The Rangers soap opera goes on and on.

[sandylejambo]

Dunno, i'm not a financial whizzkid. Too many people here think that because they can't see a way out that there is no way out; it's the thinking of religionists. Omne ignotum pro magnifico.

 

 he gets that from my side of the family

[Deevers]

I would welcome such investigations and comments, but if my treatment when pointing out that dave king probably isnt a threat to scottish is any indication of how people treat anything that doesnt fit in to what they want to hear then i'll take the impartiality of that with a pinch of salt.

 

Your last sentence sums it up, there's always something just round the corner and it's instantly forgotten when the questions don't receive a satisfactory answer. There's more than a hint of the Truthers about all this really.

Well, I reckon that all of the happenings with the circus that Rangers have become are worthy of comment. You can't stop people from speculating as to what might come next with them as events over the past few years have thrown up some really incredible things. I think there's room on this particular thread for all sorts of opinions. That's surely how debate works.

[2NaFish]

Well, I reckon that all of the happenings with the circus that Rangers have become are worthy of comment. You can't stop people from speculating as to what might come next with them as events over the past few years have thrown up some really incredible things. I think there's room on this particular thread for all sorts of opinions. That's surely how debate works.

 

I'm not trying to stop people from commenting and have never said anything of the sort. Stop making out as if your constantly a victim of people trying to silence you. Another thing you have in common with truthers.

Edited May 26, 2015 by 2NaFish

[Seymour M Hersh]

Take a bow Dave Provan

 

**** off Provo would be more appropriate.

[Deevers]

I'm not trying to stop people from commenting and have never said anything of the sort. Stop making out as if your constantly a victim of people trying to silence you. Another thing you have in common with truthers.

 

It's you're! Grammar as poor as your argument!

[Deevers]

[quote name="Deevers" post="4855693" timestamp="

[Deevers]

 

poor argument.

Edited May 26, 2015 by Deevers

[2NaFish]

Erroneously calls my grammar in to question, ignores my argument except to say it's a poor argument and posts three variations of the same gibberish because he hasn't mastered the post button.

 

Nice one deevers.

[redjambo]

Erroneously calls my grammar in to question, ignores my argument except to say it's a poor argument and posts three variations of the same gibberish because he hasn't mastered the post button.

 

Nice one deevers.

 

He was right about the grammar though.

[2NaFish]

He was right about the grammar though.

 

Your right

[redjambo]

Your right

 

Tease.

[Dusk_Till_Dawn]

I'm going to (reluctantly) agree with 2na about this thread - there's shades of Sergey's "tick tock" shite about a lot of what's on here.

[maroonlegions]

There is still more to unfold in this comical and embarrassing saga i feel, the lying and shameless one is up to skullduggery in some form or another , what it is i cannot say but just feel he is  going to be a wee sneaky ****  that will determine the fall of NEWCO.

[Spellczech]

I'm going to (reluctantly) agree with 2na about this thread - there's shades of Sergey's "tick tock" shite about a lot of what's on here.

speculation is always thus. It will drag on and on though as even King says Sevco needs 30 million, and he is again promising up to 20 million, meaning other directors plus the fans will need to "invest" the other third...and apparently that is just to fix them, whatever that means...

[Dusk_Till_Dawn]

speculation is always thus. It will drag on and on though as even King says Sevco needs 30 million, and he is again promising up to 20 million, meaning other directors plus the fans will need to "invest" the other third...and apparently that is just to fix them, whatever that means...

 

No doubt they've got problems but if they're not actually going to die (again) then I'm losing interest - aside from hoping that their excuse of a fitba team gets smashed all over the shop.

[Spellczech]

Yeah, I guess it is all about King and his 20 million. If it turns up, they survive. End of thread.

[Footballfirst]

Statement on Requisition for General Meeting

 

After correspondence with MASH Holdings Limited (?MASH?) regarding their S.303 requisition for a General Meeting, the Board of Directors of Rangers International Football Club PLC (the ?Company?) has agreed to call a General Meeting at which an amended Resolution from MASH will be placed alongside a Resolution from your Board. The meeting will also discuss certain items of business requested by MASH and some matters as to which the Board thought shareholders should be informed.

 

The Notice of Meeting is set out at http://www.rangersinternationalfootballclub.com/shareholder-centre/circulars-admission-document

 

The Board of Directors will provide shareholders with recommendations as to how to vote on the Resolutions separately but would advise shareholders that their legal advice from a senior QC is that the Requisitioned Resolution, if passed, would not create a binding legal obligation on the Board or the Company.

Edited May 26, 2015 by Footballfirst

[Footballfirst]

It's not just that the Board have allowed the EGM to go ahead, it's the addition of the extra resolutions that will provide details of the RRL income received by the club that will be most contentious.  Resolution 2 also seeks the renegotiation of the Mash/SD contracts.  The notice goes on to acknowledge that MASH will seek to have various confidentiality clauses upheld.

 

NOTICE OF GENERAL MEETING
Notice is hereby given that the General Meeting (?GM?) of Rangers International Football Club PLC (the ?Company?) will be held at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD at 10.30 a.m. on Friday 12th June 2015 at which:

 

(a) At the request of MASH Holdings Limited, this GM has been requisitioned to consider ordinary resolution 1 below and for the following purposes:
For the Directors of the Company (the ?Directors?) to attend to explain in detail to the shareholders (and answer questions raised by the shareholders at the requisitioned general meeting):

 

* the precise reasons why the Company is no longer trading on AIM and what steps the Directors took to preserve this trading facility, including, but not limited to, the following questions:
- what steps (if any) the Directors took to ensure that the prospective Nominated Adviser completed its due diligence well in advance of the 30 day deadline mandated by AIM Rules;
- when the Directors first became aware that the prospective Nominated Adviser was no longer willing to be appointed; and
- what steps (if any) the Directors took to identify and communicate with other potential Nominated Advisers within the 30 day deadline

 

* what steps should be taken to protect the interests of the shareholders of the Company and to ensure that the Company adheres to good standards of corporate governance and/ or to create liquidity for shareholders and to preserve value for those shareholders who are content to remain as shareholders in an unlisted company; and

 

* under what terms the ?1,500,000 loan provided to the Company by Messrs Douglas Park, George Letham and George Taylor was made available to the Company and how that sum was subsequently made available to the Club.

 

A GM having been requisitioned, the Directors also propose that at the GM they shall:
* provide shareholders with a breakdown of the income received by Rangers Retail Limited (?RRL?) since its incorporation and the payments made by RRL to the Club.

 

* advise shareholders on certain of the terms of the shareholders agreement relative to RRL and the effect these terms could have if valid and enforceable.

 

* raise with shareholders the recent penalties imposed on the Club in respect of the Scottish FA disciplinary rules 1 and 19. As a result of these penalties and to prevent a situation where further breaches of these rules could trigger severe sanctions on the Club, the Directors are considering incorporating disciplinary rule 19 into the Articles of Association of the Company and disapplying voting rights in respect of any shareholding(s) which breach these rules. The Directors will update shareholders at the meeting. as to why they believes this step is necessary, the potential effect of any further breach of these rules and the timetable for presenting a resolution for shareholders? consideration.

 

The Directors note that MASH Holdings Limited through its solicitors has written to the Company advising that the Company (and its subsidiary undertakings) are subject to various confidentiality agreements made between the Company and MASH Holdings Limited, and the Company and Sports Direct International plc (and its subsidiary undertakings), and also that the RRL Shareholders' Agreement (and related agreements) contain confidentiality provisions, which MASH Holdings Limited will seek to enforce. The Directors note that the meeting will have to be mindful of these confidentiality provisions and of the confidentiality provisions agreed between the Company and prospective Nominated Advisers and required by AIM. Any questions from shareholders will be required to respect the obligations placed upon the Company and the Directors? own comments will be similarly respectful.

 

(b.) the following ordinary resolutions will be proposed:

ORDINARY RESOLUTIONS:
1. THAT, the shareholders support the principle that the Rangers Football Club Limited (the ?Club?), a subsidiary of the Company, is released from the arrangements between the Club and SportsDirect.com Retail Limited (Sports Direct) pursuant to the Facility announced by the Company on 27 January 2015:
(a) including the release of security over (i) the Rangers' brands owned by the Club; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House;
(b.) including the release of the Club from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct; and© thereby resulting in the transfer back of a 26% interest in Rangers Retail Limited from Sports Direct to the Club , through the Directors of the Company resolving to procure the repayment in full of the loan of ?5 million owed by the Club to Sports Direct as soon as possible after the passing of this Resolution.  

 

2. THAT, the shareholders support the Directors of the Company in their desire to ensure that the contractual arrangements between the Club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct. The shareholders agree that these negotiations need to address the whole relationship between the Club and Sports Direct in order to achieve that goal.

 

3 The Directors will provide shareholders with guidance on how to vote on the Requisitioned Resolution 1 and on Resolution 2 separately.

 

By Order of the Board
Dave King
Chairman
26 May 2015
Registered Office:
Ibrox Stadium
150 Edmiston Drive
Glasgow G51 2XD

Edited May 26, 2015 by Footballfirst

[DETTY29]

There is still more to unfold in this comical and embarrassing saga i feel, the lying and shameless one is up to skullduggery in some form or another , what it is i cannot say but just feel he is  going to be a wee sneaky ****  that will determine the fall of NEWCO.

Whether he his lying and sees another downfall of Rangers (I doubt it) but that is their (Rangers) business.

 

It's the damage he has the potential to do Scottish football is most concerning for the rest of us.

 

But we will be ok.

 

The SFA has deemed that King is Fit and Proper and has fully rehabilitated himself significantly ahead of the SFA rules schedule.

Edited May 26, 2015 by DETTY29

[maroonlegions]

Whether he his lying and sees another downfall of Rangers (I doubt it) but that is their (Rangers) business.

 

It's the damage he has the potential to do Scottish football is most concerning for the rest of us.

 

But we will be ok.

 

The SFA has deemed that King is Fit and Proper and has fully rehabilitated himself significantly ahead of the SFA rules schedule.

 

 

Case of wait and see i"d imagine, time will tell but me personally i would not let him near my Sky TV remote never mind a business, lol; 

[269miles]

Ashley's got what he wanted. This should be fun.

 

http://rangersinternationalfootballclub.com/images/staticcontent/documents/GM%20Notice%2025_5_15.pdf

Ashley just letting King know he is going to trash his reputation at every opportunity and remind shareholders how disgracefully King has behaved since "taking over" (unlike the Glasgow media who would rather forget)..

Get ready for a SMSM campaign aimed at attacking the unfairness of the MASH / SD loans thus reinforcing King as Sevco's saviour from these bad boy money grabbers.

 MASH is setting his stall out, as they say , and it doesn't  look like he wants to kiss and make up. King is going to be made to eat humble pie and answer some very uncomfortable questions about his conduct since the last EGM.

[Glamorgan Jambo]

I'd count in seconds the amount of time any motion to remove MASH's voting rights would stand up in court.

 

The RIFC board applying the traditional dissembly strategy by adding the motion around the Sports Direct contract to the meeting agenda.

 

This should be fun.

[269miles]

I'd count in seconds the amount of time any motion to remove MASH's voting rights would stand up in court.

 

The RIFC board applying the traditional dissembly strategy by adding the motion around the Sports Direct contract to the meeting agenda.

 

This should be fun.

Exactly. MASH saved Sevco from oblivion (make no mistake, there was no other show in town with the money to do so) and they repay him by trying to welch out of the deal. MASH will batter King in the war of words. .

[CJGJ]

Exactly. MASH saved Sevco from oblivion (make no mistake, there was no other show in town with the money to do so) and they repay him by trying to welch out of the deal. MASH will batter King in the war of words. .

Really......considering Ashley is no longer in control I doubt it.

 

There are still some on here refusing to face up to reality............Ashley lost control and now it is just what he can get from the club that is being negotiated and this is part of a deal which will be agreed at some point. He will make money of course and to his advantage no doubt but he will negotiate a deal for as soon as the true story re the deals he set up whilst in control is in the public domain he will be faced with boycotts etc meaning he will receive little benefit from those deals.

Edited May 26, 2015 by CJGJ

[Dutchmul]

Wow, as harry hill would say "FIGHT" .

 

It's getting interesting at ibrokes but the glib and shameless liar is firing tissue paper at ashley, the voting rights is a lot of shit, it's against company law, the terms of the retail fleecing are covered by confidentiality agreements and if they break them leave themselves wide open to being sued.

 

Simple answer for the glib one, pay the 5m loan back and thats it over and done with.

 

This could get bloody, brilliant.

[The Gasman]

Really......considering Ashley is no longer in control I doubt it.

 

You're right that Ashley is no longer in control, but he may still be able to call on enough support to block some of King's moves, and through Sports Direct, he still has the right to nominate two Directors to Rangers board.

[Biffa Bacon]

Why would MASH renegotiate the retail deal? It will be legally watertight, no matter how fair or unfair, it was agreed and signed by the board of Sevco, in exchange for loans. It does not matter if every shareholder demands that the agreement should be renegotiated, it is in place until the specified time in the agreement. There will also be a non disclosure clause contained within the deal. MA did not become a billionaire by renegotiating his lucrative activities......

[Dutchmul]

Why would MASH renegotiate the retail deal? It will be legally watertight, no matter how fair or unfair, it was agreed and signed by the board of Sevco, in exchange for loans. It does not matter if every shareholder demands that the agreement should be renegotiated, it is in place until the specified time in the agreement. There will also be a non disclosure clause contained within the deal. MA did not become a billionaire by renegotiating his lucrative activities......

 

Exactly, not a chance ashley will renegotiate the deals, the longer sevco don't pay back the loan, the longer ashley bleeds the orcs through the retail agreement. And the longer sevco have nothing to offer as security for any other loans.

[SUTOL]

Exactly, not a chance ashley will renegotiate the deals, the longer sevco don't pay back the loan, the longer ashley bleeds the orcs through the retail agreement. And the longer sevco have nothing to offer as security for any other loans.

 

Are the (onerous) retail agreements dependant/related to the loan(s).

 

I thought they pre-dated them...  

[Barney Rubble]

What happens if the glib and shameless one loses this battle , does he walk away ? , does sevco die ? curiouser and curiouser!...

[Tommy Brown]

Tomorrows paper.

King realises just how long Ashley's onerous contracts last. [emoji4]

Nice

[Footballfirst]

It's not just a fixed term deal, but a rolling 7 year contract.

 

keith jackson ?@tedermeatballs 27m27 minutes ago

@BMCRangersRants it was known that it was a seven year retail deal. Not that it was a rolling contract.

[Mikey1874]

Charles Green responsible for signing this contract with Sports Direct?

[Biffa Bacon]

Charles Green responsible for signing this contract with Sports Direct?

Probably, but it does not really matter who signed it on behalf of sevco, it is still legally binding, unless it was done fraudulently( there is nothing to suggest that this was the case). The only way to get out of it.....is to agree a new deal that is mutually agreeable, for MA this would mean being bought out, which won't be cheap...... 7 years worth of a cash cow, what's that going to cost?

[Angus Young]

The Lying King has made it clear that the 5 million pound loan from MA Which is interest free is " Not a priority " King seems to think it will just stay on the books not to be paid back , king also tried to ram McCoist for his gardening money.

 

The Glib and Shameless Liar also had a dig at SDM This week about his lost 20 million, no sign of him ponying up and he has now put pot less Paul in charge.

[Mysterion]

7 years.... hahahaha. 

 

GIRUY Sevco Fans! 

[steve444]

 

[Unknown user]

Tomorrows paper.

King realises just how long Ashley's onerous contracts last. [emoji4]

 

Ooft!

 

Now I know that kit income is a relatively small slice of the financial income pie but that's still a sore one in the family jewels. 

[steve444]

7 years.... hahahaha. 

 

GIRUY Sevco Fans! 

 

Rangers get ?3/4 per shirt sold...even in club shop.

 

Ashley has done them up like a kipper...

[Dutchmul]

Are the (onerous) retail agreements dependant/related to the loan(s).

 

I thought they pre-dated them...  

 

They did, however, under the terms of the loans, ashley really shafted them and got more of the share from retail sales and the shares in the company until the loan is repaid.

[269miles]

Really......considering Ashley is no longer in control I doubt it.

 

There are still some on here refusing to face up to reality............Ashley lost control and now it is just what he can get from the club that is being negotiated and this is part of a deal which will be agreed at some point. He will make money of course and to his advantage no doubt but he will negotiate a deal for as soon as the true story re the deals he set up whilst in control is in the public domain he will be faced with boycotts etc meaning he will receive little benefit from those deals.

Erm, no. If there is a boycott and fans refuse to buy he still makes money. It's a great contract. For him.

[steve444]

 

It's not just a fixed term deal, but a rolling 7 year contract.

 

keith jackson ?@tedermeatballs 27m27 minutes ago

@BMCRangersRants it was known that it was a seven year retail deal. Not that it was a rolling contract.

 

 

Wonder what else Ashley has up his sleeve?

Edited May 26, 2015 by steve444

[Dunks]

Question is: what is Ashley looking to gain from the EGM?

[The Gasman]

Why would MASH renegotiate the retail deal? It will be legally watertight, no matter how fair or unfair, it was agreed and signed by the board of Sevco, in exchange for loans. It does not matter if every shareholder demands that the agreement should be renegotiated, it is in place until the specified time in the agreement. There will also be a non disclosure clause contained within the deal. MA did not become a billionaire by renegotiating his lucrative activities......

I'm not saying it's a likely scenario, but it's worth baring in mind that should Rangers have another insolvency event, they might well be able to use it to wriggle out from the onerous contracts....

 

Just. Saying. Likes.

[CJGJ]

It really is sad watching people trying to support Ashley as if he is some sort of hero in this.

 

Ashley may be a great businessman but he is bad for football and through his nominees entered into deals that were so one way there is a dispute over whether they will stand up in court.

Time will tell on that score however the seemingly sheer desperate nature of some on here to have him shaft Rangers is truly sad to see.

 

When Rangers act like idiots they deserve to be taken to task but when we are supposed to stand up for the poor billionaire in his fight for justice then things have gone truly overboard.

[Unknown user]

Wonder what else Ashley has up his sleeve?

This is the key question, he had months to move his pieces in place, what else is out there?

[Geoff Kilpatrick]

It really is sad watching people trying to support Ashley as if he is some sort of hero in this.

 

Ashley may be a great businessman but he is bad for football and through his nominees entered into deals that were so one way there is a dispute over whether they will stand up in court.

Time will tell on that score however the seemingly sheer desperate nature of some on here to have him shaft Rangers is truly sad to see.

 

When Rangers act like idiots they deserve to be taken to task but when we are supposed to stand up for the poor billionaire in his fight for justice then things have gone truly overboard.

 

There seems to be no hint of illegality with these contracts. Not sure what your problem is.

[Maroon tinted glasses 2]

Charles Green responsible for signing this contract with Sports Direct?

is this the same Charles green that king sat alongside on the board and therefore could be argued in court that he was fully aware of the details of the contract when it was signed off.

[CJGJ]

 

There seems to be no hint of illegality with these contracts. Not sure what your problem is.

Really...perhaps you need to do more research...not so funny is it...there is of course football regulations legal and company law legal

 

'Mike Ashley?s failure to contest a Scottish Football Association verdict on dual ownership rules has opened the door for Rangers chairman Dave King to ambush the Newcastle United owner over his demand for a general meeting of Ibrox shareholders, The Daily Telegraph can reveal.

Ashley had requisitioned for the meeting to call for a ?5?million loan made by him to Rangers to be repaid immediately, in an attempt to squeeze the club?s cash flow at the most vulnerable time of the year. He also demanded that King explain why Rangers? shares had been delisted, what steps had been taken to find a Stock Exchange nominated adviser (Nomad) and what terms had been agreed for a ?1.5?million loan from the Three Bears consortium of wealthy supporters.

However, as disclosed by The Daily Telegraph last week, Ashley did not appeal the SFA?s finding that he had been in breach of their dual ownership regulations.

Instead ? although his net worth is estimated to be ?3.25?billion ? Ashley?s lawyers contested the ?7,500 fine imposed on him, on the grounds that it was disproportionate. Rangers, meanwhile, were fined ?5,500 for breaching dual ownership rules, a verdict that was issued five weeks after King had overthrown the previous Ashley-backed regime at Ibrox.

King and his allies accepted the sanction with alacrity because it offered them the opportunity to investigate the possibility that contracts for Sports Direct deals with Rangers might have been agreed while the company?s owner and the club were both infringing SFA regulations.

They also took legal advice on what they could put on the table at the general meeting ? which will be held on June 12 at Ibrox ? and returned fire on Ashley by adding their own resolutions to the agenda.

One proposal is to incorporate the SFA?s dual ownership rules into Rangers? own articles of association with the intent of limiting Ashley?s future influence over the club.

In an announcement on Rangers? official website last night, the board declared that it would ?provide shareholders with a breakdown of the income received by Rangers Retail Limited (?RRL?) since its incorporation and the payments made by RRL to the club.?

Edited May 27, 2015 by CJGJ

[Geoff Kilpatrick]

Can you provide a source please as opposed to copy and paste?

 

The point was that the contract was freely entered into by both parties. If the new Sevco board don't like it then they will have to either pay compensation or hope for some legal loophole.