Generic Sevco / Rangers meltdown thread

[bighairyfaeleith]

My Rangers supporting colleague said to me yesterday that the directors would start to get wind of the direction of the proxy so would start to resign before the EGM has taken place. Looks like he's just the first.

Thing is, Easedale wasn't one of the two directors that Ashley would just vote back in if voted out so was always going to be leaving the party. I reckon the Easedales will happily take a back seat now and sit on there shareholding until they get a decent offer.

Whats more interesting is what happens with the other two, the ones Ashley has effectively appointed.

[bingo70]

Dougie freedman being lined up as their new manager.

Is he no pretty *****?

[Aldo]

Dougie freedman being lined up as their new manager. Is he no pretty *****?

Is he. He's just not long taken over at Forest where he appears to have them back on track??

[bingo70]

Is he. He's just not long taken over at Forest where he appears to have them back on track??

It's in the sun today, forgot he was at forest now.

The sun were convinced a few weeks back it was going to be Ian cathro so they're probably just chucking a few names about in the hope they get one right.

[Bostonhibby]

Is he. He's just not long taken over at Forest where he appears to have them back on track??
He has, Celtic "minded" as well apparently, so like Craig whyte before him, cometh the hour cometh the man! [emoji6]

[CropleyWasGod]

Is there any significance in that? Is he one of Ashleys men?

He may be the sacrificial lamb.

As has been said, it sounds as if the voting is pretty close. Perhaps Easdale's resignation is designed to sway some of the undecideds the way of the current Board.

His statement bangs on about "not having the support of the fans", so there may be some truth in that.

[PeeKay]

Ashley's loan was conditional on two of his men being appointed to the Board. If they get voted off then surely the conditions of the loan have been breached and it will need to be repaid at once. Can DK and the Blue Knights afford that?

[portycabbage]

Im not a great believer in coincidences - yesterday the rangers fans trust bought up loads more shares, from one of the investment houses that easedale held proxy votes with.

fewer proxy votes = greater chance of losing = he's done the maths & doesn't want to be in the wee teepee on the pitch when the votes are counted

He could at least have got a chant of "wee tee-pee people" going (as opposed to "we are the people").:greengrin

[greenginger]

He may be the sacrificial lamb.

As has been said, it sounds as if the voting is pretty close. Perhaps Easdale's resignation is designed to sway some of the undecideds the way of the current Board.

Or, its Ibrox payday tomorrow, maybe does not want to be around when the cashlines don't produce the readies.

If Ashley is losing the vote , he is not going to release more cash to the black hole and Super Ally's wealth fund.

[Aldo]

It's in the sun today, forgot he was at forest now. The sun were convinced a few weeks back it was going to be Ian cathro so they're probably just chucking a few names about in the hope they get one right.

Think it was the 1st of Feb (or thereabouts) he took over at the City Ground. West coast media poor as usual and just filling their sections with regurgitated guff!

Does anyone want to take the very hot seat in their current state??

[Aldo]

He has, Celtic "minded" as well apparently, so like Craig whyte before him, cometh the hour cometh the man! [emoji6]

;-)

[Ozyhibby]

I think King will win the vote. I also think this will be bad for Rangers. They will have to come up with a lot of cash quick sharp to pay Mike Ashley.

[Bostonhibby]

I think King will win the vote. I also think this will be bad for Rangers. They will have to come up with a lot of cash quick sharp to pay Mike Ashley.

:agree: And then there will be the bad smell whilst they fiddle a way round the fit and proper person test and the UK company law problem. Id prefer King as I suspect Ashley would have been more likely just to legally chuck as much money as they need at the club to gain success - With King "running the show" however he does it Ashley still holds quite a few aces and they ain't going to get them cheap or at all if he doesn't want to play ball.

King / the variable number of bears/the rangers men actually have very few tactical advantages over Ashley hence their appealing direct to the shareholders on the basis of their apparent rangers credentials. King is the shadier of the two by some way but the truth is he is Hobsons choice - they don't want Ashley and no one else is lining up claiming to have the money. Not since Craig Whyte and Cheeky Charlie anyway - both of whom were welcomed as saviours, ala King.

[brog]

He may be the sacrificial lamb.

As has been said, it sounds as if the voting is pretty close. Perhaps Easdale's resignation is designed to sway some of the undecideds the way of the current Board.

His statement bangs on about "not having the support of the fans", so there may be some truth in that.

I don't think there's any doubt that King etc will win the vote. Easdale has never had the support of the fans so it definitely seems as if he's jumped before being pushed. It's what happens after King wins the vote that is intriguing!

[Deansy]

There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

[Bostonhibby]

There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

If they liquidate they lose the property assetts I think as Ashleys loans are secured on them he has first call - like I said before they are playing with the big boys this time rather than mugs they can walk over because they are Rangers, or the rangers.

[CropleyWasGod]

There seems to be a general assumption that if King wins, then his 1st struggle will be to repay MA - admittedly I know next to nothing about the legalities/conditions of these 'loans' or business-matters but bearing in mind King's 'Record/Form' and general character, I can see a very long protracted court-battle coming out of this ! Or as the previous club did - the big BUMP !!

That's my take on it.

Indeed, DK has already alluded to that. Paraphrasing him, he said that he would "look at" the MA loan. I don't see him repaying it on Day 1.

Which leads to MA's reaction to that. Given that he has security for his loan, he may move very quickly to act on that.

So we may well have a "who blinks first?" situation.

As you say, it will probably end up in Court, which will be costly for the club. :cb

[Moulin Yarns]

That's my take on it.

Indeed, DK has already alluded to that. Paraphrasing him, he said that he would "look at" the MA loan. I don't see him repaying it on Day 1.

Which leads to MA's reaction to that. Given that he has security for his loan, he may move very quickly to act on that.

So we may well have a "who blinks first?" situation.

As you say, it will probably end up in Court, which will be costly for the club. :cb


What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

[CropleyWasGod]

What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control. :cb

[AndyM_1875]

Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control. :cb

I doubt it would be a very long administration. King & co would end up owning them anyway and Ashley would get shafted for his loans.

Actually that could be pretty funny.:greengrin

[Ozyhibby]

Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control. :cb

Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.

[Phil D. Rolls]

He could at least have got a chant of "wee tee-pee people" going (as opposed to "we are the people").:greengrin

I thought the Apaches were the "wee arra people" due to their skill as marksmen.:greengrin

[CropleyWasGod]

I doubt it would be a very long administration. King & co would end up owning them anyway and Ashley would get shafted for his loans.

Actually that could be pretty funny.:greengrin

How would MA get shafted? He's the only secured creditor, AFAIK.

[Bostonhibby]

Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.
Agree. Ashley should easily extract value from the property his loans are secured against.

[Bostonhibby]

How would MA get shafted? He's the only secured creditor, AFAIK.
He is but maybe they had already hawked the stadium out earlier?[emoji1]

[Weststandwanab]

Or, its Ibrox payday tomorrow, maybe does not want to be around when the cashlines don't produce the readies.

If Ashley is losing the vote , he is not going to release more cash to the black hole and Super Ally's wealth fund.

It is indeed payday tomorrow at The Rangers !


What are the chances of Admin part 2 and The Rangers finishing in 7th place (based on current league table)?

I would rule nothing out.


Not any greater, or lesser, than they have been for a while. The cash continues to diminish, and time is not on their side.

If MA keeps control of the boardroom, more cash will be needed.

If DK gets in, the same, but with the added pressure of MA's loan, and the danger that MA may call in his security. In a way, administration might be more likely if DK takes control. :cb

If DK gets control I think at some point we will see The The Rangers

[ancient hibee]

Thats my take. If DK takes control he will have to fund the shortfall of about 8m a year without being able to take any security as Ashley has all that.
He also won't have any income from merchandising, stadium advertising etc. Ashley owns all that now.
There will also be the problem of owing a large amount of money to Ashley, the man he has just forced from the boardroom.
In short, I think that there was no chance of admin under Ashley but with King in charge there is a big chance.

They'll start selling season tickets to raise cash.

[Jack]

If anyone in all this is not going to get shafted it's billionaire Ashley.

[Bostonhibby]

If anyone in all this is not going to get shafted it's billionaire Ashley.

It really is hard to see what he has to lose - not even clear that he actually wants to own the embarrassment that is the rangers outright - but if he doesn't get the whole mess he is going to earn on his shares and the merchandising and other image rights that are his regardless.

You could say he took advantage of their desperation when none of the other talkers were willing to put up any alternative cash. Shame really.

[gorgie greens]

It really is hard to see what he has to lose - not even clear that he actually wants to own the embarrassment that is the rangers outright - but if he doesn't get the whole mess he is going to earn on his shares and the merchandising and other image rights that are his regardless.

You could say he took advantage of their desperation when none of the other talkers were willing to put up any alternative cash. Shame really.

Think if you get in to bed with the devil your going to get rodgered big time, They had no other options when they had the begging bowl out and MA has taken full advantage of their dire situation,only one winner here and its no the peeepleeee:na na:

[Springbank]

I thought the Apaches were the "wee arra people" due to their skill as marksmen.:greengrin

So Sioux me
:cb

[gorgie greens]

So Sioux me
:cb

looks like the BIG CHIEF will be SITTING and telling them BULL ++++

[Ronniekirk]

looks like the BIG CHIEF will be SITTING and telling them BULL ++++
But then again they may just Bury Thier head at Wounded knee ,if you believe in Ghost Dancers

[PatHead]

Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

[scoopyboy]

Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

IIRC he doesn't have security on the stadium.

He does on Murray Park however.

[PatHead]

IIRC he doesn't have security on the stadium.

He does on Murray Park however.

That is right, is there not a rumour that Craig Whyte's dad is involved somehow and has a charge or ownership on the stadium. That may just be a Celtic myth though but I think that is what Bomber Brown was on about when he rallied the troops about the title deeds.

Is there any way to check?

So difficult to keep up, it was like the second series of Broadchuch.

[CropleyWasGod]

That is right, is there not a rumour that Craig Whyte's dad is involved somehow and has a charge or ownership on the stadium. That may just be a Celtic myth though but I think that is what Bomber Brown was on about when he rallied the troops about the title deeds.

Is there any way to check?

So difficult to keep up, it was like the second series of Broadchuch.

The title deeds are an irrelevance.

If there is a security, it should be registered at Companies House (and one other place, whose name escapes me for the moment).

However, if it isn't registered in either of those places, that doesn't mean to say that a charge doesn't exist.

[Iain G]

Not really kept up lately but can someone confirm to me what exactly King will get when he takes over unless he spends a fortune to pay off Ashley?

My recollection is Ashley has

All merchandising rights for the forseeable future
The badge for the forseeable future
Security on the stadium
Security on Edminston House
A loan repayable on demand of £10m
2 seats on the board

He won't give that up lightly or for nothing.

The new series is just about to begin of this long running saga.

He has only released the first half of the £10m loan I think but a chunk of that was to repay his first smaller loan, so god knows at the moment how it all stacks up! The two board seats are tied into the loan conditions.

[Hibs Class]

The title deeds are an irrelevance.

If there is a security, it should be registered at Companies House (and one other place, whose name escapes me for the moment).

However, if it isn't registered in either of those places, that doesn't mean to say that a charge doesn't exist.

General Register of Sasines?

[greenginger]

General Register of Sasines?


or maybe,



https://www.ros.gov.uk/services/registration/chancery-and-judicial-registers/books-of-council-and-session

Books of Council and Session.

[Ozyhibby]

The title deeds are an irrelevance.

If there is a security, it should be registered at Companies House (and one other place, whose name escapes me for the moment).

However, if it isn't registered in either of those places, that doesn't mean to say that a charge doesn't exist.

If a charge can exist that does not appear on these registers, what's the point in having the registers?

[CropleyWasGod]

If a charge can exist that does not appear on these registers, what's the point in having the registers?

If it doesn't appear on the registers, an offence has been committed.

Also, if it doesn't, it could be argued that it hasn't been properly set up, and therefore doesn't actually exist.

[greenginger]

If it doesn't appear on the registers, an offence has been committed.

Also, if it doesn't, it could be argued that it hasn't been properly set up, and therefore doesn't actually exist.


Which party is responsible for recording the charge ?

[CropleyWasGod]

Which party is responsible for recording the charge ?

I presume the company, since it's them that is granting it. It certainly should appear on the company's CH file.

[bighairyfaeleith]

according to my wee hun pal sandy easedale will be stepping down from the football board today and giving his proxies to king. That will leave Ashley with complete control for the next few days to do as he wishes. Easedale can then say, I wasn't there so nothing to do with me.

[Deansy]

according to my wee hun pal sandy easedale will be stepping down from the football board today and giving his proxies to king. That will leave Ashley with complete control for the next few days to do as he wishes. Easedale can then say, I wasn't there so nothing to do with me.

There's a thread about this on 'mong-media -

http://forum.rangersmedia.co.uk/index.php?showtopic=280383&page=3


47 posts on it so far and NOT one of them has realised that, if this turns out to be true, MA can (and hopefully does) have a field-day !!. Good to see their collective IQ has yet to reach single-figures !l

[greenginger]

The Sevco Nomad has had a bit of clarifying to do today.


http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12264250.html

[HoboHarry]

Just wondering who is paying Derek liambas's salary? Rangers?

[Bostonhibby]

according to my wee hun pal sandy easedale will be stepping down from the football board today and giving his proxies to king. That will leave Ashley with complete control for the next few days to do as he wishes. Easedale can then say, I wasn't there so nothing to do with me.
If true, king could emerge as a sadly unsuccessful the rangers legend without putting a penny up again. Just like before[emoji1]

[CropleyWasGod]

Just wondering who is paying Derek liambas's salary? Rangers?
One would hope so :)

[HoboHarry]

One would hope so :)

I certainly do hope so. He loans them a fortune then makes them pay it back for the non playing loaners and DL. MA is brilliant lol.....

[HoboHarry]

To this point then MA has Rangers bankrolling the recuperation of the injured and non playing loaners. Lol and lol again .....

[grunt]

Puff piece in the Scotsman

http://www.scotsman.com/sport/football/spfl-lower-divisions/dave-king-set-to-do-a-fergus-mccann-at-rangers-1-3705237


RANGERS supporters are about to have a moment that has parallels with Fergus McCann standing on the steps of Celtic Park in March 1994 beside fellow takeover figurehead Brian Dempsey, as the later declared “the war is over, the rebels have won”. Dave King, in consort with various fans’ groups, has marshalled enough shareholder support to ensure that the control of Rangers will be wrenched from a board despised by the club’s followers and placed into what are considered transformative hands.

The general meeting that King called to remove the current plc board, who act at the behest of power-behind-the-throne Mike Ashley, scheduled for Friday might not even be required. After James Easdale chose to vacate the scene – an admission the votes are stacking up for the “other side” in the power struggle – it could be that the other directors, chairman David Somers and Ashley men Derek Llambias and Barry Leach, will look to avoid the public indignity of being jettisoned by their shareholders.
It is believed that, with King’s 14.5 per cent, the near 20 per cent of the Three Bears fan consortium comprising Donald Park, George Letham and George Taylor, possibly two of the institutional investors, and the fan groups and King-sympathetic individual shareholders, those seeking regime change could muster around 55 per cent of the total vote


King, in stating the other week his movement had already won, appears not to have been guilty of misplaced confidence. Equally, both he and Paul Murray, in their public pronouncements when they went on their public charm offensive earlier this month, are not mistaken about where seizing control leaves them. They have accepted that to restore Rangers they have an Everest-sized task, and that progressing beyond even the foothills might prove painfully slow.

It was four years between McCann’s boardroom triumph and the first title triumph of a Celtic under his charge. Yet the team he inherited were only third in the Scottish top flight and boasted a clutch of current internationals.

Paul Murray stated that he feared it could take up to five years to remodel Rangers top to bottom.
What they do have, though, is a support that will rally to the cause, both financially and emotionally.
But what could really trouble Rangers is remoulding the football operation. Whatever else might be said about those who have mismanaged Rangers in recent years, they did not underfund manager Ally McCoist’s playing operation. Quite the reverse, in fact.

If the SFA were to serve the “considerations” of their Articles regarding the fit and proper person test, King, left, with his tax convictions in South Africa and his boardroom place at Rangers as former owner Craig Whyte called in the administrators, would not be an obvious fit to become a director. King has said that he and Paul Murray have to convince the SFA they should be waved through, which would appear easier with Murray because he was sacked in the fallout of the Whyte takeover in 2011.

Yet, no matter what happens with King and the SFA, the South African-based businessman will be running the show. He doesn’t need any directorship to do that. He will be the King-maker and King-pin to hundreds of thousands of his fellow Rangers supporters. He has an onerous responsibility to demonstrate he can run Rangers successfully, but also in a fashion that bears little relationship to how it has been run for much of the last two decades.

[Springbank]

Puff piece in the Scotsman

http://www.scotsman.com/sport/football/spfl-lower-divisions/dave-king-set-to-do-a-fergus-mccann-at-rangers-1-3705237

At first i thought your description ("puff piece") was maybe a bit harsh. But then i read that second last paragraph : if the SFA were to (apply & uphold the rules) then King would not be an obvious fit for a director

In much the same way that Fred Goodwin would not be an "obvious fit" for next Chancellor, or in a similar way to how Jimmy Saville might not be an "obvious fit" for the teaching profession, in Scotsman-speak

[Ronniekirk]

At first i thought your description ("puff piece") was maybe a bit harsh. But then i read that second last paragraph : if the SFA were to (apply & uphold the rules) then King would not be an obvious fit for a director

In much the same way that Fred Goodwin would not be an "obvious fit" for next Chancellor, or in a similar way to how Jimmy Saville might not be an "obvious fit" for the teaching profession, in Scotsman-speak
He may not be viewed as fit and proper in terms of becoming a Director ,but the piece does make it clear that even without that he will be running the Show .
The piece is also equating this moment in time to the start of the Fergus McCann era and the fact the fans will now come back and back the club emotionally and Financially .
What I had forgotten was that it took McCann regime four years to then win the title and Paul Murray is saying it could take them even longer as Club will need changed from the bottom up .

I still think it will be difficult for them to get thier first choice new Manager right in the door but that will be first indication how much advance planning has been done and what kind of funds are in place.
But Givem McDowalls recent poor record they will want him out the way even if it's an interim arrangement like McCall to try and steer them them to promotion .


I don't buy into the view they will be happy to stay in the Championship another year .

You would think the three bears will have to play ball to begin with as Fans would want another Cicil War for Power as soon as new Regime takes over .

Will certainly be interesting to see what happens and no Doubt the Media will be all over them lputting out all the new positive messages and Ibrox will be resounding to thier full Repitoire of songs that we now know the S F A are happy for them to sing Makes you wonder if they can do any wrong now as the Powers that be will want the extra revenue and Sponsership .

Am beginning to think I dislike them more than Hearts

[Spike Mandela]

If the new regime get the coronation they desire(which looks likely) the media will move in to charm offensive overdrive mode, the authorities will smooth the path in anywhich way they can(even if King is rejected on fit and proper person clause) and the supporters will return in droves and be praised for their support through hard times.

It will be difficult for any team to beat them in the playoffs imo and I predict a variety of controversial and dubious decisions in their favour to that end.

However, once the fanfare is over the new regime has to find investment, has to surely live within their means and has to deal with Ashley, not to mention the myriad of contracts that seem to be in existence. I guess if you want someone to not pay contracts, a glib and shameless liar and tax fraudster may just be the perfect man.

One thing's for sure if it goes tits skyward this time the The Rangers fans will have nobody to blame but themselves..............but they will!

[Ozyhibby]

Predicting the way this will turnout is a mugs game so I won't try but I'm having difficulty believing that Mike Ashley is going to allow control of Rangers and his significant loan to be handed over to a hostile party. Apart from his £10m loan, he has significant investment in their retail and advertising business as well.
He does not seem like the type to allow them just to walk in there triumphantly this week.
I expect he will make some kind of move this week.

[Deansy]

If the new regime get the coronation they desire(which looks likely) the media will move in to charm offensive overdrive mode, the authorities will smooth the path in anywhich way they can(even if King is rejected on fit and proper person clause) and the supporters will return in droves and be praised for their support through hard times.

It will be difficult for any team to beat them in the playoffs imo and I predict a variety of controversial and dubious decisions in their favour to that end.

However, once the fanfare is over the new regime has to find investment, has to surely live within their means and has to deal with Ashley, not to mention the myriad of contracts that seem to be in existence. I guess if you want someone to not pay contracts, a glib and shameless liar and tax fraudster may just be the perfect man.
T
One thing's for sure if it goes tits skyward this time the The Rangers fans will have nobody to blame but themselves..............but they will!

And for that, expect King & Co to appeal to the lowest-base possible of their lowest-base support ( which we all know is the majority of them) - the 'Orange away-strip' will seem paltry compared to the depths they'll plumb in their efforts to ensure they don't lose their title of 'Scotland's Shame'. A huge increase in their already blatant religious-bigotry & sectarianism with lip-service 'condemnation' from the board is a certainty !!

[Onceinawhile]

Somers to resign tomorrow according to the telegraph. Dave King in charge by the end of the week.

http://www.telegraph.co.uk/sport/football/teams/rangers/11443457/Dave-King-wins-battle-for-control-of-Rangers-with-David-Somers-set-to-resign-as-chairman.html

[Eyrie]

So it's looking like King will win the vote. He's previously threatened to look again at the retail deals signed by the departing board.

This will pitch the convicted tax cheat against the ruthless businessman, so get the popcorn out!

[grunt]

Somers to resign tomorrow according to the telegraph. Dave King in charge by the end of the week.

http://www.telegraph.co.uk/sport/football/teams/rangers/11443457/Dave-King-wins-battle-for-control-of-Rangers-with-David-Somers-set-to-resign-as-chairman.html No mention in that article of either the SFA fit and proper test or the Companies Act former director rules.

Also, did we ever hear what happened if and when the referee's report on the Raith Rovers game made it to the SPFL? Wasn't Doncaster holding his fire until the report was in? What happened there?

[bighairyfaeleith]

So if easedale and somers are gone by tomorrow then two new board members could be in post by Tuesday. These members would not be subject to the vote on Friday. Now that's interesting!

[Bostonhibby]

No mention in that article of either the SFA fit and proper test or the Companies Act former director rules.

Also, did we ever hear what happened if and when the referee's report on the Raith Rovers game made it to the SPFL? Wasn't Doncaster holding his fire until the report was in? What happened there?



He's just waiting to find out who will be next at having a go at riding the clowns bicycle that is the rangers - they will then give him instructions confirming how far he has to bend over.

[sh00byd00]

Here we go again. All the same stroking the egos ***** that got rolled out by the media when CW took over the huns. Hopefully it will have the same end result.

Would be hilarious if Ashley called all his loans in.

[trev the hat]

Under the terms of Ashley's loan agreement he has the right to appoint 2 new board members should Leach & Llambias be removed at the egm, so same 2 could in theory be back on the board quicker than an Ivan Sproule hatrick !!!
Popcorn pal toffee for me 👍

[greenginger]

And time to appoint two new directors tomorrow to replace Easdale and Wallace who would not be subject to Friday's vote.

Result would be Ashley still having 4 placemen on the Board against the 3 King/Bears. :greengrin

[Pretty Boy]

Confirmed that Somers has confirmed to the stock exchange he has resigned this morning.

[HFC 0-7]

Predicting the way this will turnout is a mugs game so I won't try but I'm having difficulty believing that Mike Ashley is going to allow control of Rangers and his significant loan to be handed over to a hostile party. Apart from his £10m loan, he has significant investment in their retail and advertising business as well.
He does not seem like the type to allow them just to walk in there triumphantly this week.
I expect he will make some kind of move this week.

It's not a £10 million loan, only the first part of that was paid to rangers and part of it was to pay the existing loan.

[Ringothedog]

It's not a £10 million loan, only the first part of that was paid to rangers and part of it was to pay the existing loan.

But they still owe Ashley £10m.

[CropleyWasGod]

But they still owe Ashley £10m.

Pretty sure it's "only" £5m. The second £5m hasn't been drawn down yet.

[sh00byd00]

Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

[Billy Whizz]

Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

[HFC 0-7]

Regardless of the ins and outs of it all, I don't think Rangers could afford £5m, so whether it's £5m or £10m is irrelevant.

Possibly, but if King wants in he would rather want in before the debt is 10 million!!!! He will want to get control before the rest of that loan is drawn down. Its not irrelevant.

[Bostonhibby]

To quote David Somers:-

He said in a statement: "I have worked in the City of London, the world's greatest financial centre for decades and enjoyed considerable success.

"When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules and codes of behaviour.

"I now know that is a gross understatement.

"I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders.

"At the risk of antagonising my army of critics, I would point out that Rangers managed to pay its bills and avoid going under during my tenure"


Someone who pays the bills and is non - confrontational? FFS not the rangers minded at all. They really need to go continue down the Murray, Whyte Green route, and thankfully it seems they want to.

Jeez, paying your way? whatever next.

[stokesmessiah]

Pretty sure it's "only" £5m. The second £5m hasn't been drawn down yet.

Did they not take out a couple of other loans with him prior to the above???

[Bostonhibby]

Did they not take out a couple of other loans with him prior to the above???

£5m of the £10m initially borrowed this time around was used to repay an earlier £5m debt to Ashley himself so if they took the £5m for ongoing operating costs the debt associated to this one is £10m(?) I am having trouble keeping up - borrow borrow borrow, its all happening too quickly.

[CropleyWasGod]

I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

The Board did ask the question "what is the financial plan?" which has gone unanswered, along with the questions about the legal aspects of DK joining the Board.

Both of these, IMO, seem to fall under the category of "we're not interested. We just want the current Board out". That doesn't seem to be much of a business plan..... :greengrin

However, I also don't believe that no financial planning has been done. One of their plans, which DK has already alluded to, will be refusal to pay back the MA loan in the short-term.... which will give them time to organise a proper share or rights issue, and to organise their defence in Court when MA comes calling for his cash. :cb

[Spike Mandela]

The Board did ask the question "what is the financial plan?" which has gone unanswered, along with the questions about the legal aspects of DK joining the Board.

Both of these, IMO, seem to fall under the category of "we're not interested. We just want the current Board out". That doesn't seem to be much of a business plan..... :greengrin

However, I also don't believe that no financial planning has been done. One of their plans, which DK has already alluded to, will be refusal to pay back the MA loan in the short-term.... which will give them time to organise a proper share or rights issue, and to organise their defence in Court when MA comes calling for his cash. :cb

Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

[Bostonhibby]

Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

Please no! Don't think they are adding much, not keen on being there / injured/not very good/cost money?

[Ozyhibby]

The 5 loan players are a great way of Mike Ashley putting New Rangers in more debt to him and it doesn't cost him a penny.

[Ozyhibby]

https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?

[CropleyWasGod]

Couldn't Ashley just call in the loan and get a winding up order issued?

If it gets messy I wonder if Newcastle will recall their 5 players as well.

It would depend on the wording of the agreement, but the likelihood is that DK would resist the order, appeal against it in Court... a date would be set for the hearing.... etc etc... all of which would buy him time.

[mim]

I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

[Ozyhibby]

I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

I don't think so although it may suit Ashley to let King run the show so long as his commercial interests are protected. These type of people are well capable of holding their nose so long as they are making money.

[Bostonhibby]

I am wondering if Ashley and King have come to an understanding here.
With Somers and Easdale gone, we are left with Ashley place men and King about to take over on Friday.
Does noone else think these two might be working together?

Anything is possible in the rangers roadshow, so yes. In fact if Ashley cant currently own the mess on SFA rules at least, and doesn't want to have a fight with them at the moment he could actually be using Dodgy Dave as his front - Dave gets to wear the badge and once again put up very little new money - assuming they get past the UK company law issue of not having convicted criminals on your board / owning you. They will walk the SFA F&PP test as they don't apply it to "big" teams.

[CropleyWasGod]

https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?

The question has been asked by the current Board, and ignored.

[greenginger]

https://pbs.twimg.com/media/B_DA0wUXIAEsjsK.jpg

How do King and Murray get round this?


Revert to their original name Sevco Scotland ( Football Club ) Ltd.

I'm sure ra peepul will be happy !

[Deansy]

I agree, but I don't think King and Co would have gone this far, if they didn't have some solutions to the cash flow problems.
Maybe Crops can help, if they release the 12 out of contract players, and sell a shed load of season tickets, does this considerably help their position?
Can't believe the new directors won't have a plan?

I have no doubt King will employ the same 'solutions' he used in S.Africa - except here the MSM won't question where he's getting the money from. Everything will be done under an umbrella of a 'return to their traditions' to get as many of the truly brain-dead on his side ASAP !!

[cabbageandribs1875]

Support for Dave King’s resolutions now at 48.758%
This is not an exact science but at the moment he was arrived at the figure of 48.758% - but crucially this does not include either the shares of River & Mercantile or those fans who have not yet proxied their shares through fan groups.Some of those may not vote or vote in favour of the current regime.So, whilst some are already celebrating we need to keep the pressure on.




kin boooo

[HFC 0-7]

£5m of the £10m initially borrowed this time around was used to repay an earlier £5m debt to Ashley himself so if they took the £5m for ongoing operating costs the debt associated to this one is £10m(?) I am having trouble keeping up - borrow borrow borrow, its all happening too quickly.

I think they had a debt of 2 million to Ashley, they then got a loan of 5 million to pay off the 2 million and have a further 3 as working capital. there is also a further 5 million that hasn't been draw down yet.

[jacomo]

I don't think so although it may suit Ashley to let King run the show so long as his commercial interests are protected. These type of people are well capable of holding their nose so long as they are making money.

Ashley inscrutable as ever, but you might well be right. Does he want to run The Rangers, or does he just want to protect his merchandising revenues? I know he tried to see if he could increase his stake beyond 10%, but that was when the company looked in imminent danger of collapse.

If DK does have the money to finance his fantasy coronation, Ashley might let him get on with it. Pure speculation mind!

[Bostonhibby]

I think they had a debt of 2 million to Ashley, they then got a loan of 5 million to pay off the 2 million and have a further 3 as working capital. there is also a further 5 million that hasn't been draw down yet.
Cheers, and I thought yamenomics was hard enough to follow.

[Stonewall]

Ashley inscrutable as ever, but you might well be right. Does he want to run The Rangers, or does he just want to protect his merchandising revenues? I know he tried to see if he could increase his stake beyond 10%, but that was when the company looked in imminent danger of collapse.

If DK does have the money to finance his fantasy coronation, Ashley might let him get on with it. Pure speculation mind!

I think you may well be right. Ashley's motivation in involving himself with Rangers has never been clarified but your reasoning is plausible.

[AndyM_1875]

I think you may well be right. Ashley's motivation in involving himself with Rangers has never been clarified but your reasoning is plausible.

It's dangerous to second guess Ashley. The only thing we can say is he is all about his business, Sports Direct. He has Rangers merchandising rights and he'll either drive the last penny out of that as it stands or he'll agree to work with King for a longer term plan.

King has been pretty neutral towards him and probably with good reason as going hostile to him would be a very bad idea.

Plenty more episodes of this continuing soap opera to go.:tee hee:

[BH Hibs]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

[worcesterhibby]

It's dangerous to second guess Ashley. The only thing we can say is he is all about his business, Sports Direct. He has Rangers merchandising rights and he'll either drive the last penny out of that as it stands or he'll agree to work with King for a longer term plan.

King has been pretty neutral towards him and probably with good reason as going hostile to him would be a very bad idea.

Plenty more episodes of this continuing soap opera to go.:tee hee:

I really don't think it's just about the money. Ashley likes power..money gives him power…Ashley likes calling the shots..the money lets him call the shots..it's all intertwined in supporting his massive ego/appetite for power games.

[Bostonhibby]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

Never been the sharpest tool in the drawer so hopefully not too many, who might have one eye on the financial value of their holding and company law, will be relying on his inexpert advice.

[WillowbraeHibby]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers


I for one do not care a jot for that lot doon Ibrox way... Never see or hear of them again would not bother me one iota... :lolrangers:

[southsider]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers
The SFA's f &p test is the least of King's worries It is a criminal offence for a director of a liquidated company (ie Rangers) to try to become a director of a similar named company (ie The Rangers), within a 5 year period. Punishments include jail time

[CropleyWasGod]

The SFA's f &p test is the least of King's worries It is a criminal offence for a director of a liquidated company (ie Rangers) to try to become a director of a similar named company (ie The Rangers), within a 5 year period. Punishments include jail time

Being pedantic, "trying to be" is not an offence. "Being" is.

[emerald green]

The SFA's f &p test is the least of King's worries It is a criminal offence for a director of a liquidated company (ie Rangers) to try to become a director of a similar named company (ie The Rangers), within a 5 year period. Punishments include jail time

So why is King trying to do exactly that? Does he think he is above the law? I''m no expert on all of this The Rangers boardroom saga, but stuff like this just isn't making any sense to me. :confused:

Maybe someone who knows more about this can clarify?

[fatbloke]

Andy Goram spouting the usual pish. For the sake of Scottish football you have to let Dave King in. Has anyone asked the rest of Scottish football coz I'm sure we would say stuff The Rangers

If(when) we stuff them once more this season do we not get to keep them?:greengrin

[CropleyWasGod]

So why is King trying to do exactly that? Does he think he is above the law? I''m no expert on all of this The Rangers boardroom saga, but stuff like this just isn't making any sense to me. :confused:

Maybe someone who knows more about this can clarify?

He has previous, of course, of riding over the law.

I suspect that he has taken advice on the possible implications and decided that the advantages outweigh the disadvantages.

[southsider]

Being pedantic, "trying to be" is not an offence. "Being" is.
So, if the 3 bears vote King and Murray onto the board, as directors, who does the time ?

[CropleyWasGod]

So, if the 3 bears vote King and Murray onto the board, as directors, who does the time ?

King and Murray will have broken the law, so it's their offence.

[emerald green]

He has previous, of course, of riding over the law.

I suspect that he has taken advice on the possible implications and decided that the advantages outweigh the disadvantages.

It just seems (to me anyway) to be a bit crazy to risk getting the jail as a previous poster mentioned could potentially happen. That's a pretty big disadvantage IMHO. :greengrin

[CropleyWasGod]

It just seems (to me anyway) to be a bit crazy to risk getting the jail as a previous poster mentioned could potentially happen. That's a pretty big disadvantage IMHO. :greengrin

It's a risk, but my guess is that it would be a heavy fine, and an order to come off the Board.

[southsider]

What we need is a two fisted bun fight between MA and DK lol

[Deansy]

Support for Dave King’s resolutions now at 48.758%
This is not an exact science but at the moment he was arrived at the figure of 48.758% - but crucially this does not include either the shares of River & Mercantile or those fans who have not yet proxied their shares through fan groups.Some of those may not vote or vote in favour of the current regime.So, whilst some are already celebrating we need to keep the pressure on.




kin boooo

(Presumably this is from a Hun-site ?)

'So, whilst some are already celebrating we need to keep the pressure on' -

You have to laugh at them. Who or what do they think they are in the grand scheme of things - Govan's answer to 'Gordon Gekko' ?? In what possible way can they 'keep the pressure on' anyone or anything when it comes to the financial-markets ??. Finding-out certain individual's home-address\tel-No.\the schools their kids go to etc is their usual way of 'Persuasion' !. Think all the business\share-talk has some of them them getting mixed-up between 'Suits' and shell-suits !!

[cabbageandribs1875]

(Presumably this is from a Hun-site ?)

'So, whilst some are already celebrating we need to keep the pressure on' -

You have to laugh at them. Who or what do they think they are in the grand scheme of things - Govan's answer to 'Gordon Gekko' ?? In what possible way can they 'keep the pressure on' anyone or anything when it comes to the financial-markets ??. Finding-out certain individual's home-address\tel-No.\the schools their kids go to etc is their usual way of 'Persuasion' !. Think all the business\share-talk has some of them them getting mixed-up between 'Suits' and shell-suits !!


super ally set the example to the jakey neds in how to go about things :agree: i have to admit i did spend nearly £80 in two visits to sports direct livi branch last week, just to show solidarity with round boy ashley

[lord bunberry]

It's a risk, but my guess is that it would be a heavy fine, and an order to come off the Board.
Were they both still members of the board when the club went into administration? Or does that not matter.

[CropleyWasGod]

Were they both still members of the board when the club went into administration? Or does that not matter.
Murray resigned......can't remember when exactly. ... which is in his favour.

[portycabbage]

http://www.heraldscotland.com/sport/football/sfa-no-decision-yet-on-ashleys-links-with-rangers.1425336006

SFA haven't reached a decision on Ashley involvement after meeting last night

[Ozyhibby]

http://www.heraldscotland.com/sport/football/sfa-no-decision-yet-on-ashleys-links-with-rangers.1425336006

SFA haven't reached a decision on Ashley involvement after meeting last night

In other words they are waiting to see what happens this week in the hope they don't need to make a decision.

[Phil D. Rolls]

In other words they are waiting to see what happens this week in the hope they don't need to make a decision.

:agree: You sometimes wonder who the idiots are - us, or them. Time and time again they come out with this nonsense, and every time they get away with it.

[ballengeich]

In other words they are waiting to see what happens this week in the hope they don't need to make a decision.

I agree that they'll wait until the result of the gm is known. They have to be very careful both about this and about King's eligibility to be a director. When the old Rangers went to the Court of Session to get their registration ban overturned they succeeded because the SFA hadn't followed its own procedures correctly. Repeating that mistake would be costly as I'm sure either Ashley or King would be prepared to go to court if their plans are thwarted. Whatever decision is reached must at least be totally in line with SFA and SPFL rules.

In addition, I wouldn't be surprised if either Ashley and King takes legal action against the other before long. The entertainment won't be over by Friday.

[Lucius Apuleius]

And yet I was told last night by a hub, usually intelligent, that everything well be okay after the meeting on Friday as they would have50 million to spend on players. Lessons learned? Don't think so. Stupid thing was five minutes later he said he would prefer them not to be promoted this season. Weird people.

[Keith_M]

In other words they are waiting to see what happens this week in the hope they don't need to make a decision.


:agree:

I get a mental image of The Three Wise(?) Monkeys here.


He has two Directors on the Board and the option to appoint another two. How can he possibly not be considered as having an influence?

[Deansy]

And yet I was told last night by a hub, usually intelligent, that everything well be okay after the meeting on Friday as they would have50 million to spend on players. Lessons learned? Don't think so. Stupid thing was five minutes later he said he would prefer them not to be promoted this season. Weird people.

'Buying Players/Success' IS the only way these s*um can compete !! The infamous 'Rangers Way' !!. Buying success is so deeply ingrained in them now, they're unable to contemplate being successful the 'Football Way'. Of course, maybe some of them remember, that before Lawrence Marlborough came along, a Rangers with no money were crap and won very little. Wonder if they will ever realise that there's no money to be made in Scottish Football and if they go back to the 'Rangers Way', eventually the money WILL run out and they're back to square-one ??

However, personally, I hope this disgusting, blight-on-society soon dies an extremely painful-death, before another crook comes along to benefit from it !!

[BH Hibs]

'Buying Players/Success' IS the only way these s*um can compete !! The infamous 'Rangers Way' !!. Buying success is so deeply ingrained in them now, they're unable to contemplate being successful the 'Football Way'. Of course, maybe some of them remember, that before Lawrence Marlborough came along, a Rangers with no money were crap and won very little. Wonder if they will ever realise that there's no money to be made in Scottish Football and if they go back to the 'Rangers Way', eventually the money WILL run out and they're back to square-one ??

However, personally, I hope this disgusting, blight-on-society soon dies an extremely painful-death, before another crook comes along to benefit from it !!

Spot ****ing on :top marks

[greenginger]

http://m.stv.tv/sport/football/clubs/rangers/312447-dave-king-announces-landslide-win-in-bid-to-take-control-of-rangers/


The lying King seems pretty confident.

He claims that because he can serve as a director in S A . he should be allowed to do the same here.

Is his difficulties more to do with the fact he can't serve on a board of a company called Rangers and our SFA are meant to have certain standards for Club directors.

Am I right in thinking there would be nothing to stop King becoming the director of Buckfast retailer or similar company.

[CropleyWasGod]

http://m.stv.tv/sport/football/clubs/rangers/312447-dave-king-announces-landslide-win-in-bid-to-take-control-of-rangers/


The lying King seems pretty confident.

He claims that because he can serve as a director in S A . he should be allowed to do the same here.

Is his difficulties more to do with the fact he can't serve on a board of a company called Rangers and our SFA are meant to have certain standards for Club directors.

Am I right in thinking there would be nothing to stop King becoming the director of Buckfast retailer or similar company.

Yup.

[greenginger]

https://twitter.com/AndyNewportPA/status/572757326513475584/photo/1

King talking tough now ! :greengrin

[WillowbraeHibby]

https://twitter.com/AndyNewportPA/status/572757326513475584/photo/1

King talking tough now ! :greengrin


Wonder if MA will have anything to say about this???

[CropleyWasGod]

https://twitter.com/AndyNewportPA/status/572757326513475584/photo/1

King talking tough now ! :greengrin

He talks about the costs of the GM, and how they might be avoided.

I would have thought that the majority of those costs have been incurred already. The printing, the postage, the security, will all have to be paid for.

[HoboHarry]

He talks about the costs of the GM, and how they might be avoided.

I would have thought that the majority of those costs have been incurred already. The printing, the postage, the security, will all have to be paid for.
Ach, I'm sure they are glad to have saved the cost of the rented wigwam......... :greengrin

[CropleyWasGod]

I don't know much about Lambias, but I suspect he won't respond too well to this email being made public by DK.

[andrew70]

I don't know much about Lambias, but I suspect he won't respond too well to this email being made public by DK.

DK is playing with fire here.

MA has two days to conduct business before Friday is here and I wouldn't put it past him playing an ace or two that DK etc have no clue about. The soap opera isn't anywhere near over yet.

Is it correct that the two incumbents on the board were 'not' placed by MA and thus he has the option to put two people on the board? If he was to do this before Fri, then they would be exempt from any EGM - as stated elsewhere on this thread.

I think this is DK tyring to put the pressure on rather than anything else.

[southsider]

King is playing hardball and with the mutants on his side he thinks he is home and dry. The SFA may well be swayed but rest assured the Law Courts will not be. King and Murray cannot be directors as it is illegal for them to be. May appoint a couple of patsy's. Brown and Goram ?????

[Iain G]

I don't know much about Lambias, but I suspect he won't respond too well to this email being made public by DK.

The language and wording of that email is embarassing and highlights Kings ego at play, the man is clearly another in the same mould as Whyte or Green and ego is clearly bigger than his business acumen as proven in the SA law courts.

Ashley will run rings around them if he chooses to do so especially with emails like that being sent out by King.

Is the only reason they are supporting King and co in this being that they are Rangers minded? Hardly a recipe for success recently ;-)

If I was a hun, god help me, i would rather Ashley and his team kept reducing costs and making the whole business viable again, but they cant see that and want them back u giving Sellick a bloody nose whatever the cost, its foolish and will end in disaster!

[WillowbraeHibby]

The language and wording of that email is embarassing and highlights Kings ego at play, the man is clearly another in the same mould as Whyte or Green and ego is clearly bigger than his business acumen as proven in the SA law courts.

Ashley will run rings around them if he chooses to do so especially with emails like that being sent out by King.

Is the only reason they are supporting King and co in this being that they are Rangers minded? Hardly a recipe for success recently ;-)

If I was a hun, god help me, i would rather Ashley and his team kept reducing costs and making the whole business viable again, but they cant see that and want them back u giving Sellick a bloody nose whatever the cost, its foolish and will end in disaster!


I do hope so....... :greengrin

[Iain G]

I do hope so....... :greengrin

Dont we all :-D

[CB_NO3]

MA is a tough character and a well connected man at that. Am I right in saying MA owns 80% of the huns merchandising rights and also has loans roughly about 5m owed to him?

[WillowbraeHibby]

Dont we all :-D


:agree: :thumbsup:

[WillowbraeHibby]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)

[cabbageandribs1875]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)


wow, bet he never does that again eh, he will probably send them an old sock with 10k stuffed in it and tell them to keep the change



:)

[DarrenSQH]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)

Probably the equivalent of giving me a 1p fine.

[JimBHibees]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)

Thats put him in his place. :greengrin

[WillowbraeHibby]

wow, bet he never does that again eh, he will probably send them an old sock with 10k stuffed in it and tell them to keep the change



:)



Yep... They fair hammered him so they did... :rolleyes: The circus rolls along..... :greengrin

[AndyM_1875]

King is playing hardball and with the mutants on his side he thinks he is home and dry. The SFA may well be swayed but rest assured the Law Courts will not be. King and Murray cannot be directors as it is illegal for them to be. May appoint a couple of patsy's. Brown and Goram ?????

King & Murray appointing a couple of patsies is very likely but Bomber and Goram?!?!
That would be a car crash.
That pair of heidbangers are fine holding court with the mouth breathers in the Louden Tavern but being expected to behave as appointed directors? No chance.

[CropleyWasGod]

King & Murray appointing a couple of patsies is very likely but Bomber and Goram?!?!
That would be a car crash.
That pair of heidbangers are fine holding court with the mouth breathers in the Louden Tavern but being expected to behave as appointed directors? No chance.

Appointing someone in his stead might well fall foul of the Companies Act anyway. He would probably be held to be a shadow director.

[grunt]

STV Sport ‏@STVSport (https://twitter.com/STVSport)now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)
So, is that it? A fine? If I read it right, the fine was because he appointed his henchmen to the Board. So do they get to stay? (I realise that the DK activities may affect this). But, a fine? And no change to the underlying cause of the problem? What's the point of that?

[CropleyWasGod]

So, is that it? A fine? If I read it right, the fine was because he appointed his henchmen to the Board. So do they get to stay? (I realise that the DK activities may affect this). But, a fine? And no change to the underlying cause of the problem? What's the point of that?

I think the SFA are putting a marker down.

Let's say that Friday's meeting changes nothing, and that MA continues as is. He will continue to be charged by the SFA, and each punishment will be worse than the last, with the ultimate sanction being....suspension of his guys?? Not sure how far they can go, TBH.

I don't think even MA would be able to sustain that.

IMO, this is a shot across the bows, which might be all that happens, depending on how the DK thing plays out.

[lord bunberry]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)
:faf: £7.5k I bet he's bricking it now, the SFA really mean business this time. He probably paid cash on the spot.

[Benny Brazil]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)

Well they certainly told him - makes you wonder what they would do if he managed to get more than the permitted number of shares? Not a lot going by the above.
Just add fuel to the fire about how corrupt the SFA are. Regan is a complete and utter waste of time.

[WillowbraeHibby]

I think the SFA are putting a marker down.

Let's say that Friday's meeting changes nothing, and that MA continues as is. He will continue to be charged by the SFA, and each punishment will be worse than the last, with the ultimate sanction being....suspension of his guys?? Not sure how far they can go, TBH.

I don't think even MA would be able to sustain that.

IMO, this is a shot across the bows, which might be all that happens, depending on how the DK thing plays out.


Now, I don't kid myself on that I know all the inn's and oot's o' this mess, but reading the postings, please do tell me that there is a lot more fun and games to come yet? :lolrangers:

[ballengeich]

I agree that they'll wait until the result of the gm is known.

I thought that would be Friday, but I guess the SFA believe that the result's in the bag. A £7500 fine and no instruction not to continue offending will show him the SFA isn't to be messed with - it must be nearly a day's profit from Rangers Retail.

[grunt]

Andy Newport ‏@AndyNewportPA 4m4 minutes ago (https://twitter.com/AndyNewportPA/status/572806757824786434) Rangers announce to Stock Exchange they are starting process which will allow them to draw down second £5m tranche from Mike Ashely's loan

[greenginger]

I thought that would be Friday, but I guess the SFA believe that the result's in the bag. A £7500 fine and no instruction not to continue offending will show him the SFA isn't to be messed with - it must be nearly a day's profit from Rangers Retail.


So, a £7,500 fine for King if he becomes a Rangers director and that will be that. Rules enforced .

[Weststandwanab]

Appointing someone in his stead might well fall foul of the Companies Act anyway. He would probably be held to be a shadow director.

I think undoubtedly that will be the case in this instance.


:faf: £7.5k I bet he's bricking it now, the SFA really mean business this time. He probably paid cash on the spot.

He will pay it by American Express just to piss them off knowing MA


Now, I don't kid myself on that I know all the inn's and oot's o' this mess, but reading the postings, please do tell me that there is a lot more fun and games to come yet? :lolrangers:

Yes, I think this chapter is only just starting.

[Ozyhibby]

Andy Newport ‏@AndyNewportPA 4m4 minutes ago (https://twitter.com/AndyNewportPA/status/572806757824786434) Rangers announce to Stock Exchange they are starting process which will allow them to draw down second £5m tranche from Mike Ashely's loan

Big Mike makes his move. :-) bet he gets new Rangers to pay his £7.5k fine as well.

[HoboHarry]

Big Mike makes his move. :-) bet he gets new Rangers to pay his £7.5k fine as well.

I'm not really understanding how this is MA making his move?

[Spike Mandela]

Andy Newport ‏@AndyNewportPA 4m4 minutes ago (https://twitter.com/AndyNewportPA/status/572806757824786434) Rangers announce to Stock Exchange they are starting process which will allow them to draw down second £5m tranche from Mike Ashely's loan

Ashley retaliates??

Edit: Will King revert to Rangers type and just refuse to repay it?

[Del Boy]

Ashley retaliates??

Sounds like it. Going to get even messier!

[grunt]

Ashley retaliates??

I'm not sure what sort of retaliation it is where Ashley piles in another £5m.
"Take that, DK!".
"ok, thanks".

[Prof. Shaggy]

He talks about the costs of the GM, and how they might be avoided.

I would have thought that the majority of those costs have been incurred already. The printing, the postage, the security, will all have to be paid for.

You're suggesting the habits of a lifetime can be changed just like that?

[Weststandwanab]

You're suggesting the habits of a lifetime can be changed just like that?

I am sure the word “incurred” will be crucial to CWG’s response.

[grunt]

Notice to Stock Exchange


The Board of Rangers announces that the Company has commenced the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies ("SD") (the "Facility") in order to meet its cash requirements for the third week of March. Drawdown of the second tranche of the Facility is subject to due diligence by SD. Shareholders should be aware that there are other conditions of drawdown which include a material and adverse change and/or significant, adverse event condition which could impact upon the willingness of SD to release the funds. If the funds are not able to be drawn down from the Facility, alternative sources of external funding will be required.

[Bostonhibby]

Yep... They fair hammered him so they did... :rolleyes: The circus rolls along..... :greengrin

If you think they have been harsh here, wait until they sweep King through the F&PP test by just calling him a very naughty boy.

Personally I can't see any of the candidates passing the Ibrox Fat & Protestant Prick test - At least one of them is definitely not fat :confused:.

[grunt]

Woman on BBC Radio Scotland just said the fine was £750,000!

[emerald green]

STV Sport ‏@STVSport (https://twitter.com/STVSport) now6 seconds ago (https://twitter.com/STVSport/status/572790303016554498)
Mike Ashley handed £7,500 fine by Scottish FA over duel interest http://bit.ly/1B5bCUy (http://t.co/NsRf7cGXhy)

A total farce, but really I'm in no way surprised.

[grunt]

Now, this is a retaliation


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.

[Bostonhibby]

Now, this is a retaliation

:agree:Indeed, emphasising the rules of the regulated market that the business operates in and has to comply with, at the same time highlighting the risks to the business they are still responsible for.

The now defunct Glasgow rangers never really appreciated they had to operate legally and pay their way and the fans of the new entity, and it seems the would be owners, think they can just carry on oblivious to business norms.

The more I see of King and his assorted bears the more I hope they get control. Ashley has serious bucks, a track record of success and seems to be free of the stigma of financial irregularity that his rivals bring along with them.

[Deansy]

I don't know much about Lambias, but I suspect he won't respond too well to this email being made public by DK.

King doing an 'Ally' ?. By making this public, Lambias & Beech will now be perceived as preventing King restoring 'Rangers to the institution that it's legacy demands' and the 'Towns-people' will now be lighting the torches !!. If Lambias and Beech have any brains, they'll be far, far from Glasgow right now.

[bingo70]

Notice to Stock Exchange

What does that mean?

[CropleyWasGod]

What does that mean?

SD are lending TRFC a further £5m.

My take on it is that, by increasing the debt due by TRFC to SD, MA is increasing his leverage over the club. There is more chance of TRFC failing to pay £10m than £5m, which increases the likelihood of MA calling in his security.

Whilst I don't think that he will call it in any time soon, it ramps up the pressure on DK and the new regime from Day 1.

[s.a.m]

SD are lending TRFC a further £5m.

My take on it is that, by increasing the debt due by TRFC to SD, MA is increasing his leverage over the club. There is more chance of TRFC failing to pay £10m than £5m, which increases the likelihood of MA calling in his security.

Whilst I don't think that he will call it in any time soon, it ramps up the pressure on DK and the new regime from Day 1.

That's how it looks to me. He's saying "youse are ****in' claimed, by the way". (Because he's taken some time out to acquaint himself with the local patter..)

[bingo70]

SD are lending TRFC a further £5m.

My take on it is that, by increasing the debt due by TRFC to SD, MA is increasing his leverage over the club. There is more chance of TRFC failing to pay £10m than £5m, which increases the likelihood of MA calling in his security.

Whilst I don't think that he will call it in any time soon, it ramps up the pressure on DK and the new regime from Day 1.

Cheers, what a cheeky *******.

Brilliant.

[CropleyWasGod]

Ashley retaliates??

Edit: Will King revert to Rangers type and just refuse to repay it?

He's already suggested that he wouldn't.

Which just raises the temperature even more.:greengrin

[Ronniekirk]

SD are lending TRFC a further £5m.

My take on it is that, by increasing the debt due by TRFC to SD, MA is increasing his leverage over the club. There is more chance of TRFC failing to pay £10m than £5m, which increases the likelihood of MA calling in his security.

Whilst I don't think that he will call it in any time soon, it ramps up the pressure on DK and the new regime from Day 1.

The more pressure that's Ramped up the better ,the noises coming from Kings side are already arrogant and Bullish .A few Rangers Fans at my work gloating already saying King has an immediate 30 million in investment to put straight into the club ,could just be at the Wynd up of course

[Billy Whizz]

The more pressure that's Ramped up the better ,the noises coming from Kings side are already arrogant and Bullish .A few Rangers Fans at my work gloating already saying King has an immediate 30 million in investment to put straight into the club ,could just be at the Wynd up of course

Ronnie, King's got to have a treasure chest. Apart from the fact the club need a lot of money, the fans need King to back up his talking, with hard cash and lots of it.

[ballengeich]

As I understand it, while Ashley's loans are outstanding he can appoint two directors. Increasing the loan to £10m makes it more difficult for King et al to repay the loan and remove Ashley's men and influence from the board.

Could Ashley take legal action to have King declared ineligible to be a director due to his association with the previous Rangers? If he could keep his own men in place and King wasn't a director the boardroom arithmetic gets complicated.

[Aldo]

Ronnie, King's got to have a treasure chest. Apart from the fact the club need a lot of money, the fans need King to back up his talking, with hard cash and lots of it.

I hope he's at it and his biscuit tin is full of moth balls.

Would be funny as. We've not seen or heard the last of this circus and I'm sure it's going to go on for quite a while.

The more disruption the better IMHO.

[CropleyWasGod]

As I understand it, while Ashley's loans are outstanding he can appoint two directors. Increasing the loan to £10m makes it more difficult for King et al to repay the loan and remove Ashley's men and influence from the board.

Could Ashley take legal action to have King declared ineligible to be a director due to his association with the previous Rangers? If he could keep his own men in place and King wasn't a director the boardroom arithmetic gets complicated.

There's no declaration needed. The moment he and Murray are appointed, they have broken the law. The chances are, as alluded to in the TRFC statement, the shares will also be suspended on the Stock Exchange.

[Ronniekirk]

Ronnie, King's got to have a treasure chest. Apart from the fact the club need a lot of money, the fans need King to back up his talking, with hard cash and lots of it.
Time will tell billy ,but I do think this is a turning point .How quickly they can get things sorted remains to be seen though as its one big mess .I have always been of the view if King won then they will change the Manager as soon as .The quality of that appointment and if they bring in new Backroom staff and length of contract will tell us a lot If it's McCall till end of season with no one else that's the cheap option in hope he can get more out of existing players to regain second spot off us and get them straight back up

[ballengeich]

There's no declaration needed. The moment he and Murray are appointed, they have broken the law. The chances are, as alluded to in the TRFC statement, the shares will also be suspended on the Stock Exchange.

No doubt Ashley's people will ensure that the law of the land is enforced without fear or favour. I've read elsewhere that Murray is actually in the clear as he left the Oldco board a sufficient time before they entered admin, but I don't know either the facts or law for sure.

[greenginger]

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12268758.html


Also from the Stock Exchange. King told he is talking mince in counting his proxy votes. Share holders can change their proxy vote by turning up at meeting.

[brog]

No doubt Ashley's people will ensure that the law of the land is enforced without fear or favour. I've read elsewhere that Murray is actually in the clear as he left the Oldco board a sufficient time before they entered admin, but I don't know either the facts or law for sure.

That's incorrect, Murray is also ineligible to be a director. The MSM are however doing their best to portray him as a white knight by continually highlighting his subsequent criticism of the Board. I do think it's amusing that a Board who expect to be history by Friday announce a draw down of a loan on Tuesday! To continue the hostility analogies started inadvertently by Ashley's 'duel' interest, this is definitely big Mike parking his tanks on Dave King's lawn, or possibly gazebo!

[Bostonhibby]

That's incorrect, Murray is also ineligible to be a director. The MSM are however doing their best to portray him as a white knight by continually highlighting his subsequent criticism of the Board. I do think it's amusing that a Board who expect to be history by Friday announce a draw down of a loan on Tuesday! To continue the hostility analogies started inadvertently by Ashley's 'duel' interest, this is definitely big Mike parking his tanks on Dave King's lawn, or possibly gazebo!


:agree: Definitely, and the funny thing is its not even clear he wants to own the seriously blighted football club. Could just be showing that he can piss the highest.

Wonder if he might use his current strength to try and appoint a couple of new directors before Friday :greengrin

[HUTCHYHIBBY]

Looking at grunts post at 1751 would a significant adverse event condition not be likely to include MA missing out on Friday? therefor SD could block the transfer of the £5m? Meaning alternative sources of external funding will be required in the third week of March.
Asked from a position of ignorance in such matters.

[Bostonhibby]

Looking at grunts post at 1751 would a significant adverse event condition not be likely to include MA missing out on Friday? therefor SD could block the transfer of the £5m? Asked from a position of ignorance in such matters.

Its an interesting question - my guess would be that it all depends on whether the incoming board / owners actually make similar large sums of money freely available - this is a club that took money from whoever was offering it - friend or foe - so pretty desperate, if King wins and its more hot air then without Ashleys money there could be a significant cash flow event(?).

[Radium]

BBC suggesting there is a route for King to get on the board. In particular

"Section 216 of the Insolvency Act prevents directors of a company that enters liquidation from becoming directors of a company with a similar name. There are exceptions, though, including if directors are being appointed to a company that has been using the name for more than 12 months, as is the case with Rangers International Football Club plc."

I have no idea if it applies but it does seem that they have been briefed

http://www.bbc.co.uk/sport/0/football/31721301

[Deansy]

BBC suggesting there is a route for King to get on the board. In particular

"Section 216 of the Insolvency Act prevents directors of a company that enters liquidation from becoming directors of a company with a similar name. There are exceptions, though, including if directors are being appointed to a company that has been using the name for more than 12 months, as is the case with Rangers International Football Club plc."

I have no idea if it applies but it does seem that they have been briefed

http://www.bbc.co.uk/sport/0/football/31721301

No idea if they or this is true but you have to admire 'BBC-Weeg's unstinting dedication to the 'Cause' - between them and the 'R*tard' it's a vicious 'fight-to-death' to uncover ANY 'Barrack-room law\loop-hole to back King being eligible to be on the board !!

[portycabbage]

That's incorrect, Murray is also ineligible to be a director. The MSM are however doing their best to portray him as a white knight by continually highlighting his subsequent criticism of the Board. I do think it's amusing that a Board who expect to be history by Friday announce a draw down of a loan on Tuesday! To continue the hostility analogies started inadvertently by Ashley's 'duel' interest, this is definitely big Mike parking his tanks on Dave King's lawn, or possibly gazebo!

I don't think they expect to be history by Friday, or they wouldn't be saying they'll be working with the new board (see below). I can't see why MA would have secured the right to appoint two directors for the duration of the loan, but not use it. I think he might just go for the same two guys he trusts. Which would also be funny.



"The Board of Rangers notes the Press Release from David King issued today... ...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."

[Just Alf]

From the Record

Derek Llambias and Barry Leach demand £290k to walk away from Rangers

http://www.dailyrecord.co.uk/sport/football/football-news/derek-llambias-barry-leach-stall-5268907#ICID=sharebar_twitter

[Spike Mandela]

From the Record

Derek Llambias and Barry Leach demand £290k to walk away from Rangers

http://www.dailyrecord.co.uk/sport/football/football-news/derek-llambias-barry-leach-stall-5268907#ICID=sharebar_twitter

The Record being briefed by a 'glib and shameless liar'. What a perfect match.:rolleyes:

[StevieC]

From the Record

Derek Llambias and Barry Leach demand £290k to walk away from Rangers

Will Dave King also refuse to pay Ally's ongoing gardening leave, or is it just the ones The Rangers fans don't like that get their livelihoods stopped on Friday?

[southsider]

I really hope this pathetic, nasty little club dies at the earliest possible convenience. Just heard a tail of sickness which really sums them up. A friend was travelling back, on the train, from our recent game at Ibrox with his young sons. On brave hero shouted across the train " if they laddies even smirk I will through them off the ******ing train". A real class act, when surrounded by other brain deads. Just die (again) rangers please.

[greenginger]

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12270223.html


Shares in Rangers suspended. AIMS rules it would seem. :confused:

[Brightside]

shares suspended. - the have no advisor after WH Ireland resigned

[Weststandwanab]

It is gin and tonic o’clock make mine a double !

[DaveSo]

Rangers statement here. No idea what it means in practice :confused:

"The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its nomad obligations in respect of the appropriateness of the company's securities to be admitted to AIM," said the RIFC statement.

"If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.

"If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.

"The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing nomad for all it has done for the club."

[GreenLake]

Rangers statement here. No idea what it means in practice :confused:

"The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its nomad obligations in respect of the appropriateness of the company's securities to be admitted to AIM," said the RIFC statement.

"If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.

"If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.

"The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing nomad for all it has done for the club."

I doubt they would satisfy requirements to be listed on the Pink Sheets.

[timewilltell]

Let the fun begin.....

[andrew70]

What does this latest spanner throw in to the works then?

What happens with the EGM on Friday and is this Ashley pulling the feet from under DK?

[Springbank]

What does this latest spanner throw in to the works then?

What happens with the EGM on Friday and is this Ashley pulling the feet from under DK?

More to the point from a Hibs point of view, is this an insolvency event yet, and/or when will the 25 point deduction apply?

:flag:

[CropleyWasGod]

What does this latest spanner throw in to the works then?

What happens with the EGM on Friday and is this Ashley pulling the feet from under DK?

Not sure it does much TBH.

DK was always going to replace the current NOMAD. Not sure if he had identified one yet, but this will concentrate his mind.

As for the shares being suspended, not sure it's an issue either, in the short term. It will become an issue if a NOMAD isn't appointed. The shares will be de-listed completely, which will make them more difficult to trade, and hence less attractive to buy.

The bit that I don't get is the ex-NOMAD saying summat about the securities. That's over my head for the moment.:confused:

The only thing I can think of is that the NOMAD doesn't think that TRFC "can" or "should" be giving the securities (on Murray Park etc) for the £10m loan. That might mean he thinks the company is insolvent, but that's pure conjecture on my part.

[Deansy]

Rangers statement here. No idea what it means in practice :confused:

"The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its nomad obligations in respect of the appropriateness of the company's securities to be admitted to AIM," said the RIFC statement.

"If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.

"If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.

"The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing nomad for all it has done for the club."

Does this translate as: 'We can't believe they've done this - we told them - we are the Rangers and we don't do 'Rules' - 'Rules' are for mickey-moose outfits like they tims across the toon- we want the names of everyone of the London Stock Exchange that dared do this - they were well-warned what would happen if they did this' !!

P.S - what director's - current ones or the alleged new ones - are disappointed ??

[CropleyWasGod]

Does this translate as: 'We can't believe they've done this - we told them - we are the Rangers and we don't do 'Rules' - 'Rules' are for mickey-moose outfits like they tims across the toon- we want the names of everyone of the London Stock Exchange that dared do this - they were well-warned what would happen if they did this' !!

P.S - what director's - current ones or the alleged new ones - are disappointed ??

The current b'uns. :)

[peterharrogate]

The bit that I don't get is the ex-NOMAD saying summat about the securities. That's over my head for the moment.:confused:

The only thing I can think of is that the NOMAD doesn't think that TRFC "can" or "should" be giving the securities (on Murray Park etc) for the £10m loan. That might mean he thinks the company is insolvent, but that's pure conjecture on my part.[/QUOTE]

In this context they are just using securities as an alternative word for shares.

[Hibby Bairn]

The bit that I don't get is the ex-NOMAD saying summat about the securities. That's over my head for the moment.:confused:

The only thing I can think of is that the NOMAD doesn't think that TRFC "can" or "should" be giving the securities (on Murray Park etc) for the £10m loan. That might mean he thinks the company is insolvent, but that's pure conjecture on my part.

In this context they are just using securities as an alternative word for shares.[/QUOTE]

Yes. I think so.

[CropleyWasGod]

In this context they are just using securities as an alternative word for shares.

That would make sense.

However, what obligations are they not satisfying, now, that they weren't before?

[NAE NOOKIE]

Rangers statement here. No idea what it means in practice :confused:

"The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its nomad obligations in respect of the appropriateness of the company's securities to be admitted to AIM," said the RIFC statement.

"If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.

"If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.

"The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing nomad for all it has done for the club."

Green
Whyte
Ireland

Is it just me, or is it beginning to look like some sort of weird cosmic Karma is at work here :greengrin

[Mr White]

Green
Whyte
Ireland

Is it just me, or is it beginning to look like some sort of weird cosmic Karma is at work here :greengrin
You'll know that's definitely the case if their next insolvency practitioner goes by the surname Pope :greengrin

[Bostonhibby]

Not sure it does much TBH.

DK was always going to replace the current NOMAD. Not sure if he had identified one yet, but this will concentrate his mind.

As for the shares being suspended, not sure it's an issue either, in the short term. It will become an issue if a NOMAD isn't appointed. The shares will be de-listed completely, which will make them more difficult to trade, and hence less attractive to buy.

The bit that I don't get is the ex-NOMAD saying summat about the securities. That's over my head for the moment.:confused:

The only thing I can think of is that the NOMAD doesn't think that TRFC "can" or "should" be giving the securities (on Murray Park etc) for the £10m loan. That might mean he thinks the company is insolvent, but that's pure conjecture on my part.
What I was thinking but with no real conviction as like everything else the rangers related it's unprecedented.

I wondered if it's an opportunity for dodgy Dave to finally get some cash (outside his shareholding) on the table to make the problem less of a problem?

[Jack]

That would make sense.

However, what obligations are they not satisfying, now, that they weren't before?

A question :-)

If Sevco are no longer quoted on AIM, Stock Exchange or whatever it is will they still be governed by company law?

i.e. If they're not would the Lying King still be liable for arrest if he became a director?

Could it be the case that a group of guys could 'just get together' and run the club without 'directors' or as a 'board'?

[steakbake]

I'm not sure I could stand Round 2 of the sycophantic pity from journoes if/when they go under again... and all this "Scotland needs a strong Rangers in the top division". Anyone who saw that much heralded OF game the other week will see it was not even a shadow of the former games but a piss poor imitation of it. Hopefully, if The Rangers do die again, the beaks will start to figure out what Plan B: the one that doesn't completely rely on the OF - looks like. Should have been Plan A, but you know, we might get there eventually...

[Bostonhibby]

A question :-)

If Sevco are no longer quoted on AIM, Stock Exchange or whatever it is will they still be governed by company law?

i.e. If they're not would the Lying King still be liable for arrest if he became a director?

Could it be the case that a group of guys could 'just get together' and run the club without 'directors' or as a 'board'?

He might, might, be able to make them into a private, unlisted company but at the moment its the wrong way round, he'd have to legally own them first, buy up all the other shares, and maybe take a hit on any potential profit on the shares he already owns if he was in this for a Charlie Green type profit all along? - I stand to be corrected if any other expert can see a different scenario?

[CropleyWasGod]

A question :-)

If Sevco are no longer quoted on AIM, Stock Exchange or whatever it is will they still be governed by company law?

i.e. If they're not would the Lying King still be liable for arrest if he became a director?

Could it be the case that a group of guys could 'just get together' and run the club without 'directors' or as a 'board'?
As Boston says, they could become a private company. However, they would still be subject to Company law.

The alternative would be to run the club as a partnership, but there are so many disadvantages to that, that it's not worth considering.

I see tonight that DK is going to stay off the Board until SE and SFA issues are worked through. Paul Murray would act as interim chair. ....although he's in the same boat as King.

[Bostonhibby]

As Boston says, they could become a private company. However, they would still be subject to Company law.

The alternative would be to run the club as a partnership, but there are so many disadvantages to that, that it's not worth considering.

I see tonight that DK is going to stay off the Board until SE and SFA issues are worked through. Paul Murray would act as interim chair. ....although he's in the same boat as King.

Baffling, a real heid scratcher - at least Romanov bought the yam first before he had his evil way with them - Is King that arrogant that he thinks he can do what he likes in the UK? Has he been given the nod on Murray? I can see the SFA rolling over as its the rangers but how are they going to get a legally operating company as matters stand, especially if Murray is acting as suggested, and Dodgy Dave is in the background?

Even if these issues are overcome they still have the small matter of being suspended from the stock exchange tomorrow morning onwards.

The club that keep on giving right enough. Maybe Ashley will give it some serious thought tomorrow as a couple of days after all the bluster and MSM media guff on behalf of King and the assorted bears their plight looks a bit more shambolic than when the pro the rangers press was mobilised.

[marti1875]

So, sitting here in Thailand trying to take all this latest stuff in......I was under the impression going by the pic someone posted a wee while back that it would be completely out the SFA or SPFL's jurisdiction as to whether King or Murray are allowed onto the board?
I thought it looked like it was the LAW and simply **** all to do with whether they think they are "fit and proper people" or not and completely out their hands?......or have i got it all wrong and the SFA can overule this if they want? :confused:

[CropleyWasGod]

So, sitting here in Thailand trying to take all this latest stuff in......I was under the impression going by the pic someone posted a wee while back that it would be completely out the SFA or SPFL's jurisdiction as to whether King or Murray are allowed onto the board?
I thought it looked like it was the LAW and simply **** all to do with whether they think they are "fit and proper people" or not and completely out their hands?......or have i got it all wrong and the SFA can overule this if they want? :confused:
The SFA certainly can't overrule the law.

There was a suggestion the other day that the law may have a provision that will let DK and PM in. However, I am not sure if that's valid.

DK's latest statement, about staying off in the short term, suggests to me that he knows he has a problem.

[marti1875]

The SFA certainly can't overrule the law.

There was a suggestion the other day that the law may have a provision that will let DK and PM in. However, I am not sure if that's valid.

DK's latest statement, about staying off in the short term, suggests to me that he knows he has a problem.


Ah cheers.
Yes King certainly, just suddenly seems to have realised it would be against the law for him to just waltz in and take over. Yet he still doesn't seem to quite grasp that Murray is in the same boat, the fact he eventually resigned from that previous board should be totally irrelevant as he was indeed part of the board for a while that was in control when the club went into all this mess so, in my opinion anyway, (slightly biased too as i cannot stand them whatsoever, :greengrin) he should also not be allowed.

I suppose King knows this too but will put him up first to test the waters so to speak. In other words if Murray is allowed and King waits, then i think it will be blatantly clear that King will certainly be in control albeit from behind the scenes and anyone who thinks otherwise needs their heads examined.
He's not exactly going to be sitting at home playing FIFA on his Playstation every day waiting on the nod and having nowt to do with the running of the club is he.:thumbsup:

[Ozyhibby]

It's possible that the vote could still go against King. Up until yesterday everyone thought that they were voting for King to be chairman with a new NOMAD lined up and their shares not suspended. Some investors may be thinking twice about voting for King unless he steps forward with a plan.
Maybe.

[Bostonhibby]

Ah cheers.
Yes King certainly, just suddenly seems to have realised it would be against the law for him to just waltz in and take over. Yet he still doesn't seem to quite grasp that Murray is in the same boat, the fact he eventually resigned from that previous board should be totally irrelevant as he was indeed part of the board for a while that was in control when the club went into all this mess so, in my opinion anyway, (slightly biased too as i cannot stand them whatsoever, :greengrin) he should also not be allowed.

I suppose King knows this too but will put him up first to test the waters so to speak. In other words if Murray is allowed and King waits, then i think it will be blatantly clear that King will certainly be in control albeit from behind the scenes and anyone who thinks otherwise needs their heads examined.
He's not exactly going to be sitting at home playing FIFA on his Playstation every day waiting on the nod and having nowt to do with the running of the club is he.:thumbsup:

:agree: And King has form for thinking he is above the law - look at the length of his tax cases in South Africa and what he eventually pleaded to when he realised shouty stuff wasn't enough and the authorities weren't going away - see a pattern emerging with the latest statements and media support?

[greenginger]

It's possible that the vote could still go against King. Up until yesterday everyone thought that they were voting for King to be chairman with a new NOMAD lined up and their shares not suspended. Some investors may be thinking twice about voting for King unless he steps forward with a plan.
Maybe.


Maybe, but which way do we want it to play out.

A very narrow defeat for King so he comes back and tries again, an endless battle for control should keep the minds off other details like putting a team on the park.

[Spike Mandela]

Only when the BBC ask the business desk do we get a neutral, balanced view of affairs down Ibrox way....

http://www.bbc.co.uk/sport/0/football/31744437

[HFC 0-7]

Ah cheers.
Yes King certainly, just suddenly seems to have realised it would be against the law for him to just waltz in and take over. Yet he still doesn't seem to quite grasp that Murray is in the same boat, the fact he eventually resigned from that previous board should be totally irrelevant as he was indeed part of the board for a while that was in control when the club went into all this mess so, in my opinion anyway, (slightly biased too as i cannot stand them whatsoever, :greengrin) he should also not be allowed.

I suppose King knows this too but will put him up first to test the waters so to speak. In other words if Murray is allowed and King waits, then i think it will be blatantly clear that King will certainly be in control albeit from behind the scenes and anyone who thinks otherwise needs their heads examined.
He's not exactly going to be sitting at home playing FIFA on his Playstation every day waiting on the nod and having nowt to do with the running of the club is he.:thumbsup:

Thnk murray was pushed out by whyte before it all went wrong so not sure he will be in the same boat. Does the law not state look at who was in that position whilst they went under?

[Iain G]

:agree: And King has form for thinking he is above the law - look at the length of his tax cases in South Africa and what he eventually pleaded to when he realised shouty stuff wasn't enough and the authorities weren't going away - see a pattern emerging with the latest statements and media support?

He is a crook and a liar and an egomaniac, as proven in the SA courts, why should we expect any difference here when further galvanised by his hunnish saviour attitude? I hope he does take control as I expect this is the best chance for liquidation ;-)

[CropleyWasGod]

Thnk murray was pushed out by whyte before it all went wrong so not sure he will be in the same boat. Does the law not state look at who was in that position whilst they went under?

He's in the same boat, but nearer to the liferaft. :greengrin

As I see it, his "crime" is less than that of DK.

[Keith_M]

Green
Whyte
Ireland

Is it just me, or is it beginning to look like some sort of weird cosmic Karma is at work here :greengrin


If only Lex Gold had taken over at some point............

[PatHead]

It's possible that the vote could still go against King. Up until yesterday everyone thought that they were voting for King to be chairman with a new NOMAD lined up and their shares not suspended. Some investors may be thinking twice about voting for King unless he steps forward with a plan.
Maybe.

Unfortunately I think it will go in his favour but he has played a blinder to the gullible of The Rangers fans by not mentioning there was any problem in him being chairman as he was associated with the Old Company and he is a crook. They therefore did not vote whilst being aware of all the facts.

He really has played down his previous roles with the old club very well. (He was around under David Murray in the succulent lamb days wasn't he?)

Wonder what his excuse will be when he doesn't come up with money and relies on a share issue?

[number9dream]

Only when the BBC ask the business desk do we get a neutral, balanced view of affairs down Ibrox way....

http://www.bbc.co.uk/sport/0/football/31744437

Correct. The problem with sports writers covering this saga is that many simply don't understand the often complex mechanisms of the stock exchange etc. Others, of course, wilfully ignore them and write whatever happens to suit their agenda.

Our big worry is some kind of "bounce" for Rangers if King gets his way and the hordes come flooding back to Ibrox. They might also find a new manager who has a clue and wants to be there. The good news is that they are stuck with the same bunch of underperforming, overpaid players...

[Billy Whizz]

What time is the EGM tomorrow?

[Ozyhibby]

Unfortunately I think it will go in his favour but he has played a blinder to the gullible of The Rangers fans by not mentioning there was any problem in him being chairman as he was associated with the Old Company and he is a crook. They therefore did not vote whilst being aware of all the facts.

He really has played down his previous roles with the old club very well. (He was around under David Murray in the succulent lamb days wasn't he?)

Wonder what his excuse will be when he doesn't come up with money and relies on a share issue?

I think I read somewhere that votes can change right up until the meeting? The institutional investors may be a bit concerned with the suspension and failure of King to name the nomad he claims he has lined up.

[southsider]

I still think MA has a few tricks to pull. MA didn't get to where MA is today without pulling rabbits.

[Ozyhibby]

@BBCchrismclaug: Derek Llambias arrives into Glasgow airport. Says fight isn't over. 'Ask King who his Nomad is. Ask him!' He says.

[CropleyWasGod]

@BBCchrismclaug: Derek Llambias arrives into Glasgow airport. Says fight isn't over. 'Ask King who his Nomad is. Ask him!' He says.

John Lawrence of Arabia?

(one for the oldies there)

[Ozyhibby]

@STVGrant: Derek Llambias is in Glasgow. "Ask Dave King where his Nomad is," he tells STV.Asked why SD cash being drawn: "Ask King if he has the money"

[Moulin Yarns]

@BBCchrismclaug: Derek Llambias arrives into Glasgow airport. Says fight isn't over. 'Ask King who his Nomad is. Ask him!' He says.


John Lawrence of Arabia?

(one for the oldies there)

Ya sand dancer! :wink:

[Spike Mandela]

Ya sand dancer! :wink:

Wilson, Keppel and Betty would make a better fist of running The Rangers right now.:greengrin

[Bostonhibby]

@STVGrant: Derek Llambias is in Glasgow. "Ask Dave King where his Nomad is," he tells STV.Asked why SD cash being drawn: "Ask King if he has the money"

On the former, maybe no professional nomad with one eye on their own reputation will touch the next version of the rangers? on the latter, its a recurring feature - show us the money - one thing having it, quite another putting it up, especially your own - all the recent trading cash keeping them afloat has been Ashley's.

[Dashing Bob S]

He is a crook and a liar and an egomaniac, as proven in the SA courts, why should we expect any difference here when further galvanised by his hunnish saviour attitude? I hope he does take control as I expect this is the best chance for liquidation ;-)

Yes, if there is one ingredient that can *uck the Huns up even more, then it has to be King's hubris. Get him in now, SFA, never mind all this 'fit and proper person' shillyshallying!

[AndyM_1875]

Yes, if there is one ingredient that can *uck the Huns up even more, then it has to be King's hubris. Get him in now, SFA, never mind all this 'fit and proper person' shillyshallying!

You can count on that re the hubris.

The SFA's fit & proper test however I have no confidence in. Not with big Peter in there pulling strings and looking for a solution to the £10m sized annual hole in the accounts at Sellik. Not that I'm cynical or anything.....

[Bostonhibby]

Yes, if there is one ingredient that can *uck the Huns up even more, then it has to be King's hubris. Get him in now, SFA, never mind all this 'fit and proper person' shillyshallying!

Yep, King Hubris for Ibrox. Surely cannae be any more dubious than Murray, Murray, Whyte, Green, King and the innumerable bears- most the rangers fans will welcome him as the latest saviour as he is a King and has an arab sounding name so he is bound to be a Billionaire who will throw cash about like Murray, Murray, Whyte, Green,King and the innumerable bears.

Forget the fat and protestant person test - they are the people who don't do walking away (some of them anyway) get him in now. Hubris is the future. It got them to where they are today.

[Twiglet]

Only when the BBC ask the business desk do we get a neutral, balanced view of affairs down Ibrox way....

http://www.bbc.co.uk/sport/0/football/31744437

Good to see BBC finally writing an article with some more of the facts about the situation.

[HFC 0-7]

He's in the same boat, but nearer to the liferaft. :greengrin

As I see it, his "crime" is less than that of DK.

How far back would they go though, directors change at companies all the time, is there a time limit, ie, if you were a director within the 12 months preceding the collapse then your done? Or is it a case of arguing whether their involvement had a direct impact?

[Cameron1875]

Can't wait for this.

King gets in and the crook will continue to screw up Rangers with endless problems regarding Ashley, Llambias, SFA etc

Or King fails the fit and proper test and the Rangers fans go mental, campaign against the SFA, Wur the peepel etc etc

Grab the popcorn time :hyper

[CropleyWasGod]

How far back would they go though, directors change at companies all the time, is there a time limit, ie, if you were a director within the 12 months preceding the collapse then your done? Or is it a case of arguing whether their involvement had a direct impact?

The argument is that he was a director of a company, that went into administration and which now is operating under a similar name, within the last 5 years.

He was removed in May 2011, which is within the time-frame.

However, in his defence, it wasn't in administration at that point (although it may have been insolvent).

IMO, he is guilty, but not as guilty as some. :cb

[Spike Mandela]

Anyone see the Jim White, Dave King interview?

Dave King wants transparency for the Rangers fans..........lthen he wouldn't talk about the NOMAD or any financial investment.:faf: you couldn't make it up.

[jacomo]

Anyone see the Jim White, Dave King interview?

Dave King wants transparency for the Rangers fans..........lthen he wouldn't talk about the NOMAD or any financial investment.:faf: you couldn't make it up.

Is there a link?

[Bostonhibby]

The argument is that he was a director of a company, that went into administration and which now is operating under a similar name, within the last 5 years.

He was removed in May 2011, which is within the time-frame.

However, in his defence, it wasn't in administration at that point (although it may have been insolvent).

IMO, he is guilty, but not as guilty as some. :cb
Agree but we are trying to clean up British financial institutions behaviour and there can be no exception to these rules just because a non domiciled convicted tax fraudster wants it.

Otherwise it sets a dangerous precedent for others looking for a way round rules that are designed to protect the rest of us from predatory fraudulent behaviour.

[Bostonhibby]

Good to see BBC finally writing an article with some more of the facts about the situation.
Interesting stuff. Got me thinking Ashley would be in a great place if there was a liquidation as a result of this state of affairs. He has security over significant assets, no one else has and maybe someone could buy the corpse of the rangers from the liquidators on his behalf. Might even bring other interested parties in[emoji1]

[Brunswickbill]

I know zilch about company law but here's my tuppence worth for what it's worth. Isn't the legislation relating to Directors continuing using the name of a liquidated company to do with so called "Phoenix companies" where a business gets wound up and immediately reappears with the same name and the same directors? I hardly think that this applies to what has happened with Rangers. Also, if it is a problem surely they could just agree to change the name of the holding company. I reckon that the problems for King are elsewhere and that this name problem may be red (white and blue) herring.

[Deansy]

The argument is that he was a director of a company, that went into administration and which now is operating under a similar name, within the last 5 years.

He was removed in May 2011, which is within the time-frame.

However, in his defence, it wasn't in administration at that point (although it may have been insolvent).

IMO, he is guilty, but not as guilty as some. :cb


And if it comes down to opinion, you just KNOW what the GFA's opinion will be !

[CropleyWasGod]

And if it come down to opinion, you just KNOW what the GFA's opinion will be !

I was talking about the law. :wink:

I actually don't think Murray has much to fear from a F&P perspective.

[bingo70]

What's so significant about who the nomad is?

If it's just an advisor as the title suggests why is the media and Derek lambias making such a big deal about it?

[Billy Whizz]

King was on at the tail end of Sportsound tonight, he'd just landed from London. Said he'd initially thought Rangers would need around £20m. Said the figure now would be upwards of that, he's putting in 1/2, and the other investors the rest. If I caught it correctly, he said they want to be playing in the Europa League in 2 years

[Ronniekirk]

King was on at the tail end of Sportsound tonight, he'd just landed from London. Said he'd initially thought Rangers would need around £20m. Said the figure now would be upwards of that, he's putting in 1/2, and the other investors the rest. If I caught it correctly, he said they want to be playing in the Europa League in 2 years
Which confirms my view that he was never going to settle for staying another season in the championship and that their are other investors willing to put in decent money from the outset .oh well let's await the full announcement on Friday and see what detail emerges

[CropleyWasGod]

What's so significant about who the nomad is?

If it's just an advisor as the title suggests why is the media and Derek lambias making such a big deal about it?
Without the NOMAD, TRFC Can't trade their shares on the Stock Market.

The problem people have is that DK won't say who his NOMAD is to be, which suggests that he hasn't found anyone who will work with him.

According to Twitter tonight, he has someone who might do it, but who "needs to see the books first".

As they should.