The Rangers soap opera goes on and on.

[Rods]

ha ha ha I am loving MA's skills

 

You release a statement I pull out my Ace boom take that.

[The Gasman]

Having read the two statements again from King and the Existing board my impression is that one of them is lying. Kings says the voting is in his favour by a landslide whilst the Board say that as of this time not all the he votes are in "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," Considering that share trading is still possible are these statements not in breach of trading rules. I don't know myself I'm just guessing,.

A shareholder can proxy vote one way, then have the proxy vote discounted by turning up in person at the EGM.

 

It may also be possible to change your proxy vote, right up to the cut off time on the closing date - though I'm not sure about that.

 

....and yes, I've no doubt that what King made public during trading hours will be in breach of Stockmarket rules as its potentially share price sensitive.

[Norm]

I read today that popcorn sales in the UK have increased by 300% in the last year. Going by the events at Ibrox, those sales are going to keep on rising.

 

I think a thank you letter to Rangers is in order from Butterkist. That or a statue of Craig Whyte outside their corporate headquarters.

Edited March 3, 2015 by Normthebarman

[scottg71]

You'd expect shares to be suspended in the morning followed by the NOMAD's resignation

 

 

Sent from my iPhone using Tapatalk

[Don Dan]

A shareholder can proxy vote one way, then have the proxy vote discounted by turning up in person at the EGM.

 

It may also be possible to change your proxy vote, right up to the cut off time on the closing date - though I'm not sure about that.

 

....and yes, I've no doubt that what King made public during trading hours will be in breach of Stockmarket rules as its potentially share price sensitive.

You'd wonder what King was up to calling for the cancellation of the EGM and threatening the Board in his statement When the votes were not set in stone.

 

 

Sent from my iPhone using Tapatalk

[Unknown user]

You'd wonder what King was up to calling for the cancellation of the EGM and threatening the Board in his statement When the votes were not set in stone.

 

 

Sent from my iPhone using Tapatalk

Don't forget there's showboating going on- the berrs have to be impressed!

[Angus Young]

?7500 fine is absolutely laughable. Vlad was fined ?10k alone for comments about referees! Let alone break actual rules on ownership. http://www.telegraph.co.uk/sport/football/2348895/SFA-fine-Hearts-after-Romanovs-latest-attack.html

 

The SFA running scared. Even their paltry fine is unenforceable and Big Mike knows it.

 

 

Did Craigy Boy ever pay his fine ?

[Sidsnot]

Don't be surprised if Ticketus come on the scene.

[stevie1874]

That'll teach him!

 

Seriously , what is the point of this regulation ? ?7.5K fine for a billionaire ? What exactly are they trying to prove here ?

Anyone know what Vlad or Hearts were fined for his or our misdemeanours ?

[Watt-Zeefuik]

ha ha ha I am loving MA's skills

 

You release a statement I pull out my Ace boom take that.

 

I can't keep up with everything, but it strikes me that MA hasn't played his Ace yet, which is the various levels of control and security he has over Ibrox (including freehold to the naming rights).  King may find that he's gained control of the club but Ashley has Ibrox in his grip, at which point it will get REALLY fun.

[269miles]

Anyone know what Vlad or Hearts were fined for his or our misdemeanours ?

Wasn't Vlad fined ?100k - after the SFA changed their rules to pin something on him ?

[Deevers]

I can't keep up with everything, but it strikes me that MA hasn't played his Ace yet, which is the various levels of control and security he has over Ibrox (including freehold to the naming rights).  King may find that he's gained control of the club but Ashley has Ibrox in his grip, at which point it will get REALLY fun.

 

 

Looks like not only has he got his hands on a huge wad of their retail money, but also 75% of any Sponsorship money for the duration of the loan!

[Abbey Craig]

You'd wonder what King was up to calling for the cancellation of the EGM and threatening the Board in his statement When the votes were not set in stone.

Trying to do news management pure and simple. As Lambias points out, proxy votes can be changed up to the final count of the EGM. If Easdales 30% or so proxies came out in favour of the lying one, then fair dos, but as there is still uncertainty, Llambias has to follow the protocol. A bit like one political party never concedeing defeat no matter what the bookies or opinion poles say.

If King wins, he can say Llambias cost all this money in forcing through the EGM, even though most of that money has already been spent in document production, mailings etc which is at King's behest as he called the EGM. Llambias has to be more controlled as he does have access to price sensitive information - King doesn't.

Makes for good viewing.

 

More popcorn Danny?

Edited March 3, 2015 by Abbey Craig

[269miles]

 

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.

 

I read that as KIng HAS won - otherwise why not just say "the outcome is still uncertain". That statement says to me King has won , we just don't know what the winning margin is yet.

[tweegy]

With regards to the drawdown of the 2nd tranche of ?5m, it would appear that this has a fixed repayment of 5yrs from the date of drawdown. I.e. king would have to pay a penalty if he wished to pay it off early, otherwise MA has control of the retail and 2 directors for 5 yrs.

[Don Dan]

Trying to do news management pure and simple. As Lambias points out, proxy votes can be changed up to the final count of the EGM. If Easdales 30% or so proxies came out in favour of the lying one, then fair dos, but as there is still uncertainty, Llambias has to follow the protocol. A bit like one political party never concedeing defeat no matter what the bookies or opinion poles say.

If King wins, he can say Llambias cost all this money in forcing through the EGM, even though most of that money has already been spent in document production, mailings etc which is at King's behest as he called the EGM. Llambias has to be more controlled as he does have access to price sensitive information - King doesn't.

Makes for good viewing.

 

More popcorn Danny?

Absolutely.

[269miles]

Let's look at a recent precedent (which might seem irrelevant as it's a different breach, but bear with me).

 

Livingston were fined ?10,000 and 5 points deducted for not paying tax on ?30,500 of bonuses (probably taxable at about ?10,000) - this meant they could sign players when otherwise they wouldn't have been able to (unless they stumped up the tax before the transfer window, which they didn't).

 

Ashley found guilty of undue influence including board members in his pocket (ignoring alternatives that didn't suit Ashley) and at least ?5Million loan in place.

 

SFA Decide to fine Ashley less than the maximum, even though the ?10K limit would have been just 1/500th of the loan Ashley put up! They should have gone for the maximum and then acted immediately to increase the sanctions available.

 

Given that Ashley loans saved Rangers from administration (and the risk of tax and other bills not being paid, plus the 25 point deduction, and the inability to sign players!) surely there has to be a much bigger fine on the horizon for Rangers. I'm thinking that at least ?50,000 is in order but doubt the SFA have the balls for that. Rangers have dragged the reputation of Scottish Football through the mud for years and they deserve, in this instance, to be punished for their Directors ignoring alternatives to the Ashley loans (which caused much media coverage of a negative nature).

 

I'm afraid the, convenient (given the dragging of heels by the SFA), change of directors at Rangers will reduce the sanctions imposed. King is surely going to shamelessly use the situation to his advantage and set forth his action plan and how he's distancing the club from Ashley control (but not emphasising the frying pan into the fire situation that's just happened).

 

I'm already feeling sick about this.

Great point. Lost on the masses, the Berrs and will never be mentioned by the Glasgow media.

 

Ashley & Sevco didn't just break the rules , Sevco did so to stay afloat and yet again , get an unfair sporting advantage.

[wibble]

[/img]

With regards to the drawdown of the 2nd tranche of ?5m, it would appear that this has a fixed repayment of 5yrs from the date of drawdown. I.e. king would have to pay a penalty if he wished to pay it off early, otherwise MA has control of the retail and 2 directors for 5 yrs.

You can absolutely guarantee that Sports Direct (not MA) have Kings ba's in a vice.

 

I hope for the berrs sake King has 20 million that he is quite prepared to pish up against the wall.

 

This will turn into a 5 year long Mexican standoff.

With regards to the drawdown of the 2nd tranche of ?5m, it would appear that this has a fixed repayment of 5yrs from the date of drawdown. I.e. king would have to pay a penalty if he wished to pay it off early, otherwise MA has control of the retail and 2 directors for 5 yrs.

You can absolutely guarantee that Sports Direct (not MA) have Kings ba's in a vice.

 

I hope for the berrs sake King has 20 million that he is quite prepared to pish up against the wall.

 

This will turn into a 5 year long Mexican standoff.

[wibble]

 

 

This will turn into a 5 year long Mexican standoff.

 

But I dont think King will have the stomach for it.

[Angus Young]

But I dont think King will have the stomach for it.

 

 

Stomach Yes but how long will he have others money for the fight ? http://www.telegraph.co.uk/sport/football/teams/rangers/11448173/Rangers-news-Procession-of-Dave-King-as-white-knight-comes-to-a-shuddering-halt.html 

Edited March 3, 2015 by munch2

[Eldar Hadzimehmedovic]

I hate that Keith Jackson gets linked on here. His stuff is blatant propaganda and if folk want to read it they can find it themselves. We shouldn't be assisting in the illusion that he's a news man.

[Disco Dave]

You can absolutely guarantee that Sports Direct (not MA) have Kings ba's in a vice.I hope for the berrs sake King has 20 million that he is quite prepared to pish up against the wall. This will turn into a 5 year long Mexican standoff.You can absolutely guarantee that Sports Direct (not MA) have Kings ba's in a vice.I hope for the berrs sake King has 20 million that he is quite prepared to pish up against the wall. This will turn into a 5 year long Mexican standoff.

You can say that again.

[wibble]

You can say that again.

I say, I say

[hmfcalum]

A shareholder can proxy vote one way, then have the proxy vote discounted by turning up in person at the EGM.

 

It may also be possible to change your proxy vote, right up to the cut off time on the closing date - though I'm not sure about that.

 

....and yes, I've no doubt that what King made public during trading hours will be in breach of Stockmarket rules as its potentially share price sensitive.

Just out of curiosity, has there been any movement on the share price today...?

[Footballfirst]

Based on the Record's numbers it looks like L & L have a 12 month termination notice period written into their contracts.

 

[The Comedian]

Based on the Record's numbers it looks like L & L have a 12 month termination notice period written into their contracts.

 

The Ibrox compost heap getting two new minders.

[wibble]

Is it possible that Easdale has made a proxy vote in favour of King. But has agreed with MA to change sides at the EGM. Reason for doing so is to have King believe he has a landslide whichmeans he stops chasing every last vote?

Fanciful. But possible?

[8skacel8]

Great work from Ashley. This will run and run while we all sit back and laugh.

[jambovambo]

Is it possible that Easdale has made a proxy vote in favour of King. But has agreed with MA to change sides at the EGM. Reason for doing so is to have King believe he has a landslide whichmeans he stops chasing every last vote?

Fanciful. But possible?

Interesting .... kind of thing MA might cook up ... very clever.

[Mr Nobody]

My take. It looks like King is going to get the necessary votes to get his resolution through and get rid of Leach and Llambias.

 

Those two point out to King in a phone call that the resolution is to remove them as Directors but not from their roles as employees which have 12 month payout deals attached to them which would be normal. As with others that have resigned they want these paid out.

 

King is pissed so he has a crack through press releases and statements (I find these a bit strange and take them as challenging Keach and Llambias to call him liar. Why else would you mention they were recorded)

 

MA sensing that defeat is a possibility gets Llambias to release a statement re the 2nd tranche of 5m and hinting very strongly if the EGM does not go his way it will be withdrawn and alternative funding will be required in 2 weeks time. They then subsequently release a statement advising the EGM will proceed as the votes are not certain and in any event anyone who has provided a proxy can change their vote by turning up at the EGM.

 

Given King has said he will not use his own money the question I would be asking of King prior to the EGM is how he plans to meet the financial obligations that are due end if March? Does he sonething lined up and ready to go.

 

Kind of think the recent statements are designed so he has to come out and say what funding he has secured in the absence of the MA 2nd tranch and if he says nothing maybe some will get cold feet and change their proxy.

 

Forces King into another statement. If he had it sorted he would surely come out and say so right?

[Big Slim Stylee]

My take. It looks like King is going to get the necessary votes to get his resolution through and get rid of Leach and Llambias.

 

Those two point out to King in a phone call that the resolution is to remove them as Directors but not from their roles as employees which have 12 month payout deals attached to them which would be normal. As with others that have resigned they want these paid out.

 

King is pissed so he has a crack through press releases and statements (I find these a bit strange and take them as challenging Keach and Llambias to call him liar. Why else would you mention they were recorded)

 

MA sensing that defeat is a possibility gets Llambias to release a statement re the 2nd tranche of 5m and hinting very strongly if the EGM does not go his way it will be withdrawn and alternative funding will be required in 2 weeks time. They then subsequently release a statement advising the EGM will proceed as the votes are not certain and in any event anyone who has provided a proxy can change their vote by turning up at the EGM.

 

Given King has said he will not use his own money the question I would be asking of King prior to the EGM is how he plans to meet the financial obligations that are due end if March? Does he sonething lined up and ready to go.

 

Kind of think the recent statements are designed so he has to come out and say what funding he has secured in the absence of the MA 2nd tranch and if he says nothing maybe some will get cold feet and change their proxy.

 

Forces King into another statement. If he had it sorted he would surely come out and say so right?

 

And all this over a little old football club, eh?  Seems as if most of the intellectually challenged support on their forums can't even work out how much they owe MA at the moment.  It's tying them in knots....

[I.T.K]

Does any know what what the ?5 Million draw down is intended for?

 

 

Is the money needed to pay wages etc. Or does it come with caveat that helps mike Ashley?

[Angus Young]

Based on the Record's numbers it looks like L & L have a 12 month termination notice period written into their contracts.

 

 

 

At last proper rangers men who dont do  " Walking Away "  

Edited March 4, 2015 by munch2

[soonbe110]

Does any know what what the ?5 Million draw down is intended for?

 

 

Is the money needed to pay wages etc. Or does it come with caveat that helps mike Ashley?

at the time it was stated that they likely needed the ?10 m for working capital to see out the season. It was only ?7m of fresh cash as the initial ?3m was repaid. At their burn rate the ?2m from the first ?5m will have gone with February payroll, paye etc. this second ?5m is to cover payroll etc until season ticket income starts flowing in.

[jambovambo]

Does any know what what the ?5 Million draw down is intended for?

 

 

Is the money needed to pay wages etc. Or does it come with caveat that helps mike Ashley?

I think you can treat your last bit as a certainty.

[Deevers]

It's going to take an awful lot of money to see off Ashley for good - and I doubt very much if King and Co have either the cash or the will power to oust him. This whole mess has quite a way to run and the chaos will continue for a good while yet. A look on Bears Den shows just how many of the orcs just don't get it and think that the new messiah has arrived and all their troubles are behind them.

[Strachsuit]

And so it begins...

 

@GrahamSpiers: This is very amusing watching the SFA discreetly point out the 'wriggle room' they have on Dave King and Fit + Proper. A washing of hands...

[Paolo]

And so it begins...

 

@GrahamSpiers: This is very amusing watching the SFA discreetly point out the 'wriggle room' they have on Dave King and Fit + Proper. A washing of hands...

Are they going to use their "at the board's discretion" clause?

[Jambof3tornado]

Hell mend them. I hope King drives them to destruction.

[Strachsuit]

Are they going to use their "at the board's discretion" clause?

No doubt. Just incredible that they can let King swan in and take over with the history he has. Simply wouldn't be allowed at any other club.

[Jambomuzz]

No doubt. Just incredible that they can let King swan in and take over with the history he has. Simply wouldn't be allowed at any other club.

If I were other SPFL clubs, I would be speaking with the SFA and asking for monetary clauses to cover member clubs losses should Dave king cause Rangers to implode again Edited March 4, 2015 by Jambomuzz

[Geoff Kilpatrick]

And so it begins...

 

@GrahamSpiers: This is very amusing watching the SFA discreetly point out the 'wriggle room' they have on Dave King and Fit + Proper. A washing of hands...

If King passes FPP then we might as well give up.

[Geoff Kilpatrick]

I bet you if Fedotovas applied for a directorship under FPP he would be rejected (rightly). What's the difference?

Edited March 4, 2015 by Geoff Kilpatrick

[Angus Young]

No doubt. Just incredible that they can let King swan in and take over with the history he has. Simply wouldn't be allowed at any other club.

 

 

This.

[Jammy T]

I bet you if Fedotovas applied for a directorship under FPP he would be rejected (rightly). What's the difference?

To be honest it has always been clear that that rule is sufficiently vague to get walked over.

 

It's if the 'been a director for a club that has had an insolvency event within the last 5 years" is ignored its time to give up.

[Jamboelite]

King getting allowed on the board is the most farcical thing the SFA will have done.

 

I say that even though their track record of farcical situations is extensive.

 

Im just glad we will win this league before all this nonsense gets sorted.

Edited March 4, 2015 by Jamboelite

[Geoff Kilpatrick]

To be honest it has always been clear that that rule is sufficiently vague to get walked over.

 

It's if the 'been a director for a club that has had an insolvency event within the last 5 years" is ignored its time to give up.

Exactly.

[Barney Rubble]

Come Friday this is what the glib and shameless one could be left holding

[jambovambo]

http://www.scotzine.com/2015/03/king-co-choke-on-their-celebratory-cocktail-weenies-as-ashley-strikes/

[Glamorgan Jambo]

If King and co win the meeting and get rid of the 'Ashley 2' I suspect they'll very quickly have to come up with the thick end of ?10 million to keep the good ship Sevco afloat. If he can (which would be well in keeping) Ashley will not release the second ?5 million loan and also will call in the original ?5 million.