Rangers boardroom battle: Douglas Park consortium winning the battle for Ibrox...

[Darthter 542]

I'm guessing that if they don't have enough votes to win an EGM then they wouldn't get enough shares to get 51%.

 

Possibly....but if a formal 30=% offer was made, there may be shareholders willing to cut their losses.

[Frankie 8,150]

Would it not be in the interests of King/3B's to declare they are working together. By doing that, they would have 30+% and would have to make an offer for the rest of the shares.

While, some won't sell, I'm sure there are others that will. If the get to the 51%, then they can clear out the boardroom without worry.

 

Ok, by doing the above, it would probably mean less available cash for immediate investment, but if it gets decent folk back in control, surely it would be worth it???

 

I think that's the strategy Ashley et al are trying to persuade here.

 

Problem is, one day the offer price may be 20p, the next it's 35p and the next it's 50p.

[jhunter 0]

Anyone knows how a hostile takeover would look like in our case?

 

yeah

 

the police and serious fraud office arrive and cart away the present incumbents

[Rangersitis 0]

yeah

 

the police and serious fraud office arrive and cart away the present incumbents

 

 

James Easdale must have drawn some pictures with his crayons during the board meetings, surely one of them is of a tanned guy with a beard.....

[BEARGER 1,829]

@RichwilBBC: The Douglas Park consortium have indicated their willingness to increase their funding offer to Rangers, having met board's request for £5m

[BEARGER 1,829]

More from Twitterland.

 

@Chris_Jack89: Three Bears offer to double their loan, after meeting board's request for £5m, to keep Ibrox from MA. Say security over Ibrox is 'abhorrent'

[Steve1872 4]

STV Sport ‏@STVSport 8m8 minutes ago

'Three Bears' offer to up £5m Rangers loan bid to protect Ibrox http://bit.ly/1wewX8D

[forlanssister 3,050]

Posted this earlier in the wrong thread!

 

The Three Bears say they are willing to double their £5million loan offer to Rangers if it keeps Ibrox out of Mike Ashley's hands.

 

The Newcastle United owner has filed documents notifying land register bosses that he plans to take out security on the stadium and Murray Park. The billionaire tycoon is preparing to hand over an emergency loan to the crisis-hit club, with the BBC reporting he has offered £10million to help see the club through the rest of January. But it has outraged the Light Blues faithful, who fear their home ground could fall into Ashley's hands forever if Rangers were to suffer another meltdown.

 

The move also promises to be a major set-back to the Bears - wealthy fans Douglas Park, George Taylor and George Letham - if successful as their consortium, combined with Dave King, try to force a shake-up of the Gers board. A £5m loan offered by Park's group two weeks ago remains on the table but they now say they are willing to match Ashley's terms if it will safeguard Ibrox. A spokesman for the Bears said: "If we are to believe the BBC report then the Board may be suffering from a bout of amnesia. "A £5m funding package was offered by us after discussions with Board members regarding the amount required by the club. If the Board are now saying they need more than £5m then we are prepared to increase our funding package to begin the process of putting Rangers back on a firm financial footing. "We hope this can be agreed soon so we can put an end to the suffering of Rangers fans who have been shown complete disregard for far too long. Rangers supporters deserve greater respect and it would be foolish to take them for granted. They have had enough and will not take any more. "Our initial funding offer also asked for a negative pledge on Ibrox, which is a guarantee that security over that asset couldn't be given to anyone else. This condition was refused by the Board and we accepted this on the basis of the Board's previous statements that Ibrox would be sacrosanct. "Rangers fans, including ourselves, do not want Ibrox given over as security to anyone.

 

The very notion is abhorrent to us and that it is even being considered suggests at best a lack of understanding of what Ibrox represents and at worst a callous disrespect. "There is absolutely no need for Ibrox to be used as security when there are people ready and committed to offer more than adequate funding while at the same time protecting the stadium." The Rangers board has already admitted the club could go under again if it does not find fresh cash by the end of the month. The papers lodged with the Registers of Scotland by Ashley - officially known as an advance notice - protect the title deeds of both Ibrox and Murray Park and mean anyone else looking to issue the board a loan would not be able to take Ibrox or Murray Park as security.

 

The document is valid for 35 days, meaning Ashley has until February 17 to strike a rescue deal. However, the 50-year-old's latest posturing shows he is not ready to loosen his grasp on power at Rangers. King and the Bears remain his only opponents in the battle for control after US financier Robert Sarver's £20m takeover bid was rejected on Monday. They bought up two chunks of shares which combined equate to around 34 per cent of the club - a figure which allows them to call an EGM and a series of votes to rout the board of unpopular directors like chairman David Somers and James Easdale. They would need to be certain of having majority shareholder support for that to happen and have so far resisted taking that option. Calling an EGM would take several weeks and the Bears' worry is what Ashley will do in the meantime while he still pulls the strings. He owns 8.92 per cent of the Light Blues but strengthened his position after handing over a £3m emergency loan late last year. He has already placed right-

hand men Derek Llambias and Barry Leach on to the board as chief executive and financial director and continues to run the club's retail division at rates highly beneficial to him.

 

The Rangers board is on record saying it would not grant security on Ibrox to anyone. In a statement issued on May 6 last year, the directors announced they had "no intention of granting security over Ibrox to anybody", adding: "Our stadium is sacrosanct." But it replied to Thursday's reports by announcing to the Stock Exchange: "The company notes the recent speculation in the press. The directors confirm that they are currently considering various proposals to secure the financial future of the club, however no decision has been made at this time."

 

The Ibrox faithful, however, insist they will fight any move to give away control of Ibrox - even if it means going to court. In a statement, the Rangers Supporters Trust said: "We are taking urgent legal advice regarding this attempt by the board of Rangers Football Club to pass the most prized assets of the club to Mike Ashley. "We believe the board may be acting illegally on two fronts and we will be working with any other shareholder who wishes to challenge this. If necessary we will instigate legal action against the directors both collectively and individually. "We have also contacted several MPs and will be seeking political and government support to stop this attempted asset grab."

 

http://au.eurosport.com/football/thr...26/story.shtml

[ian1964 10,411]

How many times will the offer be raised?

[buster. 4,808]

STV Sport ‏@STVSport 8m8 minutes ago

'Three Bears' offer to up £5m Rangers loan bid to protect Ibrox http://bit.ly/1wewX8D

 

Part of article in link..........

 

"The group - consisting of George Letham, Douglas Park and George Taylor - say they will increase their bid after initially being told £5m would have been enough to ensure Rangers' future - and their involvement in the running of the club's affairs.

 

In a statement they said: "If we are to believe the BBC report then the board may be suffering from a bout of amnesia. A £5m funding package was offered by us after discussions with board members regarding the amount required by the club.

 

"If the board are now saying they need more than £5m then we are prepared to increase our funding package to begin the process of putting Rangers back on a firm financial footing."

 

-------------------------

 

So it would appear as if the board of RIFC (which seems to be very Sports Direct orientated these days) asked Letham, Park & Taylor for 5M which allowed the boss of Sports Direct to trump them with 10M.

 

In so doing, allowing MASH to get control of the negotiating with the notice to lodge to use Ibrox and Auchenhowie as security and not asking LP&T for an improved offer before so doing.......to avoid using Ibrox as a security as previously pledged by this board.

 

That looks BAD and is surely another example of the Sports Direct boys and sp.ivs (in other words the RIFC board plus shadow director S.Easdale) being in this together in a desperate attempt to keep prying eyes from what is under the bonnet.

Edited January 15, 2015 by buster.