News this morning regarding £1.5m loan

[bawsburst 1,381]

The important part;

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.

[TheLawMan 6,240]

no. he wanted to dilute the share. which would leave each investor with a little less profit in the short term. as a fan i couldnt careless about investors interests over the club. what a weird fan u are.

[MosesMcNeil 1,664]

As for Laxeys - we (rightly) hounded Stockbridge for a £200k bonus - indeed, did Laxeys not demand the return of his bonus or they would refuse to support his re-election at the AGM?

And now they wan't £150k interest for a six months loan?

You couldn't make any of these robbing bastards up. Our club has become a corporate trough for the greediest bastards imaginable.

[Zappa 358]

I think we'll still post a loss of around £5m this year, the big question for me is - when do we return to profitability? This should be next year as our season ticket prices will go up, we're in the Championship so hopefully better corporate sponsorship, no doubt more merchandising and we should continue to trim costs and let players go who are out of contract.

The repayment of these loans won't happen until after the accounting year end which will make this year look better on paper than what it has been and could potentially make next year even worse, especially if the £2.5m loan facility has been used as well.

[theiconicman 3,000]

As for Laxeys - we (rightly) hounded Stockbridge for a £200k bonus - indeed, did Laxeys not demand the return of his bonus or they would refuse to support his re-election at the AGM?

And now they wan't £150k interest for a six months loan?

You couldn't make any of these robbing bastards up. Our club has become a corporate trough for the greediest bastards imaginable.

I've been very supportive of the board but the terms of this loan has the stink of the gravy train.

[OlegKuznetsov 10,816]

When are the interim accounts released?

Wouldn't it be better to wait until then to judge?

We will have a clearer picture of just how the club is being run

This is important.

[Inigo 32,595]

I'm very shite with this kind of thing. The wording of these statements always seems designed to confuse the layman, which in my case it has so correct me if I'm wrong. Are they getting a 15% fee? If so that is incredibly depressing. As is the fact we need the loan, although Wallace is clearly not to blame and only doing what he must. The previous board is to blame for chronic mismanagement. I find 15% depressing as that seems very, very high. It almost seems like current investors are taking advantage of our situation, our desperate need for an injection, by charging vast loan fees. But then it doesn't make sense that existing shareholders would do that to a club in which they have a significant investment.

[bawsburst 1,381]

I see the usual spackers are unable to discern the difference between murray major using ticketus because the bank would not indulge him or his board any further, or the option being properly utilised by GW....money from within.

The very obvious question is why and wouldn't murray's boards dripping with perceived wealth .............couldn't see their way to putting their hands in their pockets to supply short term funding....of course we are talking of "real Rangers men" in their instance...aren't we ?

PS the financial porn drama queens will be waiting on tenterhooks for the result of the UTTT which started sitting this morning.

[theiconicman 3,000]

The repayment of these loans won't happen until after the accounting year end which will make this year look better on paper than what it has been and could potentially make next year even worse, especially if the £2.5m loan facility has been used as well.

Agreed, by leaving it as an option, the fee will be counted as a contingency liability and not part of the financial result.

[theiconicman 3,000]

I see the usual spackers are unable to discern the difference between murray major using ticketus because the bank would not indulge him or his board any further, or the option being properly utilised by GW....money from within.

The very obvious question is why and wouldn't murray's boards dripping with perceived wealth .............couldn't see their way to putting their hands in their pockets to supply short term funding....of course we are talking of "real Rangers men" in their instance...aren't we ?

Deflection. Noone is interested in Murray.

I'm interested in why our trumpeted CEO (I'm guilty of this) has felt the need to agree to a 15% fee for a short term loan.

[OlegKuznetsov 10,816]

There's now a very easy card for Dave King to play- "I'll offer a loan for the same amount, but without any interest or fee payable."

[TheLawMan 6,240]

Although it is the best of wording, i believe the Easdale facility is completely free of any charges. The reason for this, is that they have disclosed the exact details of the fee for the Laxey one, so if a fee was payable on the Easdale facility, it would have been disclosed as well.

[jim1978 3]

If Dave king wanted to invest I think he would of already of done so or at least tryed

[bawsburst 1,381]

Deflection. Noone is interested in Murray.

I'm interested in why our trumpeted CEO (I'm guilty of this) has felt the need to agree to a 15% fee for a short term loan.

You would have to understand the post to realise it is perfectly logical and germain to the politics being applied to present circumstances.

[Inigo 32,595]

Although it is the best of wording, i believe the Easdale facility is completely free of any charges. The reason for this, is that they have disclosed the exact details of the fee for the Laxey one, so if a fee was payable on the Easdale facility, it would have been disclosed as well.

OK lets accept that for the moment. Why is the Laxey loan so expensive? Does 15% seem too high? It does to me.

[NixonRFC 1,400]

.

[flany-kpl 7]

You would have to understand the post to realise it is perfectly logical and germain to the politics being applied to present circumstances.

Surely he could have understood it but still felt that you aren't addressing the points that people are concerned with, instead of bringing Minty into this.

[TheLawMan 6,240]

OK lets accept that for the moment. Why is the Laxey loan so expensive? Does 15% seem too high? It does to me.

If it was a normal commercial loan for a football club, given our recent history then NO it doesnt seem too high.

However, this isnt a normal commercial loan and it is one of our shareholders which in my opinion does make it too high. I can understand an external party charging a premium for risk but i dont get why an internal party is doing so.

Fair play to the Easdales.

[johnkp 22]

You would have to understand the post to realise it is perfectly logical and germain to the politics being applied to present circumstances.

Please expand on this.

[CanadianBacon 2,088]

There's now a very easy card for Dave King to play- "I'll offer a loan for the same amount, but without any interest or fee payable."

I'd keep a weather eye on your kettle waiting for that one Oleg...in fact, the arse will have burned out the kettle and the kitchen will be ablaze before deep pockets Dave makes such an offer.

[cushynumber 25,178]

There's now a very easy card for Dave King to play- "I'll offer a loan for the same amount, but without any interest or fee payable."

earth calling Oleg, come in Oleg...

[stu43rigger 327]

have we actually received a 1.5 million loan then??

the wording on the website suggest that we have arranged credit facilities which can be used in the next couple of months, surely they are 2 different things

[Inigo 32,595]

If it was a normal commercial loan for a football club, given our recent history then NO it doesnt seem too high.

However, this isnt a normal commercial loan and it is one of our shareholders which in my opinion does make it too high. I can understand an external party charging a premium for risk but i dont get why an internal party is doing so.

Fair play to the Easdales.

Yeah, if the Easdale's are taking no money they have gone up in my estimation. But for me the bit in bold is what I was thinking, and I find it very concerning that a major shareholder would do this. Seems to a layman like heads in the trough.

[TheLawMan 6,240]

have we actually received a 1.5 million loan then??

the wording on the website suggest that we have arranged credit facilities which can be used in the next couple of months, surely they are 2 different things

- I said similar earlier. Its a facility. Like a £1.5m overdraft if you will.

[JCDBigBear 10,833]

Some of the posts on here are embarrassing. The Easdale loan has no charges whatsoever. Either he gets shares to the value of his loan or he gets the same money back. The Laxey loan will have an interest charge which is hardly surprising from an investment company. Any bank would have a charge. Putting up Edmiston House and the Albion car park as security is nothing new and is standard procedure.

The season ticket money and IPO money were never going to be enough to see us through. One look at the accounts both recent and in the past would tell you that. Our biggest problem is the amateur accountants who haven't a clue about financial matters and they press the panic button. It wouldn't matter who was in the boardroom the simple fact is that expenditure exceeds income because of our situation in the lower leagues. That is likely to continue for another year. Graham Wallace has to try to reduce costs and increase income which is difficult when some of our own so-called fans have stated they won't renew season tickets or buy merchandise.