The saga of the Rangers International Football Club PLC EGM continues!
At 1pm today Rangers made the following announcement to the Stock Exchange:-
Further to the announcements on 22 and 28 August 2013, the Company confirms that the Board’s discussions have continued with representatives of the group who requisitioned (together the “Requisitioners”) a general meeting to consider the proposed resolutions (“Requisition”) detailed in the announcement on 2 August 2013 (“General Meeting”).
The Company had requested the Requisitioners to authenticate the Requisition in accordance with section 303 of the Companies Act 2006 by providing evidence of the shares held by the Requisitioners and the validity of signatures on the Requisition. The Board has now received authentication for one of the Requisitioners, being Chase Nominees Limited a/c Artemis (“Artemis”) who hold 5 per cent. or more of the issued share capital and voting rights of the Company. No authentication has been provided for the purported shareholdings of the other Requisitioners. The Board confirms the validity of the Requisition on the basis of the authentication provided by Artemis.
Progress has been made to agree a basis upon which the business of the General Meeting would be included in the Annual General Meeting of the Company, which is expected to be held in October 2013. The Board wishes to reach agreement for the withdrawal of the Requisition without delay but in the meantime has secured a further extension to the written commitment from the Requisitioners to withdraw the Requisition pending agreement being reached as stated above. If no agreement is reached by the close of business on 9 September 2013, the Board will be required to send notice to shareholders by no later than 13 September 2013 to convene the General Meeting.
Further announcements will be made as appropriate.
Is it just me who funds all of this a bit odd?
The meeting was requisitioned some weeks ago. Only now, it appears, was the entitlement of the “shareholders” to make that requisition questioned. Either the requisitioners were shareholders, or they were not.
In any event, the Board have acknowledged that the meeting has been requisitioned correctly – in that case, why bother going on about the checks on the validity of shareholdings?
Bizarrely, at the rate things are going, the EGM will take place AFTER the AGM!
Is this statement, and especially the reference to doubt about certain people and their shareholdings part of the PR war in which it is being said that Mr McColl and others have no shares, or a handful, or four or whatever between them?
After all, goes the unspoken message, if they have not bought shares, can they be “Real Rangers Men”?
In the battle for the hearts and minds of the Rangers support anyway Mr Mather does have one big advantage in that he can say that he invested his money in Rangers. A new arrival on the scene buying shares on the Stock Exchange, in contrast, will be giving their cash to the shareholder selling the shares.
Mr Mather gave a long and interesting interview to the Herald’s Hugh McDonald a few days ago. I am poised to offer some thoughts on it, but that will be for tomorrow (or Wednesday).
Posted by Paul McConville