Zappa 0 Posted March 3, 2015 Share Posted March 3, 2015 As expected, Ashley's men are going nowhere in a hurry...... 03 March 2015 Rangers International Football Club plc ("Rangers" the "Club" or the "Company") Extraordinary General Meeting Voting The Board of Rangers notes the Press Release from David King issued today. Proxy voting closes tomorrow morning at 10am, and at the current time a significant number of shares have not yet voted; the outcome cannot therefore be determined with certainty. The position of the proxy voting will not be announced ahead of the meeting for regulatory reasons, and in any event shareholders have the right to revoke their proxy vote by attendance in person at the general meeting. The Directors believe that they have at all times sought to act in the best interests of Rangers for the benefit of its shareholders as a whole and refute in the strongest possible terms any suggestion that this is not the case and in particular any suggestion that they have given their personal interests priority over those of the Company. By remaining in post the directors wish to give the Company and possible incoming directors (should the Board change) the best possible chance of complying with the AIM rules and of avoiding the risk highlighted in the circular of 06 February 2015 of the Company's shares being suspended. There can be no guarantee of avoiding suspension. The Board have reached out to David King in recent days to seek a resolution in the best interests of the Club but regrettably this has not yet proved possible. If control of the board of directors of the Company changes as a result of the general meeting the directors pledge that they will do their utmost to work with the new board in the interests of Rangers Football Club, as they have done and continue to do. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12268758.html 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 3, 2015 Share Posted March 3, 2015 Yes, but this drawdown cash will still be sitting in the bank - so in terms of cashflow it isn't a big deal. It is more of an issue in terms of the security and getting rid of that. Yes, but we haven't seen the small print or fine details involved in the second part of the loan. There may be nothing, but there me be more to it than meets the eye. 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted March 3, 2015 Share Posted March 3, 2015 Surely, even under the Godforsaken entrepreneur culture, this kind of move has to be barred under the present circumstances? 0 Quote Link to post Share on other sites More sharing options...
Laudbertz 0 Posted March 3, 2015 Author Share Posted March 3, 2015 What can be done by the fans tonight (email, petition, etc)? Pressure needs to be applied somewhere. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted March 3, 2015 Share Posted March 3, 2015 Can the shareholders cause an injunction to be issued to prevent this move? 0 Quote Link to post Share on other sites More sharing options...
colinstein 294 Posted March 3, 2015 Share Posted March 3, 2015 It's a threat so that we pay off Llambias and Leech before the EGM. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted March 3, 2015 Share Posted March 3, 2015 It's a threat so that we pay off Llambias and Leech before the EGM. Indeed. My preferred option would be to let them stay as employees but move them out of the Radisson Blu and into a flat in Larkhall. 0 Quote Link to post Share on other sites More sharing options...
trublusince1982 243 Posted March 3, 2015 Share Posted March 3, 2015 signing the stadium over before they go. not exactly a surprise but shocking non the less. Dont call yourself a gers fan Sandy when you standby and watch them strip us clean,coward. 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted March 3, 2015 Share Posted March 3, 2015 I reckon this isn't being done to pay the bills for March, it's to extend Ashley's rights to have directors on the board. Note the part in bold.... The Facility is to be secured by (1) a floating charge over the Club's assets and (2) fixed charges over Murray Park, Edmiston House, Albion Car Park, and the Club's registered trademarks. None of the security that is being given to SD covers Ibrox Stadium, which is specifically excluded and remains in the full ownership of the Club, free from any security. SD will also have the right to nominate two directors to the board of Rangers for the duration of the Facility, any such nomination will be subject to regulatory consent pursuant to the AIM Rules and other regulatory bodies. If the entire sum drawn down is repaid, the Facility will be deemed to be terminated, all security will be released, the 26% of RRL will revert to the Company and all rights of SD to nominate Directors to the Board of the Company will cease. 0 Quote Link to post Share on other sites More sharing options...
pete 2,494 Posted March 3, 2015 Share Posted March 3, 2015 Lets face it we knew there would be a sting in the tail and we suggested this could possibly be it. Look out for a lot of bills paid this week eating into the 5mill so as we cannot return it in full, releasing the security. Probably a lot of PR people to be paid and also companies paid to phone up shareholders. On the other hand King may be happy they done it as it may give him capital to start up with. 0 Quote Link to post Share on other sites More sharing options...
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