Dave King on EGM result

DAVE KING and his Three Bears group have now got a controlling interest in Rangers after a successful bid to convert over £14m of club loans into shares.
At yesterday's general meeting, the Ibrox board asked shareholders to agree to a 'waiver' that would mean King would not have to make another megabucks shares offer.

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King and Co now have controlling stake at GersCredit: PA:press Association

The proposal was given the go-ahead, with 81.9 per cent in favour of the resolution.
It sees just over £14.1m in loans converted to 70,601,941 shares at 20p each.

in-art-close-icon-128x128-16481b937f87b244a645cdbef0d930f8.png
Light Blues chief King thanked shareholders for their continued backing of the club and the board.
King said: "This is an important marker in the recapitalisation of the company and significantly improves its balance sheet, enabling the conversion of over £14m of debt into shares."

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King's waiver was passed at yesterday's general meetingCredit: Keith Campbell - The Sun Glasgow

The result gives King's group the power to decide whether resolutions pass or fail, and block special resolutions at future general meetings.
This includes the election of directors and chief executive, approving executive pay and passing financial accounts.
 
At least that’s one saga now over.

Delighted with this finally being resolved and the so called “debt” that never was “debt” issue finally being put to bed.

It really feels at last that we have proper bears at the helm again and us fans also having a huge and important stake in the club.

I am massively optimistic for the future again.
 
At least that’s one saga now over.

Delighted with this finally being resolved and the so called “debt” that never was “debt” issue finally being put to bed.

It really feels at last that we have proper bears at the helm again and us fans also having a huge and important stake in the club.

I am massively optimistic for the future again.
Yes bud, I think finally we are starting to get back to our rightful place. We have been through so much and had to put up with so many that should never have been anywhere near Ibrox, on and off the pitch.

If we can get the retail deal sorted it will be all
systems go.
 
Yes bud, I think finally we are starting to get back to our rightful place. We have been through so much and had to put up with so many that should never have been anywhere near Ibrox, on and off the pitch.

If we can get the retail deal sorted it will be all
systems go.

Totally agree.

Getting the fat tub of excrement out the door is proving a little more tricky than we all hoped but I remain hopeful that that day’ll come fairly soon.
 
I would think the balance sheet looks very healthy with ST sales and now the conversion of the loans to shares.
It would be great to get another good run in Europe to the group stages to further our recovery.
It’s been a long hard slog but finally we are back and 55 is coming our way.
 
DAVE KING and his Three Bears group have now got a controlling interest in Rangers after a successful bid to convert over £14m of club loans into shares.
At yesterday's general meeting, the Ibrox board asked shareholders to agree to a 'waiver' that would mean King would not have to make another megabucks shares offer.

2
King and Co now have controlling stake at GersCredit: PA:press Association
The proposal was given the go-ahead, with 81.9 per cent in favour of the resolution.
It sees just over £14.1m in loans converted to 70,601,941 shares at 20p each.


in-art-close-icon-128x128-16481b937f87b244a645cdbef0d930f8.png
Light Blues chief King thanked shareholders for their continued backing of the club and the board.
King said: "This is an important marker in the recapitalisation of the company and significantly improves its balance sheet, enabling the conversion of over £14m of debt into shares."

2
King's waiver was passed at yesterday's general meetingCredit: Keith Campbell - The Sun Glasgow
The result gives King's group the power to decide whether resolutions pass or fail, and block special resolutions at future general meetings.
This includes the election of directors and chief executive, approving executive pay and passing financial accounts.

Thanks Rudolph.
 
At least that’s one saga now over.

Delighted with this finally being resolved and the so called “debt” that never was “debt” issue finally being put to bed.

It really feels at last that we have proper bears at the helm again and us fans also having a huge and important stake in the club.

I am massively optimistic for the future again.

I never doubted it mate. There’s too much passion for the club from our fans. In Scotland & worldwide.
 
It doesn't even bear thinking about where our club would be without the intervention of King and others.

We had our assets secured to Ashley loans which we were never going to be in a position to pay back. Make no mistake we were in a one way journey straight towards the rocks and there would have been a fast tracked prepacked administration with Ashley gaining everything worth having. Look how difficult it has been to try and get our merchandise back never mind if he got his filthy hands on everything else.

Its absolutely brilliant to be reading opinions of our fans about forthcoming signings as opposed to off the pitch shenanigans.

Theres not enough for me which can be put in writing to show gratitude for what King and the rest have done. I'm just delighted the good guys managed to get themselves into the boardroom and ousted the spivs in the process.
 
So we're finally cleansed now? Aside from the retail?

Pretty much. The board have complete control of all matters now. Can’t be voted down on any issue.

Of course, Club 1872 and the fans still have a very significant shareholding and a vital role to play is scrutinising the board, but for the first time in decades I genuinely believe we have shareholders at the helm who actually want Rangers interests placed miles ahead of their own.

Yesterday will be seen in due course as a day that was almost as important as the day King and T3Bs wrested control away from the spivs.

We’re on our way, troops. We’re on our way :D
 
Can someone explain to me how this is good news? Thanks. Does it mean we're debt free after converting the soft loans into equity?
 
A key piece of the jigsaw has now been put in place. I suspect Dave and the Bears have spent more in loans than they first planned, and I am extremely grateful to every one of them for their commitment to our club.
We are the People!
 
No. It would previously be called that but I believe the term is now just GM.
It makes no difference what the business term is though. Does it?

Person A"I was at the Rangers General Metting yesterday."
Person B"oh, annual General meeting already. Didn't think that was held at this time of year."
Person A"No , the board called it to pass a special resolution. It was an extraordinary general meeting"

Perfectly acceptable conversation to have regardless of the official title; for accounting, tax and business purposes; this week!
 
Can someone explain to me how this is good news? Thanks. Does it mean we're debt free after converting the soft loans into equity?

The scum and their mhedia place-men have been whittering on about our “debt” for ages. Suggesting we’d learned nothing from our over spending days of old (a definition which I don’t accept at all) and we’re piling up new debts unsustainably.

King and co repeatedly reminded all of them that this “debt” was in fact soft loans that would be converted to shares after a GM vote allowed it. That’s now happened. So, £14m of “debt” now gone. STFU Timmy mhedia. LOL.

Anyway, we’ll still no doubt have some small operational credit facilities ongoing that all clubs run, and which again no doubt some mentally challenged accountant expert fan type (or season ticket holder as they're known) will pounce on to claim King is lying about being “debt free”, but broadly that is now the case.
 
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