Rangers International Football Club plc
(“Rangers” or the “Company”)
Appointment of NOMAD and Broker
Rangers is pleased to announce that Strand Hanson Limited has been appointed as Nominated Adviser and Broker to the Company with immediate effect.
That came at 11.12 am on 9th July.
It was the second announcement of the day, the first being at 7.00 am. However that one was issued with Cenkos Securities listed as Nominated Adviser (NOMAD). The first announcement was in connection with the boardroom changes and although it was almost certainly prepared on the 7th or 8th July, it was still a very quick change. After all, there were only four hours and eleven minutes to make enquiries of the first NOMAD!
I am sure there was no significance in the earlier announcement being sub-headed (“Rangers”, the “Company” or “Club”) whereas the later one did not mention the “Club”.
On the AIM the NOMAD has a vital role. In fact a company cannot have its shares traded on the AIM if they do not have a NOMAD in place. The point of this is partly to remove some of the regulatory burden from the Stock Exchange itself, as the NOMAD has a dual role of advising its client whilst at the same time doing its utmost to ensure the rules are followed.
So why would a company change NOMAD?
1 The NOMAD sacked the client.
2 The client sacked the NOMAD.
3 The client and NOMAD agree to go separate ways.
4 A new NOMAD offers a better service.
5 A new NOMAD offers a cheaper service.
6 The people in the client who chose the NOMAD lose their places or their influence.
This list is, to quote many lawyers, illustrative and not exhaustive!
Is it a coincidence that Cenkos have been replaced by Strand Hanson at the very time when Malcolm Murray and Phil Cartmell lose their seats on the board and Mr Easdale takes over?
As Murray was seen as being in opposition to Charles Green, who despite his departure still seems to be exercising influence, is it the case that Cenkos and the Green camp no longer saw eye-to eye?
In the nature of these things neither the former NOMAD nor the client goes out of its way to spell out reasons for the change.
And, as a result of the changes, it seems unlikely that there will need to be an EGM, in which case I would be unable to ask some searching questions (my possible attendance being thanks to the assistance of a helpful shareholder who would have appointed me as proxy).
The new NOMAD, it must be made clear, is a highly professional and respected organisation – there is no suggestion that there is anything wrong with them – no implication of it being a fly-by-night group of “yes men”. Indeed, it is quite the reverse. A company cannot provide NOMAD services where there is any dubiety about their good faith and professionalism.
Indeed it is the presence of the NOMAD which provides the best evidence that some of the wilder theories about what machinations might be taking place at Ibrox are ill-founded.
Maybe Mr Green, businessman of the year, might come back and make some comments on this? He seems to be the only person likely to take the chance to spill the beans!
And why mention Phil Mac Giolla Bhain in the headline?
On 7th July he wrote that Cenkos were on their way out as Rangers’ NOMAD. I have not seen any mention of that change before his article. Once again Phil shows that he has excellent sources!
There is still much about the new situation at Ibrox to be written about, and, time permitting, I will do so. I also have a guest post by Alex to post too, when I get the chance to read it!
Posted by Paul McConville