Rangers FC AGM

[ian1964 10,413]

 

[Bluedell 5,329]

1 hour ago, ian1964 said:

 

Confirmation that a firm offer to C1872 to buy as many shares that they would like at a fixed price has again been made. (around 9.44)

[der Berliner 3,245]

2 hours ago, Bluedell said:

Confirmation that a firm offer to C1872 to buy as many shares that they would like at a fixed price has again been made. (around 9.44)

... and that was never beyond question, I would assume. IMHO, King`s offer to Club 1872 was also made with a view that no new "major" shareholder arrives at the scene as well as giving Club 1872 as the main supporter`s vehicle first pick.

[ian1964 10,413]

 

[the gunslinger 3,366]

As long as the price is 20p they should be buying. Shame it's over a short period. 

 

Would like a commitment it's additional funding though. 

Edited December 15, 2020 by the gunslinger

[Bluedell 5,329]

The full C1872 statement that Ian linked to above:

 

Club 1872 is delighted that Rangers Vice Chairman, John Bennett reconfirmed Rangers’ commitment to working with Club 1872 at today’s AGM. We also note his confirmation that Rangers now require additional shareholder funds going into 2021 - something that we had previously been advised would not be the case.

Prior to the AGM, and in advance of us presenting the vote to our members on Resolution 8, we requested that Club 1872 be guaranteed the opportunity to invest directly into the Club. The RIFC Board submitted to our request and that is the undertaking that John Bennet has now confirmed at the AGM. This provides Club 1872 - and consequently our members - with the additional benefit of acquiring shares from Dave King and from the Club, which will only strengthen our position going forward. This is a very positive development for supporters and for our present and future members. It also reinforces the importance of Club 1872 raising sufficient funds to take advantage of this unique opportunity that was initially offered by Dave King and has now been added to by the Club - particularly as further share issues by the Club on similar terms beyond summer 2021 are extremely unlikely.

We are grateful to Dave King for agreeing to support the opportunity for us to invest directly in the Club and therefore further progress his dream of broad supporter influence at Board level. As Dave has repeatedly pointed out - and as supported by John Bennett today - the Club has always had supporters as significant shareholders but that is no guarantee that the broad supporter base will be considered when major decisions are being made.

In addition, we are compelled to correct some of the reporting of today’s AGM. The suggestion that Club 1872 has ever “refused” or “declined” to participate in any share issue of RIFC is inaccurate. Dialogue regarding our participation in the latest share issue continued with the Rangers Board as recently as this past week. During the tenure of Dave King’s chairmanship we were fully informed of the investment merits of investing in each share issue in which we participated. Club 1872 applies the same due diligence that any investor would. Unfortunately, we were unable to complete this due diligence in time for the most recent issue but that has no significance overall as the funds remain available for future share purchases from Dave King and the Club.

As we have said since the start of our legacy campaign, we have an agreement with Dave King which will allow us to divert any funds from the purchase of his shareholding towards the Club if it has a share issue that we are able to support. It is now even more important that fans get behind Club 1872 as we seek to purchase Dave King’s shareholding and also participate in any future share issue of RIFC. Our ability to meet these goals will purely be down to how many Rangers supporters join us.

We look forward to dialogue with the RIFC Board in the New Year on Club 1872’s future participation and to receiving the investor information which will allow us to move forward.

[Bluedell 5,329]

1 minute ago, Bluedell said:

The suggestion that Club 1872 has ever “refused” or “declined” to participate in any share issue of RIFC is inaccurate. Dialogue regarding our participation in the latest share issue continued with the Rangers Board as recently as this past week. During the tenure of Dave King’s chairmanship we were fully informed of the investment merits of investing in each share issue in which we participated. Club 1872 applies the same due diligence that any investor would. Unfortunately, we were unable to complete this due diligence in time for the most recent issue but that has no significance overall as the funds remain available for future share purchases from Dave King and the Club.

Laura said on the 4Lads interview "there were share issues and we did have the option to take part in those share issues".

They are saying that they couldn't take part in the most recent share issue due to "due diligence" (did they have to find out a bit about the club?) but what about the other share issues that Laura is referring to that they refused to take part in?

Why do they need to understand the "investment merits" when Laura emphasised that share purchases were what C1872 were set up to do?

How long does it take to perform due diligence on Rangers? A couple of hours?

 

2 minutes ago, Bluedell said:

As we have said since the start of our legacy campaign, we have an agreement with Dave King which will allow us to divert any funds from the purchase of his shareholding towards the Club if it has a share issue that we are able to support. It is now even more important that fans get behind Club 1872 as we seek to purchase Dave King’s shareholding and also participate in any future share issue of RIFC.

No mention of which will take priority. It's a bit disturbing also that C1872 need Dave King's agreement to invest in the club. Surely that's a member decision and not a Dave King decision?

 

4 minutes ago, Bluedell said:

We also note his confirmation that Rangers now require additional shareholder funds going into 2021 - something that we had previously been advised would not be the case.

Who told them that? Did the not read the accounts where the requirement was quite clear?

[the gunslinger 3,366]

On the last the accounts said the shortfall was covered. 

 

Now is this additional funding or not and what for. 

 

I suspect that's where due diligence comes in to. Or do we just hand over cash no questions asked. 

[Bluedell 5,329]

3 minutes ago, the gunslinger said:

On the last the accounts said the shortfall was covered. 

 

Now is this additional funding or not and what for. 

 

I suspect that's where due diligence comes in to. Or do we just hand over cash no questions asked. 

Any share issues are effectively additional funding or turning loans into share capital. In C1872's case, it'll be additional funding.

 

The shortfall was guaranteed but that doesn't mean that they have any intention of investing. They may put the guarantee in place with a view to selling a couple of players.

 

Any cash invested will go towards the running of the club. It can't be ringfenced, despite what's been said in the past.

[T-1000 174]

The directors have spent considerable sums of their own money to support Rangers and move it in a direction which we as supporters believe to be desirable.  This provides us with confidence that money invested by supporters in the club will be used for appropriate purposes(s); in other words, we trust the directors.  However, from what I have read on this and other forums supporters are not over-whelming in their support for the way in which c1872 is run and therefore perhaps it is on that organization due diligence needs to be performed.  In addition to the points made by Bluedell I would suggest the statement by c1872 also raises questions of the relationship between; c1872 and the board, c1872 and Dave King and the Board with Dave King.