My letter to the Directors.

[With Heart and Hand 8,949]

5 hours ago, K.A.I said:

No they were called Blue Taigs and Rebels when they were promoting season ticket boycotts, releasing their own strips and merchandise for their own financial gain, helping KIng drive the shareprice down and assist with a hostile takeover at the clubs expense, abusing Rangers supporters in their scores going into the Ibrox megastore with their kids, breaking into Ibrox and assaulting members of staff and vandalsing Ibrox.

this x 1000

they were called that because they couldn't respect the views of those who thought backing the team was more important than boycotting just to drive the share price down for another crook to take advantage . Because we could see they were in it for their own benefit and they proceeded to prove that point

Just wait for all the hypocrites to start calling folk like myself "blue taigs" for hoping that we get this board to fuck. The difference is the evidence of their incompetence is right in front of us and was predicted by many. And we arent calling for another crook to be appointed after King who is a bigger criminal than anyone else whos ever ran the club

Wont be long till theres false propaganda where folk start claiming we want Ashley back, because if you dont like King you must love Ashley. Fuck all to do with us getting pumped by 4 goals every other old firm, its because we love ashley and sports direct and they have payed all of us RangersMedia spivs to support him and topple King

[five stars 1,621]

25 minutes ago, Sportingintegritymyarse said:

You seem to be arguing against points I'm not making. 

I'm simply saying in response to the post about millions wasted that the loanees money isn't wasted (for them) as it'll turn to shares which theirs.

The ST is gone, tv monies etc gone. But if and when the loanee decides to run for the hills if they sell their soon to be converted shares then they'll likely not be out of pocket.

That's it in a nutshell.

So are they more likely to get their money back if we're struggling or if we become successful on the park leading to increase revenue?

[ForeverAndEver 71,469]

@With Heart and Hand is a blue taig

[Blue Avenger 22,567]

48 minutes ago, With Heart and Hand said:

this x 1000

they were called that because they couldn't respect the views of those who thought backing the team was more important than boycotting just to drive the share price down for another crook to take advantage . Because we could see they were in it for their own benefit and they proceeded to prove that point

Just wait for all the hypocrites to start calling folk like myself "blue taigs" for hoping that we get this board to fuck. The difference is the evidence of their incompetence is right in front of us and was predicted by many. And we arent calling for another crook to be appointed after King who is a bigger criminal than anyone else whos ever ran the club

Wont be long till theres false propaganda where folk start claiming we want Ashley back, because if you dont like King you must love Ashley. Fuck all to do with us getting pumped by 4 goals every other old firm, its because we love ashley and sports direct and they have payed all of us RangersMedia spivs to support him and topple King

My money was in the bank this morning. Did you get yours?

Uncle Mike said we would all get a windfall payment once the cash for the Hummel deal starts rolling through the tills. Pretty decent of Dave to set that deal up TBH, but I suppose needs must for him.

 

[The Specky Forum Organiser 64,530]

15 minutes ago, ForeverAndEver said:

@With Heart and Hand is a blue taig

He's a fucking womble that's 10x worse

[bluenose48 951]

Sent a similar email to them although not as long but with similar sentiments.

But as has been pointed out in this thread I don't expect any reply, because they really don't care.

[With Heart and Hand 8,949]

1 hour ago, Goosetav said:

He's a fucking womble that's 10x worse

 

[TMB 14,167]

2 hours ago, With Heart and Hand said:

this x 1000

they were called that because they couldn't respect the views of those who thought backing the team was more important than boycotting just to drive the share price down for another crook to take advantage . Because we could see they were in it for their own benefit and they proceeded to prove that point

Just wait for all the hypocrites to start calling folk like myself "blue taigs" for hoping that we get this board to fuck. The difference is the evidence of their incompetence is right in front of us and was predicted by many. And we arent calling for another crook to be appointed after King who is a bigger criminal than anyone else whos ever ran the club

Wont be long till theres false propaganda where folk start claiming we want Ashley back, because if you dont like King you must love Ashley. Fuck all to do with us getting pumped by 4 goals every other old firm, its because we love ashley and sports direct and they have payed all of us RangersMedia spivs to support him and topple King

Getting Mike Ashley out of Ibrox was a great thing.  Mike was certainly here for his own personal benefit and had he stayed would currently own the training ground and stadium there's no doubt about it.  I honestly don't care how hostile the takeover was I'm just glad it was done and Mike is gone for good.

It's unfortunate that this current board have been too incompetent to appoint a solid manager and steady the ship hopefully they get it right next time.

Also, it's easy to call for this board to be removed but who will replace them?  SDM tried to sell this club for years and nobody was interested.  In the end it was self-serving crooks like Craig Whyte, Charles Green, and Mike Ashley, who gained control of the club.  Is there anyone out there right now looking to buy Rangers and start pumping money in?  I doubt it.

 

[theblueoysterbar 19,599]

11 hours ago, Courtyard Bear said:

That’s the point I don’t get it makes no sense for them to keep the club just limping along. 

They're all drawing quite large salaries mate, that's why they're doing it.

But then, if the soft loans don't get converted into shares that are actually worth something it is a bit of a headfuck. 

[Oaktreeloyal 1,422]

26 minutes ago, TMB said:

Getting Mike Ashley out of Ibrox was a great thing.  Mike was certainly here for his own personal benefit and had he stayed would currently own the training ground and stadium there's no doubt about it.  I honestly don't care how hostile the takeover was I'm just glad it was done and Mike is gone for good.

It's unfortunate that this current board have been too incompetent to appoint a solid manager and steady the ship hopefully they get it right next time.

Also, it's easy to call for this board to be removed but who will replace them?  SDM tried to sell this club for years and nobody was interested.  In the end it was self-serving crooks like Craig Whyte, Charles Green, and Mike Ashley, who gained control of the club.  Is there anyone out there right now looking to buy Rangers and start pumping money in?  I doubt it.

 

I think once Dave King has completed the share offer we will be a 'can't wait to get my/our investment in'. We will be the most attractive offer in UK football. However, we must guard against some fucker 'Asian or Invisible Investor' as against a 'Blue Chip Known Type Moneyed Peoples'. We will come Good of no doubt.

Love Rangers!

 

[jjbscotty12 3,560]

12 hours ago, SuperAli said:

I have today sent the below letter to the Directors of Rangers Football Club. I hope others will look to do the same in order that we gather some sort of momentum for action and change. 

 

Dear Mr King,   

I write to you as Chairman and a Director of Rangers Football Club following the totally unacceptable 4-0 defeat to our biggest rivals on Sunday 15th April.

In March 2015 Mr King assumed boardroom control. You and the other Directors have reigned during a time of embarrassing and disgraceful results – some of the worst in our history. Only twice in my life have I left a Rangers game early, both of these games were under your tenure – the 5-1 defeat to celtic at Ibrox and the 4-0 defeat to celtic at Hampden. I simply could not watch any more.

The loyalty of myself and other Rangers fans cannot be questioned. I and many others have followed Rangers through the hard times, with administration, liquidation and expulsion to the bottom tier of Scottish football being the lowest of them all. I and many thousands of others followed Rangers home and away as we made our return to the Scottish Premiership. We now feel that this loyalty is being taken for granted by the current administration at the Club. We have only won Scottish Challenge Cup and the SPFL Championship since the takeover in March 2015. It is totally unacceptable that our next chance of silverware will be in 2019 - 4 years since the takeover. By then we will have been 8 years without the League, 10 years without the Scottish Cup and 9 years without the League cup.

It has not helped that the Club seem to go from one managerial disaster to the next. The resignation of Mark Warburton, David Weir and Frank McParland in February 2017 was a disaster and took several days to be confirmed. The appointment of Pedro Caixinha on a three-year deal in March 2017 was followed by a 5-1 defeat to celtic at Ibrox in the April, losing for the first time to Aberdeen in 26 years in the May, and being humiliated in Europe by Progres Niederkorn in the July. Records were being broken but not the kind we want. It took the board until the October to sack Caixinha. Then there was the embarrassing and very public McInnes debacle which left Rangers without a viable replacement for Caixinha. The public pursuit of McInnes ruled out all other managerial options which may have been in consideration at the time. After all, who would want to be the second choice? This was a careless and costly error.

With seemingly no other option available, Graeme Murty was henceforth appointed as manager for the rest of the season with no experience of managing a club before, never mind one the calibre of Rangers. In this appointment, the Board effectively wrote-off the 17/18 season when we were still very much in contention for silverware. It is clear Murty’s team selections and tactics have been woeful. After Sunday he has clearly lost the confidence and respect of the team, and certainly the support of the fans. The players, manager and directors owe the Rangers fans a public apology for that humiliating display. How and why the Board continue to support Murty is unknown. It is imperative that he is now removed before we play the remaining 5 games of the season which are so important in determining where we finish in the league. We need to recover some pride.

It is apparent that there is a lack of any sort of public relations or communications strategy. This is evident through the managerial controversies with Warburton, Weir, McParland and McInnes. More recently, during the January transfer window, had the Club reacted quicker, the rumours circulating around the future of Alfredo Morelos and the transfer fee would have been silenced. Now the latest controversy follows after Sunday and surrounds several players - Kenny Miller, Lee Wallace, Alfredo Morelos, Greg Docherty, Andy Halliday and Daniel Candeias. Again, rumours are circulating. Our slow and weak response to events, in and out of the Club makes us a laughing stock to other football fans and to the press. Becoming proactive is key in once more establishing the respect we deserve.

In light of the above, it is difficult to understand how the Board can expect fans and others to invest money into the Club whether through share issues or season ticket renewals. The Board has shown little or no evidence that it can be trusted. How can fans be expected to renew their season tickets when the next managerial appointment is unknown? How can fans trust the Board to appoint a successful manager when the appointments of Caixinha and Murty have been disastrous? For too long the Board has taken the loyalty of the fans for granted. The Board has shown little competence to date. It is now time to either show the fans you merit the status as directors of Rangers Football Club, or you consider your resignation.


 

Well put mate! I doubt they will give a fuck if the even read it. I hope im wrong.

[kplfishtank 4,656]

11 hours ago, JCDBigBear said:

There was one, it was called The Rangers Fans Board which was elected by the fans but it didn't suit the new regime who undermined it and shut it down to stop any awkward questions.  They then set up their own (truly independent, no honestly it is independent, trust us) fan group Club 1872 and ensured their placemen were insitu.

That was another sham group , we needed Rangers fans on that group no someone who represented , women , ethnics , disabled etc 

and no Suppoerters club rep. 

I know you hanker for it cause you’re daughr was on it but it was a joke 

[SeparateEntityMyArse 53,715]

7 hours ago, five stars said:

So are they more likely to get their money back if we're struggling or if we become successful on the park leading to increase revenue?

I've always thought more likely to get more if the team was successful. Bring in CL money for instance would be a positive. But so would running a club efficiently off the park too.

So their loans will be converted at 20p. If we're successful I'd imagine share price will go up and the resultant price they could sell at would be more than the value of their loan.

And that would mean they've made money not lost it, whilst the club has spunked through millions of ST money plus revenue money and had to issue millions of extra shares hence making the share holding of every existing shareholder diluted.

Which is the point I've made from the start that the money wasted won't be theirs as for them it's at worst a loan at best a probable profit in the making.

What exactly is your point in relation to this?

[JCDBigBear 10,824]

3 hours ago, kplfishtank said:

That was another sham group , we needed Rangers fans on that group no someone who represented , women , ethnics , disabled etc 

and no Suppoerters club rep. 

I know you hanker for it cause you’re daughr was on it but it was a joke 

Rubbish, it wasn't a sham at all.  The fans voted for those who got on the Fans Board and yes my daughter was one of them.  Her applying and getting voted on by other fans had nothing to do with me either.   It wasn't perfect but it could have been the starting out point for something better.   One of the things which was proposed after it was up and running was that representation from the likes of the RSA, RST and Rangers First were brought on board.  The reason I wanted an all-encompassing Fans group had nothing to do with my daughter.  She did no more and no less than anyone else to get voted on the Fans Board.  On the Fans Board there was one RSC convener, one RST member and former RST secretary, one RSC President and president of NARSA.    They had regular meetings with the directors at that time and asked all the questions raised by fans.   That idea didn't sit well with the new regime which is why they were side-stepped.  Sadly they were stabbed in the back by one of the Fans Board members.

It wasn't perfect but it was far better than anything we have had before or since.  

 

[Blue Avenger 22,567]

9 hours ago, TMB said:

Getting Mike Ashley out of Ibrox was a great thing.  Mike was certainly here for his own personal benefit and had he stayed would currently own the training ground and stadium there's no doubt about it.  I honestly don't care how hostile the takeover was I'm just glad it was done and Mike is gone for good.

It's unfortunate that this current board have been too incompetent to appoint a solid manager and steady the ship hopefully they get it right next time.

Also, it's easy to call for this board to be removed but who will replace them?  SDM tried to sell this club for years and nobody was interested.  In the end it was self-serving crooks like Craig Whyte, Charles Green, and Mike Ashley, who gained control of the club.  Is there anyone out there right now looking to buy Rangers and start pumping money in?  I doubt it.

 

What utter fucking tripe. No fucking wonder we are in the shit.

[.Williamson. 82,177]

Nobody will read this at the club 

[derekweir29 505]

Cracking piece.

[Blue Avenger 22,567]

4 hours ago, Sportingintegritymyarse said:

I've always thought more likely to get more if the team was successful. Bring in CL money for instance would be a positive. But so would running a club efficiently off the park too.

So their loans will be converted at 20p. If we're successful I'd imagine share price will go up and the resultant price they could sell at would be more than the value of their loan.

And that would mean they've made money not lost it, whilst the club has spunked through millions of ST money plus revenue money and had to issue millions of extra shares hence making the share holding of every existing shareholder diluted.

Which is the point I've made from the start that the money wasted won't be theirs as for them it's at worst a loan at best a probable profit in the making.

What exactly is your point in relation to this?

I admire your optimism.

We are not getting near the CL for the foreseeable due to the lack of investment. Just look at the playing squad we are left with. How much needed to bring in the desired quality to even get near the scum?

Yes there is indeed incompetence by some, mini and Robertson the worst of them, but do you honestly believe that King does not know this? They are his useful idiots to do his bidding. No fucking way is he wanting those with acumen to suss what he is all about. The last thing he needs is anyone sussing or challeging his decisions. Compliant lambs are the order of the day.

None know as to what King's objectives were in taking us over, but it was never about taking titles and being in the CL as the level of investment shows. So exactly what is it?

Who says the loans were not contrived, because through them his position is unassailable, as he/T3B could put us to the wall at any time due to our ongoing cash shortfalls. 

Then there is value added. Between the loans and shares held by King/T3B, taking into account we are a loss leading business, their value outstrips that of the assets, much of which are now tied up with a third party loan.

We take a dip of say 10k ST's we are firmly in the shite,  because the Close loan tells us, they are not prepared to risk any more of their own money to fund the operating gaps.

The current financial model is one of ever decreasing circles as the acccounts and loans attest to and issuing shares, particularly conversions add no value. The only value in such shares are to supporters in their emotional value, as there is little financial value in them as the residual value in the assets are saturated and no other derived profit from the business.

The only legitimate way I can see them get ROI is indeed winning titles and CL football, but their actions do not reflect that aspiration.

It all actually defies logic, but when it comes to King the only logic is there must be a buck in it somewhere for HIM! Only time will tell in how he achieves that, but I am confident none of it will be to our benefit.

 

[Virtuoso 27,180]

17 hours ago, Virtuoso said:

But it's not investing in the club, the money is simply filling a funding gap as we're running at a loss.

As it is, they'll get it all back when they decide to cash out at some point.

@five stars

 

17 hours ago, Charlie Peace said:

I'm not sure they will, mate. 

It looks like we'll spend the season ticket money as quickly as it comes in, paying off the CB loan, taking a couple of the loanees on a permanent basis and paying the first couple of months' salaries. 

By the time there's enough cash available to repay the directors' loans or the share price rises enough to allow them to sell their new shares at somewhere near the price they're going to pay for them, they'll all be dribbling into their pelican bibs.

 

This is from a previous post by another poster ( @weeneily - an accountant)  who explains it better than me:
 

Quote

Angel investors make their money when utilising convertible loans. 

They lend money when a company is loss making and in need of cash (typically new start tech company) and agree that they may convert to equity at some time in the future but valued at the share price at the time the convertible debt was raised. 

This way in 5 years or whatever the shares may be worth £1 but the lender still get to convert at the 10p they were worth 5 years earlier thereby making a 90p gain per share. 

Additionally (and this post was prior to Res11 being passed):

Quote

The reason there has not been a conversion of the loans to equity is that the loans are not convertible.

They are ordinary loans with a redemption date.

They are not convertible loans

No matter what King says

What would have to happen is the loans would have to be paid back and a simultaneous transaction occur to issue new shares resulting in no actual cash transaction but just an entry in and out of the cash account in the balance sheet.

To do this they need resolution 11 to go through. This allows them to take whatever shares they want at whatever price they want without anyone else joining in the party.

Resolution 10 allows a rights issue for everyone and the directors could offer to underwrite any non take up however this would set a precedent on offer price so the lenders would have less flexibility in giving themselves a discounted price. 

It would also reduce the upside gain as it would force the board to invest at the same price as the common man. We obviously can't have the little people buying at the same price as King.

There is no reason whatsoever for res 10 rights issue not to have happened unless the board expect a substantial gain under res 11

Therein lies the answer to your question regarding conversion and return predictions.

[SeparateEntityMyArse 53,715]

39 minutes ago, Blue Avenger said:

I admire your optimism.

We are not getting near the CL for the foreseeable due to the lack of investment. Just look at the playing squad we are left with. How much needed to bring in the desired quality to even get near the scum?

Yes there is indeed incompetence by some, mini and Robertson the worst of them, but do you honestly believe that King does not know this? They are his useful idiots to do his bidding. No fucking way is he wanting those with acumen to suss what he is all about. The last thing he needs is anyone sussing or challeging his decisions. Compliant lambs are the order of the day.

None know as to what King's objectives were in taking us over, but it was never about taking titles and being in the CL as the level of investment shows. So exactly what is it?

Who says the loans were not contrived, because through them his position is unassailable, as he/T3B could put us to the wall at any time due to our ongoing cash shortfalls. 

Then there is value added. Between the loans and shares held by King/T3B, taking into account we are a loss leading business, their value outstrips that of the assets, much of which are now tied up with a third party loan.

We take a dip of say 10k ST's we are firmly in the shite,  because the Close loan tells us, they are not prepared to risk any more of their own money to fund the operating gaps.

The current financial model is one of ever decreasing circles as the acccounts and loans attest to and issuing shares, particularly conversions add no value. The only value in such shares are to supporters in their emotional value, as there is little financial value in them as the residual value in the assets are saturated and no other derived profit from the business.

The only legitimate way I can see them get ROI is indeed winning titles and CL football, but their actions do not reflect that aspiration.

It all actually defies logic, but when it comes to King the only logic is there must be a buck in it somewhere for HIM! Only time will tell in how he achieves that, but I am confident none of it will be to our benefit.

 

My post is purely ttheoretical in response to 5 stars who seems to want to argue against a point I'm not making.

There's much validity in what you're saying. One point id disagree with is to suggest the only value in shares is emotional. Any if the loanees convert at 20p and I don't think it would take much to push that North even by a few pence. If so, there's financial profit to be made assuming buyers are out there (1872, FR, independents, new investors).  I'd imagine the new retail deal could alone go along way towards this and provide far greater financial stability and appealing financial positioning than we have right now.

[Charlie Peace 36]

59 minutes ago, Virtuoso said:

 

This is from a previous post by another poster ( @weeneily - an accountant)  who explains it better than me:
 

Additionally (and this post was prior to Res11 being passed):

Therein lies the answer to your question regarding conversion and return predictions.

Thanks for that, V.  As they say, every day's a school day.

I'm assuming they'll have bought in somewhere around the 20p mark.  I'm not convinced that the share price is going to get much above that, especially once their loans are turned into shares - the capitalisation would increase by 20M or so but the price-earnings ratio is still going to be low.

It looks like they're in it for the long term.  You have to admire them for that, no matter what you think of their skills in turning the club's fortunes around.

[Blue Avenger 22,567]

32 minutes ago, Sportingintegritymyarse said:

My post is purely ttheoretical in response to 5 stars who seems to want to argue against a point I'm not making.

There's much validity in what you're saying. One point id disagree with is to suggest the only value in shares is emotional. Any if the loanees convert at 20p and I don't think it would take much to push that North even by a few pence. If so, there's financial profit to be made assuming buyers are out there (1872, FR, independents, new investors).  I'd imagine the new retail deal could alone go along way towards this and provide far greater financial stability and appealing financial positioning than we have right now.

Get what you're saying, but share value could also head South due to external forces.

What I'm not getting is King's angle. Has he seriously fucked up in estimating what it would take?  Hard to believe, because guys like him are generally pretty sharp. Operating in the grey areas to turn a buck is something to be mastered. If he has, he'll not be a happy bunny! This TOP deal I think has holed him below the waterline and it appears to take him to a place he never wanted to be. It forces him to be in deeper, as opposed to maximising value from as little as possible investment. Lots of twists and turns under this regime if nothing else.

[bob1873 417]

On 18/04/2018 at 13:54, Courtyard Bear said:

You do know that’s an old wife’s tale to scare the kids. 

But is it mate? No one stepped up aside from King & Co.

[Moody Blue Legend 61,460]

You might want to read what AJ thinks Ali.  Good luck though.  

[Courtyard Bear 41,357]

2 hours ago, bob1873 said:

But is it mate? No one stepped up aside from King & Co.

They can’t walk away they are in way too deep.