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broxloyal
24-02-2015, 08:12
RANGERS kingmakers River and Mercantile were today tipped to vote AGAINST the Ibrox board in the eagerly-anticipated EGM on Friday week.


The institutional investors are the sixth largest shareholder in the Glasgow giants and currently hold a stake of 5.77 per cent.

And they have the ability to keep the current regime in power - or install Dave King, Paul Murray and John Gilligan as directors on March 6.

The Rangers board has commissioned Boudicca Proxy Consultants, a company that lobbies shareholders ahead of company meetings, to drum up support for them.

However, River and Mercantile sold a small portion of shares to King when he became the major shareholder in his boyhood heroes last month.

City sources believe that is an indication they will back his resolutions to remove chairman David Somers, chief executive Derek Llambias and directors James Easdale and Barry Leach.

And leading equity analyst Nicla di Palma of Brewin Dolphin today agreed it is "entirely possible" the transaction signalled how they will vote in the general meeting.

She said: "If there was a transaction between River and Mercantile and Dave King then clearly there is a relationship between them.

"Obviously shareholders are free to vote as they deem appropriate at an EGM. There is no obligation on them to vote one way or the other. But if River and Mercantile feel Dave King is the best person there they will vote in favour of him.

"It is entirely possible that selling him shares is their way of telling the market how they will vote."

King and the Three Bears consortium that comprises George Letham, Douglas Park and George Taylor - who will back the resolutions to remove the board - jointly own 34.06 per cent of Rangers.

The backing of River and Mercantile would take King a huge step closer to achieving the 51 per cent he needs to seize control at the general meeting.

River and Mercantile refused to confirm if they would back the resolutions put forward by King.

But Global Head of Distribution James Barham confirmed the company would be voting at the general meeting.

He said: "We are not aligned to any particular group of shareholders.

"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

The Rangers Supporters Trust, which operates the BuyRangers fan ownership scheme, announced on Friday they have so far secured 3.25% of the vote.

The RST own 1.57% of the club and have been given proxies for over 1.68% of the total shareholding.

And Rangers First yesterday confirmed they had increased their shareholding in the SPFL Championship club to 2% - and have proxies for another 0.5%.

Former boss Ally McCoist, who has a 1.34% stake and Kieran Prior, who owns 1.35%, are both expected to back the resolutions.

Eric Hitchmo
24-02-2015, 08:14
Pure guesswork, but I do think they are right.

Ricky Bobby
24-02-2015, 08:15
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

chateaubleu
24-02-2015, 08:21
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

That reads to me that they know the current board can't increase the share price, but King & Co getting in would change that overnight.

If R&M vote for all the resolutions, it's a victory for the good guys.

KingBrian
24-02-2015, 08:21
I think R&M will vote for the resolutions UNLESS Ashley's camp offer them silly money. There isn't too much time left for that to happen and DK seems confident. I think someone on another thread also suggested that Paul Murray has connections to R&M as well. Here's hoping.

Albatronic
24-02-2015, 08:22
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

I'd say they're very much in it to make the most of their investment. Which means they need the fans back and the club prospering. They can only vote one way.

Stringer_Bell
24-02-2015, 08:22
Groundbreaking stuff. Basically what's been said on here for weeks.

The Big Cheese
24-02-2015, 08:27
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

It may well be that the rampant paranoia that has overwhelmed my brain in recent times is clouding my judgement,but that's how it read to me.

I hope to Christ I'm wrong.

alexg123
24-02-2015, 08:31
Fingers crossed for the good guys as the countdown draws nearer .

The Gunslinger
24-02-2015, 08:37
trouble is you might see them vote against in the knowledge king will have to buy them out and they can set the price.

thats the trouble with being owned by hedge funds.

Ali Baba
24-02-2015, 08:38
Did they read that on here?I seem to remember a thread with that speculation about a month ago.

AnimatedBlip
24-02-2015, 08:44
How much were shares (or would they be now given inflation etc.) when we were on a sound footing?

I had no interest in that side of things back in the day. It just makes me wonder how much they could be holding out for if there was indeed an offer to be made by the rats.

papasmurf
24-02-2015, 08:46
Nothing us certain in this world. And for that reason, they make me very nervous. Hope we have enough without them

The Lone Sniper
24-02-2015, 08:50
I don't want to sound paranoid but DON'T TRUST ANYONE!

kilpatricknick
24-02-2015, 08:50
Could be a wigs inspired dirty trick to induce complacency amongst smaller holders still to vote????? Careful

charlesdexterward
24-02-2015, 08:51
I'm hoping for the best but fearing the worst

Ibrox75
24-02-2015, 08:52
RANGERS kingmakers River and Mercantile were today tipped to vote AGAINST the Ibrox board in the eagerly-anticipated EGM on Friday week.


The institutional investors are the sixth largest shareholder in the Glasgow giants and currently hold a stake of 5.77 per cent.

And they have the ability to keep the current regime in power - or install Dave King, Paul Murray and John Gilligan as directors on March 6.

The Rangers board has commissioned Boudicca Proxy Consultants, a company that lobbies shareholders ahead of company meetings, to drum up support for them.

However, River and Mercantile sold a small portion of shares to King when he became the major shareholder in his boyhood heroes last month.

City sources believe that is an indication they will back his resolutions to remove chairman David Somers, chief executive Derek Llambias and directors James Easdale and Barry Leach.

And leading equity analyst Nicla di Palma of Brewin Dolphin today agreed it is "entirely possible" the transaction signalled how they will vote in the general meeting.

She said: "If there was a transaction between River and Mercantile and Dave King then clearly there is a relationship between them.

"Obviously shareholders are free to vote as they deem appropriate at an EGM. There is no obligation on them to vote one way or the other. But if River and Mercantile feel Dave King is the best person there they will vote in favour of him.

"It is entirely possible that selling him shares is their way of telling the market how they will vote."

King and the Three Bears consortium that comprises George Letham, Douglas Park and George Taylor - who will back the resolutions to remove the board - jointly own 34.06 per cent of Rangers.

The backing of River and Mercantile would take King a huge step closer to achieving the 51 per cent he needs to seize control at the general meeting.

River and Mercantile refused to confirm if they would back the resolutions put forward by King.

But Global Head of Distribution James Barham confirmed the company would be voting at the general meeting.

He said: "We are not aligned to any particular group of shareholders.

"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

The Rangers Supporters Trust, which operates the BuyRangers fan ownership scheme, announced on Friday they have so far secured 3.25% of the vote.

The RST own 1.57% of the club and have been given proxies for over 1.68% of the total shareholding.

And Rangers First yesterday confirmed they had increased their shareholding in the SPFL Championship club to 2% - and have proxies for another 0.5%.

Former boss Ally McCoist, who has a 1.34% stake and Kieran Prior, who owns 1.35%, are both expected to back the resolutions.

To understand River &Mercantile, you have to understand that they are asset managers.
They have no interest in Rangers or football, what they are interested in is money.
If the current board offered them a deal for votes, would they accept it?

Serious question... Would the current board do a "special deal with R&M" to secure their votes?
Answer... Damn right, they would do absolutely anything for these votes.

CGC
24-02-2015, 08:55
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

I think that might always have been their intention, sell some to King to make it close and then they can sell to the highest bidder. This way they can get out without the uncertainty of what might happen post EGM. There seem to be no morals or scruples where such companies are concerned. It's all about hard cash.

EK
24-02-2015, 08:56
king has said if he gets beat he will come back and buy 5% would that be river and mercantiles 5%.does he know they will vote with him????

omegaman
24-02-2015, 08:59
Another lamentable non story from our wonderful press gang!

Yes, you'd expect them to back King, but you'd also expect Ashley to be offering sumptuous sweeteners to them in exchange for last minute Laxey style flip floppery.

Thing is though, R&M's backing would be good for King & co. but it might not even be required to get the good guys over the line, so the suggestion that they are in some way the kingmakers (pardoning the pun) isn't necessarily accurate either.

Blue Tack
24-02-2015, 08:59
I am taking this on face value as it's all you can do and I welcome it with open arms ,if it is the case then the EGM is a slam dunk and annihilation for the wigs .

Exiled_Bluenose
24-02-2015, 09:03
A complete non story which could have been written by anyone on here.

rangers352
24-02-2015, 09:15
They are, as already pointed out, only interested in making money. The share price will not increase under the Wigs in the short/medium term. It will however take a nice boost if and when King get on the board. They know the fans will be back in a heart beat and also season tickets sales increase.

The RST and Rangers First schemes will now ensure that shares will continue to be hot property in the years ahead (providing subscriptions remain high) and then this will provide another increase in the price.

jimbo.b
24-02-2015, 09:23
Means nothing until the vote is cast and counted.

BoydiesTache
24-02-2015, 09:30
So in Summary "mibees aye, mibees naw......"

Non-story

Tostao
24-02-2015, 09:47
They know they could bring this to an end without needing an EGM (assuming pro-King) by declaring their intentions. The fact that they are not willing to do so is a bit of a concern.

springburn bear
24-02-2015, 09:47
Paul Murray has no connection to River and Mercantile but Malcolm Murray does

BroomhouseBear
24-02-2015, 09:58
The Rangers board has commissioned Boudicca Proxy Consultants, a company that lobbies shareholders ahead of company meetings, to drum up support for them.


:roll:

Let me guess, Boudicca Proxy Consultants have a link to some of both the current and previous boards, they are charging exorbitant fees which are way above any industry average, they are doing a minimal amount of poor quality work for these huge fees, and the club is paying for this privilege.


These conning c*nts have taken literally every opportunity possible over the last three years to empty the clubs bank accounts into those of themselves and their mates. :mad:

mreblue
24-02-2015, 10:00
The Rangers Supporters Trust, which operates the BuyRangers fan ownership scheme, announced on Friday they have so far secured 3.25% of the vote.

The RST own 1.57% of the club and have been given proxies for over 1.68% of the total shareholding.

And Rangers First yesterday confirmed they had increased their shareholding in the SPFL Championship club to 2% - and have proxies for another 0.5%.


:)

Standards1972
24-02-2015, 10:05
Surely if R&M were pro wig they wouldn't have sold anything to King therefore strengthening his position?

It would be like Ashley selling to Letham or the Easdales selling to one of the fans groups.

cambridgeblue
24-02-2015, 10:07
They know they could bring this to an end without needing an EGM (assuming pro-King) by declaring their intentions. The fact that they are not willing to do so is a bit of a concern.

Put yourself in their shoes.

They want to maximise their return - no benefit in casting their votes too early.

Derek might phone up on Friday offering a panicky 50p a share.

I doubt it though.

Neilly
24-02-2015, 10:08
The Rangers Supporters Trust, which operates the BuyRangers fan ownership scheme, announced on Friday they have so far secured 3.25% of the vote.

The RST own 1.57% of the club and have been given proxies for over 1.68% of the total shareholding.

And Rangers First yesterday confirmed they had increased their shareholding in the SPFL Championship club to 2% - and have proxies for another 0.5%.


:)

So as things stand - and don't doubt that it will increase over the coming days - our 2 main fan groups carry nearly 6% of the vote?

Thats utterly, utterly fantastic.

Ricardo Shillyshally
24-02-2015, 10:12
So we've got somebody guessing how they're gonna vote

Well that's just great news

gourockblue50
24-02-2015, 10:13
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

They are saying that King owning Rangers will push the price up.

MCKAY72
24-02-2015, 10:13
http://forum.*****************/showpost.php?p=22816990&postcount=60

Dave Angell
24-02-2015, 11:02
R & M only have to look at how Laxey were repaid for their sticking by the rats - by having their input & their man on the board sidelined in favour of Ashley.

They need to back King or else see their investment pissed down the drain.

switchback
24-02-2015, 11:03
Nothing us certain in this world. And for that reason, they make me very nervous. Hope we have enough without them

This, absolutely this. We heard before that such and such were voting this way or the other. It's all hot air till it actually happens.

And let's not be complacent.

Sam_English
24-02-2015, 11:12
Really hope that this is the case, but taking nothing for granted.

CambridgeBear
24-02-2015, 11:19
That reads to me that they know the current board can't increase the share price, but King & Co getting in would change that overnight.

If R&M vote for all the resolutions, it's a victory for the good guys.

That's how I read it too. Wonder on the timing of this "guessed" press release. Could this be pressure from the good guys on the wigs to cave before an egm.

That said R&M might sell for silly money but if King has a relationship with them perhaps he'd get first refusal.

Saltire-Stevie
24-02-2015, 11:21
I will be amazed if the rhats dont make R&M an offer for their shares in the next week .... it's their only hope of staying in power.

Edinburgh_Jardine
24-02-2015, 11:28
The only way R&M will vote for the resolutions is if they have a cast iron guarantee that King has a NOMAD lined up and there is no danger of the shares being delisted.

What they really want is someone to buy the shares from them. However I'm not convinced their vote will be as pivotal as previously thought - based on the STV projections.

Nothing new in the article apart from a comment from Brewin Dolphin that basically says nothing.

awaiting news
24-02-2015, 11:34
How much were shares (or would they be now given inflation etc.) when we were on a sound footing?

I had no interest in that side of things back in the day. It just makes me wonder how much they could be holding out for if there was indeed an offer to be made by the rats.

They were 70pish when the chuckle brothers bought them and I vaguely remember 77p being a high when they were first sold when we were in the third division. I think Green wanted them to be 1 but they didn't achieve that. It would then be arguable that a rangers competing regularly with Celtic in the SPL and in Europe would be worth more - maybe 1? But shares aren't necessarily like this.

You'd think 70pish is a good baseline.

I think shares are around 35pish last time I looked (though this may have changed). However King is likely to have a large share issue when he comes in that may dilute shareholding by 50% so R&M would make a similar amount selling now to what they would make selling for 70p after a share dilution.

The figures are tight which is why King and others have always had difficulties in recruiting institutions to their side - Green sold shares at a good or even over-optimistic valuation.

However, if the wigs stay in charge, share price will almost certainly slump to 20p or less soon after and Ashley will take full control. He's not known for being beneficent to other investors. So I think it will benefit investors to back King long term. Unless they get a good offer immediately.

CambridgeBear
24-02-2015, 11:36
The only way R&M will vote for the resolutions is if they have a cast iron guarantee that King has a NOMAD lined up and there is no danger of the shares being delisted.

What they really want is someone to buy the shares from them. However I'm not convinced their vote will be as pivotal as previously thought - based on the STV projections.

Nothing new in the article apart from a comment from Brewin Dolphin that basically says nothing.

Yes, even without them King can still get over the line. R&M maximise their return by sticking with King.

Fat Tam
24-02-2015, 11:56
I don't want to sound paranoid but DON'T TRUST ANYONE!

Anywhere else that might be construed as paranoia, but where our board is concerned, it is just rational commonsense.

Southside_Shug
24-02-2015, 11:58
Yes, even without them King can still get over the line. R&M maximise their return by sticking with King.


King IS over the line.

R&M's votes are immaterial, but as you say they will maximise their chance of a lesser loss by siding with DK/T3B's

greggyboy
24-02-2015, 11:59
"We don't comment on how we are going to vote, but we will be voting. We do feel that the current share price materially undervalues the company."

Is that them fishing for a big last minute buy out?

Not the way I see it. They know that the actions of the current board have driven the share price down. The only way it will go back up is with a regime change.

They would not have sold shares to King, and thereby hand him more power, if their plan was to vote against him.

covloyalrsc
24-02-2015, 12:07
All well and good if true.
However don't rest on your laurels. If you have a vote and have not yet voted then do so. Don't rely on others.
Apathy is a bigger crime

johnwoods88
24-02-2015, 12:14
They are right that the share price undervalues the company, but who's fault is that? The Rats....

They must vote them out or else share value will plummet

Laudrup1
24-02-2015, 12:19
I'd say they're very much in it to make the most of their investment. Which means they need the fans back and the club prospering. They can only vote one way.


Or for the wigs to flinch and offer them 75p per share or something daft like that to retain control.

Laudrup1
24-02-2015, 12:28
Surely if R&M were pro wig they wouldn't have sold anything to King therefore strengthening his position?

It would be like Ashley selling to Letham or the Easdales selling to one of the fans groups.

If they sell to King and make the vote tighter, it means the remaining shares they own become of higher value to both sides.

It could simply be a chance for them to be in demand and get more money.

I would take nothing that is being done just now for granted.

CambridgeBear
24-02-2015, 12:41
Or for the wigs to flinch and offer them 75p per share or something daft like that to retain control.

Economic suicide as share price would only go one way if wigs remain.

johnny fontane
24-02-2015, 12:41
Surely if R&M were pro wig they wouldn't have sold anything to King therefore strengthening his position?

It would be like Ashley selling to Letham or the Easdales selling to one of the fans groups.

They're pro-increasing the share price, end of. If they see the current board as the best way to increase the value of their investment, they'll vote wig, otherwise they'll vote King et al. Common sense suggests that it's unlikely the club's value will flourish under the current regime given the "customers" don't like the "product" and the custodians have spunked millions and millions to no end so there is no benefit to any investor in maintaining the status quo. In other words, they are likely to vote King in the hope that the fans start pushing money into the club again and a fiscally responsible board will stabilise and increase the share price.

ICA_86
24-02-2015, 12:51
Interesting if true.

Could be an absolute wipe-out.

47blue
24-02-2015, 12:53
Until I see their votes on the day,then I remain sceptical

AnglianBear
24-02-2015, 12:58
Until I see their votes on the day,then I remain sceptical

Agree with you. History has shown us that these institutions are extremely unreliable when it comes to siding with the fans. Laxey even went as far as giving assurances to fans about voting with us then went against us.

Trust no one and keep getting proxies in and try and do it on our own.

awaiting news
24-02-2015, 12:59
They're pro-increasing the share price, end of. If they see the current board as the best way to increase the value of their investment, they'll vote wig, otherwise they'll vote King et al. Common sense suggests that it's unlikely the club's value will flourish under the current regime given the "customers" don't like the "product" and the custodians have spunked millions and millions to no end so there is no benefit to any investor in maintaining the status quo. In other words, they are likely to vote King in the hope that the fans start pushing money into the club again and a fiscally responsible board will stabilise and increase the share price.

Agree. There are basically 3 realistic scenarios:

1) R&M follow usual business practice and look for a long term return based on growing the brand. This can only happen via King.

2) they follow more aggressive but still normal practices of looking for a short term return and do what they can to engineer a tight vote then auction their shares to the highest bidder. This could go either way or could bite them if it is apparent that their votes won't sway the outcome. This seems to be the case at present.

3) they follow rather more dubious practices and sell their votes not the shares, looking for a cash kickback from somewhere down the line. This seems well within usual wig operating tendencies. But relies on R&M being happy with wiggery (I have utterly no idea of their corporate background) and on their votes being worth buying which doesn't seem to be the case if King is winning without them.


Whatever they do, they will never see the 70p share price back. No one is going to pay that for their shares or their votes now (unless Ashley is seriously looking at the pokey and will pay up to avoid it). And a King-controlled board will dilute shares such that the price would need to be £1.40 to return the 70p and this seems unlikely even in a wildly optimistic future.

I think that they may have hoped to start a bidding war but, in its absence, they'll back King.

AnimatedBlip
24-02-2015, 13:02
They were 70pish when the chuckle brothers bought them and I vaguely remember 77p being a high when they were first sold when we were in the third division. I think Green wanted them to be £1 but they didn't achieve that. It would then be arguable that a rangers competing regularly with Celtic in the SPL and in Europe would be worth more - maybe £1? But shares aren't necessarily like this.

You'd think 70pish is a good baseline.

I think shares are around 35pish last time I looked (though this may have changed). However King is likely to have a large share issue when he comes in that may dilute shareholding by 50% so R&M would make a similar amount selling now to what they would make selling for 70p after a share dilution.

The figures are tight which is why King and others have always had difficulties in recruiting institutions to their side - Green sold shares at a good or even over-optimistic valuation.

However, if the wigs stay in charge, share price will almost certainly slump to 20p or less soon after and Ashley will take full control. He's not known for being beneficent to other investors. So I think it will benefit investors to back King long term. Unless they get a good offer immediately.
Thanks. I hadn't thought about a new share issue diluting their holding either, so they'll possibly be wanting shot of them sooner rather than later. Fingers crossed King has the bases covered somehow.

thetoptier
24-02-2015, 13:11
what a nothing story.

dylanholly
24-02-2015, 13:20
Boudicca? :eek:

Our board have chosen a company that chose it's name after a Celtic leader? :D

Ape and Essence
24-02-2015, 13:28
It's meaningless, just like all speculation until the votes have been counted.

Laudrup1
24-02-2015, 13:49
Economic suicide as share price would only go one way if wigs remain.

I dunno if you've picked me up correctly here but R&M would have their money and be happy and the wigs have the votes to retain power making themselves happy. Despite having overpaid for R&M shares, it'd retain control for them which would be worth more as they continue to strangle us.

Valley Bluenose
24-02-2015, 14:04
I'm of the opinion we can get it over the line without R&M.

It would make it nail-bitingly close but, on the assumption there will likely only be a 95% turnout/legitimate votes cast, I think we are already very close.

Don't want to count any chickens just yet though.