Thanks to everyone who contributed questions for the Forum last night. It was an open, frank and productive meeting. Draft minutes will be distributed to attendees to be checked for accuracy before being formalised, after which the meeting’s outcomes will be made public through various outlets.
One thing which is evident, and goes largely unacknowledged, is the significant contribution made by Auldheid in building the channels needed for constructive dialogue between the club and supporters. Well done, Pat.
I see Neil Lennon in the news being “flattered” after Norwich City chief exec, and former Celtic commercial director, David McNally, told the media he believed it only prudent he keeps an eye open for a new manager, should Chris Hughton ‘leave’. Neil answered well, refused to comment on a job which is already filled, while setting a standard answer, suitable whether he was interested or not. There is no point firmly denying interest in a job as a subsequent refusal to do so for a different position would leave too much information on the table.
McNally is right, it is only prudent you keep an eye on these things, but can you imagine how Hughton feels when reading this stuff, or what the resulting speculation will do to the club’s relegation chances? There is now far too much information on the table now for Hughton to be effective.
A football manager needs authority and respect, Houghton has been denied both. Norwich should do the decent thing and pay the man his contract before they sleepwalk into the lower leagues.
It’s funny how different people read the same thing in different ways. An announcement that a club is in discussions with a couple of existing shareholders to borrow money to provide working capital is self-explanatory in most respects.
The announcement by Newco Rangers this morning establishes that the club needs a fresh injection of money to pay its bills. We all knew this, but the sharp-eyed will also have noted that this loan will create the club’s two major creditors. No bank will lend to Newco, their creditors will be limited to trade suppliers, HMRC and other football clubs, all pretty low values. This £1.5m loan is likely to give the lenders sufficient control to vote through anything they desire, should administration occur. The controlling directors and creditors will be one and the same.
Newco Rangers has been rag-dolled since its inception by various pressure groups within the broader family who seem determined to stamp on whatever green shoots of recovery exist. What it really needs is the kind of strong leadership this directors-creditors group can provide, leaders who will do the right thing, take the necessary medicine and stand firm against the quislings. While others tried to get the club for free, they paid their money, continue to do so, and deserve the chance to run their club as they see fit. For what it’s worth I think the club and its current controllers are a perfect fit. I hope they use their largest creditor status to protect their interests.
Congratulations to STV’s Peter Smith (aged 12 ½), who scooped the Royal Television Society’s Young Talent of the Year award, achieved partly because he was prepared and able to ask hard questions, when many of his elder peers would rather eat their own toe nails. He’s still not uncovered that Dallas Cowboys email, so more work still to be done.
If you would like to read the new CQN Magazine, GO HERE to read properly, and for FREE, the graphic below is just a taster.
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So, 30 quid to you!
Fed up Philbhoy
Hahahahahaha.
Only £30?
LB
Declan
Brill!
Just heard from a guy who was listening to the Alan Brazil radio show this morning with the ex chief exec of Liverpool FC, the ex stated that the qualification for next seasons CL group stage is worth £51m. This is down to the BT contract. Whaow. Emdy else heard this?
Weefra HH supporting Wee Oscar.
Vp @ 1617
Fish pun or coincidence?
from TSFM……hahahaha its a braw day of Huntertainment everywhere….this poster is a well clued up laddie! braw…
the sage of g42 says:
February 20, 2014 at 3:02 pm
0 0 Rate This
This wonderful prospective “loan” of £1.5m, seems to be widely reported in terms of “Although no agreement has been finalised, it is understood the money would be repaid in the form of shares rather than cash”.
Now anyone sensible offering a loan on such a basis would likely seek the “equity terms” to be agreed upfront.
Amongst the issues are
will this be a mandatory conversion of debt into equity at the conversion date(s), or will it be optional on the part of the loanholder
what are the conversion terms, are they fixed now or subject to the share price in the future
if it is mandatory conversion then it is effectively issuing equity now however it will have a higher yield on the loan versus the dividends (laugh) on the underlying shares during the period of the loan
if the future conversion is optional on the part of the loanholder, how will this be achieved? Convertible loan stock or loan stock with warrants are the most likely routes.
Then the equity to be issued, under whatever route is chosen, has to fit within the authorities set out in resolution 9 from the last AGM. Otherwise, another general meeting and delay. Now a quick calc, market cap is approx £18m today, so £1.5m loan, depending on the terms, might convert into new shares equivalent to about 8% of the existing issued capital. Assuming the calculation has been addressed and this convertible loan (or alternative arrangement) fits within Resolution 9 it may be that they have all but maxed out within Resolution 9 and that even if more funds were available on similar terms they could not take them up without going to a general meeting.
Finally the pesky professionals will want paid for all this! Debt and equity rights being issued to a director and to significant shareholder. Board may well feel it needs independent advice on behalf of the other shareholders? Fees for the advisers to the loan providers? Ballpark, fees might be of the order of multiples of 10s of thousands, maybe even well into six figures. And those fees are largely fixed, ie similar fees if they were raising £1.5m or £5.0m.
And if the “convertible loan” is issued, presumably the terms will have to be disclosed to the Stock Exchange? Another day of posting overload on TSFM?
Mr Wallace is between the proverbial rock and a hard place. Fail to raise this loan and his credibility is deeply fractured. Raise the loan on onerous terms, pretty similar outcome.
BRTH16:07
Neymar nae mair?
glasstwothirdsfull
When he was Everton manager the claim by the Scottish media was he had no money to spend. In reality Walter Smith spent more than any previous Everton manager.
whit dis “onerous” mean? …..braw
In ole Ireland, a Grand Piano is nothing more than a piano that is middling to good.
Geordie M
‘Saury’ mate sheer coincidence.
In this case i suspect “accompanied by obligations”.
Lifted from the Oxford concise.
Fat Sallary ran after a Seagull that escaped with a chip from his wife’s plate, at Wetherspoons in East Kilbride.
Allegedly CSC
WeefratheTim
BT deal doesn’t start till the season after next mate.
2015/16 season.
http://www.theguardian.com/business/2013/nov/11/bt-wins-champions-league-rights-what-does-it-mean
LB
LiviBhoy – the book launches at CQTEN on Friday 14th March. One of the stories in there is causing some confusion – as it may be yours but there is another CQNers email attached. Could you email me and I can get you to clarify? david@cqnmagazine.com
Neustadt-Braw
http://www.thefreedictionary.com/onerous
It disnae mean Braw :))))))
till later all
Fed up Philbhoy
16:27 on
20 February, 2014
In this case i suspect “accompanied by obligations”.
Lifted from the Oxford concise.
……………………………………………
whit dis “accompanied by obligations”. mean? … :) braw ….
bournesouprecipe
there aint a wetherspoons in ek
yet
but they will be opening a big one here in a year or 2
first fifty customers eat free
sally already in the queue at numbers 1 to 40
Neustadt 16.23
The bloke with the glass of champagne in his hand – at a certain steakhouse in London is assuring all and sundry that he now OWNS half of “Rangers”
I’m not sure what the brothers had before, but it looks like the terms of their convertible loan are to be very dilutive to non participators .
WC
Email sent.
LB
bournesouprecipe 16:27 on 20 February, 2014
“Fat Sallary ran after a Seagull that escaped with a chip from his wife’s plate, at Wetherspoons in East Kilbride.
“Allegedly CSC”
I spotted the flaw in that statement immediately.
It should have read: “Fat Salary wobbled”.
Some financial person on Radio Scotland reckons the attempt to raise £1.5 million by the deid club is bad news for the ole folly followers.
This might give you a peek at GW’s survey. Behave responsibly
http://e.rangers.co.uk/In/49740691/0/UlEL2B4FguEXfzbWGjUmuwPOLBsJXmPn8Vutpu7TR4Y/
BBC R5L: Described scenes in Kiev as: “organized chaos”.
WTF CSC
WeefratheTim
BT deal doesn’t start till the season after next mate.
2015/16 season.
I heard him and he did say BT year after next. He expects Man Utd to spend big to ensure top four place next year.
Then again he also alluded to a saviour from overseas to save Sevco.
Brazil also said it was time they were back for the sake of Scottish football.
googybhoy ♥ we are all Neil Lennon
Brazil will chum up with whoever is paying his champagne bill.
LB
Citibhoy Shoulder to Shoulder with Neil Lennon
16:33 on
20 February, 2014
Neustadt 16.23
The bloke with the glass of champagne in his hand – at a certain steakhouse in London is assuring all and sundry that he now OWNS half of “Rangers”
I’m not sure what the brothers had before, but it looks like the terms of their convertible loan are to be very dilutive to non participators .
……………………………………………
that sounds awfy Braw ….Their Bus Inspector must have been giving advices again! which is also Braw ….
BoscoBhoy02
15:38 on
Interesting observation mate and one which was briefly mentioned in a blog piece Mark Hateley wrote for the record a couple of years ago.
It was around the time that the EBT issue had surfaced and everyone had excepted that RFC(IL) had indeed used them.
What interested me in what he said was that he then went on and said without RFC(IL) paying players like Gazza, Laudrup and himself by outshore trusts them Scottish fans would have been denied seeing these players week in week out.
At the time most people never picked up on this, though it was discussed on RTC blog. There was a link to the story aswell, which I can’t now find.
Anyway as you have probably guessed, the point here is that none of those players ever recieved EBT’s so what were those offshore trusts that he alluded to?
Gotta love filling in surveys,
“how do you communicate with the club”
“clairvoyant”
livibhoy – god bless wee oscar
16:41 on 20 February, 2014
googybhoy ♥ we are all Neil Lennon
Brazil will chum up with whoever is paying his champagne bill.
…………
I know.
He does though give us some good coverage.
Auldheid
I am, and I think I got away with it >}
They are as thick as sevconians, and just as easy to wind up, it would be negligent of me not to take advantage so it would >}
HH
googybhoy 16:40
Brazil also said it was time they were back for the sake of Scottish football.
——————————————–
Scotland beating Croatia home and away. Celtic beating Barcelona. Aberdeen looking at a possible cup double. Dundee United with an exciting crop of youngsters. Can Scottish football survive another day……?
googybhoy ♥ we are all Neil Lennon
I’ve no problems with Brazil. Big Celtic man. Very impartial.
Runs a decent show. No problems from me. I would be sceptical about his word being gospel though.
Would love to have a pint with him and hear some of his stories.
LB
Mr Wallace has just engaged with another “fan” – one who is really worried about the long term financial strategy of the club.
If the group stages are going to be worth 50+ mill to us, I would hope that Pedro will be getting the finger oot and get some quality in to make sure we get there.
HH
Anyone listen to Tommy in Glasgow call to Bawwy Ferguson last night?
At one point Tommy was asking about EBT’s and Ferguson was deflecting as could be expected but Tommy then asked him if he could talk about the ‘trident fund’ to which Bawwy replied ‘how do you know about that’?! Interesting… Part 3 of the interview is scheduled for later today or tomorrow I believe(dont tell Bawwy, not sure if he knows yet)
HH
GlassTwoThirdsFull
15:52 on 20 February, 2014
Minceyheidman/TootingTim
There’s a few different issues at play. If there’s no sending off and the penalty is missed then there is no advantage to the team who were denied the goal.
Also, it really depends on when it happens. If it is late in the game then the defending player has more incentive to make the foul as they won’t be down a man for too long and the penalty might me missed.
All I am trying to say is that if any offense in the penalty area merits a card, Red or Yellow by the goalkeeper only then all stays the same as he meant it.
If it is careless but still a foul then a penalty is enough.
There are other rules that only apply to goalkeepers so why not?
Honesty and Referee interpretation would come into play and also I hope video replay which must be on the IFAB agenda.
As Brazil is a great fan of Thatcher,I wouldn’t give his opinions a second thought.