ian1964 10,486 Posted February 24, 2015 Author Share Posted February 24, 2015 (edited) McColl: Rangers board would have been sacked long ago if they were in any other business Tuesday 24 February 2015 The current Rangers board would have been sacked long ago if they were in any other business according former shareholder Jim McColl. The billionaire businessman who donated his shares to fans' group Rangers First said he hoped they will be next week at the EGM at Ibrox. Mr McColl said he had no plans to get involved in investing in Rangers but that it was still a good investment in the future. http://www.heraldscotland.com/news/home-news/mccoll-rangers-board-would-be-sacked-in-normal-business.1424781883 The wealthy industrialist, who backed an ill-fated move to force boardroom change at Ibrox in 2013, expressed his horror over how the club is being managed by the current board. And he is confident King, who is proposing the removal of the current directors and replacing them with himself, Paul Murray and former Tennent's managing director John Gilligan, will prevail at an emergency general meeting on March 6. King's proposal to oust chief executive Derek Llambias, finance director Barry Leach, chairman David Somers and director James Easdale requires the majority backing of shareholders at the EGM a week on Friday. Asked if he supported King's attempt to topple the board, McColl said: "Absolutely, when we were doing it last time Dave came up to the office to see me, I had several conversations with Douglas Park and some others who were very keen to put money in. "At that time, the goal was we don't want to give these guys the money, because it doesn't go into the club. They were blocking money going into the club, as they are continuing to do by taking Ashley's loans. There is plenty of money out there to go into the club, but it will dilute them and they know they will be off the scene. "That's why this meeting a week on Friday is very important." Mr McColl, speaking at a Glasgow Chamber of Commerce event, expressed confidence that King's motion will garner sufficient shareholder support to prevail. He said the combined strength of the shareholdings held by King, the Three Bears consortium comprising Douglas Park, George Letham and George Taylor, supporters' trusts and other investors will lead to the current board's removal. Mr McColl added: "I know there is one institutional investor that is dead keen to get them out, so in my arithmetic they have got the vote." Edited February 24, 2015 by ian1964 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,198 Posted February 24, 2015 Share Posted February 24, 2015 Hopefully Jim can become involved further down the line. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted February 24, 2015 Share Posted February 24, 2015 Quite a few shares changing hands today. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,198 Posted February 24, 2015 Share Posted February 24, 2015 Cracks appearing in the Easdale bloc suggests Forlanssister... 0 Quote Link to post Share on other sites More sharing options...
JTP 0 Posted February 24, 2015 Share Posted February 24, 2015 Quite a few shares changing hands today. 450k shares = £157k 20k shares = £6k 50k shares = £16k (delayed publication request) That first one is a chunky number. Usually after these we seem to get RF or the RST coming out saying they have bought more. Lets hope for the same again. 0 Quote Link to post Share on other sites More sharing options...
BrahimHemdani 1 Posted February 24, 2015 Share Posted February 24, 2015 (edited) R&M are a top quality organisation and they will act ethically and in whatever way they consider to be in the best interests of their unitholders. There sole concern is to unlock what they see as the long term value in Rangers shares; otherwise they would have cut their losses and sold on the recent upswing in price. The Rangers shares are held in: UK Equity Long Term Recovery Fund (£107m) The objective of the strategy is to outperform a target of LIBOR + 4% per annum. In seeking to achieve the objective the portfolio will primarily consist of UK equities that meet the manager’s recovery criteria of a turnaround in company profitability over the longer term. The manager does not operate within relative risk constraints, but sets absolute limits on the amount of capital allocated to any particular company or sector. World Recovery (£194m) The objective of the strategy is to achieve capital growth, through investing in a portfolio which will primarily consist of international equities that the investment manager believes will benefit from a recovery in company profitability over the medium and longer term. The Fund will not be restricted by reference to a benchmark, territory, sector constraints or company size. They own 4,704,827 shares which at today's price of 33p are worth £1,552,592 which as MB suggets is very small 0.5% of the total value of the two Funds (sorry don't have time right now to get the split). So it is and as I pointed out more than a year ago always has been small potatoes for them but that won't stop them doing what they think is best. The article is pure speculation which anyone could do and is not informed in any way. I have had a relationship with a very senior figue in R&M which has allowed me to obtain and post small snippets of information from time to time but he won't tell me their current intentions. You may be sure of one thing; they will have quized the current management/Ashley closely about their plans as well as listening to what KingCo has to say and will act accordingly. Edited February 25, 2015 by BrahimHemdani 0 Quote Link to post Share on other sites More sharing options...
limeburner 0 Posted February 24, 2015 Share Posted February 24, 2015 As per Frankie. Mr Mcall could help by saying,ifMr King prevails i may be keen to be involved at a later date. Every positive statement would help at this moment. 0 Quote Link to post Share on other sites More sharing options...
Ser Barristan Selmy 222 Posted February 24, 2015 Share Posted February 24, 2015 R&M are a top quality organisation and they will act ethically and in whatever way they consider to be in the best interests of their unitholders. There sole concern is to unlock what they see as the long term value in Rangers shares; otherwise they would have cut their losses and sold on the recent upswing in price. The Rangsers shares are held in: UK Equity Long Term Recovery Fund (£107m) The objective of the strategy is to outperform a target of LIBOR + 4% per annum. In seeking to achieve the objective the portfolio will primarily consist of UK equities that meet the manager’s recovery criteria of a turnaround in company profitability over the longer term. The manager does not operate within relative risk constraints, but sets absolute limits on the amount of capital allocated to any particular company or sector. World Recovery (£194m) The objective of the strategy is to achieve capital growth, through investing in a portfolio which will primarily consist of international equities that the investment manager believes will benefit from a recovery in company profitability over the medium and longer term. The Fund will not be restricted by reference to a benchmark, territory, sector constraints or company size. They own 4,704,827 shares which at today's price of 33p are worth £1,552,592 which as MB suggets is very small 0.5% of the total value of the two Funds (sorry don't have time right now to get the split). So it is and as I pointed out more than a year ago always has been small potatoes for them but that won't stop them doing what they think is best. The article is pure speculation which anyone could do and is not informed in any way. I have had a relationship with a very senior figue in R&M which has allowed me to obtain and post small snippets of information from time to time but he won't tell me their current intentions. You may be sure of one thing; they will have quized the current management/Ashley closely about their plans as well as listening to what KingCo has to say and will act accordingly. And the sooner all of these organisations have no involvement whatsoever in the control of our club the better. 0 Quote Link to post Share on other sites More sharing options...
Anchorman 0 Posted February 24, 2015 Share Posted February 24, 2015 (edited) As per Frankie.Mr Mcall could help by saying,ifMr King prevails i may be keen to be involved at a later date. Every positive statement would help at this moment. In my view Mr McColl has come out of this whole mess looking like a lightweight and an empty barrel. Edited February 24, 2015 by Anchorman 0 Quote Link to post Share on other sites More sharing options...
TheWee BlueDevil 0 Posted February 24, 2015 Share Posted February 24, 2015 In my view Mr McColl has come out of this whole mess looking like a lightweight and an empty barrel. Proper damp squib! 0 Quote Link to post Share on other sites More sharing options...
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