Pedro’s budget was never the issue, we spent more than anyone else. It’s what he did with it that was the main problem.King better get this Gerrard deal done and find significant investment which dwarfs what Pedro got.
Failure to do so will make us once again a laughing stock but this time internationally.
Fucks this up and I see fans turning on him big style.
I was going to say that this place is full of women but that's a great insult to our female membership who generally have their heads screwed on!Christ almighty what a clusterfuck this thread turned into. Soaking and soiled panties all over the shop.
AJ is also a CA. He is still there.
Thanks BB. The timeline is revealing, and it indicates what direction the plan is going in.Posted in another thread, but since it took me so long to type it, I am not wasting it
Timeline my friends.
June 2017: Rangers secures a deal which will see it exit Sports Direct Deal.
June 2017: Under the SD early exit deal Ashley sell's up his share. These are bought by both Club 1872 and Julian Wolhardt. A former Morgan Stanley colleague of Rangers Board Member George Taylor, Wolhardt chief executive officer of Dehong Capital Partners (DCP), a private equity firm based in Hong Kong.
Prior to establishing DCP in 2017, he spent ten years at KKR, a leading global private equity firm as a Partner and Regional Leader.
Before KKR he was responsible for the China business at Morgan Stanley Private Equity Asia, worked in the Mergers and Acquisition Group of Lazard Frerers & Co. in the United States and started his career at Coopers and Lybrand.
A man of very high business acumen who states on purchase of the shares
“I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.
“With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.”
(I am not saying it is Wolhardt who will be involved, this is purely to demonstrate the sentiment of investors looking at Rangers potential)
June 2017: AJ Re-joins Board - A specialist in Sports Marketing, known for pulling investors in to projects.
November 2017: Rumours surface of future investment.
November 2017: AGM Dave King states that's he wants to see a better balance on the Board of Fans and individuals without emotional ties for the Business acumen. Resolutions passed which allow the board to make a share offer with dilution at up to £22M (Less Costs). Pre-Emptive right are removed allowing the Board to select who to make the offer too, rather than an open market.
January 2018: The Court orders King to make the mandatory offer under Takeover Rules. Prior to the hearing King express his dissatisfaction at the timing of the action. This issue will now require to be resolved before any future issue can proceed.
April 2018: King awaits The South Africa Government completing their sanctions protocols to allow for the release of the funds from kings's Laird Investments to move to a UK account in order to conclude the share offer. At which stage the share offer can proceed.
May 2018: Two Non Executives leave the Board. Paul Murray and Barry Scott, Murray a Chartered Account who without puting in any personal wealth joined Kings board to assist in reviewing onerous Contracts, Murray was not salaried. Scott assisting with the funds to pay off Mike Ashley. He was in for £3M, although all other Directors soft loans had no repayment terms (Debt for equity/Shares) Scott's money did carry repayment terms. Scott's money was used to help, but not in it for a long haul investment. It is therefore entirely plausible to speculate the Close Brother facility was used by the PLC to return Scott his money.
Now all of the above is out in the public domain. I am not a journalist, I just have a good memory and piece together things in my mind. I haven't given anything away. But you can already join the dots. If I can do this, why can't the MSM?
Good post mate.Posted in another thread, but since it took me so long to type it, I am not wasting it
Timeline my friends.
June 2017: Rangers secures a deal which will see it exit Sports Direct Deal.
June 2017: Under the SD early exit deal Ashley sell's up his share. These are bought by both Club 1872 and Julian Wolhardt. A former Morgan Stanley colleague of Rangers Board Member George Taylor, Wolhardt chief executive officer of Dehong Capital Partners (DCP), a private equity firm based in Hong Kong.
Prior to establishing DCP in 2017, he spent ten years at KKR, a leading global private equity firm as a Partner and Regional Leader.
Before KKR he was responsible for the China business at Morgan Stanley Private Equity Asia, worked in the Mergers and Acquisition Group of Lazard Frerers & Co. in the United States and started his career at Coopers and Lybrand.
A man of very high business acumen who states on purchase of the shares
“I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.
“With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.”
(I am not saying it is Wolhardt who will be involved, this is purely to demonstrate the sentiment of investors looking at Rangers potential)
June 2017: AJ Re-joins Board - A specialist in Sports Marketing, known for pulling investors in to projects.
November 2017: Rumours surface of future investment.
November 2017: AGM Dave King states that's he wants to see a better balance on the Board of Fans and individuals without emotional ties for the Business acumen. Resolutions passed which allow the board to make a share offer with dilution at up to £22M (Less Costs). Pre-Emptive right are removed allowing the Board to select who to make the offer too, rather than an open market.
January 2018: The Court orders King to make the mandatory offer under Takeover Rules. Prior to the hearing King express his dissatisfaction at the timing of the action. This issue will now require to be resolved before any future issue can proceed.
April 2018: King awaits The South Africa Government completing their sanctions protocols to allow for the release of the funds from kings's Laird Investments to move to a UK account in order to conclude the share offer. At which stage the share offer can proceed.
May 2018: Two Non Executives leave the Board. Paul Murray and Barry Scott, Murray a Chartered Account who without puting in any personal wealth joined Kings board to assist in reviewing onerous Contracts, Murray was not salaried. Scott assisting with the funds to pay off Mike Ashley. He was in for £3M, although all other Directors soft loans had no repayment terms (Debt for equity/Shares) Scott's money did carry repayment terms. Scott's money was used to help, but not in it for a long haul investment. It is therefore entirely plausible to speculate the Close Brother facility was used by the PLC to return Scott his money.
Now all of the above is out in the public domain. I am not a journalist, I just have a good memory and piece together things in my mind. I haven't given anything away. But you can already join the dots. If I can do this, why can't the MSM?
Thanks BB. The timeline is revealing, and it indicates what direction the plan is going in.
One thing though I don't ever remember seeing in the public domain is Barry Scott putting up 3m of the 6.5 loaned to Rangers by the group of investors in 2016, or that BS's 3m had repayment terms attached.
Rangers issued a statement on New Years Day announcing the individuals who helped to finance the repayment of Mike Ashley's £5 million loan by ... A total of £6.5 million was raised, including funds from three new lenders Rangers director John Bennett, Andrew Ross and Barry Scott.
A breakdown was never made public, but was known to myself and others at the time New Asset put up £2.5M Bennett £1M Scott/Ross £3M ( Ross never joined the Board)
From the Company annual report
"Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to July 2019."
By a process of elimination, all others investors have declared their loans are for equity.
"In 2014, Andrew Ross and Barry Scott – who were described as English non-league Workington Reds supporters – bought £50,000 of newly-released shares taking their investment up to £140,000 in the club, they were never in for a big slice, but Scott happy to help provide funds to get rid of Ashley."
Sad to see PM go,I always thought he'd be the public face of Rangers,rather than SR,especially as he was banging the drum for transparency,especially after the way he battled the spivs. If ever there is a time for transparency,this is it,instead of issuing faceless statements.I know there’s a like button but this is a post that should be read out at the next board meeting.
I actually think the board requires someone to tell them this is how many of us see them a lot of the time.
For all the good they’ve done there’s a degree of incompetence in some things that just shouldn’t be happening.
Are u Dave King?
Good on you mate, so in your opinion what kind of state are we in here and do you think we’re heafing for more investment ?Hahaha! no, I come from a business background, and at one point ran a PLC, I have a few shares. it is a bit of a sad hobby I know but I made the TRIFC PLC my pet project to follow every aspect. I think I could write a book one day.
We've had more Board Members since PLC formed than victories this season
I won't quote it all, but great post BB.Now all of the above is out in the public domain. I am not a journalist, I just have a good memory and piece together things in my mind. I haven't given anything away. But you can already join the dots. If I can do this, why can't the MSM?
I think the board are largely damned either way to be honest and evidently struggle with blanket comms suitable for the masses.To me that's what's infuriating about this board. They let speculation dangle around for days and the space is always filled with the most pointless, toxic bickering from bears and sniping from everyone else, when a bit of transparency could shut it all down.
If it's positive why not wait until you could announce everything all at once? If it's negative lay the groundwork and let the fans, and lifeblood of the club, know what's happening. If it's neither and it's just that Paul Murray and Barry Scott have decided to leave their stressful lives behind and set up a rum shack in the carribean then say that.
Our board are absolute experts at driving unnecessary speculation.
Go on, become an author! No one has ever written a book, a factual book that is, on the business deals that took down, and then rebuilt Rangers. That'd be one helluva tome. You might have to make it a trilogy ...Hahaha! no, I come from a business background, and at one point ran a PLC, I have a few shares. it is a bit of a sad hobby I know but I made the TRIFC PLC my pet project to follow every aspect. I think I could write a book one day.
We've had more Board Members since PLC formed than victories this season
Good on you mate, so in your opinion what kind of state are we in here and do you think we’re heafing for more investment ?
Get yourself a tie and some BroguesIf it was my ball.
Board won vote at AGM to issue up to £22M in new shares less cost.
I would say to the Board. Look revenue is increasing, the Club will soon run on it's income thanks to Retail, and potential Euro revenue. Most of the debt was one off payments to get rid of Ashley that we won't incur again.
Let's convert a fraction each under the new issue, enough to have us at a break even point each year, with a manageable investor debt we will look to convert at a later date by seeking a further resolution at a future AGM when, the Clubs revenue breaks even, and there is success on the park, as the share price rise. But lets offer the remainder of the new shares externally to raise the working capital for use now. because in a worse case scenario we can write of historic debt. We were under no false illusion that this was a longer term investment.
What has a guy got to do for a blazer these days?Get yourself a tie and some Brogues
Posted in another thread, but since it took me so long to type it, I am not wasting it
Timeline my friends.
June 2017: Rangers secures a deal which will see it exit Sports Direct Deal.
June 2017: Under the SD early exit deal Ashley sell's up his share. These are bought by both Club 1872 and Julian Wolhardt. A former Morgan Stanley colleague of Rangers Board Member George Taylor, Wolhardt chief executive officer of Dehong Capital Partners (DCP), a private equity firm based in Hong Kong.
Prior to establishing DCP in 2017, he spent ten years at KKR, a leading global private equity firm as a Partner and Regional Leader.
Before KKR he was responsible for the China business at Morgan Stanley Private Equity Asia, worked in the Mergers and Acquisition Group of Lazard Frerers & Co. in the United States and started his career at Coopers and Lybrand.
A man of very high business acumen who states on purchase of the shares
“I have a long held love for Scotland and football and I am keen to see Rangers FC unlock its considerable commercial potential.
“With the successful restructuring of the retail operations, RIFC is now on a firm financial footing and I look forward to being a part of its exciting future.”
(I am not saying it is Wolhardt who will be involved, this is purely to demonstrate the sentiment of investors looking at Rangers potential)
June 2017: AJ Re-joins Board - A specialist in Sports Marketing, known for pulling investors in to projects.
November 2017: Rumours surface of future investment.
November 2017: AGM Dave King states that's he wants to see a better balance on the Board of Fans and individuals without emotional ties for the Business acumen. Resolutions passed which allow the board to make a share offer with dilution at up to £22M (Less Costs). Pre-Emptive right are removed allowing the Board to select who to make the offer too, rather than an open market.
January 2018: The Court orders King to make the mandatory offer under Takeover Rules. Prior to the hearing King express his dissatisfaction at the timing of the action. This issue will now require to be resolved before any future issue can proceed.
April 2018: King awaits The South Africa Government completing their sanctions protocols to allow for the release of the funds from kings's Laird Investments to move to a UK account in order to conclude the share offer. At which stage the share offer can proceed.
May 2018: Two Non Executives leave the Board. Paul Murray and Barry Scott, Murray a Chartered Account who without puting in any personal wealth joined Kings board to assist in reviewing onerous Contracts, Murray was not salaried. Scott assisting with the funds to pay off Mike Ashley. He was in for £3M, although all other Directors soft loans had no repayment terms (Debt for equity/Shares) Scott's money did carry repayment terms. Scott's money was used to help, but not in it for a long haul investment. It is therefore entirely plausible to speculate the Close Brother facility was used by the PLC to return Scott his money.
Now all of the above is out in the public domain. I am not a journalist, I just have a good memory and piece together things in my mind. I haven't given anything away. But you can already join the dots. If I can do this, why can't the MSM?
Get yourself a tie and some Brogues
If it was my ball.
Board won vote at AGM to issue up to £22M in new shares less cost.
I would say to the Board. Look revenue is increasing, the Club will soon run on it's income thanks to Retail, and potential Euro revenue. Most of the debt was one off payments to get rid of Ashley that we won't incur again.
Let's convert a fraction each under the new issue, enough to have us at a break even point each year, with a manageable investor debt we will look to convert at a later date by seeking a further resolution at a future AGM when, the Clubs revenue breaks even, and there is success on the park, as the share price rise. But lets offer the remainder of the new shares externally to raise the working capital for use now. because in a worse case scenario we can write of historic debt. We were under no false illusion that this was a longer term investment.
Sorry but that ain’t true.
We used Ashley’s money as working capital, King said as much himself. The repayments to Ashley in accounting terms was swapping one loan for another, but in substance was greater as we got his hands off security and eventually got rid of him from retail. But the primary use of a lot of the directors loans has been covering holes in the finances.
But they could use other monies previously allocated for working capital etc for repaying Scott and then use the overdraft in lieu.
Sorry but, the money was used to pay off Ashley, yes it replaced the debt already spent using Ashley's money, but ultimately the money was paid too Ashley, so I am struggling to see your point on this and argument as to what part you are disagreeing with?
You stated “most of the debt was one off payments to get rid of Ashley”.
The Ashley debt was incurred because of operational losses and cash flow issues.
Incurred with poor operating expenditure from Onerus contracts, most of which have been sorted including renogitated terms with 32 Red, increased commercial revenue thanks to match day hospitality, and we now have retail revenue to look forward too. The debt you referred to was a result of historic butchery under the prior regime.
Have you quantified that or is this just wishful thinking?
Despite renegotiated contracts along with increased revenue for being in the top tier we are still requiring several million annually in directors loans. That is in the company accounts.
If there is a wee packet of shortbread on the seats this Saturday we know is on
An ill-advised comment for sure
However at the time The Record and Klaxon had printed a number of articles having a go at fat Mike, one of the richest men in the country, so I knew where he was coming from.
Probably got carried away a wee bit with the emotion of it all, getting control of the club.
I don’t think it defines him, do you?