Tuesday, 27 November 2018

Dave King has made a significant concession about shares

Following today’s AGM, a lot of the usual subplots developed intriguingly, but it was chairman Dave King’s assertion about shares which we here at Ibrox Noise found the most telling and the most useful.

As we know, Rangers shares are hardly valuable – prices range around the £0.20 mark for them which, when it comes to corporate levels, is less than peanuts.

And it was the curious and refreshingly honest comment King made in his speech today we recognised the most:

"Our shareholder base includes many passive investors who are not supporters of the Club and who invested purely on the investment case that was made to them at the time of their investment. That is the complete opposite to the many thousands of supporter investors who are not even remotely driven by a desire to see dividends and a growth in the share price."

What is King saying here? Generally when it comes to finding investment, the company seeking the funds has to sell the shares and profit prospects – that the investors (be they individuals or hedge funds) must buy into the idea they will get a return on their outlay.

However, King makes strong reference here to the thousands of investors who have barely any interest in getting profit, and are only investing because they want to have shares in the club they support – the fans.

The point? That Rangers are a loss-making company right now – it may be some time before that changes, and as long as we aspire to getting back to where we belong, we will remain in the red.

But that the vast majority of investors know this and continue to fund and support.

Yes, the actual shares are dominated by the major shareholders, such as King himself, but we cannot forget the thousands or millions of shares that us supporters own, without any delusions of profit, and King’s absolute honesty that if you invest as a fan you’re ‘losing’ your money is fairly straightforward.

He is being clear that if, as a fan, you put your cash in this loss-making company, you’re doing it with your heart and not your bank balance.

And that’s fair.


  1. Fair comment,your supporting the club you love and not for financial gain,your rewards will be the success of the club,end ofπŸ‡¬πŸ‡§,
    I.N have we discussed the record big money that was paid by sky for spl coverage,is this the S.Gerrard box office affect kicking in πŸ˜‰πŸ‘πŸ‘πŸ‘

    2 Points πŸ‡¬πŸ‡§

    WATP LETS GO πŸ‡¬πŸ‡§πŸ‡¬πŸ‡§πŸ‡¬πŸ‡§

  2. A don't like King as I have said before but come on he can't keep asking people for money to fund our club and not expect a return. If that was the case anyone could be doing what he is doing show up at the our club and just ask everyone else to keep topping the place up. I can't believe we are allowing this guy to run our famous club into the ground. Our losses where at 3 million when he took control then the next year that became 6 million quid and we sit at 14.3 million quid loss. Do we really think and feel this guy is taking us forward. When does anyone think this guy will have us debt free please someone with a bit of sense answer me that. A company run at loss of this magnitude can only go one way. And I have no idea who could come in to clean up the mess he is going to leave us with. Last comment did not get posted online hope this does we need answers now PRONTO style.

    1. Well said Spud I know we want to catch the filth however we must learn from the past and not fall into financial ruin again as the next time I don’t think we can survive πŸ‡¬πŸ‡§

    2. Scud
      Do you think we can spend less and still buy better players? Please explain how. King is running a deficit while we grow. You sit there and attack, but never have a solution. The prevailing feeling is that you are just another saddo Timposter.
      So time for you to back to your own kind

    3. Scotswhahea are you having a laugh to compare with a Catholic get a grip ya nugget. Just because I'm speaking some home truths you to stupid to understand. What do you want to do run our club into the ground with piles of debt you tell me this debt is increasing week in week out so where are our famous club going explain where the cash is coming from just no hope for some people who can't do their sums.

    4. Scud
      I didn't compare anybody to a Catholic. I called you a Celtic fan. There is a big difference and I am surprised that you didn't know that.

      I am not too stupid to understand how debt is run up and how it is paid off. This far, our debts are being covered by loans, which have then been turned into shares. If you have evidence to show otherwise, let's see it, instead of just moaning.

      If you are a Rangers fan, let's see a considered, reasonable proposal from you about moving forward. What exactly do you suggest that we, Glasgow Rangers, do? Buy players, who, what positions and how much will it cost, where will the money come from? Sell players, who, who or where to, what is the estimated value and who would we replace them with?

      I have asked you simple questions before and never had a reply, just more invective and bluster. that is why I call you a Timposter. You would be the only Rangers fan I have ever met who doesn't have a good word to say about our club.

      I await your response

    5. Listen mate I'm desperate for our next title as much ad you are 55 will be the best ever SIMPLY THE BEST. But you need to cut me some slack here when I have a go at our chisling chairman he is a conman and a liar. Remember he told us Fatman Cashley was finished with us at ibrox paid off in full Cashley is still there do you k ow that do do you trust this guy. Not one question yesterday about Cashley or the T.O.P.we need to start to get wise with King playing us all for fools. And you still have not answered my question to you a couple if weeks back about how much you paid out on your shares remem we 72p a pop did you pay that while others got theirs for 1p.

    6. Scud you are constantly referring to the £14m debt. It's admirable that you show concern that the club doesn't go bust again. We all share that concern but somewhere down the line you have to accept that the people running the club, not just King, are equally aware of that. However, we NEED to grow the club and in the short term that means running the club with a debt. That's by no means unusual at a football club as long as the debt is manageable. In our case I believe it is. Don't forget the £14m debt was for accounts up to June 2018 so doesn't include the £10m plus we've made from Europe since.

    7. Scud,

      So you don't like King. Fair enough, you are entitled to your opinion. So, what would you suggest? He and his friends have invested well north of £20 million in our club. How do you propose to wrest it back from them? A whip round at the game? If they hadn't ponied up that money, we wouldn't be here.
      As for Ashley, yes, I agree with you. I think he has got that wrong, he has been out-manouvered by the fat bastard. But Ashley has outsmarted a lot of people, not just King. He owns half the High Street now.
      You say King is playing us for fools. How so, exactly? By forcing us to let him invest £20+ million. Please explain how we are being fooled.
      I have answered your question about shares on multiple occassions, but will do so again. I paid whatever was the price at the time of the flotation. I genuinely don't remember what it was, the number 70 something pence rings a vague bell. I spent £1000 is all I remember.

      So, your turn. I keep asking you for your positive ideas as to how we move forward. All you have is King hating. Are you suggesting if we all join you in hating King, £50 million will fall out of the sky? I keep asking you for positive suggestions. You keep ignoring me.

      There is no shame in having no positive ideas, it just shows you have nothing to bring to this site except hatred. Which is very boring. So if we all admit we know you hate King, can you just shut up about it now? Until you have something positive to say about our club.

      Thank you

  3. Give the club back a bit of status Mr king..get us back on the stock exchange like you promised us 5 years ago..

  4. Great to get a bit of backing from fellow teddy bears regarding King thanks guys. Macca spot mate about stock exchange. Today it looks like not one question to our chairman regarding the lie he told us fans last year that Fatman Cashley was a gone forever paid off and fatso is still screwing our famous club. Why are club 1872 not calling him out on this stuff he gets a free ride every year at the AGM. If it was not so serious for us a would think he is laughing at us and anyone else that throws money his way or in his direction but funny it ain't.

    1. "If it was not so serious for us a would think he is laughing at us and anyone else that throws money his way or in his direction but funny it ain't". Almost sounds as if your implying that King is doing something dodgy. Why would he laugh at anyone investing in Rangers when he has invested the most. Even implying that he was deliberately out to make money or even harm Rangers would be sad & not a wee bit paranoid (wait a minute sad & paranoid, Maybe SWH's right about your Celtic leanings)

      King & the board have to spend money in order to get us back to where we should be in Scotland & Europe. Without this investment we would be resigning ourselves to the level of Hearts, Hibs and Aberdeen and be satisfied with an occasional cup win every 5-10 years. That can't happen, that's not Rangers. Spending money and being successful on the park is the only way that people who invested their money (including Club 1872) are going to see any return. It's a sound business plan and if you don't believe that it can work then you should take a look at our unwashed friends from the East who just posted a 17 million before tax profit. I think it's ironic that some of the same people who attacked King for not investing the 30 million that he said would be needed are now attacking him for doing just that.

      I also agree with SWH that instead of just whinging it's time you came up with some answers. What else could King do to get us back where we belong? Can you really accept mediocracy because for me that can never be who or what Rangers are. And as you obviously can't trust Dave King who else do you believe should step in and take over?

    2. Here mate your one of our fans that King just loves. You want to continue to spend money that our club does not have and put us deeper in debt but that don't matter because it's all about success what an attitude that's thinking like that is why we ended up in the old division 3 of scottish football. As for the Celtic thing you talk about they smelly tramps are sitting with 36 million quid in the bank. And what do we have in the Tom Hank the middle of a doughnut so get real. A wish we had 36 .million in the bank.

    3. So are you going to answer the questions or just keep whinging.

    4. Donald, I guess that's a No then. He has never answered any question, just continues to attack King.

      IN, could you please give Scud the Fud directions to Kerrydale St? We are bored with him here

  5. We wer about 16m in debt when king took over

  6. Keep it respectful, fellas. This is IN, not, Follow Follow.com.


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