The Rangers soap opera goes on and on.

[Biffa Bacon]

 

So if not King, who has the ?30M package available the UK talk about?

 

Murray; Soutar; McColl that SSB Barry spoke of if no Spivs?

Maybe the ?30M is unspent cash from the Warchest!

[Guest Bilel Mohsni]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

This is an original post, truly cutting edge. Tell me more, I've been searching for something new in my life.

[Malinga the Swinga]

 

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

Count me in please as a bitter fan. Much as it is fun watching them struggling to survive, I really just want them to die altogether and go out of existence.

[...a bit disco]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

So much hurt.

[Unknown user]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

Can I be Dashing Bob S? Please?? I'll be more of a ****, I promise

[Eldar Hadzimehmedovic]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

I'll still be tasting your pain when I burp tonight.

[Strachsuit]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

Deary me, what drivel. We aren't writing letters requesting freedom of information in some sort of campaign to watch them die - they've done all this themselves. If it's 'bitter' to watch them writhe around in pain, then count me in! Oh, and the fact it could directly impact on HMFC and our title bid is good enough for me to stay tuned to their demise. If you don't like it, stay off the thread. Simple.

[Don Dan]

 

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

Aye but you've got to laugh at them. I mean one time, maybe a bit empathy could be mustered for them but to sit and watch this car crash of a club perform like fiscal clowns is well worth the pop corn and ice cream bill.

[Strachsuit]

Anyway, where's this statement?

 

WHAURZ RA DEEEEDZ?!!!

[The Future's Maroon]

Don't think I have posted in this thread yet, I more enjoy reading it and mainly as some of the legal jargon/chat looses me sometimes I tend to just read...but in regards to the post/dig about people being bitter - I can speak for myself and say the first time around when they had problems I genuinely felt sorry for their fans.

 

This time around, and after what they have been bleeting about for the last two years about how everyone hates them etc, the fact the club have ignored their past failings money wise and the fans were not fussed when they were still signing players they shouldn't have been signing (or keeping players on silly money while in the lower leagues) I have ABSOLUTELY NO SYMPATHY for RIFC/NEWCO or their fans this time round.

 

I hope the club goes to the wall properly this time and die, its all they deserve.

[Dunks]

Meanwhile, the other cheek increases profits.

 

http://www.bbc.co.uk...otball/29181487

Edited September 12, 2014 by Dunks

[Shanks]

No news on the share issue?

[Dunks]

Rangers beyond parody, according to Rangers fans

 

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-29170975

[kingdannyb]

Alasdair Lamont ?@BBCAlLamont 1m

Rangers raise ?3.13m through open offer.

[Guest Bilel Mohsni]

Alasdair Lamont ?@BBCAlLamont 1m

Rangers raise ?3.13m through open offer.

 

Right. How much of that hits their bank account?

[Malinga the Swinga]

?3.13 million according to BBC, A Lamont reporter is saying. The minimum amount and it don't solve nowt. Take away ?1.5 million in loan repayment, some expenses and perhaps a generous ?300k to Imran and they have enough to pay wages this month and maybe next. Of course if the pay off G Wallace then that's another ?300k away.

Edited September 12, 2014 by Malinga the Swinga

[Guest Bilel Mohsni]

?3.13 million according to BBC, A Lamont reporter is saying. The minimum amount and it don't solve nowt. Take away ?1.5 million in loan repayment, some expenses and perhaps a generous ?300k to Imran and they have enough to pay wages this month and maybe next. Of course if the pay off G Wallace then that's another ?300k away.

 

Buys them what? A month?

[Malinga the Swinga]

Thing is, Ashley looks like he is putting no more in, King doesn't have the cash apparently, and the Easdales must be maxed out, so who in their right mind will put in the ?30 million they want to raise via a new share issue?

[DETTY29]

 

 

Buys them what? A month?

Should get them to the rights issue.

[Guest Bilel Mohsni]

 

Should get them to the rights issue.

 

How much can they make of that realistically?

[Footballfirst]

The Easdales have only ponied up the minimum to get them over the ?3M bottom line, and even that had probably been achieved only by taking some of his loan in shares.

 

Buys them a little time to get a new deal sorted out, but there's little leeway.

[skinnybob72]

So if they couldn't raise ?4m how do they expect to raise a further ?30m in just a couple of months?

 

It would be easier to raise the Titanic.

[Malinga the Swinga]

 

 

Should get them to the rights issue.

 

If expenses to raise this come in at the quoted ?350k, then that is a huge amount, more than 10%, of the funds already away before they start. They had 1m, add ?3.1, then take away known expense of ?1.85m, then guess of ?300k (rumour is it could be more! not less) for Imran and they have ?2 million in the bank. Pay Sept wages and outstanding bonuses to players and a signing on fee, presumably Zals, pay off their lawyer for court case, and that puts them back to about where they were before rights issue. The AGM will be some meeting attempting to justify all of this to their support and then asking them for more cash straight away.

 

These guys make Vlad look like a Samaritan.

[Eldar Hadzimehmedovic]

Not gonna lie, the share offers are way over my head. I don't get how you can call share offer, nothing much happens and then you have over 3m quid in the bank. Just don't get it. Why does every football in bother not do it? You don't even need to be in bother, why can't we do it tomorrow and make a few extra quid?

[Footballfirst]

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=12082477

[Don Dan]

So did they get a 75% take up.

 

Answer found!!

The Company is pleased to announce the result of the Open Offer which closed for acceptances at 11.00 a.m. on 12 September 2014. Valid acceptances including excess applications have been received in respect of 15,667,860 ordinary shares of 1p each ("Open Offer Shares"), representing a total of approximately 78.87 per cent. of those Open Offer Shares available under the Open Offer. The Company has therefore raised gross proceeds of ?3.13 million through the Open Offer.

 

?3.13m less expenses, loans and running costs allows a further 2 months.

 

 

Edited September 12, 2014 by Dannie Boy

[redjambo]

So if they couldn't raise ?4m how do they expect to raise a further ?30m in just a couple of months?

 

It would be easier to raise the Titanic.

 

We could have a lot of bearing on that. The dangled carrot will be post-promotion participation in the Champions League, or at least the Europa League as a stop-gap measure. To do that, investors will need to be shown that their money will buy almost certain promotion *this year* and instant competitiveness in the Premiership next year. If on the other hand, they trail us in the league by a fair margin...

[Diadora Van Basten]

I am surprised that they raised this money which should buy them a couple of months before the next crisis.

[redjambo]

So did they get a 75% take up.

 

approx. 78.87%.

[Poseidon]

Somewhere close to 80% by the looks of it?

[Malinga the Swinga]

 

Not gonna lie, the share offers are way over my head. I don't get how you can call share offer, nothing much happens and then you have over 3m quid in the bank. Just don't get it. Why does every football in bother not do it? You don't even need to be in bother, why can't we do it tomorrow and make a few extra quid?

 

Cause you aren't getting anything for your money. Invest and your share holding percentage remains the same, don't invest and your shareholding percentage decreases. This is a cash call on investors and really, in this case, it was a begging bowl offer, much like ours last Christmas when we donated to buy shares knowing they would be worthless.

 

You really only see companies do this that either require a large lump of extra capital for takeovers and they are so good and popular, they know that it will be underwritten and fully subscribed, or else are so strapped for cash flow that they need to get a begging bowl out and this one is the latter. The AIM will not look kindly at this and they will struggle to get more cash from the markets as this should be a once in a companies lifetime deal, not once every couple of months.

 

I know the board of Rangers are dodgy but I cannot see how they will convince investors that new shares are worth buying, particularly as any buyer, who is honest and above board, will demand access to their books and that won't be something that the board are keen to do.

[Jamos]

3.13 million, just above what they needed, they will need to seek permission to raise more funds for working capital before the end of the year after seeking permission for a wider share issue from shareholders.

 

Ooops should have made sure I got to the last page before posting then ... apologies guys

Edited September 12, 2014 by Jamos

[Don Dan]

 

 

 

approx. 78.87%.

 

Thanks

[Poseidon]

See the figures now. can't see it having got them to the magic number in terms of being able to issue shares carte blanche after the agm but will have to wait and see

[CMc]

 

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

Spelling your own username wrong is pretty embarrassing.

[Malinga the Swinga]

Presume the ?500 k increase from the Easdales was to get them over the line because the offer would have failed without it. This is desperate stuff from a desperate company. Some of the big original investors have obviously had their fingers burnt once and won't be rushing to invest again.

[Eldar Hadzimehmedovic]

 

 

 

Cause you aren't getting anything for your money. Invest and your share holding percentage remains the same, don't invest and your shareholding percentage decreases. This is a cash call on investors and really, in this case, it was a begging bowl offer, much like ours last Christmas when we donated to buy shares knowing they would be worthless.

 

You really only see companies do this that either require a large lump of extra capital for takeovers and they are so good and popular, they know that it will be underwritten and fully subscribed, or else are so strapped for cash flow that they need to get a begging bowl out and this one is the latter. The AIM will not look kindly at this and they will struggle to get more cash from the markets as this should be a once in a companies lifetime deal, not once every couple of months.

 

I know the board of Rangers are dodgy but I cannot see how they will convince investors that new shares are worth buying, particularly as any buyer, who is honest and above board, will demand access to their books and that won't be something that the board are keen to do.

 

Thanks.

 

Seems astonishing that it succeeds.

[redjambo]

Presume the ?500 k increase from the Easdales was to get them over the line because the offer would have failed without it. This is desperate stuff from a desperate company. Some of the big original investors have obviously had their fingers burnt once and won't be rushing to invest again.

 

RIFC's only effective hope is a white knight - the market can't and won't support them. All they are doing now is pumping in more resources to keep the patient alive until a specialised surgeon can be flown in. But is there a surgeon available to do the job?

[songster]

I think we have just witnessed the spivs dipping into their pockets (money taken out of that business anyway) to increase their combined shareholding to a level where they can steamroll through anything at the next AGM. If that's the case (really down to who took up extra shares) then the supporters are going to get very upset with upcoming shenanigans, their disgust at the current running of the business will be nothing compared to the moves once carte blanche is in effect. This will now rumble on but I suspect tension between the board and supporters will stretch to breaking point. There are two real dangers that newco faces, running out of cash (2 months+ away) and/or fans staying away in bigger numbers than they currently are (they don't do walking away allegedly). An admin event would have been great news for us due to the points sanction, but there's no bad news for us today. Newco are in a very precarious position, there might not be any option available that pleases the men in control and the supporter base - they will do incredibly well to get out of this unscathed.

[Hagar the Horrible]

Well I did say I think they will just get over the line and no more! but with Ashley out and king still on the sidelines, its down to the Easedales to keep it going? I recon they will just make it to the December wage bill? by then the agm will happen but will there be enough time and money to raise another share issue and will the spivs have gained enough share voting rights to push it through? I keeps the whole sorry mess going, when they would have been better off with a quick death. Regardless of who takes over they still are a toxic brand. and no banks will touch them.

[hueyview]

RIFC's only effective hope is a white knight - the market can't and won't support them. All they are doing now is pumping in more resources to keep the patient alive until a specialised surgeon can be flown in. But is there a surgeon available to do the job?

Most of the likely Surgeons have been "struck off"

[The Future's Maroon]

So, they made it cash wise by ?130k / the required percentage by 3.87%, it just so happens the Driscol Bros. took up an extra ?500k in last what... 24hrs? I'm sorry but that seems a little fishy to me...Gers mark II are on their way out, no white knights available this time round.

 

I'd keep a check on Companies House for another Newco suddenly being formed (if not already been done)...I think I might start referring to them as Phoenix Newco FC ;-)

[Paolo]

It is an OK response, but not great, especially given the existing directors bought so much themselves. It shows that there is little confidence in them outside, and all they have done is suspended a further crisis.

Edited September 12, 2014 by Claudia

[Alva-Jambo]

The Geordie guy seems to have hoped it would fail, now he will drift for a while for the same reason King has , ie, they are struggling on for another couple of months

not quite in total crisis. But that will be back again in November or December....

 

"What will the wee Malkies dae then? " I remember a poem set in Glasgow about Wee Malkies and I find that quite fitting now.

[The Future's Maroon]

 

"What will the wee Malkies dae then? " I remember a poem set in Glasgow about Wee Malkies and I find that quite fitting now.

 

THE COMING OF THE WEE MALKIES

(Stephen Mulrine)

Haw missis, whit'll ye dae when the wee Malkies come,

If they dreep doon affy the wash-hoose dyke,

An pit the hems oan the sterrheid light,

An play wee heidies oan the clean close wa,

Missis, whit'll ye dae?

 

Whit'll ye dae when the wee Malkies come,

If they chap yir door an choke yir drains,

An caw the feet fae yir sapsy weans,

An tummle thur wulkies through yir sheets,

An tim thur ahes oot in the street,

Missis, whit'll ye dae?

 

Whit'll ye dae when the wee Malkies come,

If they chuck thur screwtaps doon the pan,

An stick the heid oan the sanitry man,

When ye hear thum shauchlin doon yir loaby,

Chanting, "Wee Malkies! The gemme's a bogey!"

Haw, missis, whit'll ye dae?

[Footballfirst]

From the offer document:

"Estimated net cash proceeds of the Open Offer at minimum subscription ?2.63 million"

So we can add ?0.13M they achieved over and above the minimum - ?2.76M

 

Outgoings :

Letham ?1.1M (incl ?45K arrangement fee and interest)

Ahamad ?400K (est)

Wallace bonus ?300K

 

Available funds ?960K

Other outgoing: Player bonuses? Other creditors?

 

It will barely get them through to the end of October far less Xmas.

[Deevers]

 

From the offer document:

"Estimated net cash proceeds of the Open Offer at minimum subscription ?2.63 million"

So we can add ?0.13M they achieved over and above the minimum - ?2.76M

 

Outgoings :

Letham ?1.1M (incl ?45K arrangement fee and interest)

Ahamad ?400K (est)

Wallace bonus ?300K

 

Available funds ?960K

Other outgoing: Player bonuses? Other creditors?

 

It will barely get them through to the end of October far less Xmas.

 

If I was one of the highly paid players currently on their books I think I would be looking over my shoulder just now. Administration with a load of redundancies is surely on the way.

[hawaii]

Radio Scotland has been hilarious tonight. Vipond & Patterson talking in cliches about the poor Rangers players not being able to buy Xmas presents or pay car loans and Young & Wilson fighting about who the next White Knight will be to pump ?30m into the coffers

[Rudolf's Mate]

Embarrassing thread full of bitter fans(most ill informed) trying to outsmart each other in comments about another clubs demise.No different from Hibsnet re Hearts when in difficulties.Sad.

 

But, but we're no longer wee cousins with ties truly severed!

[Guest Bilel Mohsni]

 

 

But, but we're no longer wee cousins with ties truly severed!

 

Dunno... I'm only very remotely interested in my own cousins. I'd be similarly indifferent if any of them declared themselves bankrupt.