Sandy Easdale’s Grip on Rangers Tightens – But When Did the PLC Know?

Sandy Easdale (one of the brothers behind the very successful McGill’s bus company) has been very active regarding Rangers over the last few days.

Only last week it was announced, just before Rangers kicked off, that he had been appointed to the Board of the former Sevco Scotland Ltd, now The Rangers Football Club Limited. I wrote about that here.

This week has seen four separate Stock Exchange announcements regarding Mr Easdale.

One related to his acquisition of over 2 million shares, giving him a personal holding of 2,842,957 shares in Rangers Intergalactic Football Club PLC, or 4.37% of the issued share capital.

Separately there were three announcements regarding his acquisition of voting rights.

One stated that he now held the voting rights of Blue Pitch Holdings for all of its 4,000,000 shares in the PLC; another that he also now held the voting rights to the 2,400,000 shares of the Margarita Funds Holding Trust; and the third gave his overall voting rights position.

According to that third announcement, taking account of the two specifics mentioned above, he actually now has control of the voting rights of 12,641,338 shares in the PLC – 19.42% of the company.

When combined with his own shareholding he has control of 23.79% of the votes at the AGM to come soon.

Why hand over the voting rights to shares?

Sometimes the shareholder cannot attend a meeting but appoints a proxy they can trust. Sometimes the shareholder is not really bothered what happens at the company and is willing to hand over the rights to someone who is.

Sometimes the shareholder wants to concentrate as much power as possible in the hands of one person or body, with a view to them being able to show strong leadership and to take the PLC in a particular direction.

One thing which is certain is that there must be in this instance some commonality of interest between Mr Easdale and Blue Pitch and Margarita.

As these investors were, we have been told, brought to Rangers as a result of Mr Green’s connections and Mr Ahmad’s business acumen, one suspects that Sandy Easdale must be seen as rather more in the camp of the existing Board rather than that of the “Rangers Rebels”.

Why is the timing of all this interesting?

According to the announcements the PLC was notified of the changes in shareholding and voting rights on 17th and 19th September respectively. The acquisitions etc however took place on the 10th September. At least officially the PLC did not know about them until nine days had gone past, during which time Mr Easdale had been appointed to the “football board”.

Did the PLC know at the time Mr Easdale was appointed to the Board that he had acquired voting rights to almost one-quarter of the PLC? Clearly not, because the Stock Exchange announcements make clear that the PLC was not advised until 19th September. (There is no suggestion that any legal or Stock Exchange rules have been broken by Rangers or Mr Easdale – this relates instead the internal Ibrox machinations.)

Why did Mr Easdale not think it was necessary to tell the PLC earlier, especially as he was being appointed to the “football board” in between times?

Would he have been appointed to the “football board” if his increased grip on the PLC was known?

And why, one might ask, is such a successful businessman, as he undoubtedly is, who now has such a large stake in shares and voting rights, not on the PLC Board, along with his brother?

Posted by Paul McConville

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260 Comments

Filed under Rangers

260 responses to “Sandy Easdale’s Grip on Rangers Tightens – But When Did the PLC Know?

  1. Fra

    At long last, the bears are cottoning on to the rape of their club by spivs and sharks. They are not blaming it on Peter Lawwell but are actually having a look at the enemy within. The penny is dropping at long last.

    So, will all decent minded fans of that club now stand up, accept there was skulduggery and join your band of ever increasing numbers to help your club as opposed to coming on here and spouting your deflections.

    Niall, I would assume your job is over and the tide has turned. Your methods have mellowed in the last few days but I wouldn’t be so unkind as to call it a retreat, maybe a light has gone on and the day of reckoning isn’t far away.

    I urge all decent bears to go forth and save your club for this maybe the last chance. Don’t say you weren’t warned.

    • portpower

      @sevco.
      If you ask Mr. Lawwell genuinely he might be able to help youse form another new club? There`s a reason he`s within the SFA. The rest that are the problem will walk away with heavy pockets. Time to start a new sevcoII? Get up. You soft cocks.

      sevco

    • Brother Louis

      It seems so obvious that the only people really interested in the secvo cluster of companies are spivs, charlatans, carpet baggers and neer-do-wells who just want to milk the cow for as long as they can get away with it – it seems so obvious yet brother bear even now has hardly woken up to the fact. Just look at them – leader of the pack CG with his bombast (a long list of failed companies and investors losing money hand over fist), Dave King (tax fraudster), The Easdales (VAT fraud) – no honest businessman wants anything to do with them. The nearest thing to a respectable businessman was that Miller chap – he sent his guys in to do due dilligence then turned tail and fled (helped on his way by a barrage of insults and threats). No actual movers and shakers want to touch them but all the hustlers are there like flies round sh*t. And what is telling in this current boardroom feud is that the ‘good guys’ don’t actually want to put their own money anywhere near the thing (with good reason no doubt) – yet they want to control it and ‘save’ the club (from itself).

      • Lex McClean

        There has always been as much guilt as gilt in the Rangers boardroom.This is nothing new maybe just exaggerated a bit now, Bill Struth got treated poorly just as Jock Stein was. I even remember when Rangers just needed a home win against Aberdeen to win the league and some idiot director decided to make them play in Orange, the fans( at least in the stands where I was) booed them on and the players throw the game.

        But the reality is the business model of keeping a Scottish team with only gate money and almost no TV, sponsorship or merchandising money at the top level just doesn’t add up.

        Not even a Matt Busby, Jock Stein, Bill Shankly or Alex Ferguson could make it work nowadays.

        What we have at Rangers is just a side show to the real problem. And no serious businessman is interested.
        Unless Rangers have a plan to monetize all this off the pitch entertainment they have created we are just bouncing from one unpaid bill to another.

        And Celtic? Lennon sees the writing on the wall and wants out ASAP, he is doing everything to make himself attractive to a big club somewhere else, he is even learning English I hear. But who can blame him.

  2. portpower

    Simples sevco

    sevco

  3. Monti

    ” WOOF WOOF” 🙂

  4. Monti

    Big Live game for the unwashed today!
    AHAHAHAHAHAHA!
    THINK I’LL GO TO IKEA TODAY 🙂
    Same club tho… :/

  5. Iain Mcg

    @ gortnamora @6.23
    You have no idea how much I love that song. Especially when some ignoramuses assume it’s an Irish song as the subject is “young Willie McBride”.
    As you will no doubt be aware, it is the work of Eric Bogle, of the Scottish Borders, and just one of many fine songs by him. Thanks to you for showcasing it and thanks to Eric for writing it.

    • mick

      Goodmorning every1 will sevco do the banning statement today for leggo and and chris graham botoxlips and big mark Dingwall if true and happens what a buzz

      Is true the was sfa meet sat.to discuss the death of sevco lol ? Yes it is there dying lol

  6. Ben McGinlay

    http://youtu.be/KK_0dzhLBio. Nice relaxing Sunday morning music…..

  7. Monti

    Noticed Sone Aluko ‘Bless’ himself after scoring for Hull against Newcastle.
    Can anyone confirm if he blessed himself on the pitch during his time at Ibrox?
    Nobody on MOTD spoke of this DELIBERATE act of BIGOTRY & INCITEMENT!
    THE FA said ALUKO was fine as he didn’t bless himself AGGRESSIVELY! 🙂

    SCOTLAND THE LAND OF THE FREE?
    WHOEVER TOLD YOU THAT IS YOUR ENEMY!

  8. mick

    good morning fra 🙂

  9. Wasp

    Could anyone clarify why certain players do bless themselves after scoring. I have always been unsure as to the reasons they do it.
    Cheers.

    • dan

      Wasp, it’s a Tim thing. ‘Goes on all over the world. Except for a backwater down Govan way. Well done to the Morton by the way. ‘Guess the League cup’s not for us for another year.

  10. Pingback: Sandy Easdale’s Grip on Rangers Tightens – But When Did the PLC Know? - Speymouth

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