ian1964 10,486 Posted February 24, 2015 Share Posted February 24, 2015 RANGERS kingmakers River and Mercantile were today tipped to vote AGAINST the Ibrox board in the eagerly-anticipated EGM on Friday week. The institutional investors are the sixth largest shareholder in the Glasgow giants and currently hold a stake of 5.77 per cent. And they have the ability to keep the current regime in power - or install Dave King, Paul Murray and John Gilligan as directors on March 6. The Rangers board has commissioned Boudicca Proxy Consultants, a company that lobbies shareholders ahead of company meetings, to drum up support for them. However, River and Mercantile sold a small portion of shares to King when he became the major shareholder in his boyhood heroes last month. City sources believe that is an indication they will back his resolutions to remove chairman David Somers, chief executive Derek Llambias and directors James Easdale and Barry Leach. And leading equity analyst Nicla di Palma of Brewin Dolphin today agreed it is "entirely possible" the transaction signalled how they will vote in the general meeting. She said: "If there was a transaction between River and Mercantile and Dave King then clearly there is a relationship between them. "Obviously shareholders are free to vote as they deem appropriate at an EGM. There is no obligation on them to vote one way or the other. But if River and Mercantile feel Dave King is the best person there they will vote in favour of him. "It is entirely possible that selling him shares is their way of telling the market how they will vote." King and the Three Bears consortium that comprises George Letham, Douglas Park and George Taylor - who will back the resolutions to remove the board - jointly own 34.06 per cent of Rangers. The backing of River and Mercantile would take King a huge step closer to achieving the 51 per cent he needs to seize control at the general meeting. River and Mercantile refused to confirm if they would back the resolutions put forward by King. But Global Head of Distribution James Barham confirmed the company would be voting at the general meeting. He said: "We are not aligned to any particular group of shareholders. "We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company." The Rangers Supporters Trust, which operates the BuyRangers fan ownership scheme, announced on Friday they have so far secured 3.25% of the vote. The RST own 1.57% of the club and have been given proxies for over 1.68% of the total shareholding. And Rangers First yesterday confirmed they had increased their shareholding in the SPFL Championship club to 2% - and have proxies for another 0.5%. Former boss Ally McCoist, who has a 1.34% stake and Kieran Prior, who owns 1.35%, are both expected to back the resolutions. http://www.eveningtimes.co.uk/rangers/major-investor-tipped-to-back-king-at-rangers-egm-198326n.119183943 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted February 24, 2015 Share Posted February 24, 2015 my worry is that they will proxy against and try to extort a purchase of their shares. 0 Quote Link to post Share on other sites More sharing options...
MoodyBlue 0 Posted February 24, 2015 Share Posted February 24, 2015 This is like having to state that Christmas day fall son 25th December. of course R&M will be voting with King. You don't sell shares to someone and give them a big proportion of your voting rights and then try and vote against them. The R&M votes for King are in the bag and have always been. 0 Quote Link to post Share on other sites More sharing options...
JTP 0 Posted February 24, 2015 Share Posted February 24, 2015 So the "tip" from the article is purely a guess ................ 0 Quote Link to post Share on other sites More sharing options...
MoodyBlue 0 Posted February 24, 2015 Share Posted February 24, 2015 R&M's overall exposure to Rangers is absolutely minimal. We will be a tiny fraction within their portfolio and will be a samll dot in something like their UK Smaller Companies Fund. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 24, 2015 Share Posted February 24, 2015 (edited) my worry is that they will proxy against and try to extort a purchase of their shares. There's also the possibility of votes in exchange for stuffed brown envelopes and those types of scenarios, although I wouldn't like to think that R&M or any of their employees would stoop that low. Edited February 24, 2015 by Zappa 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted February 24, 2015 Share Posted February 24, 2015 what a waste of ink. 0 Quote Link to post Share on other sites More sharing options...
MoodyBlue 0 Posted February 24, 2015 Share Posted February 24, 2015 There's also the possibility of votes in exchange for stuffed brown envelopes and those types of scenarios, although I wouldn't like to think that R&M or any of their employees would stoop that low. This wouldn't happen with River & Mercantile. River & Mercantile - if they want to remain invested in Rangers within their portfolio - will see that the only way for progress and an uplift in the club's fortunes is by voting for King. I am utterly convinced that King would have had a gentleman's agreement with them on the voting. If they were againts King, there's no way on earth that they would have handed over shares - thus voting rights - to him in the first place. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted February 24, 2015 Share Posted February 24, 2015 This wouldn't happen with River & Mercantile. River & Mercantile - if they want to remain invested in Rangers within their portfolio - will see that the only way for progress and an uplift in the club's fortunes is by voting for King. I am utterly convinced that King would have had a gentleman's agreement with them on the voting. If they were againts King, there's no way on earth that they would have handed over shares - thus voting rights - to him in the first place. I agree with you MB, but I'll definitely wait to hear the vote results before counting on R&M or anyone else from the 'unknown' category. Jim McColl & Paul Murray's requisitioners in 2013 initially thought they had enough votes and after 4 months of PR wars, propaganda & spin one or two of the institutional investors jumped ship and decidedly swung the vote. That was then and this is now though, plus the landscape has changed dramatically in terms of the size of shareholdings owned by Rangers fans including King and the 3 Bears, so fingers crossed. 0 Quote Link to post Share on other sites More sharing options...
MoodyBlue 0 Posted February 24, 2015 Share Posted February 24, 2015 I agree with you MB, but I'll definitely wait to hear the vote results before counting on R&M or anyone else from the 'unknown' category. Jim McColl & Paul Murray's requisitioners in 2013 initially thought they had enough votes and after 4 months of PR wars, propaganda & spin one or two of the institutional investors jumped ship and decidedly swung the vote. That was then and this is now though, plus the landscape has changed dramatically in terms of the size of shareholdings owned by Rangers fans including King and the 3 Bears, so fingers crossed. Agreed mate - nothing can be guaranteed from the unknown category. I just feel it would be a huge shock if R&M were not with King & co. And - as you say - things are very different now and I don't believe anyone outwith Easedales/Ashley camp wants to continue with the present board. Change has to happen or the club is gone as we know it. 0 Quote Link to post Share on other sites More sharing options...
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