Why Did Rangers Change its NOMAD? (Well Spotted by Phil Mac Giolla Bhain!)

On 9th July Rangers International Football Club PLC announced the following to the Stock Exchange:-

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Is it a coincidence that Cenkos have been replaced by Strand Hanson at the very time when Malcolm Murray and Phil Cartmell lose their seats on the board and Mr Easdale takes over?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


Filed under Charles Green, Rangers

35 responses to “Why Did Rangers Change its NOMAD? (Well Spotted by Phil Mac Giolla Bhain!)

  1. mick

    Hi Paul a know why because the nomad at float was full of integrity and honest now there has been 6 month of spivvery they want out due to asking questions about the monies in and out lol what a great day for bampottery via this read and newtz over at Tsfm with the raf lowdown it’s a revival for admin2 lol hail hail Oh forgot to add a less reputable nomad is easier to bully

  2. An excellent post as always, Paul.

    But….’dubiety’? Deary me, whatever happened to good, old-fashioned ‘doubt’? 🙂

  3. Ed Pàislig

    Kudos to Phil Mac Giolla Bhain. Yet again Mr Mac Giolla Bhain gets it right. That is why he is the number one hate figure amongst the Volk. What’dya think aboot that Willy Wonka? Sorry – you’re on holiday in Florida, I forgot!

    • Ed Pàislig

      You’re right Mick – Cenkos see a sinking ship and don’t want to be tarred by the Sevco loving media in Scotland. Strand Hanson have taken on the role of NOMAD as a professional courtesy to Cenkos. That’s what auditors do when a relationship with your client has broken down completely. The outgoing auditor writes to the new auditor explaining if there are material matters of dispute or disagreement or concern. I wonder what Cenkos have said to Strand Hanson. Strand Hanson might take a firmer view with Sevco and their board. It is all very educative and interesting.

      • mick

        hi ed its economic dramas at top level with raf and whyte lurking in the back ground and Malcolm shouting transparency lol there is devo something big about to drop and all this is minus the bleeding of 1mil a month div2 income spl set up and wages so its going to be fun ahead lol although a do feel sad for people that will lose out agian the sfa are scum letting this happen to our game

      • Budweiser

        Ed. — Or maybe cenkos were tired of waiting to be paid lol.

  4. Guillermo

    It’s time to bring Walter or Jabba on board to sort this mess out. I’m sure a search party could be organised to find their whereabouts.

  5. There is no doubt that there is an ongoing power struggle going on at Rustyroof Stadium.
    Could it be that it is Cenkos who have cut the ties.
    The new Nomad appointment suggests that prior to the split, Sevco were aware a new Nomad needed to be put in place.
    I would say that each fighting faction had their own favoured Nomad in the sidelines, is a distinct possibility.
    The haste with which the Nomad switcheroo took place, suggests both (Daniel Steward & Strand Hanson)had undertaken some preparation for their new role.
    The eventual appointee, being decided by the winner of the latest boardroom bitch fest.

  6. wastrel

    We’ve been promised clarity etc by every last person to be associated with Sevco (2012) but, to be honest, this has to be the murkiest, shadiest debacle I’ve ever witnessed!

  7. Monti

    Have the creditors been contacted with a clear,concise & structured offer of payment yet?

  8. mick

    Police officer charged over smashing Celtic Park toilets

    A police officer has appeared in court charged with smashing up the toilets in Celtic Park at an Old Firm game.

    Samuel Johnstone, 28, allegedly carried out the offence and a sectarian breach of the peace at the ground on 29 April 2012.

    He made no plea or declaration when he appeared at Glasgow Sheriff Court and was granted bail with the special condition not to enter Celtic Park.

    Johnstone is expected to return to court at a later date.

    A Police Scotland spokesperson confirmed that the officer has been suspended from his post.

    The match was the last Old Firm game of the season before Rangers were relegated to the third division.

    taken from bbc scotland

    hope he gets 12 month a could never imagine going to an away ground and breaking something this is shocking and is further proof that celtic and there fans do have a strong case of institutional bias towards them remember the focus chap termite Facebook comment then this sad and needs investigated ,the thing that springs to mind is the met and there push to rid its force of racists bulling black lads now the met accept it happens and strives to stop it so what are police Scotland doing to eradicate sectarianism in its force ????

  9. mick


    great comments on comments section must read newtz mentioned to

  10. mick

    listen to the vid there well mental and is the day the copper smached toilet see if you can spot the copper lol haha

    • JimBhoy

      @Mick it must just have been the small minority of fans singing their vile and wrecking the place, the police in the picture must have been otherwise engaged to have missed that minority…Much like that small minority at the Queens park game or Berwick last season…

      There was a poll on a popular rangers site this week asking if they should keep ‘Fenian Blood’ in the Billy boys or change it to ‘rebel blood’ or other options… Sad, really sad…!!

  11. mick

    this lot are scum and need shut down the hatred from them is sickening coming whyte and raf sort them out

  12. mick

    hi jim they can debate what they sing all they like will they even be left with a club once the spiv exit strategy is put in place soon lol karma lol


  13. portpower

    Statues of Green,Whyte and now Rizvi shall be erected outside IOUbrox.
    Pity it wasn`t Rafat Gold. Oh well beggars can’t be choosers.

  14. Monti

    12.5 Million pounds in the kitty from the sale of big Victor Wanyama!
    How many pies could that buy McCoist?

    Celtic are untouchable domestically…are you listening Huns?
    Give up,roll over & admit defeat,because it is over, liquidation confirmed that!
    Graffiti on the wall….

  15. 125 years of unbroken history.
    The Greatest Footballing club in Scotland EVER!
    The pride of Scotland.
    The BRIGHTEST STAR of All Football shirts above the famous Celtic crest.

    Dead Rangers getting deader by the day.
    Scotland’s shame.
    What a contrast.
    Hal, hail.

    • mick

      Glasgow’s green and whyte hail hail every1 sevco are dying slowly right in front of our eyes lol

      • mick

        The sale of vic is a massive boost to our back room system not money wise but as a proven route for young talent to gain entry to epl teams so it’s a win win and frees up cash for charity’s to that benifits from Celtic so it’s a real good factor knowing that all the kids in Glasgow will continue to get access to the stadium for healthy living promotion and learn skill building both my kids have had great access and been on lots of school trips to the stadium to meet the Players and learn about life although we only see the soccer Celtic is buzzy in other areas helping the community’s and promoting health and well being well done to Celtic and long may the big money pour In

  16. Pingback: So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus? | Random Thoughts Re Scots Law by Paul McConville

  17. mcfc

    Still no picture of Mr Easdale – did MM walk away with the only jacket and tie ?


  18. Fra

    It gets more painful for the hordes every passing day. Here’s one Bhoy who won’t be happy till they are gone with their tainted titles. Dead and buried. Sell the lot, settle all the debts and leave with a dignified slither.

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