Loved the statement issued by the ‘3 Bears’ last night. They protest that their offer to Rangers International was superior to the offer from Sports Direct, which was accepted. What the sharp-eyed PR wizard didn’t figure when delivering the statement, though, is:
The board need 75% shareholder permission to dis-apply shareholder pre-emptive rights and create sufficient shares to allow the 3 Bears to fund their proposed share issue.
Support of the Easdale proxy block is needed to pass this dis-application.
Knowing they needed Easdale support, when the board asked if they would drop the EGM resolution to remove James Easdale from the board in order to make their proposal viable, the 3 Bears declined.
Consider the conversation:
A. “We’ll fund a share issue.”
B. “That needs Jimmy’s agreement. Will you drop your plans to sack him?”
A. “No. We’re still going to sack him.”
B. “Can’t do, Jimmy’s not going to vote for that.”
A. “It’s all your fault for not accepting our perfectly well thought-out proposal.”
It’s astonishing how shoddy an operation these clowns have. I know no one in the media will explain the reality to fans, nor will they believe anything they read here. When populist instigators for change have no viable plan, a club is deader than Rangers (mark I).