On the back of two share issues this month Club 1872 have wasted £250,000 in a private transaction that sees no money go into the club.
A total of £3.75m has been converted into shares by the Board of Directors this month alone which reduced the stake from the fans group to less than 5%.
In June 2017 Club 1872 came up with £1m to buy out half of Mike Ashley’s shareholding, that took their stake up to over 11% but there was no offer of a seat on the board with their percentage diluted down the years.
It seems like £250,000 of fans contributions has been written off, sold to an unknown individual but showing their complete lack of awareness, tonight Club 1872 announced:
Club 1872 can today announce the purchase of 1,250,000 shares from a private seller at the price of 20p per share for a total of £250,000. This represents a 20% discount on the price that shares are currently being issued by the RIFC Board and takes Club 1872 back above 5% shareholding in RIFC.
Although RIFC has held three small share issues already in this calendar year, and although we remain in the process of trying to organise a meeting with the RIFC Board, Club 1872 has not been asked to participate. We were also not aware of the existence of these share issues prior to the detail being posted on Companies House.
We cannot therefore provide any information to Contributors or the wider support at this time on the purpose of this fund raising.
In the absence of shares being on offer from RIFC, the Club 1872 Board has been working hard to find avenues to continue to grow our shareholding and fulfil the core purpose of Club 1872 Shares CIC. We would like to thank the private seller for their support of Club 1872 and their wish to see their shares remain in the hands of supporters.
The Board would also like to once again thank our Contributors for their dedication to Club 1872, which allows us to remain a major shareholder in RIFC. We would encourage all Rangers supporters to join Club 1872 in order to retain a crucial, major shareholder voice in the club we all love.
At the next share issue the minor percentage gain to Club 1872 will be wiped out, at their 2022 AGM less than 10 loyal bears turned up to question the board of Club 1872.
BREAKING: Former Rangers chairman Dave King has agreed to sell his entire stake at the Ibrox side to Club 1872.
The fans group will become the largest shareholder at the club. pic.twitter.com/ntj0s1Bt3b
— Clyde 1 Superscoreboard (@ClydeSSB) December 1, 2020
Dave King withdraws from Club 1872 agreement as Rangers share bid fails https://t.co/DcXVW0XW7c
— Tom Minogue (@MinogueTom) February 14, 2023
Soapy bubble time over there,the house of cards is about to fall.
Whoever is controlling Club 1872 is clearly taking advantage of those who don’t understand how this works or what is actually going on.
In 2016 when Club 1872 had approximately 4.9m shares they had 6.01% control of the Club.
Last week they had approximately 22.2m shares which now meant they had 4.96% control of their Club.
That’s an increase of around 353% in shares to achieve a 1.05% decrease in control.
Why anyone would advise them spend any more money on shares is beyond comprehension.
Also who is this Private seller?
This reeks of skullduggery and no doubt whoever it is they have close links with someone directly involved in running Club 1872.
They must have to have achieved a lower price.