Rangers EGM – Breaking down the vote


As every man and his dog now
knows, Rangers’ long-awaited EGM has been pencilled in for the fourth of March.
Just under a month till the most hyped-up vote…since the last one.
For those who may have
(understandably) tried to avoid all this nonsense, the deal is fairly simple –
Dave King, John Gilligan and long-time Rangers’ ‘associate’ (former director)
Paul Murray are vying for control at Ibrox, via a majority vote of shareholders
to take place in London.

It is worth remember the last
time we had a vote where fans fully expected Murray, his namesake Malcolm, and
the other two requisitioners Murdoch and Wilson to seize control of Rangers over
the ‘then’ board (Wallace, Somers, Stockbridge et al) they were handsomely
The landscape is admittedly a
little different now, with the so-called Three Bears and King now major shareholders
collectively seizing just under 32% of the entire company.
But that still leaves a vast 68% of
the vote up for grabs and it would be a fool who would predict anything other
than either a very close call or an outright board win.
I should point out this is
anything but pro-board. This blog has received some ridiculous pro-board
accusations, where I have done nothing but condemn the likes of Somers’
appalling behaviour and attitude along with criticising the Easdales’ failure
to bring in serious investment to the Club.
But fact is the (corporate) shareholders
are always far more likely to vote for the existing board, despite what the
fans want.
Sandy Easdale has just over 26% alone
(through proxy, of course) while breaking down the rest is anything but simple.
But removing 26 from 68 and you have, basic arithmetic, 42% to actually fight
However, such is the fluid nature
of shares and the stockmarket, the ownership of them changes on a daily basis
so there really is no such thing as a definitive breakdown of exactly who owns
what. But further to the 42% number is the 9% that Ashley roughly owns, which
brings it down to 33% to fight for.
Then you are left essentially
with the fans’ groups like BuyRangers, RangersFirst et al and the hedge firms
like River & Mercantile, Margarita etc.
The problem for supporters who
want change is the Ashley/Hedge firm/Easdale glut of shareholders is quite
simply bigger than the King/TB/fan groups one.
Fans hoping for a King win have
to hope the hedge firms follow Laxey’s lead and side with them – although debatably
that sale was based on the fact Rangers’ shares make little to no money and
that is the base point of a hedge firm.
The above diagram (credit:
Gersnetonline.co.uk) gives, roughly, a visual representation of the breakdown
as things stand at the moment, but it inherently cannot be entirely accurate.
Expect anything but a foregone
conclusion in London.


  1. where were any of them both sides Sunday, good bottle of malt in some hotel. while the watp Glasgow Rangers are beaten once again, laughing stock to all while the masters play chess on our future, nobody years ago asked Ashley to be involved, King and co were on board then, then Whyte and then were up s??t creek, the rest is history, while the game goes on RFC suffer we all suffer, in words i cannot express, shame on the lot of them, i have no monies but if i had the lot would be banished.

  2. The sentiment in this article is spot on – the race is far from won and every vote is crucial.

    By my maths, I believe we have about 45% of "guaranteed" votes and that 6% is going to be difficult to come by without a hedge fund voting our way or fans buying more shares ASAP

  3. "fans buying more shares ASAP" it must be remembered that fans or indeed anyone else can only buy any significant qty shares if somebody else sells.

  4. I think the diagrams from the Daily Record this is the link
    I believe the Dave King group have on board 41% on board they need 10%.
    That would be River & Mercantile, Cazenove Capitol and F.M.R., LLC..
    But who knows how they will vote.

  5. i only added up the clear power change lads and got 39.69% im informed its 5% higher by someone who done more research than me, i think in the 20% thats unaccounted for we just need to hope 10% is fans, but we can all still buy more, every share will count.
    EVERYONE should proxy votes, i already have

  6. Of course the real breakdown is :
    Ashley and Easdales proxies combined = 35%
    King and 3 Bears combined = 32%
    RST/RF/ individual fans = 8% say
    Leaving approx 25% unknowns – lets hope these realise that the long term future of Rangers and their investments is best left in the hands of the people who care for our traditions and history and not a parasite like Ashley whose only motivation is how he can use and abuse our club and support!!

  7. Why would anyone vote for a board that has lost almost it's entire customer base? Rangers are nothing without the hundreds of thousands of fans who buy merchandise, season books, etc etc. The current board had completely isolated the only people who matter, and I'm convinced that the shareholders will understand that a vote for the current board is a vote for this continued mess that is RFC.

  8. These figures are factually incorrect. 17.5% of the current share are non voting and are held back by rangers so no one controls them at all and they are taken out of the equation so to win the vote you need 50.01% of votes cast on the day so with king and three bears plus majority of fans and remains holding of Lacey (in stements on selling shares to king intimated their sympathy with what he is trying to do) king currently has the required percent sewn up. Roll on the vote

  9. I would have though that the hedge firms could see that a vote for the current board could be disasterous for their investment, Without the fans the club is nothing and the fans have made it as clear as they could that our future depends on getting these scumbags out and King and the 3 bears in. They stand a much better chance of a long term return on their investment if they back King.

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