Battle Lines Are Drawn – Rangers Must Hold EGM By 4th July

And so we see that the process of checking the requisition for an EGM of RIFC PLC was quickly concluded.

After this morning’s announcement, the Stock Exchange saw the following statement released tonight at 6.13pm. It can be read in situ here.

16 May 2013

Rangers International Football Club plc

(“Rangers” or the “Company”)

Requisition of General Meeting

Further to the announcement earlier today, the Board of Rangers confirms that it has received a notice requisitioning a General Meeting of shareholders to consider the removal of Mr Malcolm Murray and Mr Phil Cartmell as directors of the Company and the appointment of Mr James Andrew Easdale and Mr Christopher Andrew Morgan as directors.

On the basis that the requisition is not withdrawn, the Company intends to post a notice to all shareholders convening a general meeting. Further announcements will be made as appropriate.

—————————————————-

Nit-pickers like me will notice that the subheading to this announcement is: “Rangers” or the “Company”.

The earlier one was sub-headed:ย “Rangers”, the “Company”, or the “Club”.

I am sure the change is simply a typo…

It is clear that battle lines are being drawn up. Mr Easdale and Mr Morgan, the latter previously described as from the Asia Credit Corporation, want on to the board and they want Mr Murray and Mr Cartmell gone. Poor Mr Cartmell has never even managed to get his picture on to the Rangers web page showing each board member! (Although it still has Mr Green as CEO!)

Section 304 of the Companies Act 2006 governs the procedure to be followed following the requisition of a General Meeting by shareholders. It says:-

(1) Directors required under section 303 to call a general meeting of the company must call a meetingโ€”
(a) within 21 days from the date on which they become subject to the requirement, and
(b) to be held on a date not more than 28 days after the date of the notice convening the meeting.
(2) If the requests received by the company identify a resolution intended to be moved at the meeting, the notice of the meeting must include notice of the resolution.
(3) The business that may be dealt with at the meeting includes a resolution of which notice is given in accordance with this section.
(4) If the resolution is to be proposed as a special resolution, the directors are treated as not having duly called the meeting if they do not give the required notice of the resolution in accordance with section 283.

So, having received the requisition the Board has 21 days to call the meeting and it must take place no more than 28 days after the notice convening the meeting. Therefore it seems that, at the very latest, the meeting would need to take place by 4th July.

Now the tactics come into play. We can expect to see tons of spin from each side. The press will be full of Rangers stories from now till the meeting. Whilst the major players have the biggest firepower, the fan base holding shares cannot be ignored.

All this of course will proceed as the fans are being called upon to buy season tickets, but at the same time with no idea of who will be running the company which owns the company which owns the assets which make up the club.

Would you, if you were a Rangers fan, buy a season ticket today? Or would you await the outcome of the (not later than) 4th July meeting?

What will the Board members whose places are not under threat do?

Where does Walter Smith stand on this? What about the Chief Financial Officer, Mr Stockbridge? Is Mr Mather in the Green/Easdale camp or is he in the Murray camp? What about Ian Hart and Bryan Smart??

What a mess…

Posted by Paul McConville

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64 Comments

Filed under Charles Green, Companies Act 2006, Rangers

64 responses to “Battle Lines Are Drawn – Rangers Must Hold EGM By 4th July

  1. Budweiser

    paul.
    If it’s on the last possible day, then it falls on ‘Independence Day ‘. Wonder who will be made ‘ Independent ‘ ?

  2. campsiejoe

    How the hell do you requisition a meeting
    Do you have to submit your requisition in triplicate, signed by yourself and your line manager ?

    • Glazert Tim

      I spend most of my day praying to requisition myself out of them.

      If there is a reverse process uncovered, let me know.

  3. Glazert Tim

    That has to be the quickest paperwork response issued in regards to this whole sorry mess.

    I noticed that the ‘Club’ reference had been dropped too. Either a typo or step one in the extraction of the club from the company entity, so it can be passed on (history intact, hmmmm) to the next bod, like a scud mag round an army barracks.

  4. SouthernExile

    Way before that, the board has to sign off on the six month financials to end feb. These have to be submitted to AIM within the next two weeks. Failure to comply would result in delisting.

    Watch this space!

  5. John Clarke

    What about the notifications to AIM regarding the loss of their financial director? Should this not have been communicated by now?

    • SouthernExile

      John

      For reasons nefarious, Imram Ahmad kept himself off the topco board. So nothing to report, young Stockbridge still in place. First one in, last one out, managing the retreat with the loot!

  6. SairFecht

    Carson and GlesA1 gie’in it laldy on Murdo McBill! Hey lads – can we jump ower there and play for awhile without fear of threat and intimidation?! Or izz it Bill’z baw?

  7. rab

    Something we know is known:

    There is a big story currently battling through the legal process to be allowed out into the open. AT has verified this , so we know it to be true.

    Something we know is unknown:

    Charlotte has tons of material to release, we are unsure of charlottes credentials, the reason behind the drip feed of information, the value of this information, the entire cast that could be implicated and if the information will ever be fully disclosed.

    Something we dont know is unknown: The reason for the delay in AT’s story breaking and why charlotte cannot just release everything to the relevant authorities. Possibly the work of a dark overlord, perhaps an ex successful business man of high profile, a powerful ally to say politicians and Scotlands gentlemen society of decision makers. It may well be that said puppet master has become embroiled in a murray, oops, i mean murky world of corruption and criminality and is currently calling in a few decades worth of favours in an attempt to remain out of the public eye in terms of being the orchestrator of scandal and disgrace, and at risk of losing their liberty. Is is possible that if certain favours are not forthcoming, then this individual has nothing to lose and will simply implicate many many people in various nefarious activities over the years.

    Now then, who would have this power to influence political, judicial, media and corporate bigwigs to fall into line, and suppress and delay proper justice. If, of course there is an individual behind this hypothetical scenario. Maybe wheel never know the knowns we know we dont know are unknown.

    • cam

      You really really,and i mean really need to get some professional help!

      • SouthernExile

        Hi Cam

        Do I need professional help, or can I continue p*ssing myself laughing at your increasingly desperate attempts to derail the blog?

      • rab

        I dont need to pay for it, but you knock yourself out.

      • Monti

        How was the tour of castle Dracula today Cam? Did you see the European cup? Must be getting a bit dusty in there now?

      • Ed Paisley

        What’s happening over at the McMurdo blog cam? Is it the usual vicious anti-Catholic bile and lightly veiled racism? I used to read Bill’s blog and replies but I just find them too upsetting these days. Maybe I’m just too sensitive?
        Anyway, Rab is suggesting that Alex Thomson is about to break a big story which reveals widespread criminality in the Rangers saga – to the extent that the man on the vineyard might himself lose his liberty.
        You must accept that it is gripping stuff. I can’t find any sympathy for the Rangers supporters yet but I hope it will come – I have always viewed myself as a compassionate fella.

        • cam

          Ted,i read Bill’s stuff,don’t look at the comments.I don’t go near the Celtic insane sites either.
          Had a great day out and just got in to read,well,,,,nothing.
          Just a lot of fantasies.
          Gonna go read my book,,,In Gods Name,,,lots of bad folk in that Vatican Ted.
          I like the Vatican’s comment on the book,,”Taking fantastic speculation to new levels of absurdity”,,,its still fitting for the loons in here.
          Carry on bhoys making a total arse of yourselves,,,:-)

          • SouthernExile

            Hey Cam, come and have a fight with me son.

            Not a catholic. Not a Celtic fan.

            What have you got to say to me about Scotland’s disgrace that is your club (and your mentality)?

            Speak up!

          • parmahamster

            Just getting around to reading Yallop, cam? “In God’s Name” is fairly accurate but when you’re finished with that, dig out his “How They Stole The Game” – and you’ll soon see why Ogilvie et al have heehaw to fear from UEFA or FIFA.

            • cam

              I might just do that,the guy seems thorough.Not finished yet and then i’ve to read the counter argument by Cornwell,,,but IMO,,,murder…

          • Ed Paisley

            It sounds like a good book cam – I might just order a copy from Amazon. I have an open mind on these matters. Anyway, if nothing comes of the AT rumors then I will hold my hand up, although I have to say the posters got it spot on when they claimed that Whyte was part of the Green investor group. Oh well, off to my kip now. Don’t you worry Cam – everything is tickety boo at Ibrox.

        • rab

          Ed.

          I just tried to piece together some facts and fill in some blank spaces with what i believe to be plausible scenarios. I could not verify if the fictional character ( is this enough plausible deniability paul ) from my entirely made up plot owns a vineyard or not. ๐Ÿ˜€

      • Monti

        Demon alert

    • Steven brennan

      If its who I think, he hasnt got a leg to stand on.

  8. Monti

    Watching the programme ‘ HOARDERS’ on T.V. I know someone who could shred all that paper ๐Ÿ™‚

  9. Cam , great day out on your tour of that iconic stadium ? A UEFA 5 star venue …magnificent trophy room , oak paneled walls , marble staircase , oozing class , unlike some breeeblock , three quarter finished ‘ stadiums ‘ with plastic and MDF , it’s good to know that some in our city have high standards …while others close parts of there middens due to lack of interest….we welcome the chase ..mind the gap…ghirlies.

  10. JimBhoy

    Paul writes “The press will be full of Rangers stories from now till the meeting.” Aw naw, are rangers trying to break another record here, just no fair…

  11. http://www.scribd.com/mobile/doc/141887195?width=359.

    I don’t know if this has been put up before, but it looks to me like wee Craigy had put his shares up for tender. The highest bidder, so to speak.

  12. Niall Walker

    I cannot see any positive fan reaction coming from this power struggle, Rangers fans are shell shocked and may overreact to the slightest bang.
    Reading some of the message boards there is a section of people who have just about had enough of this very public debacle, and further dirty linen being washed in public may be just rubbing more salt onto open wounds.

    The rallying call has lost its integrity and respect, some fans are tired of the abuse from within and without, my probability needle is wavering concerning the amount of season ticket sales.

    If 30,000 renew, this represents a 20% reduction at a loss of 2 million, maybe not enough to sink Rangers but it will certainly slow it down. There may be a share price fall and this may facilitate a takeover, basically whoever gets Walter Smith and Ally’s support will win.

    I very much doubt CG’s team will win in the long term, his links to CW will be used against his team and I see Dave King hovering around testing the water, he may be a businessman with a dubious past but he is a Rangers man with deeper pockets than the Easdales.

    Interesting times.

  13. Budweiser

    Paul.

    Ex- chairman Alistair Johnston, speaks of ‘ cancer spreading throughout the club ‘ ! Demands ‘ transparency’.
    http://www.dailyrecord.co.uk/sport/football/football-news/ex-rangers-chairman-alastair-johnston-warns-1893676

    ‘ Wattie is a good guy – but there is only so much he can do !’
    What a state of affairs !

  14. Wattie, Sir Cardigan of Carmyle, and his financial delinquency did more damage to the Orcs than our hero Craigy ever did.Why can’t the Zombies see this?
    I blame the schools.

  15. Ruckcroft 7

    SFA hello !are you awake?whats going on in your game?Hello ? Wake up, Hello . Hello. Silence is deafening…

  16. portpower

    Will somebody bump that record player or just give it to the ragman.
    http://blogs.channel4.com/alex-thomsons-view/rangers-luckiest-club-britain/1533

    • Niall Walker

      Good morning portpower,

      ” That key named directors at Rangers at that time: John McClelland, John Greig, David King, Ken Olverman and Martin Bain (he of the shredded contracts as revealed by C4 News) had to have known what was going on and did nothing about it. ”

      I may be wrong but both John Greig and John McClelland resigned because of a lack of accounts, Dave King was a non-executive director and Martin Bain was sacked, never heard of Ken Olverman, was he an execuitive director ?

  17. honest john

    Was bad enough for fans of the DEADCLUB with Delboy and Boycie (Craigy and Chuck) in charge…now that the Driscoll brothers are involved it’s bound to attract the attention of ‘Strathclyde’s Finest’.
    Dark clouds looming for the sons of Satan methinks.
    GBCW.

  18. MJJT

    Why do they want MM out! Is it because he wants to tell the truth about the internal investigation!! due to CW & CC
    !!! and accept what the SFA will do!!!!

  19. Leggoland boasts in his blog this morning that Imran Ahmad has sent him a personal email with a pledge to back Dave King in the ongoing bun fight.

    “I have the electronic proof,” he says. “And a copy is now stored in a safe place. In his own words, Ahmad wrote to me, ‘I have nothing to do with calling the EGM my good friend.”

    Right, which one of youse has set Leggo up, sending ficticious emails!

    Taxi for Leggo please!!!

  20. Looks like it’s only Rangers fans that go into moderation.

  21. Niall Walker

    There seems to be two trains of thought in the boardroom, not dissimilar to our current govt and opposition, one wants severe cuts now to reduce the trading deficit and the other wants to maintain services. Its a question of priorities,short term investors interest versus long term fan interest . Basically who pays for the realignment of Rangers,the fans or the investors.,and who reaps the biggest reward. I read somewhere about a dispute between MM and CG concerning cutting the MP budget in half, short term it saves 5 million per year, long term it weakens its home grown talent policy.

    The solution will probably be found somewhere in the middle, but until there is an election the direction cannot be established, Rangers must bring to an end this tug of war and then they can go forward as one unit, the road ahead is rocky enough without adding to their difficulties.

    The parallels with the recession are uncanny, it is self evident both the economies of the developed world and Scottish football must adapt to new financial restraints and an end to reckless risk taking. Like Lehman Bros, Greece etc, Rangers found out they were not too big to fail, and this applies to the whole of Scottish football. We are witnessing economic selection true to Darwinian principles of survival of the fittest, those who do not adapt to this new environment face extinction, it is evolve or die.

    If God cannot save “the people ” then its up to the people themselves.

    • gortnamona

      Yea Niall
      ” If God cannot save โ€œthe people โ€ then its up to the people themselves.”

      God helps those who help themselves.

      But I am not very hopeful. Day after day, week after week we on this forum have pointed out potential problems and pitfalls that were looming on the near horizon and all we got in return was a tsunami of scorn and abuse. Maybe at last they will listen to the wise words of Eco, Bud, Barca, Jimbhoy and Maggie before the situation passes beyond redemption.

  22. Titanic

    Is this not the equivalent of rearranging the deckchairs whilst the Titanic sinks…………………just ask’in like ?

  23. MJJT

    Jelly “n” Ice Cream

    GBNL

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