Club1872 confirm £1million raised for share issue

[Frankie 8,136]

On 08/06/2018 at 18:57, Dragonfly Trumpeter said:

Really? So why the vote now.

 

 

I'm only going by what is said elsewhere on their site: http://club1872.co.uk/about/where-your-money-goes/

 

Funds raised through Club 1872 are spent as determined by its members and according to the constitution. Any alteration to this principle requires the agreement of 75% of the voting members.

By default, funds contributed will be split as below:

47.5% – to purchase shares in RIFC. In coming years it is envisaged that these purchases will be made through share issues meaning that Club 1872 will contribute funds directly into Rangers. This will help to maintain or grow our shareholding but will also mean the funds raised are used to improve the fortunes of our football club.

47.5% – Club 1872 projects identified by contributors following a vote. It should be noted that this includes the option of the funds being allocated to purchase shares if that is what the membership decide. Setting funds aside in this way gives the members more flexibility to decide how they are spent. It is not envisaged that these funds would be provided to Rangers for general working capital purposes but rather they would be provided for defined purposes laid out and voted on by the members. The use of these funds would be subject to members’ vote at all times.

5% – This covers Club 1872 administration costs including our admin assistant wages, office rent and supplies, advertising and hospitality tickets which are offered as Club 1872 experiences.

FWIW, I agree with the point that those members who've decided to allocate a portion of their contribution to projects should be the ones to decide whether or not buying more shares is correct.  Indeed, I'd go so far to say that those people should be approached and asked individually to approve their own contribution but perhaps a vote is the right thing (or the best logistically).

At the end of the day - dilution or not through this issue - the organisation's aim is clear enough so I can't see why any member would vote against acquiring more shares to maintain their holding at as high a level as possible.

[buster. 4,808]

Good post Frankie, I think that pretty much sums it up.

[compo 6,079]

When will there be a share issue so we can all purchase some shares 

[Bill 13,717]

2 minutes ago, compo said:

When will there be a share issue so we can all purchase some shares 

I can sell you plenty and all I ask is the price I paid for them. Sound fair?

[Frankie 8,136]

2 minutes ago, compo said:

When will there be a share issue so we can all purchase some shares 

I guess @forlanssisteror @Dragonfly Trumpeterwould be best placed to answer that but I'd imagine there will another issue quite quickly after this one. Perhaps in the first half of next year. 

[D'Artagnan 173]

3 hours ago, Frankie said:

I'm only going by what is said elsewhere on their site: http://club1872.co.uk/about/where-your-money-goes/

 

 

 

FWIW, I agree with the point that those members who've decided to allocate a portion of their contribution to projects should be the ones to decide whether or not buying more shares is correct.  Indeed, I'd go so far to say that those people should be approached and asked individually to approve their own contribution but perhaps a vote is the right thing (or the best logistically).

At the end of the day - dilution or not through this issue - the organisation's aim is clear enough so I can't see why any member would vote against acquiring more shares to maintain their holding at as high a level as possible.

Agreed Frankie - but furthermore they would have to demonstrate, as a required criteria for all projects, that the intended project expenditure is beneficial to the wider Rangers community.

[Dragonfly Trumpeter 50]

5 hours ago, buster. said:

Good post Frankie, I think that pretty much sums it up.

It is a good post and absolutely sums it up. They even make a democracy look like the old communist USSR.

 

Anyway, more cash to Rangers and 100% controlled. All good in the end.

[Dragonfly Trumpeter 50]

5 hours ago, compo said:

When will there be a share issue so we can all purchase some shares 

I would imagine very soon. They can do as they please currently and once this placement is done and the percentages in place, it is highly unlikely resolution 11 will be an issue ever again****

 

Probably sensible to offer the rank and file their rights moving forward.  Keeps us feeling important and it will be free capital for the club.

 

 

****unless the mega shareholders have a monumental split in the future and internally explode like us with previous fans groups   

[colinstein 294]

what's resolution 11 ?

[Dragonfly Trumpeter 50]

45 minutes ago, colinstein said:

what's resolution 11 ?

It was the motion at the agm to basically allow the directors to allocate shares as they wished and not only by rights during the current financial year. 75% of the vote was required and it failed previously.

 

Once this placement is done, the likes of McCoist & his cronies will not have sufficient shares to block it again, absolutely nowhere near it.