Rangers International Football Club PLC (RIFC) made the following announcement yesterday:-
Rangers International Football Club plc
(“Rangers”, the “Company” or “Club”)
Share Transfer Agreement
The Company announces that under an agreement entered into by Charles Green, the former CEO of the Company, with Laxey Partners Ltd (“Laxey”) on 19 October 2012, Mr Green has agreed to transfer 714,285 shares owned by him to Laxey, once free to effect a transfer. Under the terms of the lock-in agreement entered into by Mr Green with the Company on 7 December 2012, Mr Green is prevented from transferring shares before 7 December 2013, without the consent of Cenkos Securities plc other than in limited circumstances such as to connected persons, a family trust or in the event of a takeover of the Company.
Further to the announcement on 19 April 2013, Mr Green left the Company on 31 May 2013.
Companies House records now show that on 4th June termination of Mr Green’s appointments as directors of The Rangers Football Club Ltd (formerly Sevco Scotland Ltd) and RIFC was recorded.
RIFC has also, over recent weeks, taken steps to tidy up the various subsidiary companies which had sprouted over the years from the Ibrox soil by having them dissolved.
So, farewell too to:-
- Rangers.co.uk Limited
- Rangers Media Investments Ltd
- Rangers Matchday Services Ltd
- The Rangers Shop Limited
- Rangers Financial Services Ltd
However, at least according to Companies House records (which can be a couple of days or longer behind depending on when changes are reported) Mr Green still seems to have some Rangers connections.
For example, Rangers Retail Ltd, set up to be the joint venture between Rangers and Mike Ashley’s Sports Direct, still lists Messrs Green and Stockbridge as Directors.
And we also have Garrion Security Services Ltd. This was formed in September 2012 and its name was changed to Garrion in November. The original name? Rangers Security Services Ltd. The directors? Messrs Stockbridge and Green.
Who could possibly have predicted that, soon after a successful share issue, Mr Green would leave the newly floated company?
After all, he talked about not leaving till the Champions League theme was played at Ibrox, and he spoke about being there for the long haul, and of having his grandchildren come to the games.
Well, Ecojon here was pretty spot on in suggesting that Mr Green’s track record of PLC involvement demonstrated that, whilst he might well be a great wheeler-dealer and salesman (and candidate for “Businessman of the Year”) he was NOT someone who had a history of hanging around after the flotations take place and the cash is in.
And that is not to cast aspersions on him – in fact, if one was cynical, one would suggest that he was never intended to be at Rangers for a long time – instead he was to be a front for the flotation, being able to speak out brashly and boldly, confronting the football authorities and rallying the Rangers faithful behind him, so that they would buy season tickets and then shares.
In fact, if one was really cynical, one would see his resignation as having been engineered with his acquiescence, as, after all, has he not been “cleared” of any wrongdoing by the Pinsent Masons investigation? (Not from what the announcement actually said of course)!
So why has he gone? Such a dynamic and inspiring businessman would surely be an asset to the Board? Why did no one ask him to return triumphant? Unless the plan always was for there to be some excuse allowing him to exit stage left at a suitable time.
But that would be overly cynical, wouldn’t it?
I will post later about the share sale announcement, which itself seems slightly odd, but for now, let us all remember the greatest hits of Charles Green and Rangers – the Dallas Cowboys, Manchester United and the “most financially stable football club in Britain”!
All the best Charlie in whatever you do next! And if you are going to be involved in another PLC flotation, let us all know so we can get our bets laid about how long you will stay as CEO for!
Posted by Paul McConville