This morning brought the latest official update on the extraordinary saga of the Rangers Intergalactic Football Club PLC Extraordinary General Meeting. You will recall this was the one about which agreement had been reached, but then the Board and the Rebels could not agree on what that agreement actually was!
Today’s announcement reads:-
Further to the announcement on 4 September 2013, the Company confirms that whilst 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 Board is disappointed to announce that no agreement has been reached.
Unless an agreement can be reached prior to 13 September 2013, as set out in the announcement on 2 September 2013, the Company will be required to send a notice to shareholders to convene the General Meeting by no later than 13 September 2013.
So, the “agreement” before was not an agreement. That suggests that Mr McColl and his Rebels were accurate and that the Board was less so, although no reflection of that comes from the statement.
And you will note the reference to the 2nd September announcement regarding timing. The relevant part of that said:-
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.
The deadline for agreement has now extended from close of business yesterday until “before 13th September”. If the Rebels and the Board do not reach an accord by then, some lucky printing company is going to be very busy on Friday!
The downside to having such a successful share issue, with so many thousands of loyal fans buying a few shares (or even lots of shares) is that there are lots of shareholders – and each and every one needs to be notified of a General Meeting.
One can envisage the office junior at Ibrox being sent off to the Post Office on Friday morning for an order of envelopes, a packet of tea bags and, don’t forget, 25,000 first class stamps!
What seems most bizarre (amongst all of the bizarre things relating to this EGM requisition) is that it appeared that the agreement was to roll up the EGM into the AGM. If saving money was the most important aspect of this, as the Board has made clear, then, at the very worst, allow the motion about the removal of directors and the addition of others be dealt with at the AGM. After all, what better forum for dealing with who is or should be on the Board than the AGM, complete with accounts!
The Board, it appears, are desperate to keep the issue away from an AGM. Why?
The whole thing is a mess, and getting even more ridiculous by the day.
I’m loving it!
Posted by Paul McConville