Rangers First vote to offer club £500,000 loan

[BlueMazza 0]

Saying he would be willing to put that money in is not the same as saying 'I'm transferring £30 million now' and then not doing it. People need to remember we are still jumping through hoops for legals & contracts etc. The share issue vote was blocked at the AGM, I would imagine there are good solid reasons for a) not over-investing at this time and b) not wanting to take more and more loans, or make promises they can't keep.

 

Yesterday wasn't handled well and I'm not whether RF jumped the gun on a simple conversation or if matters simply changed for Rangers upon legal advice. I have a lot more trust in this board even though we've been burned before.

[Rousseau 9,483]

King has said he'd be willing to put in 30m over the period, which IMO does not mean he'll be handing over a 30m cheque straight away. I never expected him to put that amount in anyway, but did expect him to continually put money in as an ongoing concern, which I believe he's done. This is debate over semantics. The point is he said he'd invest, and he has done; I expect more over the course of the next few years.

 

This was an own-goal by RF, putting both them and Rangers in an embarrassing situation. It seems they have emailed their members before actually contacting the club. Now Rangers have felt compelled to say they have not asked for the loan and that King would not match the amount. Some twitterers (or is it tweeters?) have jumped the gun regarding King matching the bid based on what he has said before. I took the "I will match x..." statement to mean he'd match the initial 3 Bears investment, not any subsequent fan investment. It's a little presumptuous to think King, just because he has money, would therefore match any subsequent fan investment. It's not right.

 

Moreover, Rangers haven't said they'd not accept the loan, just that they had not requested it -- for that is serious ammunition for our detractors IMO. King needs to be clearer also with his statements, although it is a sad state of affairs in which any innocuous statement can be twisted to form an agenda. I suspect if RF offered to provide 500k then Rangers would happily receive it. RF should have contacted the club first though, and perhaps made it clear that Rangers had not requested it.

 

These continuous loans are a necessary evil at the minute. It's not great to be dependent on such means of investment, but we are confident and content as to the source and terms of these loans. We need to raise some capital in the form of a share issue, but I suspect we'll still struggle year-on-year until we're back in the Premiership, Europe and those merchandise arrangements are terminated.

[Bluedell 5,353]

This was an own-goal by RF, putting both them and Rangers in an embarrassing situation. It seems they have emailed their members before actually contacting the club.

 

Seems strange when the club's Company Secretary is a leading member of RF.

[calscot 0]

I think the big thing here by the board is to assert that they are not short of money and that they make all the decisions of when to borrow and from whom. I can fully understand why King would not want to be tied to arbitrary money matching statements he didn't make.

 

It seems RF should have had more private dialogue with the club about the possibility of a loan before asking the members OR should have made it clear to the members and public that they were finding from members if they were happy to offer a loan should the opportunity arrise - with no guarantee the club would take it.

 

For the board, I would guess they would also prefer to borrow from people they know and trust, and have built a working relationship with. The RF board are an unknown quantity and there is a possibility of volitility there - we all remember the RST board meltdown.

 

With that in mind, I think there is a chance the board would much prefer to accept the money as part of a share issue - although that's not been possible yet. However, the issue for RF is that they want to increase their shareholding - but instead of continuing to give money to share owners, they would prefer the money was actually useable by the club - share ownership AND funding. Without a vehicle to do that, what they voted on was ostensibly a very good idea.

 

You just have to hope that while the money sits there, it's attracting a reasonable amount of interest.

 

I think this shows why communication is very important.

[ian1964 10,441]

Lifted from FF:

 

 

Rangers First director William McIntyre resigns

 

And well known activist Brian Bowman has published this Open Letter on Facebook overnight.

 

Copy of my letter sent to James Blair today

Mr Blair

Further to our telephone discussion today I need to have the contents of this e mail recorded and I will be making it public to the Rangers Supporters.

I am requesting that Rangers First put on HOLD with immediate effect the offer to loan Rangers International Football Club £500,000.This is nothing to do with not wishing to assisting the club I love.

This request is 100% to question and challenge the diligence,lack of process and lack of detail and transparency given to the hard working Rangers supporters that put the money in the Rangers First account expecting it to be used to buy Shares.

I want to point out to you that as a member of Rangers First I request a full open Meeting to discuss implications of this loan in full and it is paramount that all Rangers First members be allowed to ask as many questions relating to this loan in as much detail as required to allow ALL to make a clear informed decision on what is best for Rangers First.

Rangers First has an upcoming AGM at the end of January or early February 2016, At this AGM the Rangers First members should be given the respect deserved by discussing this loan proposal at the AGM and then deciding what type of person we want to vote into office as a Director of Rangers First. Individuals that will never be disrespectful to our members or enter into discussions without 100% Transparency.

I have had discussions today with Rangers First Board members James you being one of them and it is clear there is discord regarding Rangers First and its direction. One Rangers First Board member has resigned and others have agreed that it might be the correct decision to suspend the vote on giving this loan until the internal politics of Rangers First is discussed and a harmonious Board invite our member to a meeting to discuss all the detail of this UNSECURED LOAN.

I want to put it on record that I am appalled that you think putting this vote on a website with only 4 days till it closes and with no real detail or discussion showing a total lack of respect to our members. This is a HUGE DECISION and must not be rushed through.

All our Members must be informed Immediately that a Director has resigned as a matter of principal regarding the lack of diligence and Transparency and other Directors are not comfortable with the workings of Rangers First or your position at Rangers First.

This leads me to another request that you James Blair must resign from Rangers First with immediate effect as there is a clear conflict of interest in your role as Rangers First Secretary and also the Secretary of Rangers international.

Rangers First must always be 100% INDEPENDENT and have no Board Member with a split Loyalty. This is a serious request and I am asking for a Meeting to be arranged as a matter of urgency to discuss this matter.

I have also had conversations today with many other Rangers First Members that want a full discussion on this matter.

I repeat my request that Rangers First must SUSPEND this vote until a full meeting is arranged to discuss the detail

I repeat my request that you resign with Immediate effect and I request you accept this as a full Complaint into your position at Rangers First

I also request that this e mail be shown to all Directors of Rangers First with immediate effect and I ask that the Board convene an urgent meeting to discuss the suspension of this vote and your position as a Board Member at Rangers First.

I look forward to an early reply

Brian Bowman

Founder Member of Rangers First

[JohnMc 2,483]

I read this article a few days ago. It's about FC United of Manchester but it feels relevant to this thread. http://www.afinelung.com/?p=7297

 

It strikes me as profoundly sad that someone would feel there is a conflict of interest between the board of the club and of Rangers First. It's a little dispiriting.

[boabie 230]

Thanks for the info Ian. WM imo is perfectly correct to take the stand he has. I'm not sure if I posted it here but have certainly said it elsewhere, Rangers First and other similar schemes are fantastic ideas and prove the loyalty of our support. But my belief is that they should be there to act on behalf of the fans for the benefit of the club. There should be nobody with a direct involvement to Rangers anywhere near these bodies. We are supplying funding by whatever means and the only contact with the club should be when board members are called to account to explain their actions. If it is seen that the job is being done well our funding is released to them. I appreciate the hard work and time given by ordinary Rangers fans striving to make these schemes work and have no axe to grind with the current board. But it should always be remembered why we are giving our funding. Another great idea has been turned into a shambles and will undoubtably lend another weeks fantasy scribbling by the usual suspects.

[boabie 230]

I read this article a few days ago. It's about FC United of Manchester but it feels relevant to this thread. http://www.afinelung.com/?p=7297

 

It strikes me as profoundly sad that someone would feel there is a conflict of interest between the board of the club and of Rangers First. It's a little dispiriting.

 

"So what happened? The person in question was a lapsed member who had reapplied. In the lead up to the meeting, he had his membership application revoked by the board. Just in time, the board had ensured that he couldn’t attend and make his case. A relatively long list of fellow members who had backed his proposals, following the proper process, were denounced for not volunteering often enough. The previous viewpoint of the club in trying not to reject “awkward” fans, and the ethos of all members being equal was trampled upon. Furthermore, an important chance to discuss and use the democratic structure that the club offers had been missed. The fallout means one or two more members drifting away, an opportunity to firm up or clarify the clubs viewpoint on a number of important matters seemingly successfully deterred. "

 

Sadly, isn't that just what always happens John ?

[buster. 4,808]

Say what you like, I recall x being an extremely variable figure.

 

Yes, but then those like BH and JJ who back Lambias and Leach (ie.Ashely) would choose the upper end.

[Bluedell 5,353]

Lifted from FF:

 

 

Rangers First director William McIntyre resigns

 

And well known activist Brian Bowman has published this Open Letter on Facebook overnight.

 

Copy of my letter sent to James Blair today

Mr Blair

Further to our telephone discussion today I need to have the contents of this e mail recorded and I will be making it public to the Rangers Supporters.

I am requesting that Rangers First put on HOLD with immediate effect the offer to loan Rangers International Football Club £500,000.This is nothing to do with not wishing to assisting the club I love.

This request is 100% to question and challenge the diligence,lack of process and lack of detail and transparency given to the hard working Rangers supporters that put the money in the Rangers First account expecting it to be used to buy Shares.

I want to point out to you that as a member of Rangers First I request a full open Meeting to discuss implications of this loan in full and it is paramount that all Rangers First members be allowed to ask as many questions relating to this loan in as much detail as required to allow ALL to make a clear informed decision on what is best for Rangers First.

Rangers First has an upcoming AGM at the end of January or early February 2016, At this AGM the Rangers First members should be given the respect deserved by discussing this loan proposal at the AGM and then deciding what type of person we want to vote into office as a Director of Rangers First. Individuals that will never be disrespectful to our members or enter into discussions without 100% Transparency.

I have had discussions today with Rangers First Board members James you being one of them and it is clear there is discord regarding Rangers First and its direction. One Rangers First Board member has resigned and others have agreed that it might be the correct decision to suspend the vote on giving this loan until the internal politics of Rangers First is discussed and a harmonious Board invite our member to a meeting to discuss all the detail of this UNSECURED LOAN.

I want to put it on record that I am appalled that you think putting this vote on a website with only 4 days till it closes and with no real detail or discussion showing a total lack of respect to our members. This is a HUGE DECISION and must not be rushed through.

All our Members must be informed Immediately that a Director has resigned as a matter of principal regarding the lack of diligence and Transparency and other Directors are not comfortable with the workings of Rangers First or your position at Rangers First.

This leads me to another request that you James Blair must resign from Rangers First with immediate effect as there is a clear conflict of interest in your role as Rangers First Secretary and also the Secretary of Rangers international.

Rangers First must always be 100% INDEPENDENT and have no Board Member with a split Loyalty. This is a serious request and I am asking for a Meeting to be arranged as a matter of urgency to discuss this matter.

I have also had conversations today with many other Rangers First Members that want a full discussion on this matter.

I repeat my request that Rangers First must SUSPEND this vote until a full meeting is arranged to discuss the detail

I repeat my request that you resign with Immediate effect and I request you accept this as a full Complaint into your position at Rangers First

I also request that this e mail be shown to all Directors of Rangers First with immediate effect and I ask that the Board convene an urgent meeting to discuss the suspension of this vote and your position as a Board Member at Rangers First.

I look forward to an early reply

Brian Bowman

Founder Member of Rangers First

 

I don't get what the issue about offering a loan is. Why is it a huge decision? What are the downsides of doing it? Why wouldn't 100% of members not be in favour of it?

 

I can understand his point about James Blair's conflict of interest to an extent, although as he isn't a director any conflict would be fairly limited.