Latest News on Rangers EGM – No Decision Yet! Now Rivalling “The Mousetrap”!

The saga of the Rangers International Football Club PLC EGM continues!

At 1pm today Rangers made the following announcement to the Stock Exchange:-

Further to the announcements on 22 and 28 August 2013, the Company confirms that the Board’s discussions have continued with representatives of the group who requisitioned (together the “Requisitioners”) a general meeting to consider the proposed resolutions (“Requisition”) detailed in the announcement on 2 August 2013 (“General Meeting”).

The Company had requested the Requisitioners to authenticate the Requisition in accordance with section 303 of the Companies Act 2006 by providing evidence of the shares held by the Requisitioners and the validity of signatures on the Requisition.  The Board has now received authentication for one of the Requisitioners, being Chase Nominees Limited a/c Artemis (“Artemis”) who hold 5 per cent. or more of the issued share capital and voting rights of the Company.  No authentication has been provided for the purported shareholdings of the other Requisitioners.  The Board confirms the validity of the Requisition on the basis of the authentication provided by Artemis.

Progress has been made to agree a basis upon which the business of the General Meeting would be included in the Annual General Meeting of the Company, which is expected to be held in October 2013.  The Board wishes to reach agreement for the withdrawal of the Requisition without delay but in the meantime has secured a further extension to the written commitment from the Requisitioners to withdraw the Requisition pending agreement being reached as stated above.  If no agreement is reached by the close of business on 9 September 2013, the Board will be required to send notice to shareholders by no later than 13 September 2013 to convene the General Meeting.

Further announcements will be made as appropriate.

Is it just me who funds all of this a bit odd?

The meeting was requisitioned some weeks ago. Only now, it appears, was the entitlement of the “shareholders” to make that requisition questioned. Either the requisitioners were shareholders, or they were not.

In any event, the Board have acknowledged that the meeting has been requisitioned correctly – in that case, why bother going on about the checks on the validity of shareholdings?

Bizarrely, at the rate things are going, the EGM will take place AFTER the AGM!

Is this statement, and especially the reference to doubt about certain people and their shareholdings part of the PR war in which it is being said that Mr McColl and others have no shares, or a handful, or four or whatever between them?

After all, goes the unspoken message, if they have not bought shares, can they be “Real Rangers Men”?

In the battle for the hearts and minds of the Rangers support anyway Mr Mather does have one big advantage in that he can say that he invested his money in Rangers. A new arrival on the scene buying shares on the Stock Exchange, in contrast, will be giving their cash to the shareholder selling the shares.

Mr Mather gave a long and interesting interview to the Herald’s Hugh McDonald a few days ago. I am poised to offer some thoughts on it, but that will be for tomorrow (or Wednesday).

Posted by Paul McConville

Advertisements

1,385 Comments

Filed under Companies Act 2006, Corporate Governance, Rangers

1,385 responses to “Latest News on Rangers EGM – No Decision Yet! Now Rivalling “The Mousetrap”!

  1. willy wonka

    I see ten-names is trying to shovel out another load of garbage to the masses . Quite liked this reviewer. He sort of caught the essence of how paranoia can lead to whole sections of the population can end up being tarred by the same brush –

    “Just when you thought the all prevading stench of Oldfirmitis had cleared briefly, with one half in the lower divisions and the other half losing vast numbers of arses on seats due to their rivals absence, another publication hoves into view with page after page of woe is me hand wringing. Do not be fooled, this is written purely as a swipe at the Huns support with the whole population of Scotland being dragged into the blame game. Yep, thats the bottom line. We are all anti-Irish racists.
    According to this book we are all at it, and just like that insurance ad ‘we don’t even know it’.
    A Scots born Hamilton player chooses the ROI over Scotland and is booed at an SPL game. The booing, according to the author, is because he is of Irish descent. End of chat. God forbid if he had been good enough to play for England. The author lurking in the crowd, willing himself to be offended, would have been deafened. But then again he would not have been in the crowd.
    Neil Lennon is murderously targetted by the lowest of knuckle dragging scum but somehow I am part of it? How so?
    The only Irishness I see and hear is on the telly at Parkhead. Irish flags and songs being waved and sung by a football teams support who have Irish connections. Rangers hate this. But Rangers would hate it if Celtic’s background was Welsh or Norwegian. That is what rivals do. Tarring (sound familiar?) the rest of Scotland with the Old Firms well known ability to hate everything and anything is so wide of the target the corner flag gets hit.
    Once again, proof that the Old Firm, and everyone involved, is a toxic bore.”

    Well said that man. Let’s hope nobody buys his drivelings and he’s forced to work for a living.

  2. Arb urns

    D. Niall Walker aka Steerpike…….

    Re your figures postings I called in the independent auditors Been and Count Er.com they reported back that due to five IFS and 12 GUESTIMATES in your workings they would issue an audit warning with going concern concerns……. However they did say in order for you to restore a mod of credibility you should produce a cash flow projection for thr trading period 1st sept 2013 to 31st may 2014. They will allow you to start with a 10 m positive balance and permit a ramsdens cup win and Scottish cup q final appearance in the projections.

    I advised them you were a freakin genius and this task should easily be within your capes…. They did say drop the genius bit……….

    So D Niall something for the weekend ……..it’s all yours………..

    • Steerpike

      Arb………Arb………….Arb.

      I provided a cash flow projection, 6 of the 10 million is the left overs from last years total income, and this years income will be 27/28 million and this years operating costs will be 27/28 million. If you have a 6 million surplus to start with in a break even year, then you will not have a cash flow problem, especially given the front loaded nature of football finances.

      Now it is your turn.

  3. Cregganduff

    Get ready for a tidal wave of evasive pie-in-the-sky bull shit.

  4. Cregganduff

    ” Steerpike is an interesting new phenomenon on TSFM. Not unique of course, but interesting. Forty-eight posts in forty-eight hours is usually the work of an insomniac or an obsessive, and the “it’s all CW’s fault”

    “In my view, Steerpike has said the sum total of one minus one these past forty-eight hours, and only offered some bluster and anti-CW spin. He has refused to answer a direct question from three different posters on something he said (mistakenly I believe), and maybe when he had posting fatigue”
    Mod -TSFM

    • Arb urns

      More trouble with the auditors in bogland it would appear steer I fear why can’t you make things clear you are all veneer……if there was a random blog cabinet u would b the minister for heavy defeats it’s as easy for the bhoys on here as plonking a ball in an airdrieonians onion bag when you come to town…….don’t b late with that cash flow projection… Monday lunchtime at the latest…….

      • Steerpike

        Arb,

        Even your delusional mind must be having trouble claiming any kind of victory, my opponents cannot even supply two simple figures to support their case.

    • Steerpike

      Cregg,

      What has any of your drivel got to do with the commercial viability of Rangers, and may I suggest a good therapist, you must haves spent hours searching through old TSFM blogs to find the above extract, I haven’t posted on there for weeks LMAO. How desperate are you getting my friend ?
      Show me the figures or put your big red nose on and dance for me.

  5. Raymilland

    @Steerpike

    Sometimes you need to go with the vibe.

  6. Steerpike

    ” I reckoned, £42.5m excluding unknowns Steerpike calculated the unknowns as £20m so it’s £22m IPO + his £20m + £12.5m = £54.5m.————————————————————————-

    To all the circus troop, see the above cash spend figures, let me say this slowly:

    THEY HAVE NOTHING TO DO WITH THE COMMERCIAL VIABILITY OF RANGERS IN 2013-14, LET ME REPEAT NOTHING, NADA, ZIP, ZERO,.

    Rangers spent £54.5 million less what is still in the bank, 10 million, little of the 10 million is SB money, 28 million on operating costs and the balance is non-recurring items.
    The non -recurring items are IRRELEVANT to this years figures because they will not RECUR….do you understand this ?

    The only figures that are relevant are this years income, operating costs and for cash flow purposes, how much of the 10 million is left over from the 54.5 million.

    So let us get back to the real case, you need to provide me just two figures to support your case and a breakdown of the 10 million for cash flow purposes.

    Discuss.

  7. Back in the Den:
    Who are you?
    Shitepipes the name but let me introduce you to my new company and how we got where we are before we talk Wonga
    I bought some tools second hand last year and got both my mates to each pay the electricity bill,
    I then made a right arse of myself up until I got £22m from an IPO, I see I have your attention now Scotchman

    AYE ya loon you do that, so you gathered all that dosh to expand the business and what did you do?

    Well, I bought a carpark and a big building which turns out is fucked and I’ll need to pay for it to be demolished by specialists, but still I bought something.
    Then I spent the rest on day to day running costs and

    Whoa there ya mentalist (all dragons are of the same opinion)
    you SPENT the rest on day to day running costs! that’s not what the investment in a new company is all about, now fucoff down the stairs.

    Well shitepipe, that was brief, what did they not like about the company?
    I think it was that my vision for the future is not long term.

    Provi wumin, need a wee top up tae xmas hen?

    • Steerpike

      @jedi01,

      Excellent post, now can you give me any figures ?

        • but seriously, all we have ever done is posted figures, even you’re finance guy has posted figures and yet you want more! that’s a problem Pikey, there is no more.
          And when you state SEVCO spent a lot last year but it wont recur this year, when is the actual DATE that you go from year 1 into year 2? What is the date, tell me, I demand that date, I need that date what is the date pikey?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s