It’s about cash, not a seat in the gazebo


Here’s the question: Potential investors offer to underwrite £6.5m worth of shares, around 30% of the club’s equity, at circa 16p per share, and require 2 seats on the board, what do you do?

Money is welcome, but the existing shareholders may consider this particular offer poor value.  The first £3m will go to repay Mike Ashley’s loan, acquired on easy terms and due payable in April, leaving you with a net inflow of £3.5m.  But you’ve flogged 30% of the club to get it.

There’s also the small matter that a net improvement of £3.5m is not enough to save the farm, in fact, it will only keep the doors open for another five weeks.  Five weeks, for 30% of the company.  Is this in the best interests of the shareholders?

If you’re advocating the position of the fans, you’d take the money.  You don’t care how much of the club is given away, or that you’re only kicking the ball down the street 5 weeks.  In fact, you want ever-more of the club to be traded in this exchange, as you don’t trust the current controlling shareholders.  The shareholders will see things differently.

Throughout this episode an arrogant attitude has existed towards those who put their hands in their pockets in 2012, or since, and funded Rangers International FC PLC.  I’m not saying I’d be any different if it was my club, just observing that any attempt to present a solution to the club’s gargantuan problems without recognising – and suitably compensating – the controlling shareholders, will fail.

Ashley can allow his £3m loan to rollover in support of an alternative offer, perhaps from an anonymous offshore entity, respecting the value the shareholders paid when their club needed help most.

I know it’s counter-culture for these types, but why not just offer to buy-out the shareholders at a high-enough rate that they’ll accept?   Like Fergus did back in ’94.  None of these guys are there for the seat in the gazebo, it’s about cash – if you want the club, don’t try to shame them into handing it over, pay them!

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  1. From last thread


    an tearmann


    think he was asked recently if he had bought or rented a local property – he said he had rented and added “on a short lease”

  2. The Battered Bunnet on




    You ought to know: The gazebo is strictly standing room only. And not particularly safe standing at that once BSR has served himself the wine…

  3. Bsr/TBB



    Is there any updates/refurbishment re the tented cqn gazebo area?


    My concern arises by what was termed a ‘spivouac’ on tsfm.Is this competition for said cqnGazebo?





  4. Paddybhoy1888


    Brilliant to see you back on, hope you and family had a great Christmas


    How was the wee hotel break ?



    Hail Hail Bhud

  5. An Tearmann


    Haha, they just don’t get it, do they. Hopefully will continue on the same track, to our delight. Trust you had a good Christmas also.



  6. I think the Sevco costs need to be revised, word is the pie and pastry outlay has taken a dramatic downturn this past fortnight saving the new club thousands…




  7. Paul67 -spot on with your analysis –



    As the current shareholders voted not to let their shareholding be diluted by an open offer it will be interesting how they will take up their entitlement. After that we will see what’s left.

  8. Morning all,


    16 roads thanks for posting that video of Lubo, a real footballing genius with venom in both feet, an absolute pleasure to watch. Can’t help but wonder what R D would have made of him!


    H H

  9. Gene



    I think warnock always sees the bullet appears his niche is getting teams up from championship then falling on his sword.He will be back with another challenger soon


    Hope you and yours had a good christmas



  10. 16 Roads



    I’d agree with you, Lubo is the most naturally gifted footballer that I’ve seen in the Hoops in my opinion.

  11. IMHO


    Parks & co offer is another play by desperate huns who are powerless over spivs devouring the “big hoooooooose” and this is another despertate attempt to seperate the zombies from sevco emotionally


    AKA PR p***.



    3rd Rankers Tick Tock



    Let the people sing



    CMon the HOOOOOOOOOOOOOOOOOOPS VVD 11/2 to score anytime in 90mins today



  12. North Cyprus (formerly Baku) Bhoy on

    Season’s Greetings to all – any chance that someone could re-post the link to the Lubo video?



    Thanks in advance.

  13. We had a secret Santa gift giving event thingy at our house at Christmas… max spend was £20… I got 25% of Ra gers as my gift… must have been from my 3 year old daughter as she doesn’t understand anything of the value of money.. As I don’t want them I sold them and got a few cigars with the profit…. they’ll last longer.

  14. You are correct Paul.



    The arrogance comes from those “Rain-jurzz” men who looked the other way when the club was being run into the ground by Murray and Whyte (who can forget Sir Walter’s offer, 24 hours after the bidding had closed?).



    They seem to expect grubby outsiders like Green and Ashley to just move out of the way when the Brogues turn up at the door.



    Not once has any of these men actually made a full and fair offer for the shares. Instead, they make derisory offers, then rely on media stooges to exert pressure on the owners (see Matthew Lindsay’s shameful tweet about storming the boardroom this morning).



    This is what they call “dignity”?



    Pantomime more like.

  15. Gene


    11:28 on


    27 December, 2014


    Paul67 -spot on with your analysis –



    As the current shareholders voted not to let their shareholding be diluted by an open offer it will be interesting how they will take up their entitlement. After that we will see what’s left.




    The faceless ones were not prepared to share thwe pie wae Ashley and they still have all that the powerless Zombies want




    right see yous at the game :))

  16. leftclicktic



    Ashley couldn’t care less who Rangers were or are, I wouldn’t doubt that there is already another Sevco lined up to make the switch over, companies can be created in an instant. the 30% of shares is also not an issue, he could simply just put it in Llambias’ name and do it that way or anybodies name. He controls Sevco and will do as he see’s fit, Dave king and all these other numpties won’t get look in and have never had the cash to do so.



    He’ll make his money back and that it, good on him, he has no loyalties to these people what so ever.

  17. bournesouprecipe on

    “I don’t know what I find more laughable; the fact that Celtic cannot find £500,000 from their biscuit tin to sign a proven talent like John Spencer, or the fact that they then spent £300,000 on one of Dr. Jo’s old pals, the unknown Lubomir Moravcik!”



    Hugh Keevins , Sunday Mail; Nov 1998

  18. My maw’s wee dug is called Lubo, that’s all you need to know about how good he was. She doesn’t use the names of Celtic greats lightly.




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