chilledbear 16 Posted October 30, 2015 Share Posted October 30, 2015 After careful consideration the Board has determined that it is not appropriate to proceed with a share issue and listing on the ISDX market until the criminal proceedings being brought against Charles Green, Imran Ahmed, Craig Whyte and others are concluded. The Board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the Group will be made available as and when required from the existing shareholder / lenders. Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis. The facilities to be made available more than cover the projected shortfall for this Season and beyond. The Board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case by case basis in accordance with prior statements. The Group’s accounts will be circulated to shareholders for approval in the next few days. The lenders have indicated that, at an appropriate juncture, they would be prepared to convert their loans into share capital. To facilitate this, a resolution will be presented to the AGM to permit shares to be issued by RIFC on a non pre-emptive basis. The Board would like to see this resolution passed but this is not a condition of funding being made available. The resolution will be a special resolution and would require the support of 75% of those shareholders voting at the AGM. The Board recognises that funding of the sort being provided by its shareholder / lenders would more naturally be made available as an equity investment and believes it would be in the best interests of RIFC’s shareholders if the loans could be converted. http://rangers.co.uk/news/headlines/update-on-funding/ 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted October 30, 2015 Share Posted October 30, 2015 (edited) ill phil and related bampots with nowhere left to go cretins Edited October 30, 2015 by jhunter 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 30, 2015 Share Posted October 30, 2015 Shrewd move from the board! 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,358 Posted October 30, 2015 Share Posted October 30, 2015 If we continue to get home crowds of 40k-45k I don't think there needs to be a shares issue for just now. And if these crowds continue will we get one million paying customers into Ibrox this season for all home games? Do the maths. What sort of match day revenue is that for the season? £25m maybe? 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted October 30, 2015 Author Share Posted October 30, 2015 (edited) How does this affect other existing shareholders, ie. RST and RF ? Edited October 30, 2015 by chilledbear 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted October 30, 2015 Share Posted October 30, 2015 Would see more of the company with the good guys which is no doubt the plan. Hope it goes through though I have my doubts. 0 Quote Link to post Share on other sites More sharing options...
barca72 440 Posted October 30, 2015 Share Posted October 30, 2015 How does this affect other existing shareholders, ie. RST and RF ? Perhaps these groups could be allowed to lend the club money on the same basis and then have it converted to shares to keep their percentage of shares on target. DK did say he wanted fan investment. 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted October 30, 2015 Share Posted October 30, 2015 (edited) The supporters groups should be somehow involved in the loan arrangements, they have the money sitting waiting to buy shares. Why not convert that money to loans or equity purchases? Edited October 30, 2015 by aweebluesoandso 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,829 Posted October 31, 2015 Share Posted October 31, 2015 (edited) I must be getting old, could not see the OP. Rangers FCImage copyrightSNS Rangers Football Club is to postpone a share issue and listing on the ISDX market until criminal proceedings against Craig Whyte, Charles Green, Imran Ahmed and others are concluded. The club said it was "satisfied" there was no short term need for the funding the share issue would have generated. It has published a statement on its official website. It also said Dave King, Douglas Park, George Letham and George Taylor would provide further loans if required. The statement said: "The board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the group will be made available as and when required from the existing shareholder/lenders. "Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis." It added: "The facilities to be made available more than cover the projected shortfall for this season and beyond. "The board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case-by-case basis in accordance with prior statements." The club said the group's account would be circulated to shareholders for approval in the next few days. Edited October 31, 2015 by BEARGER It an age thing! 0 Quote Link to post Share on other sites More sharing options...
Little General 80 Posted October 31, 2015 Share Posted October 31, 2015 accounts must have been signed off, which is good news. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.