Rangers First own 2.46% of Rangers (plus 0.7% voting rights)

[Dragonfly Trumpeter 50]

I see RF passed the 12k mark earlier this evening. Along with the earlier RST move, it makes it another fantastic day for and effort by the Rangers supporters.

 

Well done to all.

[Davie P 4]

Following this announcement, it does appear that the good guys are edging ever closer to obtaining the 50% + 1 magical figure. Should this be the case and they prevail at the EGM, what is the next step? Lambias and Leach were appointed as Directors on behalf of MASH and SD, in return for loans from Ashley and presumably can be voted off upon payment of the outstanding loans. (I am ignoring the employee issue at this time).

 

My assumptions

 

1. Dave King wins the EGM.

2. DK repays the loans from short term loans that he will provide, to be converted into equity at the next share offering. IIRC he offered 16m for the entire share capital previously and advised that this is still available (presumably less the amount for the shares that he had to purchase on the open market.)

3. Lambias and Leach are dismissed from the board and placed on gardening leave or dismissed, following investigation into the onerous contracts and conflict of interest. (We live in hope!)

4. New share offering to existing shareholders. This has already been approved by the current board at the AGM, so will go ahead.

5. The EGM is unlikely to result in a 75% in favour of DK, so share offering would be restricted to existing shareholders.

6. Easdale block and Ashley would be compelled to buy into the share offering to maintain their current level of shareholding. Unlikely to occur as Ashley bought his shares on the open market to prevent money coming into the club so as to ensure the acceptance of his loans and conditions.

7. RF and RST continue to buy shareholding and increase their influence at board level.

 

Does anyone see it playing out any other way?

[Frankie 8,148]

Following this announcement, it does appear that the good guys are edging ever closer to obtaining the 50% + 1 magical figure. Should this be the case and they prevail at the EGM, what is the next step? Lambias and Leach were appointed as Directors on behalf of MASH and SD, in return for loans from Ashley and presumably can be voted off upon payment of the outstanding loans. (I am ignoring the employee issue at this time).

 

My assumptions

 

1. Dave King wins the EGM.

2. DK repays the loans from short term loans that he will provide, to be converted into equity at the next share offering. IIRC he offered 16m for the entire share capital previously and advised that this is still available (presumably less the amount for the shares that he had to purchase on the open market.)

3. Lambias and Leach are dismissed from the board and placed on gardening leave or dismissed, following investigation into the onerous contracts and conflict of interest. (We live in hope!)

4. New share offering to existing shareholders. This has already been approved by the current board at the AGM, so will go ahead.

5. The EGM is unlikely to result in a 75% in favour of DK, so share offering would be restricted to existing shareholders.

6. Easdale block and Ashley would be compelled to buy into the share offering to maintain their current level of shareholding. Unlikely to occur as Ashley bought his shares on the open market to prevent money coming into the club so as to ensure the acceptance of his loans and conditions.

7. RF and RST continue to buy shareholding and increase their influence at board level.

 

Does anyone see it playing out any other way?

 

No, I think that appears most likely though I would expect the Easdale bloc to drift apart giving more flexibility in terms of issuing shares.

 

There is the possibility Ashley plays hard ball but I suspect he's more likely to negotiate.

[pete 2,499]

If the Easdales wants to win the fans over and the split with Ashely is true they should now throw their Proxy vote behind King to remove the rest of the board.

[trublusince1982 243]

Only worry for me is Ashley uses the two positions his loan allegedly allows the minute the egm result is known.

[Darthter 542]

Only worry for me is Ashley uses the two positions his loan allegedly allows the minute the egm result is known.

 

Ashley doesn't have the power or the option to place folk on the board.....he has the option to PROPOSE folk. If the sitting board don't approve the proposal, there is nothing he can do.

[RabiDuck 89]

Only worry for me is Ashley uses the two positions his loan allegedly allows the minute the egm result is known.

 

Even if he does, that's two directors against kingco's 3 so they can't affect anything, plus they'd only be there until the loans were repaid, I'd suspect King has plans to do that pretty quickly.

[Bluedell 5,329]

Following this announcement, it does appear that the good guys are edging ever closer to obtaining the 50% + 1 magical figure. Should this be the case and they prevail at the EGM, what is the next step? Lambias and Leach were appointed as Directors on behalf of MASH and SD, in return for loans from Ashley and presumably can be voted off upon payment of the outstanding loans. (I am ignoring the employee issue at this time).

 

My assumptions

 

1. Dave King wins the EGM.

2. DK repays the loans from short term loans that he will provide, to be converted into equity at the next share offering. IIRC he offered 16m for the entire share capital previously and advised that this is still available (presumably less the amount for the shares that he had to purchase on the open market.)

3. Lambias and Leach are dismissed from the board and placed on gardening leave or dismissed, following investigation into the onerous contracts and conflict of interest. (We live in hope!)

4. New share offering to existing shareholders. This has already been approved by the current board at the AGM, so will go ahead.

5. The EGM is unlikely to result in a 75% in favour of DK, so share offering would be restricted to existing shareholders.

6. Easdale block and Ashley would be compelled to buy into the share offering to maintain their current level of shareholding. Unlikely to occur as Ashley bought his shares on the open market to prevent money coming into the club so as to ensure the acceptance of his loans and conditions.

7. RF and RST continue to buy shareholding and increase their influence at board level.

 

Does anyone see it playing out any other way?

 

2. King may not repay the loans immediately. The major downside is the loss of retail revenue but it depends on how free with their cash King and T3Bs are going to be.

 

5. Even if King got 75% at the GM he wouldn't be able to have a share issue with no restrictions as to who they went to.

 

6. Yes, doubtful that Ashley or Easdale would contribute to a share issue unless some level of influence was on offer.

 

7. The share issue would dilute the RST and RF holdings. I can see some pulling out of these schemes after the EGM as the immediate risk will have disappeared so it may take them a while to get back to current levels.

[pete 2,499]

Only worry for me is Ashley uses the two positions his loan allegedly allows the minute the egm result is known.

 

That is a certainty I would imagine. The only good thing is they would always be out-numbered in any vote. I would also expect one or more of the Three bears to take a place on the board. Dare I say also possibly someone from the supporters shareholdings.

[the gunslinger 3,366]

Only worry for me is Ashley uses the two positions his loan allegedly allows the minute the egm result is known.

 

Wouldn't matter they would be out voted. Then removed when its repaid.