What Next?

Some Rangers fans may feel comfortable that the club has entered in to loan arrangements with Laxey partners, and Sandy Easdale, however, I will categorically state now that I am not one of them.
Following news last week that this was likely, it’s only this morning that some detail has been announced

While last week’s coverage suggested that the loans were investments in to the club in return for shares, the announcement this morning makes it clear that the facilities are indeed loans, with no option of shares for Easdale, meaning the club (we) are due to pay him back £500k before the season has even started.

Laxey have an option on Shares, but, given the sheer volume involved (Approx 304,750 shares at current prices) this would require an EGM to approve such a substantial issue of shares, and increase in voting power to Laxey, with an EGM facing a dilemma of accepting this, or saddling the club with a £1.12M Debt to Laxey at the start of the season.

On the face of it, while Easdale has been cute in presenting his loan as interest free, it is still a loan, and by no means an investment.

While Jack Irvine might try and bullshit the support on to believing that Easdale/BPH/AN Other have oodles of cash to “invest”, this deal proves once and for all that no such thing will happen.

Other investors have a right to be aggrieved, if reports are accurate that they were not consulted about these loans, nor given an opportunity to make their own proposals

It looks to these untrained eyes that Laxey are running the club, and have us over a barrel.

Like many supporters, I do not wish for many more months of the current movers and shakers at the club being at loggerheads with forces associated to Paul Murray as that conflict itself is damaging, but I feel that this current situation is unacceptable.

The problem is, while Dave King has been lurking in the background, it appears unlikely that he will launch a hostile takeover, as that would require significant purchases of shares from those very same groups who are in control of the club at present.

Unless King has a change of position and decides that lining the pockets of Easdale, Laxey and company is a necessary evil, then there looks to be few painless options for other shareholders and supporters.

Some will use this as an opportunity to drive Fan Ownership, however, the RST’s scheme is still being administrated by the same individuals who have repeatedly failed to communicate to their members about upheaval to their own board, so they cannot be trusted, while the alternative scheme being championed by some former RST board members is still in it’s infancy, and far from capturing the imagination of the levels of support it would need to make inroads in to the club’s shareholding.

So, where does that leave the normal supporter and minor shareholder?

In a pickle.

Firstly, we need some detail from Graham Wallace as to the “120 Day Review”, and what the current burn rate of spend at the club is per month, and the basis for these loans.
The level of communication is just not good enough.

Secondly, unless we get a credible and confidence building explanation from Wallace, we need to pick what option from those available to us, is the one we should lend our support to, whether it be the Rangers (Fi)RST movement, which some may think is just the RST without Mark Dingwall and Gordon Dinnie, The Remaining Supporters Trust, or pressuring King to invest.

Doing nothing does not look to be a feasible option.

If anyone has any brighter ideas, then I’m all ears

Bill