This morning saw two announcements from the Board of RIFC PLC to the Stock Exchange.
The first reads:-
Rangers announces that it was notified on 19 August 2013 that Imran Ahmad no longer has a notifiable interest in the Company’s issued share capital.
So Mr Ahmad has sold his shareholding (or at least a significant part of it). These shares were purchased by Laxey Partners – who are building a significant stake in the PLC.
The sale of 2 million shares last week was at the market price of just over 40p each. Maybe Mr Ahmad wanted to liquidate his holding to fund his threatened court action against Rangers/RIFC PLC?
Or maybe, as I understand that Mr Ahmad was one of the people who acquired his shares for a penny each, he feels that a profit of nearly £800,000 together with his salary for almost a year amounts to appropriate “compensation” for his time.
Will he ever take court action against Rangers?
I doubt it.
The second announcement concerned the requisition of an EGM. It read:-
Further to the announcement of 2 August 2013, the Board is holding discussions with representatives of the requisitioners with the aim of avoiding the need for a general meeting, at this time, and the associated unnecessary cost and disruption to the Company. The Board’s aim remains finding a solution to achieve stability and unity amongst all stakeholders for the benefit of the Club.
The Board is actively seeking a new Chairman and the Directors will also consider other additions to the Board in order to ensure board efficacy at all times. As such, the Directors have an open mind about the proposed resolution from the requisitioners to appoint Frank Blin but believe that the other proposed resolutions are not in the best of interest of the Company and shareholders as a whole.
Further announcements will be made as appropriate in due course.
The second paragraph broadly repeats a section of the Board statement on the Rangers website yesterday and consists of what an acquaintance of mine, who is very successful in his line of business, would refer to as “corporate bollocks”!
It is also interesting that, whilst looking to establish “unity” the Board position is that Paul Murray is NOT wanted. I wonder how that will be received by the “Rangers Rebels”?
Posted by Paul McConville
PS – Some folk on Twitter wondered if something nefarious had happened to a post of mine last night, as it seemed to have vanished. The explanation? My technical ineptitude! It was not due to be put on the site as I needed to review and revise, but I hit “publish” by mistake.
It will appear later today (but don’t worry – it is not some earth-shattering revelation, but rather a comment on how statements are “spun” depending on the audience to whom they are directed).