Club 1872 Poll Result: RIFC General Meeting June 2019

DejaVoodoo

Well-Known Member
Over the past week, Club 1872 members have been voting on the single resolution for the RIFC GM 2019, to determine how the shares held by Club 1872 Shares CIC will be voted.

The result is as follows:

That the waiver granted by the Panel on Takeovers and Mergers of any requirement under Rule 9 of the City Code on Takeovers and Mergers (the Code) for Mr David Cunningham King and persons deemed to be acting with him under the Code (the King Concert Party) to make a general offer to Shareholders as a result of the issue of ordinary shares in the Company to members of the King Concert Party following the exercise of their rights under the convertible loan notes issued to the members of the King Concert Party in return for the discharge on a pound for pound basis of an equivalent amount of their soft loans to the Company, be and is hereby approved.

For – 93.5%

Against – 3.6%

Abstain – 2.9%



Club 1872
 

BWO

Well-Known Member
Really interested to know why people would have voted No to this proposal :rolleyes:
 

Dempster

Well-Known Member
Really interested to know why people would have voted No to this proposal :rolleyes:
There are always miscreants in amongst any large group of people .

Fortunately a formality and the club will soon be debt free - music to all our ears considering where we have been !!

Is it just me who thinks we aren’t celebrating this enough
 

Tommac

Well-Known Member
There are always miscreants in amongst any large group of people .

Fortunately a formality and the club will soon be debt free - music to all our ears considering where we have been !!

Is it just me who thinks we aren’t celebrating this enough
It's a massive step forward and it should be celebrated. The vast majority of Club 1872 members (and Rangers fans in general) clearly see the club being debt free as a huge positive. Of course there are always a handful who will take the contrary view...

Seems certain the resolution will pass now given the Club 1872 vote and that the largest shareholders like King, Park, Taylor and Letham can't vote. It's a straight 50% of the remainder needed so should pass easily.
 

Queens 11

Well-Known Member
Really interested to know why people would have voted No to this proposal :rolleyes:
The only negative I could see was that the concert party would now control ~53% of total shares. That means they can steam roll through any motions requiring a 50.01% vote. Effectively meaning an AGM vote will go the way the board want - small shareholders votes won't matter. It might be fine now but at some stage the board make up will change and we've been in this position before with Murray.

I still voted yes to it though.
 
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Greebo

Well-Known Member
There was never any prospect this resolution would not be passed.

The soft loans will be converted to equity.
 
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