in two clubs, but the governing body made concessions when Ashley first took a stake in RIFC. He agreed to be bound to an undertaking, which including not having undue influence on the board. Rangers now need £8m in additional funding and shareholders have voted in favour of a share issue in the new year. Ashley could underwrite the issue, but needs SFA approval to raise his 8.92% stake beyond 10%. When RIFC held an open offer to existing shareholders last September, another associate of Ashley - Stephen Mucklow - was set to underwrite it. A draft RNS statement to the Stock Exchange was prepared to that effect, only for the underwriting offer to be withdrawn less than a week before the open offer. On the day of the offer, Ashley also announced that he would not participate in the fundraising, which Rangers required for working capital. The offer raised a little over £3m. Ashley subsequently spent around £400,000 acquiring Hargreave Hale's stake in RIFC. where have i heard those exact words before! Honestly Jack it was rubbished and ignored when you had your buddies try it on fans forums and blogs and the same will happen again. Either you have ran out of ideas or your conscience is detracting from your A game. Starting to think you might be dragging your heels so to speak, no other excuse for tripe, redundant ,half arsed, transparent regurgitation of piss poor deflection. C'mon sharpen up! 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted December 24, 2014 Share Posted December 24, 2014 Bet the £75k he's received for the last 12 months and the fat expenses (Business Class flights from London, free board and lodgings in Glasgow's finest hotels etc....) has something to do with it! Nice work for a contracted 1-2 days per month. there you go prepared to ruin rangers for 75k. think on that people. 0 Quote Link to post Share on other sites More sharing options...
SteveC 150 Posted December 24, 2014 Share Posted December 24, 2014 Another look at Somer's email suggests that he has confirmed Sandy Easdale is a shadow director. "Dave King's proposal includes board seats which means Sandy, James and I will not survive on this board very much longer." If so, RIFC must comply with the following AIM rules:- AIM rule 10, Principles of Disclosure. It is no longer acceptable that the company continue to omit this information. AIM rule 17, appointment of any director. AIM Rule 26, Company information disclosure. I have sent off an email to our new (old) NOMAD, Paul Shackleton flagging this up. Will post any response received. Isn't the NOMAD just a gang of their crooked pals in on the scam, though? 0 Quote Link to post Share on other sites More sharing options...
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