Dave King press conference this Monday

Laudrup11Cooper said:
Others who certainly seem to be more itk than I are ‘speculating’ numbers around the same figures as what Pedro received.

Personally I haven’t bothered to work anything out still drinking my morning coffee…

Where they get these numbers from …?

You have to ask them

I am just reiterating what they said in the hope that someone will either clarify this or give a more logical set of numbers …if… this is at all possible.

But again I ask why this announcement especially hot on the heels of StevieG’s appointment?
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The share issue is happening next month, this gets the wheels in motion.

It's not the only form of revenue generated at the club and not the only source of cash.
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
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Share issue is a given I would think.
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
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hahaha what? I've no idea what we've used of the £3m that was made available to us. How are you?
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
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Considering it's £3million and also an overdraft facility, not a loan, you're talking out your arse.

There is also a distinct aroma coming from this post.
 
So how much of the soft loans are being changed into shares? Or is money from the share issue going to pay off some of the soft loans?
13bf2ca6-3204-4d52-9dbb-68ff7792e928
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
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Stop spouting lies
 
A do
Jock MacHarg said:
Don't think thats a wind up - the terms of penalty on non payment would be steep.
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Did we actually take any money from Close, was it not a credit facility that could be used, probably better posting this on a mentally challenged site as the know more about our financial state than anyone.
 
Valley Bluenose said:
Suck has clarified on the other thread that Scott left 'due to business pressures' and that Murray leaving came as a 'surprise' to King but that there had been no 'falling out'.

Those 'pouring scorn' on the press briefing are no friends of Rangers. Tell me this, where in anything you have read regarding todays briefing does it say Gerrard's budget will be £6m? Really interested to hear how some are arriving at this conclusion from the reported events.
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Don't know how you can be arsed, VB.
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
Click to expand...
You’re an absolute reeking poet.
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
Click to expand...
I don’t even need to smell you, stinking of green and grey
 
From its conception there was a predictability as to how this thread would evolve. It was inevitable that a large number of Bears would indulge in delusion, rumourmongering and conjecture. It was always equally inevitable that the failure of any delusionary rumour, and/or conjecture, to materialise would result in deflation, anger and serious panty wetting.
What Dave King revealed today wasn't bad, in fact I took it as quite positive. The aim of the share issue is to raise an additional £6 million in funds. He stated there was no further external investment being sought at this time, however investment was there from existing members. Furthermore, Dave Kings response to the question of Steven Gerrard's budget being ...

"We have given the commitment that we will continue to invest in the squad and we will be a net investor," King said. "We will provide additional net funds.

"[Steven Gerrard] will sit down with [director of football] Mark [Allen] and determine that. We don't put figures on that because we can't.

"It depends on how many players Steven wants to keep. We haven't even discussed it. Right now we don't have a player plan."

To me, this says that Steven Gerrard will have at least the £8.5 million budget of last season plus the new £6 million. Then there's funds from any sales, which of course is anyone's guess in value.

We need to forget about investments of £100's of millions just because we'd like it to happen.

The only thing disappointing about todays PC is fan expectation and reaction IMHO.



 
Not one of those in attendance seems to have sought clarity on this comment from King, despite all media outlets reporting it.

Is it just me that is too f*cking thick to interpret it accurately? What, exactly, does it mean? Clearly the journos understood or they'd have asked for clarity.

"We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans."
 
Valley Bluenose said:
Not one of those in attendance seems to have sought clarity on this comment from King, despite all media outlets reporting it.

Is it just me that is too f*cking thick to interpret it accurately? What, exactly, does it mean? Clearly the journos understood or they'd have asked for clarity.

"We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans."
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See Sucks thread - very reassuring
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
Click to expand...

Yes for you timmy :D

As has been pointed out in a post above. The most 3 important words uttered by Dave King was "At This Stage" regarding investment.

So coupled with the powers of deduction and reading between the lines, on what has been mentioned on here RE investment and the future of our club, by prominent itk posters like @ID10 @AuchenhowieAllison among others... I would say it is a given, that investment with be forthcoming in the next few weeks, months and years! We have not employed Steven Gerrad on a shoe string 4 year plan.

I think patience is required and all will unveil itself when it is supposse to. It really boils down to trust and i trust them 100% and i believe, just my opinion. We will be more than happy in the coming months.
 
Bombs Away said:
Quite a concerning 'press conference' today.
£6m (and that's on the proviso a share issue is fully subscribed) is not a lot of money.
We owe £4m to Close Brothers which has to be paid in Feb (or else).
No external investment.
We operate at a loss.

ST money will only go so far.
SG's recruits wont come cheap.

Quite concerning, and disappointing.
Click to expand...

LOL

At least make an attempt to disguise it
 
I think part of the problem is the complexity (to the layman) of accounts, plc's and financial transactions

Its difficult to get your head around the language and subtext, and often the journalists reporting it dont properly get it either
 
Robbie Wilson said:
Talk of imminent new external investment was ruled out by King, who said: "At this stage, there is nothing external other than existing shareholders and investors.

AT THIS STAGE being the 3 words everyone should read into from all that was said today.
The 2 vacant seats on the Board WILL be filled by people who will invest in the club, but get real it's not some fat cat from Hong Kong/Singapore battering in 100's of millions in to the club, as it's been said Stevie ain't coming here on the back of a 6m kitty.
Stevie and Allen will know exactly how much is available and I would put it at 25/30 million depending who's sold bla bla bla.
Got to concur throwing it out there how much is avalibile for transfers would be one thing and one thing only. Stupid!!
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Totally agree with this. We require some patience.
 
Interesting reading through this thread, a bit like Invasion of the Bodysnatchers - is it a real Rangers fan posting or a tragic mentally challenged spending a sunny Bank Holiday on another teams forum? By my reckoning about 25% mick so far. For the record Timmy, todays announcement does not mean financial meltdown or a minuscule transfer budget. Why not go out and get a tan?
 
Jock MacHarg said:
Secured against our assets...
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Name the assets?

Besides, this will be paid back and the facility will remain available to us. Much like every other club out there operates when using overdraft facilities.

As for the £4m figure that mutant comes to when he can't even tell us what / if any of the £3m we've actually used.
 
Wait I’m confused. Is this 6 million on top of the directors loans being converted to shares hence making us debt free with 6 million cash on the hip? If so then that plus season ticket monies kit sales, Hummel money etc would be great and surely would mean 10 - 15 million spent in the summer.

If it’s just raising 6m without converting the directors loans to shares then that seems worrying, can someone confirm?
 
El Bufalo said:
We won't. Hummel aren't paying us out of the goodness of their heart.

We'll make the £3.4m per season from Hummel plus a percentage of sales fee. Won't be anywhere near £10m, £5m is realistic assuming we shift plenty of strips.
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Obviously they aren't. A guaranteed sum of £3m will see them and Rangers profit from all the proceeds via merchandice.
 
CheckMateCharlie said:
Wait I’m confused. Is this 6 million on top of the directors loans being converted to shares hence making us debt free with 6 million cash on the hip? If so then that plus season ticket monies kit sales, Hummel money etc would be great and surely would mean 10 - 15 million spent in the summer.

If it’s just raising 6m without converting the directors loans to shares then that seems worrying, can someone confirm?
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My reading of it is they are separate issues. The loans will be converted into shares when we have a share issue.
 
DougieJones said:
Interesting reading through this thread, a bit like Invasion of the Bodysnatchers - is it a real Rangers fan posting or a tragic mentally challenged spending a sunny Bank Holiday on another teams forum? By my reckoning about 25% mick so far. For the record Timmy, todays announcement does not mean financial meltdown or a minuscule transfer budget. Why not go out and get a tan?
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Or sign up with "Frolicking 19th Century Terrorists" and get a .............. a F............. a F............. a dose.
 
Look lets face it, we as a support are not as well versed in all matters financial ,legal or the workings of the stock exchange as the average scumtim obsessive .
What this means in terms of our rebuilding for next season ,will only be evident in the quality and number of signings made over the summer.
 
JimmyBuffetloyal said:
Look lets face it, we as a support are not as well versed in all matters financial ,legal or the workings of the stock exchange as the average scumtim obsessive .
What this means in terms of our rebuilding for next season ,will only be evident in the quality and number of signings made over the summer.
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It doesn't matter if we don't fully understand the financial stuff.
There will be 48 Celtic bloggers and countless tims phoning Radio Clyde to explain it for us.
 
Valley Bluenose said:
Not one of those in attendance seems to have sought clarity on this comment from King, despite all media outlets reporting it.

Is it just me that is too f*cking thick to interpret it accurately? What, exactly, does it mean? Clearly the journos understood or they'd have asked for clarity.

"We haven't decided, but at the moment I am thinking about £6m new cash in the balance converted to loans."
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OK, to answer my own question this is what the BBC are now reporting:

Rangers had received £17.7m in loans from shareholders and other investors by the turn of the year and subsequently borrowed a reported £3m in a short-term finance deal with bankers Close Brothers.

King says the share issue will mean loans are converted to equity as well as bringing in fresh finance.

"There will be a balance between the conversion of loans versus raising of new cash," he explained.

So, it seems, the rights issue will see some of the loans converted to equity and some of the loans left in place in order to free up the circa £6m additional (as far as I'm concerned) funding for Gerrard.

Glad we have some clarity at last.

Some good comments re. funding from King towards the end of that article. No lack of commitment from him, that's for sure.

https://www.bbc.co.uk/sport/football/44030906
 
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