RangersFanBase 611 Posted February 24, 2014 Share Posted February 24, 2014 From Sky Sports News:Rangers: "The Board... has entered into two secured short term credit facilities for an aggregate of up to £1.5m."Rangers: "These credit facilities will be used by the Company for general working capital purposes over the next few months." - So basically the board lied by insisting the money was part of a business plan? It really is because we've no money left? Quote Link to post Share on other sites More sharing options...
JimmyCR1 1,502 Posted February 24, 2014 Share Posted February 24, 2014 I think it was pretty obvious borrowing 1.5m at this stage should never have been part of the plan. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 Further (From BBC news)"Rangers announces it's secured £1.5m working capital from director Sandy Easdale and Laxey Partners. Repayable by 1 Sept." Quote Link to post Share on other sites More sharing options...
bluepeter 5,627 Posted February 24, 2014 Share Posted February 24, 2014 From Sky Sports News:Rangers: "The Board... has entered into two secured short term credit facilities for an aggregate of up to £1.5m."Rangers: "These credit facilities will be used by the Company for general working capital purposes over the next few months." - So basically the board lied by insisting the money was part of a business plan? It really is because we've no money left?If it was part of the business plan, what would it have been used for other than general working capital purchases? Quote Link to post Share on other sites More sharing options...
IanFerguson2013 396 Posted February 24, 2014 Share Posted February 24, 2014 It was made clear from the outset that the initial money from the share offer would not be enough. I do not see a lie here. The board should always show their dealings in the best way possible given the number of mhedia scum trying to dig up bad news. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 If it was part of the business plan, what would it have been used for other than general working capital purchases? The way it was made out was that is was being put to other uses, to improve the current "Business plan" - Reality: Rangers have fuck all money left, and have a loan to be repaid 1st of September this year. Quote Link to post Share on other sites More sharing options...
wrongshapedballs 78 Posted February 24, 2014 Share Posted February 24, 2014 Full Stock Exchange announcement:http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11872699Rangers International Football Club plc("Rangers", "RIFC" or the "Company")Credit Facility of £1.5 millionThe Board of Rangers is pleased to announce that it has entered into two secured short term credit facilities for an aggregate of up to £1.5m. The credit facilities are being provided by Alexander Easdale, a shareholder in the Company and director of The Rangers Football Club Limited, the wholly owned subsidiary of RIFC, and Laxey Partners Ltd ("Laxey"), a substantial shareholder in the Company. These credit facilities will be used by the Company for general working capital purposes over the next few months. Alexander Easdale will make available to the Company up to £500,000 on a fee and interest free basis (the "Easdale Facility"). Laxey will make available to the Company up to £1 million, with a premium payment equal to 15% of the nominal amount of the facility (the "Laxey Facility"). The Easdale Facility and the Laxey Facility (together the "Facilities") are both secured against the Company's Edmiston House and Albion car park properties. The principal amounts of the Facilities are repayable no later than 1 September 2014 from a variety of potential sources. The premium on the Laxey Facility is payable in cash or, at Laxey's discretion, in ordinary shares of 1p each, at any point between the date of the facility agreement and the first anniversary of the date of the facility agreement. The number of ordinary shares of 1p each which may be issued will be calculated using the lower of either 26.5 pence, being the mid-market closing price of the Company's shares on 21 February 2014, or the lowest price at which any equity fundraising is carried out prior to the first anniversary of the date of the Laxey Facility agreement. The issue of any ordinary shares of 1p each in payment of the premium is subject to the Company obtaining authority from its shareholders at a general meeting of the Company. Under the AIM Rules for Companies, the Laxey Facility is a related party transaction under Rule 13 of the AIM Rules. The Directors of Rangers, having taken advice from their nominated adviser, Daniel Stewart & Company plc, believe that the terms of the Laxey Facility are fair and reasonable as far as shareholders are concerned. Quote Link to post Share on other sites More sharing options...
bluepeter 5,627 Posted February 24, 2014 Share Posted February 24, 2014 The way it was made out was that is was being put to other uses, to improve the current "Business plan" - Reality: Rangers have fuck all money left, and have a loan to be repaid 1st of September this year.What uses did they say it was going to be put to as part of the business plan? Quote Link to post Share on other sites More sharing options...
bilko89 507 Posted February 24, 2014 Share Posted February 24, 2014 Clutching at straws loyal...... Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 What uses did they say it was going to be put to as part of the business plan?I can't remember the full article - it's here though http://forum.rangersmedia.co.uk/index.php?showtopic=265424 Quote Link to post Share on other sites More sharing options...
bilko89 507 Posted February 24, 2014 Share Posted February 24, 2014 I can't remember the full article - it's here though http://forum.rangers...howtopic=265424Still don't see a lie? Quote Link to post Share on other sites More sharing options...
bluepeter 5,627 Posted February 24, 2014 Share Posted February 24, 2014 I can't remember the full article - it's here though http://forum.rangersmedia.co.uk/index.php?showtopic=265424There's nothing in that article that says the cash won't be used for working capital. I genuinely can't understand why you thought we'd borrow money if we had loads in the bank.Basically, the 'lie' you think you have exposed isn't a lie at all and you look like you're clutching at straws. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 Also in regards to that LSE statement: The Easdales are getting Edmiston House & Albion car park in return for their loan? And laxey can be repaid in cash or in shares whichever they choose? also:It's not actually a lie re-reading that article, but it was made out that this wasn't going to be a crisis-loan, which it quite clearly is. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 There's nothing in that article that says the cash won't be used for working capital. I genuinely can't understand why you thought we'd borrow money if we had loads in the bank.Basically, the 'lie' you think you have exposed isn't a lie at all and you look like you're clutching at straws.I'm not clutching at straws at all, I didn't quite remember an article from a few weeks back, although that article does basically say fans were wrong to think it was a crisis loan, which it quite clearly is? that's not clutching at straws, and I didn't think I exposed a lie at all. Quote Link to post Share on other sites More sharing options...
Courtyard Bear 41,357 Posted February 24, 2014 Share Posted February 24, 2014 Also in regards to that LSE statement: The Easdales are getting Edmiston House & Albion car park in return for their loan? And laxey can be repaid in cash or in shares whichever they choose? also:It's not actually a lie re-reading that article, but it was made out that this wasn't going to be a crisis-loan, which it quite clearly is.Whit!!!!!!The Easedales are not getting Edmiston House or The Albion read the article properly. Quote Link to post Share on other sites More sharing options...
wrongshapedballs 78 Posted February 24, 2014 Share Posted February 24, 2014 Also in regards to that LSE statement: The Easdales are getting Edmiston House & Albion car park in return for their loan?No!! It is secured against them, just like your mortgage is secured against your house. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 Whit!!!!!!The Easedales are not getting Edmiston House or The Albion read the article properly.Yeah just re-read that. The loans secured against 2 assets. Doesn't make it any less worrying.... Quote Link to post Share on other sites More sharing options...
mitre_mouldmaster 21,509 Posted February 24, 2014 Share Posted February 24, 2014 It was a bit fucking sneaky for them to be making a big deal about how there was no interest on the loan, but totally failing to mention the 15% set up fee!Also, they have the option of having the loan paid back as cash rather than as shares, so they can't really lose.Hardly as good a deal as it looked for us a couple of days ago. Quote Link to post Share on other sites More sharing options...
bilko89 507 Posted February 24, 2014 Share Posted February 24, 2014 From Sky Sports News:Rangers: "The Board... has entered into two secured short term credit facilities for an aggregate of up to £1.5m."Rangers: "These credit facilities will be used by the Company for general working capital purposes over the next few months." - So basically the board lied by insisting the money was part of a business plan? It really is because we've no money left?I'm not clutching at straws at all, I didn't quite remember an article from a few weeks back, although that article does basically say fans were wrong to think it was a crisis loan, which it quite clearly is? that's not clutching at straws, and I didn't think I exposed a lie at all.Sorry but you did. All I see it as is we need 1.5M to get to season ticket renewals/sales and Laxey and the Easdales have invested this. Don't see what all the panic and outrage is all about. Quote Link to post Share on other sites More sharing options...
STEPPS BOY 73,918 Posted February 24, 2014 Share Posted February 24, 2014 I'm sure the fact that Sandy Easdales is charging no fee or interest will be overlooked by some.. Quote Link to post Share on other sites More sharing options...
bilko89 507 Posted February 24, 2014 Share Posted February 24, 2014 I'm sure the fact that Sandy Easdales is charging no fee or interest will be overlooked by some..shhhh...... Quote Link to post Share on other sites More sharing options...
Courtyard Bear 41,357 Posted February 24, 2014 Share Posted February 24, 2014 Yeah just re-read that. The loans secured against 2 assets. Doesn't make it any less worrying....Its a loan it's always going to be secured against something.I notice you haven't praised the Easedales for taking very little back if anything for their money, obviously that doesn't fit your agenda. Quote Link to post Share on other sites More sharing options...
RangersFanBase 611 Posted February 24, 2014 Author Share Posted February 24, 2014 Sorry but you did. All I see it as is we need 1.5M to get to season ticket renewals/sales and Laxey and the Easdales have invested this. Don't see what all the panic and outrage is all about.You don't see what the outrage is about? We have Dave King waiting to plough millions into the club, instead we're taking crisis loans to see us until season ticket money comes in.. Great position to be in after what happened February, 2 years ago. The club's going backwards. Quote Link to post Share on other sites More sharing options...
simon 1,743 Posted February 24, 2014 Share Posted February 24, 2014 Should never have come to this, we have been really badly run for too long now. I'm still trying to get my head round the fact that we have basically pished £22m up against a wall. Quote Link to post Share on other sites More sharing options...
allgers 735 Posted February 24, 2014 Share Posted February 24, 2014 Shakes head in disbelief, exits stage right. Quote Link to post Share on other sites More sharing options...
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