Rangers and Schrodinger’s EGM – Still the Saga Continues

Last Wednesday evening, around 6.10 pm, the following statement was released by Rangers to the Stock Exchange.

This picture did not form part of the Stock Exchange announcement

This picture did not form part of the Stock Exchange announcement

Further to the announcement on 2 September 2013, the Company confirms that the Board’s discussions have been continuing 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”).

Following recent press speculation, the Company can confirm that the Requisitioners have put forward a proposal to withdraw the Requisition based on their request for the appointment of four additional non executive directors, being John McClelland, a former Chairman of Rangers Football Club, Sandy Easdale, an existing shareholder of the Company, Paul Murray, a former director of Rangers Football Club and Frank Blin, formally of PwC.  As part of the proposal, the Requisitioners have also confirmed that, subject to the above, they are not seeking to remove any of the current Directors.

The Company confirms that discussions are continuing with the Requisitioners with regard to reaching an agreement for the withdrawal of the Requisition.  The Board considers that any decision on any proposal for the withdrawal of the Requisition would be subject to the provision by the Requisitioners of a vote of confidence and continued support for the current Directors and to all necessary regulatory approvals.

Further announcements will be made as appropriate.

A straightforward statement then –

  • Discussions are continuing;
  • Four additional directors, being two “old” ones and two new, are to be appointed;
  • If all four join the Board, no one needs to leave; and
  • All that the Rebels need to do is to give the existing Board a vote of confidence.

Reading that statement one would think that an agreement was simply waiting for pen being pout to paper, wouldn’t you, especially as this was not a press release or a piece of “spin” on the official website, but rather an announcement to the Stock Exchange.

So it came as something of a surprise (well, actually, with the history of this saga it was no surprise at all) when a statement came from Jim McColl’s “Rebels” via the Press Association the following day which disputed what Rangers International Football Club PLC had told the Stock Exchange!

“On behalf of the requisitionists we have made it clear to the Rangers board that we are proposing the additions to the board now to enable it to operate more effectively as a balanced unit in the run-up to the AGM in October.

“However we have also made it clear that, in accordance with the club’s articles of association, all directors, both existing and new, have to offer themselves up for re-election at a vote at the AGM.

“We believe that this is fair and gives all shareholders the opportunity of voting for who they want on the board.

“We agreed this position with the board on Tuesday and were therefore surprised to see the statement issued by the club on Wednesday night which seemed to suggest that any agreement was conditional on a ‘vote of confidence’ in the current board members now and on a continuing basis.

“We wish to make it clear that this is contrary to our understanding of the agreement we had with the board.

“Whilst we believe that the proposed changes will make the board more effective and balanced, it is for the shareholders to vote on the re-election of all directors at the AGM.”

So, according to the requisitionists (and note that the Board and the Rebels cannot even agree on what they should be called – is it requisitionists or requisitioners?):-

  • An agreement had been reached on Tuesday;
  • There was no mention as part of that agreement of a “vote of confidence”; and
  • The making of such a vote of confidence was not a condition of the agreement.

As Jimmy Tarbuck used to say on “Winner Takes All”:-

“We have a difference of opinion here, Geoffrey!”

The Rebel view was that there was an agreement made on Tuesday evening, yet it took until Wednesday evening for the formal announcement to be made. Why the delay?

Was it because, having had the chance to sleep on the deal, the Board decided to extract a bit more?

Was it that, despite the discussions being between intelligent people, one side managed to mis-understand what had been “agreed”?

Was it the case that the Rebels had discussed to a vote of confidence but decided not to agree to it after the meeting/negotiations?

Strangely, despite the clear “difference of opinion”, RIFC PLC has not issued any more statements regarding the matter. One would have thought that it would be a simple matter to “clarify” the misunderstanding.

Exclusive CCTV footage from the meeting between the Rangers Board and the Rebels captures the moment agreement was reached

Exclusive CCTV footage from the meeting between the Rangers Board and the Rebels captures the moment agreement was reached

Either there was an agreement or there was not. Either the agreement was conditional on a vote of confidence, or it was not.

As it stands matters are again left in limbo and the Schrodinger EGM continues its dual existence!

What fun will the coming week bring? One can hardly wait – maybe the Stock Exchange news feed for Rangers will confirm things at 7am tomorrow. As I will be on a bus at that time, I will bring my readers any news of an announcement immediately…

Here…

Soon…

Tomorrow…

(Or not)

Posted by Paul McConville

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284 Comments

Filed under Companies Act 2006, Corporate Governance, Rangers

284 responses to “Rangers and Schrodinger’s EGM – Still the Saga Continues

  1. Steerpike

    @coatbrig

    LMAO….why do you persist in making yourself look a clown ?

    ” so,you mean that two sides have a minimum of 60% each of a split vote,”

    In the sane world of voting governance there is a maximum of 100%, this makes the statement ” Since both camps represent at least 60% of the vote, ” a sane statement, and the one above insane.

    You are just getting hammered.

    • Go to bed Steerpike, your getting Strident now… Add that to BORING .. AND.. it is not nice.

      I have a wee suggestion for you .

      Now that you have fecked up on every subject you touched on, would it not be a good time to change your name… AGAIN..and go pester TSFM or some other Blog?

      Everyone here KNOWS your a FUD, It’s time to go.

  2. mick

    A see the Bloody Sunday chief. Got shot in Kenya karma lol hail hail

  3. portpower

    How many 1p share holders are left on the board?

    Invidious Consumption F.C.

    The Rhebels have won. Hail, Hail.

    sevco

  4. portpower

    Europe is Our Playground.

    sevco

  5. cam

    Looks like the police investigations into HMRC leaks and the Cha freak are rattling a few cages,hence the smoke that is being put up.
    Its not the police that are under suspicion here, and no amount of “convenient” blogs will put them off the scent,,,,, c’mon the polis,name and shame time.
    If you walk into work and you know some wee coward is gossiping about you behind your back its slappy time.

    • @gortchomhor

      Yet again your focus is on the messenger and not the message, playing the man instead of the ball.

      You should be sitting in a cupboard shaking and praying that the minutes charlotte released on Friday night are not genuine. Or that your leaders have enough to pay her off. Otherwise it’s curtains.

      • cam

        The main thing is the messenger.The reasons and motivation behind these freaks need to be exposed.The police are investigating and it look to most “experts” that laws are being broken.
        I know that the depth of hatred amongst the Celtic fans allows them to overlook that minor point as long as the main objective is attained.
        I find it quite amusing that a good majority of the Celtic posters are indistiguishable from mad Phil.
        He is a poor writer and copying his phrases is a poor show.
        If the freaks behind the Charlotte freak are so certain of their claim then get into a court and don’t muck about with private settlements.
        Go after the whole thing,seek a public apology,hammer your opponent into the ground,humiliate them by using the law of the land.

        • @gortchomhor

          If someone showed me proof that I didn’t own my house, that I was lied to by the guy who sold me it, he had no right to sell it in the first place, trust me, I wouldn’t be gunning for the guy who broke the news to me. I’d be grateful that I found out the truth and double-check everything.

          As for Spence, this is just another example of bullying by Rangers fans. Every week they mobilise against some poor soul. It’s a disgrace. During the summer it was the Gibson street market in the west end — “bend to our twisted logic or thousands of us will turn up and make life hell for you…”

          I can’t explain why because I have no real responsibility for them, but I am ashamed of Rangers fans. Thank god they aren’t in Europe making Glasgow and Scotland look bad.

          Ibrox these days is like a scene from World War Z.

          • willy wonka

            @Gonorrhea, “mobilise” ? Are you being serious here ?
            Have you seen who’s crawled out from under their rocks to “support” Spence?
            Ten-names, Muirhead, CQN, and the rest have all had their say.

          • cam

            If i bought a property from someone and then a previous “owner” who is under police investigation used a mysterious third party(allegedly) to cast doubt on the legitimacy of my purchase i would contact the authorities and assist them in the investigations into the previous owner.
            Spence is an employee of an organisation whose internal monitor supplied guidelines.Spence reportedly for his own reasons stepped outside those guidelines.
            Some Rangers fans used the complaints proceedure,Rangers lawyers contacted the BBC and an apology was given.
            Bullying?,,,where?
            A legal march with no kettling required and a perfectly legitimate decision not to attend a football match.That has been the extent of Rangers fans pillaging and marauding through the streets as once mooted by the fluffiest drama queen ever to clatter crap on the internet,,,Eco.
            No windows smashed,no individuals assaulted,,,we’ll just leave that to the fans of a club that can’t handle defeat.

  6. cam

    How simply spiffing to see how the “friends” of one of the boys gather round to help a wayward ally.
    http://www.heraldscotland.com/news/home-news/purcell-to-give-talk-on-beating-stress.22092137

    Matheson,Purcell,MacAveety,Mosson,,,quality ,,,pure quality.

  7. cam

    Snoozy time for me,and as i dream of the Glasgow Rangers,it fills my heart with pride to know that my famous club occupies the minds of the Celtic minded lawyers,tax experts,insolvency experts and the loonballs who obsess over us night and day.
    zzzzzzzzz

    BTW,i see Mr Peter Kearney is unavailable for comment yet again.Be a good chap Creggy and go check on that fella,i’m concerned about him.
    If you’re a good wee bhoy i might take it easy on you,,,, boy!

  8. “the financial collapse of the holding company running Rangers”, Lmao and there was me thinking that The Rangers FC Group Ltd (formerly Wavetower) was still alive. It really amazes how much these peepul tie themselves in knots with their lies.

  9. Raymilland

    Who are these ‘people’?

    http://www.bbc.co.uk/bbctrust/who_we_are/audience_councils/scotland/whos_who.html
    ===========================================================
    THE BBC has apologised after receiving over 400 complaints about BBC Scotland presenter Jim Spence who referred to Rangers as “the old club that died”.
    ===========================================================
    Freedom of speech?

    Save Our Spencey!

  10. hector

    @cam you lot never learn shoot the messenger then stick your head in the sand.Still in that position it is easier for the next set of spivs that get their hands on your toxic little club to screw you again.

  11. Pingback: Schrodinger’s EGM – Still No Decision By Rangers | Random Thoughts Re Scots Law by Paul McConville

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