Club 1872 - Summary of our roadmap for change

[HHB 63]

Club 1872 - Summary of our roadmap for change

Resolutions have been proposed providing for the removal of three directors of Club 1872 and the appointment of six new Interim Directors. These resolutions have received considerable support from members and in sufficient numbers to require the Directors of Club 1872 to hold a poll of the membership.

If successful, it is our intention to:

·      restore proper corporate governance to Club 1872

·      arrest the decline in membership and put Club 1872 on a path to growth

·      put Club 1872 in a position to achieve its strategic aim of ownership of 25%+1 of Rangers.

Thanks to their financial contribution, Rangers supporters who are members of Club 1872 currently hold around 20 million shares or around 5% of the shares in issue. However, the aspirations and goals set by Club 1872 to own 25%+1 of the shares are no closer now than they were at the inception of the organisation, 5 years ago.

Against the background of what happened to our Club in 2012 and the difficulties  experienced during the years that followed, we might have expected the highest of standards of governance and transparency from Club 1872. Instead, there has been a failure of corporate governance and an avoidance of dialogue with members. These failures include:

·      the creation of a new membership class and withdrawal of the £5 per month membership option, without approval of the membership

·      administrative expenses exceeding the allowed 5% of annual contributions without approval of the membership

·      the failure to publish minutes of director's meetings since September 2018

·      the failure, since 2017, to submit annual accounts within the nine month deadline required by the Companies Acts

In addition to these failures of governance, Club 1872 is failing in its core mission of achieving 25%+1 ownership of Rangers shares. They have:

·      failed to expand the membership. The contributions value in the annual accounts suggest that membership has fallen well below the last published figure of approx. 7,000 members

·      failed to meet funding targets leading to substantial dilution of the Club 1872 shareholding in Rangers.

·      failed to expand the  legacy membership scheme which, based on the Club 1872 website, is declining rather than expanding

·      failed to engage in activity on projects since a member's vote in August 2018

The consequences of the above are that Club 1872, in its present form, will never meet its strategic goal of reaching 25%+1 of the Rangers shareholding or of raising sufficient funds to acquire the New Oasis shares (Dave King shares).

It is our intention to restore governance to Club 1872 and provide transparency to members. We want to ensure Club 1872 engages in open, honest dialogue with members, with Rangers Football Club and the wider Rangers support. We want to re-energise and revitalise Club 1872, setting it on a path to achieve its mission.

The proposed Interim Directors have a clear action plan for their six month tenure. Specifically, we intend to conduct a review including:

·      all available documents; including unpublished minutes

·      all legal agreements to which Club 1872 is party

·      recent efforts to grow the membership

·      Club 1872's financial position including membership numbers and contributions

·      the state of the current relationship between Club 1872, Rangers and other key stakeholders

Within 90 days we will provide members with a status report summarising our findings with regard to the above.

We intend setting up a simple communication process via the website, newsletter, or other media to keep all members apprised of any activity and to begin the process of reaching out to the whole Club1872 membership.

We will identify how members might become more involved in the running of Club1872 and the promotion of activities and events and growing the membership.

We will also engage with other, supporter’s organisations across Britain and abroad, to learn from their experiences of growing fan ownership; particularly those who have done so with considerable success.

Following publication of the status report; we would focus on the development and communication of strategic 'roadmap' including:

·      changes to the governance structure to improve transparency, trust and confidence in Club 1872's ability to deliver the strategic objective of 25%+1 ownership of Rangers

·      an approach to attracting new membership, greater participation from Rangers supporters and increased funds which can be invested in Rangers

·      possible changes to the member/contributor structure to facilitate membership growth

·      realistic growth targets for both short and medium term (e.g. two years, five years

In summary, the sole purpose of the Requisitioners is to improve the performance of Club 1872 to reach its stated goal of 25%+1 shares in Rangers.

Each Requisitioner will be limited to a maximum term of six months, and each Requisitioner will sign an irrevocable undertaking to that effect. The nominated Chairperson would join the board purely in a non-executive, non-voting role. No Requisitioner will receive a payment of any kind, from Club 1872. None of the Requisitioners may stand for an election at the end of this six month period or for a period of four years thereafter.

 

 

[HHB 63]

Link to the full Roadmap

https://drive.google.com/file/d/1QkFXee9XGUN4dYORhhWlAHScjREzsIEv/view

[BlueFrewExile 172]

The last 2 share issues I've done a 4 figure sum. I don't expect to make money on those shares. In fact anything above zero is a bonus. 

But I'd buy some shares off Dave King if that could be done. Only a few thousand. Not the millions he wants. 

But I won't join Club 1872. I'll proxy my shares to them, provided I agree with what they want to achieve.

The biggest problem with 1872 is that club 1872 owns the shares, not the people who put the money in. 

 

[The Dude 20,027]

8 hours ago, HHB said:

Club 1872 - Summary of our roadmap for change

Resolutions have been proposed providing for the removal of three directors of Club 1872 and the appointment of six new Interim Directors. These resolutions have received considerable support from members and in sufficient numbers to require the Directors of Club 1872 to hold a poll of the membership.

If successful, it is our intention to:

·      restore proper corporate governance to Club 1872

·      arrest the decline in membership and put Club 1872 on a path to growth

·      put Club 1872 in a position to achieve its strategic aim of ownership of 25%+1 of Rangers.

Thanks to their financial contribution, Rangers supporters who are members of Club 1872 currently hold around 20 million shares or around 5% of the shares in issue. However, the aspirations and goals set by Club 1872 to own 25%+1 of the shares are no closer now than they were at the inception of the organisation, 5 years ago.

Against the background of what happened to our Club in 2012 and the difficulties  experienced during the years that followed, we might have expected the highest of standards of governance and transparency from Club 1872. Instead, there has been a failure of corporate governance and an avoidance of dialogue with members. These failures include:

·      the creation of a new membership class and withdrawal of the £5 per month membership option, without approval of the membership

·      administrative expenses exceeding the allowed 5% of annual contributions without approval of the membership

·      the failure to publish minutes of director's meetings since September 2018

·      the failure, since 2017, to submit annual accounts within the nine month deadline required by the Companies Acts

In addition to these failures of governance, Club 1872 is failing in its core mission of achieving 25%+1 ownership of Rangers shares. They have:

·      failed to expand the membership. The contributions value in the annual accounts suggest that membership has fallen well below the last published figure of approx. 7,000 members

·      failed to meet funding targets leading to substantial dilution of the Club 1872 shareholding in Rangers.

·      failed to expand the  legacy membership scheme which, based on the Club 1872 website, is declining rather than expanding

·      failed to engage in activity on projects since a member's vote in August 2018

The consequences of the above are that Club 1872, in its present form, will never meet its strategic goal of reaching 25%+1 of the Rangers shareholding or of raising sufficient funds to acquire the New Oasis shares (Dave King shares).

It is our intention to restore governance to Club 1872 and provide transparency to members. We want to ensure Club 1872 engages in open, honest dialogue with members, with Rangers Football Club and the wider Rangers support. We want to re-energise and revitalise Club 1872, setting it on a path to achieve its mission.

The proposed Interim Directors have a clear action plan for their six month tenure. Specifically, we intend to conduct a review including:

·      all available documents; including unpublished minutes

·      all legal agreements to which Club 1872 is party

·      recent efforts to grow the membership

·      Club 1872's financial position including membership numbers and contributions

·      the state of the current relationship between Club 1872, Rangers and other key stakeholders

Within 90 days we will provide members with a status report summarising our findings with regard to the above.

We intend setting up a simple communication process via the website, newsletter, or other media to keep all members apprised of any activity and to begin the process of reaching out to the whole Club1872 membership.

We will identify how members might become more involved in the running of Club1872 and the promotion of activities and events and growing the membership.

We will also engage with other, supporter’s organisations across Britain and abroad, to learn from their experiences of growing fan ownership; particularly those who have done so with considerable success.

Following publication of the status report; we would focus on the development and communication of strategic 'roadmap' including:

·      changes to the governance structure to improve transparency, trust and confidence in Club 1872's ability to deliver the strategic objective of 25%+1 ownership of Rangers

·      an approach to attracting new membership, greater participation from Rangers supporters and increased funds which can be invested in Rangers

·      possible changes to the member/contributor structure to facilitate membership growth

·      realistic growth targets for both short and medium term (e.g. two years, five years

In summary, the sole purpose of the Requisitioners is to improve the performance of Club 1872 to reach its stated goal of 25%+1 shares in Rangers.

Each Requisitioner will be limited to a maximum term of six months, and each Requisitioner will sign an irrevocable undertaking to that effect. The nominated Chairperson would join the board purely in a non-executive, non-voting role. No Requisitioner will receive a payment of any kind, from Club 1872. None of the Requisitioners may stand for an election at the end of this six month period or for a period of four years thereafter.

 

 

Don't Club1872 already have an agreement in place with Dave King that would, if fulfilled, see them reach 25%+1?

 

[Brian Fantana 28,894]

In that post they mention about the creation of a new membership class and then later refer to the legacy membership scheme - are there more than 2 membership types or is the legacy scheme the new membership class?

[Brian Fantana 28,894]

9 minutes ago, The Dude said:

Don't Club1872 already have an agreement in place with Dave King that would, if fulfilled, see them reach 25%+1?

 

Surely that was time limited though and if someone else went to king and offered to buy them tomorrow I reckon he'd sell 

[The Dude 20,027]

1 minute ago, Brian Fantana said:

Surely that was time limited though and if someone else went to king and offered to buy them tomorrow I reckon he'd sell 

It is but afaik, it is still an active agreement for several years so its rather misleading from our requisitioner.

[esquire8 45,152]

1 hour ago, The Dude said:

Don't Club1872 already have an agreement in place with Dave King that would, if fulfilled, see them reach 25%+1?

 

The statement does say about its already stated goal of 25+1. Its not a new goal made by them, just making it more achievable than it is already under the current regime. 

You have to say currently 1872 is a shambles and highly likely will be stifled under this new potential management due to the affiliation with the club board.

[The Dude 20,027]

3 minutes ago, esquire8 said:

The statement does say about its already stated goal of 25+1. Its not a new goal made by them, just making it more achievable than it is already under the current regime. 

You have to say currently 1872 is a shambles and highly likely will be stifled under this new potential management due to the affiliation with the club board.

It says they are no closer than they were five years ago. That's patently false. 

[esquire8 45,152]

1 minute ago, The Dude said:

It says they are no closer than they were five years ago. That's patently false. 

They haven't bought any of Kings shares though? Do they have a higher share % in the club than they did 5 years ago?

[The Dude 20,027]

4 minutes ago, esquire8 said:

They haven't bought any of Kings shares though? Do they have a higher share % in the club than they did 5 years ago?

Five years ago C1872 had literally just formed and held precisely zero shares in Rangers. As it sits they are now one of the biggest shareholders in the club with a contractual agreement to become the single biggest shareholder. 

Theres no argument than can be made that C1872 are no closer to 25+1 than they were in 2016.

[j1mgg 3,766]

What is accounted as administrative costs that were more than 5%?

 

Who are the 6 new directors being planned?

 

Should of stayed with Rangers first.

[graeme_4 37,468]

1 hour ago, The Dude said:

Five years ago C1872 had literally just formed and held precisely zero shares in Rangers. As it sits they are now one of the biggest shareholders in the club with a contractual agreement to become the single biggest shareholder. 

Theres no argument than can be made that C1872 are no closer to 25+1 than they were in 2016.

No closer financially. 

[The Dude 20,027]

39 minutes ago, graeme_4 said:

No closer financially. 

Other than the couple of million that's already been spent on shares? Sure. 

[graeme_4 37,468]

9 minutes ago, The Dude said:

Other than the couple of million that's already been spent on shares? Sure. 

Drop in the ocean. 

[The Dude 20,027]

2 minutes ago, graeme_4 said:

Drop in the ocean. 

5% of the club is a 'drop in the ocean'? 

[graeme_4 37,468]

1 hour ago, The Dude said:

5% of the club is a 'drop in the ocean'? 

I can’t be bothered with your pedantic pish today, they’re a million miles of 25%+1. 

[The Specky Forum Organiser 69,517]

Not reading all of that

[Brian Fantana 28,894]

do club1782 hold money towards the purchase of kings shares in an account at the moment?

[The Dude 20,027]

19 minutes ago, graeme_4 said:

I can’t be bothered with your pedantic pish today, they’re a million miles of 25%+1. 

Ive not said they were close. But they are some 15million shares closer than they were 5 years ago. 

[LJ50 17]

4 hours ago, The Dude said:

Five years ago C1872 had literally just formed and held precisely zero shares in Rangers. As it sits they are now one of the biggest shareholders in the club with a contractual agreement to become the single biggest shareholder. 

Theres no argument than can be made that C1872 are no closer to 25+1 than they were in 2016.

 

1 hour ago, The Dude said:

Ive not said they were close. But they are some 15million shares closer than they were 5 years ago. 

That’s simply not true I’m afraid. 
 

At its inception, Club 1872 owned more than 5% of RIFC by virtue of the merger of RF and the RST. It grew that shareholding in its early years to a high of approx. 10.7% following the purchase of the shares owned by MASH (Mike Ashley). 
 

Whilst the number of shares owned by Club 1872 has still grown in the intervening years, the number of shares in issue has grown faster. As a result, it’s share of ownership is, in fact, lower than it has ever been so it is further away from its objective than ever.

To be transparent, I am one of the requisitioners.

 

[The Dude 20,027]

18 minutes ago, LJ50 said:

 

That’s simply not true I’m afraid. 
 

At its inception, Club 1872 owned more than 5% of RIFC by virtue of the merger of RF and the RST. It grew that shareholding in its early years to a high of approx. 10.7% following the purchase of the shares owned by MASH (Mike Ashley). 
 

Whilst the number of shares owned by Club 1872 has still grown in the intervening years, the number of shares in issue has grown faster. As a result, it’s share of ownership is, in fact, lower than it has ever been so it is further away from its objective than ever.

To be transparent, I am one of the requisitioners.

 

So which of the requisitioners are you and can you confirm that you approached Robert Marshall? 

[LJ50 17]

4 minutes ago, The Dude said:

So which of the requisitioners are you and can you confirm that you approached Robert Marshall? 

I am Kristian. 

Yes, my concerns with regards the management and governance of C1872 have grown to such a level that I contacted Robert Marshall following his post on FF requesting people with appropriate qualifications and background get in touch.

[The Dude 20,027]

3 minutes ago, LJ50 said:

I am Kristian. 

Yes, my concerns with regards the management and governance of C1872 have grown to such a level that I contacted Robert Marshall following his post on FF requesting people with appropriate qualifications and background get in touch.

And what are these relevant qualifications and background? 

[RM Monitor And Standards Officer 112,813]

2 minutes ago, The Dude said:

And what are these relevant qualifications and background? 

Are you a member?