“Club 1872 Meeting with Dave King
23 March, 2018
Club 1872 directors recently held a very positive meeting with Rangers Chairman, Dave King to discuss the possibility of Club 1872 taking up a position on the RIFC board. This was a preliminary discussion and various practical considerations were raised and examined.
The Club 1872 board wishes to draw members’ attention to two main points arising from the meeting:
1) The current one year term for Club 1872 board members is an issue that has been raised by a number of members over the past year. It is also something that was discussed in the meeting with the Chairman in connection with an RIFC board place. The current one year term creates challenges in progressing long term plans, and the annual election process causes a period of upheaval each year which disrupts crucial work in taking the organisation forward. It also impacts the aim of securing a place on the RIFC board as this position would not be available if it potentially had to be changed annually.
The Club 1872 board will shortly put a proposal to members to extend the term for Club 1872 board members and introduce staggered elections. The board believes this proposed change would help maintain stability and ensure the organisation continues to function properly through the election process. It would also solve one of the practical difficulties of securing an RIFC board place.
2) Despite being the second largest shareholder currently, members will be aware that a number of individuals have large loans in place with RIFC. These loans will shortly be converted to equity through share issues. This will mean that in order to maintain our position, Club 1872 will need to invest significant funds into Rangers over a number of share issues – most likely running into millions of pounds. Although we are very pleased with the reaction to our share issue campaign, at the current level of membership and contributions we are unlikely to be able to maintain that shareholding in the medium term.
If Club 1872 is to maintain its position we need thousands more Rangers supporters to join the organisation and invest in Rangers. If our shareholding position is not maintained then it becomes less likely that we will secure a place on the RIFC board. The organisation has to show that it can invest in the club on the same basis as the other major shareholders.
Club 1872 does not have an automatic right to an RIFC board place. However, following positive discussions we believe that we can secure one on behalf of our members if the organisation continues to grow and develop. We have added over 400 new members in 8 weeks. We have also raised over half a million pounds for the upcoming share issue. However, given the size of our support and the millions of pounds of investment being provided by other investors, the organisation needs to continue to develop if we are to meet our objectives. We would ask for every one of our members to help us in this regard by recruiting friends and family.
The opportunity in front of us has never existed for Rangers supporters. We have an RIFC board that is willing to work with us and the opportunity for supporters to become one of the major investors and voices in our club. That opportunity may not come again as the club continues to rebuild and gain strength. We would encourage all Rangers supporters to join us and ensure that collectively we are in a position to take advantage of this and ensure the support retains a big enough shareholding to protect the club for generations to come.
We will update our members on our discussions with RIFC as they continue and will shortly put a poll out to members on the subject of the Club 1872 board term.
We thank current members for their ongoing support.”
I have long accused Rangers Lite supporters of being stupid, but the level of stupidity being solicited by King and his lickspittles on the Club 1872 board takes the club orange biscuit. Much has been made of the Corrupt Consigliere relinquishing his position on the board of the lickspittle satellite but little has been published to inform the Gullibillies that he owns the £2 of issued share capital and is listed as their Guarantor at Companies House.
Club 1872 is owned, bought and paid for by the RIFC Secretary. Do these individuals think that we all came down in the last shower?
I added red typeface to highlight a number of takeaways, viz:
Club 1872 does not have an automatic right to an RIFC board place : How fucking disingenuous can one be? Dave King became chairman by calling an EGM and appointing himself. There is nothing to stop Club 1872 doing the same and proposing as many members as they wish on the board. If they have as claimed an RIFC board that is willing to work with us it follows that they would have no objection to the second largest stakeholder having representation on the board.
Alternatively if an EGM did not solicit the required backing, they could take a leaf out of King’s book and threaten to buy shares from non concert party stakeholder unless a board position was forthcoming. Have they forgotten how King planned to impose himself on the board by using supporters’ season ticket money?
If Club 1872 had cojones that were their own, a big if, they could drive a board bargain with the £500,000 that they have in their bank account.
Given that Club 1872 voted to allow the board to print shares and money they knew full well that they would have to spend more to stand still. From the back of a fag packet if the rogue board issue another 100 million shares, bringing the total in circulation to north of 181 million, Club 1872 will require another 10 million shares to maintain their current 10%. At 27p that’s £2.7m.
So step right up Gullibillies and give us £2.7m so that we can cover King’s lies to the auditors.
This is a confidence trick. A so-called CIC votes to allow a board that owns them to dilute their shares and solicit £2.7m. If the Economic Crime Unit were not in such a shambles facing perjury accusations they should be all over this.
The career criminal who is no stranger to ripping off orphanages is now going after kids pocket money:
We would ask for every one of our members to help us in this regard by recruiting friends and family.
There are some who suggest that the Gullibillies deserve King. Some of the former dressed up as ‘Rhats‘ to denigrate the former board. I warned them from the very beginning that he was a career criminal who would stop at nothing to pick their pockets
I was called ‘An Obsessed Taig.’ I am not obsessed. I am an atheist. I don’t need 20/20 vision to see this confidence trick as it’s staring everyone in the face.