James Easdale, the recently appointed non-executive director of Rangers International Football Club PLC (the company which owns the company which owns the assets and business which make up Rangers Football Club) is a very successful Scottish businessman and entrepreneur. He has a wide experience in business, having served as director of a large number of limited companies.
As required by Stock Exchange Rules, his appointment to the PLC Board was accompanied by an official statement.
However he has also achieved an additional position within the “Blue Room” at Ibrox, which could conflict with his non-executive role.
Remember Sevco Scotland Ltd? That was the vehicle through which Mr Green and his associates acquired Rangers. It changed its name to The Rangers Football Club Limited.
The history of its directors is interesting. This was the company which had acquired the assets and business which make up Rangers Football Club, and retains primary ownership of those assets today.
It is owned 100% by RIFC PLC, but the directors of the two entities are not identical.
When Sevco Scotland Ltd formed, there was one director – Charles Green.
On 29th June 2012 Brian Stockbridge, Imran Ahmad and Malcolm Murray were added to the board.
Mr Murray’s appointment terminated in December 2012, after he was appointed as Chairman of the PLC. This is not an uncommon procedure, leaving him free to concentrate on his non-executive role in the PLC without this being, potentially, compromised by his role in the subsidiary.
Mr Ahmad lost his position on the board in May 2013, and Mr Green followed shortly thereafter, leaving Mr Stockbridge as the sole director.
The new CEO, Craig Mather, was appointed to the Board in June 2013.
Now Mr Easdale has joined Messrs Stockbridge and Mather, his appointment being recorded by Companies House on 11th July.
Whilst the announcement of his role as a director of the PLC listed companies of which he was a director, clearly his appointment to the private limited company Board must have come after that, as it was not mentioned.
I have also not seen, whether on the Rangers site, or on the Stock Exchange news wire, any report of this appointment. (There is no obligation for such an appointment to be announced, although in view of the possible conflict with his non-executive PLC role one would have thought it prudent to report it.)
But as a man of great company experience, I am sure that he will assist the other board members in fulfilling all of the annoying regulations.
The Companies House website today shows that the Annual Return for The Rangers Football Club Limited (formerly Sevco Scotland Ltd) is overdue, having been expected by Companies House by 26th June 2013, as shown in the extract below.
Accounting Reference Date: 30/06
Last Accounts Made Up To: (NO ACCOUNTS FILED)
Next Accounts Due: 28/02/2014
Last Return Made Up To:
Next Return Due: 26/06/2013 OVERDUE
Remember all of the shenanigans that poor Mr Whyte had to undergo as a result of paperwork being submitted late, or incorrectly?
Let’s hope that Mr Easdale’s expertise and experience can come together to avoid any more embarrassing regulatory lapses by the company which owns Rangers!
Posted by Paul McConville