cyderspaceman Posted May 13, 2015 Share Posted May 13, 2015 They are clear but that is not what they say. I request you pay back the loan and in return you get this stuff back. Please vote on it and if you vote yes please pay me in 10 days. If the shareholders vote no then things stay as they are. Does anyone outside the hallowed halls (or even inside) actually know what "stay as they are" entails? Presumably all details will be released so that an informed vote can be made at the forthcoming EGM. I will also be increasing my holdings in Jelly and Ice Cream Inc. 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 13, 2015 Share Posted May 13, 2015 They are clear but that is not what they say. I request you pay back the loan and in return you get this stuff back. Please vote on it and if you vote yes please pay me in 10 days. If the shareholders vote no then things stay as they are. And in that case Mike everything secured against the loan then. 0 Quote Link to comment Share on other sites More sharing options...
WeeDiamond90 Posted May 13, 2015 Share Posted May 13, 2015 As I said earlier, it is clear the board believe that the whole deal with Ashley is crooked, £5m is a lot of leverage and is costing nothing, paying it off gives them nothing. But does this deal not entitle Ashley to more of the retail money and his 2 guys who were the board who are still costing you money? 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 13, 2015 Share Posted May 13, 2015 5m to prove a point, very petty. I wouldn't put it past Ashley being that petty. 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 13, 2015 Share Posted May 13, 2015 (edited) So what's the deadline for a GM ? 28 days? Letter dated 29th April , GM in next 2 weeks then 10 days later to pay Mike £5m so D Day is D Day! Edited May 13, 2015 by THE KING 0 Quote Link to comment Share on other sites More sharing options...
K Dodd Posted May 13, 2015 Share Posted May 13, 2015 As I said earlier, it is clear the board believe that the whole deal with Ashley is crooked, £5m is a lot of leverage and is costing nothing, paying it off gives them nothing. Aye it's the ranjurs way. Don't pay your dues. You're just arguing for the sake of it. G&S should pay the money back with the £££s he's going to invest. Also they entered into an agreement when the loan was taken. They have broken the terms of the agreement by getting rid of leach and llambias so MA can ask for his cash back whenever he wants. 0 Quote Link to comment Share on other sites More sharing options...
Thumper Posted May 13, 2015 Share Posted May 13, 2015 They have broken the terms of the agreement by getting rid of leach and llambias so MA can ask for his cash back whenever he wants. I don't think so. The terms of the loan were that he could nominate two appointees to the board. It's not obvious that this prohibits said nominees from getting voted back off. Additionally, it is correct that there are no terms in the agreement for the £5m which require Sevco to pay it back, except in that if they don't do so then MASH retain holds over most of their assets, and a controlling interest in the retail company. So it doesn't seem as if they're compelled to vote in favour of the ordinary resolution. (They will be compelled to give an answer as to the delisting though.) I'm inclined to think that Ashley's been put in a bit of a sticky situation here due to a clever piece of bad faith by the club. He'd now rather just get the f**k out before it all falls down. I don't think this is any sort of threat: that doesn't seem to be how Ashley works. 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 13, 2015 Share Posted May 13, 2015 I'm inclined to think that Ashley's been put in a bit of a sticky situation here due to a clever piece of bad faith by the club. He'd now rather just get the f**k out before it all falls down. I don't think this is any sort of threat: that doesn't seem to be how Ashley works. Generally he buys into struggling companies with large turnovers but poor cashflow, and increases his influence by lending them cash and taking money out through retail deals that are massively beneficial to him and his company, while not requesting repayment of the debt until it suits him, quite often when the company cannot repay the debt, at which point he gets what he wants at a very low price. Pretty much how he ended up owning just about every brand sold through his shops. 0 Quote Link to comment Share on other sites More sharing options...
adundeemonkey Posted May 13, 2015 Share Posted May 13, 2015 From the looks of things, the Board will have 21 days to announce a date for the egm which should be no more than 28 days of that announcement. So If we go by the 30th April, they have to anounce an egm date by the 21st May (Next thus) and that date can be no later than 18th June. 0 Quote Link to comment Share on other sites More sharing options...
weirdcal Posted May 13, 2015 Share Posted May 13, 2015 i think hes playing clever buggers. the Rangers need a revenue stream outside season tickets - they cannot cover their costs with money generated for them. with offering the board a chance to reclaim the rangers retail rights and new revenue for the price of the loan he has given them. ie cost the board money to make the club company money. either way, he proves that they lied about being able to afford to run Rangers at the EGM to get in and that you cannot trust the glib one and doesnt get his £5m back or he gets £5m and he has cost the 3bears and skintilocks £5m of their own money. this is what happens when you annoy a billionaire with a ruthless streak 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 13, 2015 Share Posted May 13, 2015 Mike Ashley ..hey rangers fans dont think I can get my money back? 0 Quote Link to comment Share on other sites More sharing options...
cyderspaceman Posted May 13, 2015 Share Posted May 13, 2015 From the looks of things, the Board will have 21 days to announce a date for the egm which should be no more than 28 days of that announcement. So If we go by the 30th April, they have to anounce an egm date by the 21st May (Next thus) and that date can be no later than 18th June. Just missing midsummer's day. Pity. I like a memorable date. Like Valentine's day frinstnce. Anyhoo, we can start counting sleeps after the EGM date is announced. 0 Quote Link to comment Share on other sites More sharing options...
cyderspaceman Posted May 13, 2015 Share Posted May 13, 2015 i think hes playing clever buggers. the Rangers need a revenue stream outside season tickets - they cannot cover their costs with money generated for them. with offering the board a chance to reclaim the rangers retail rights and new revenue for the price of the loan he has given them. ie cost the board money to make the club company money. either way, he proves that they lied about being able to afford to run Rangers at the EGM to get in and that you cannot trust the glib one and doesnt get his £5m back or he gets £5m and he has cost the 3bears and skintilocks £5m of their own money. this is what happens when you annoy a billionaire with a ruthless streak Can't imagine there are many without said streak. 0 Quote Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted May 13, 2015 Share Posted May 13, 2015 If King and his cronies are not mortified that this has gone public they should be. All Ashley has done here is shown them up for the charlatans that they are. This one will rumble on for months, or until they die again, whichever comes first. 0 Quote Link to comment Share on other sites More sharing options...
weirdcal Posted May 13, 2015 Share Posted May 13, 2015 Can't imagine there are many without said streak. well the last billionaire* involved dropped the old club into admin.... so yeah, i think you have a point there. *information given by the daily record and MBB / WOTR also refer to this said individual 0 Quote Link to comment Share on other sites More sharing options...
Paramour Posted May 13, 2015 Share Posted May 13, 2015 Have I missed something, or has everyone else? What about resolution 1B: ...the release of RFC from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct... I wasn't aware that was part of the deal - I knew that Ibrox couldn't be provided as security for a number of rumoured reasons (i.e. it doesn't seem entirely certain who legally holds the deeds) but I didn't know about this contingency. Maybe this can come out in the EGM? Either way, it seems clear that Cashley has called the bluff like most here knew he would at some stage. Again, he's got a win-win; one way, he gets his money back and gets the hell out of dodge after a nice bit of asset stripping and, irrespective of whether he gets his money back, he publically embarrasses the board for the mob of utter shysters that they are while retaining the iron grip on the revenue streams. 0 Quote Link to comment Share on other sites More sharing options...
Guest Posted May 13, 2015 Share Posted May 13, 2015 0 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted May 13, 2015 Share Posted May 13, 2015 If King and his cronies are not mortified that this has gone public they should be. All Ashley has done here is shown them up for the charlatans that they are. This one will rumble on for months, or until they die again, whichever comes first. King, mortified? Surely you jest. 0 Quote Link to comment Share on other sites More sharing options...
Musketeer Gripweed Posted May 13, 2015 Share Posted May 13, 2015 Someone with a bit of photoshop skill could do something with this I reckon. 0 Quote Link to comment Share on other sites More sharing options...
SlipperyP Posted May 13, 2015 Share Posted May 13, 2015 We played! Mr Ashley, I think i like you 0 Quote Link to comment Share on other sites More sharing options...
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