adundeemonkey Posted May 13, 2015 Share Posted May 13, 2015 The questions to be answered to me are more interesting that the loan request. Surely a Glib and Shameless Liar like King will have no objections to providing the transparency they promised the hordes by answering these straight forward and reasonable questions. Can't see how any Sevco fan can object to these questions being asked. Also, the letter is dated 29th Apr. Which means they have had it for about a week and a half at least. (Mike may have sent it second class afterall....) 0 Quote Link to comment Share on other sites More sharing options...
Ken Fitlike Posted May 13, 2015 Share Posted May 13, 2015 Tedi.... 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 13, 2015 Share Posted May 13, 2015 If the repayment terms were clear then they he would not have to call a shareholder vote, he would just ask his lawyers to commence recovery. It does clearly state that there is NO specific repayment period. As I said, I think it's more to do with posturing and reminding the board that he still has a hell of a lot of influence and power. Calling a meeting and raising the other points get's his point across while not burning more bridges than is absolutely necessary at this point. It also looks like he is giving the board a little bit of rope just so he can see what they do with it. No specific repayment period is not the same as no specific repayment conditions. 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 13, 2015 Share Posted May 13, 2015 No specific repayment period is not the same as no specific repayment conditions. Don't try and explain it to him, you'll waste days. 0 Quote Link to comment Share on other sites More sharing options...
Jacksgranda Posted May 13, 2015 Share Posted May 13, 2015 No specific repayment period is not the same as no specific repayment conditions. Yes it is if you omit the last word from both clauses. 0 Quote Link to comment Share on other sites More sharing options...
THE KING Posted May 13, 2015 Share Posted May 13, 2015 He has the same power as any minority shareholder with more than 5%, the ability to call a general meeting but minority all the same. and again if these conditions existed it would be easy to quote them...especially when requesting the loan to be paid back. The conditions look fairly clear...Pay back the loan when I call it or I get everything in the resolution...and payback is 10 days after the GM. How many sleeps? 0 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 13, 2015 Share Posted May 13, 2015 He has the same power as any minority shareholder with more than 5%, the ability to call a general meeting but minority all the same. and again if these conditions existed it would be easy to quote them...especially when requesting the loan to be paid back. Technically, maybe. Realistically, definitely not. 0 Quote Link to comment Share on other sites More sharing options...
MONKMAN Posted May 13, 2015 Share Posted May 13, 2015 If the moron sevco fans think King etc will beat Ashley theyre deluded. £5 million is nothing to him, but I'm sure he'll be getting it back exactly when he wants it. 0 Quote Link to comment Share on other sites More sharing options...
cyderspaceman Posted May 13, 2015 Share Posted May 13, 2015 Looks to me as if he is simply doing everything by the rules. Just a minority shareholder (with benefits) trying to get to the bottom of what has happened to his investment. I would imagine some considerable time has been spent by his legal team examining all possible eventualities and that we should see some action soon. The orcs love an EGM so they will be looking forward to this. It is, after all, a chance for them to get the monkey off their back and stride into the future with their heads held high. I also doubt that Ashley wants to be associated with two championship clubs. I'm investing in popcorn futures. 0 Quote Link to comment Share on other sites More sharing options...
MONKMAN 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. So why dont they just pay Ashley his 5 million, get security of the assets back and be done with it?? After all, these are real rangers men with millions at their disposal. Surely that will please the orc hordes to no end. 0 Quote Link to comment Share on other sites More sharing options...
steelmen Posted May 13, 2015 Share Posted May 13, 2015 Not sure he wants it paid back just now, just getting them back in the papers. Wonder who leaked the letter as it's from 2 weeks ago (was that not around the time Murray went for his meeting?) The Fans should be thanking him for this. it will let them see if kingilocks and the 3 bears have the cash lying around to pay him back. imagine if it gets voted through and they don't have the money to pay him. Why would he want it back. He must have made a fair few bob off the retail side and the use of the clubs trademarks. if he lets it go long enough he will get the £5m + back in payments from the club and they will still owe him £5m. 0 Quote Link to comment Share on other sites More sharing options...
accietilleyedye 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. Our man on the inside with all the details again Tedi , I hope when your proved wrong (yet) again that you have a pre written tear stained excuse ready -1 Quote Link to comment Share on other sites More sharing options...
Ross. Posted May 13, 2015 Share Posted May 13, 2015 (edited) 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. £5m relative to Ashleys net worth is not a lot of leverage. One alternative to your viewpoint is that Ashley doesn't believe the board have £5m available at this point and pushing them to admit it. Edited May 13, 2015 by Ross. 0 Quote Link to comment Share on other sites More sharing options...
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...
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