Rangers Forced to Confirm Dave King is NOT Returning Now as PLC Chairman

One of the joys of being a professional adviser, whether in law, PR, Human Resources or the affairs of a publicly quoted company, is finding out what your client has decided to do without first asking for help. A friend of mine who worked for a major company delivering employment law advice to a wide range of employers, ranging from small firms to large PLCs, told me that 90% of her work involved clients phoning and the conversation going as follows:-

Client – Here is a situation we have. We have already done x. What should we do now?

Adviser – You should not have done x. As a result it will be far harder to resolve your problem. You have just made things worse.  For future reference, maybe you should ask your adviser before you decide to do something?

One wonders if a similar discussion has taken place between Rangers and their Nominated Adviser over the weekend?

On Saturday, to the delight of the massed ranks of loyal Rangers fans, Craig Mather and Dave King revealed that Mr King was returning to the Board as Chairman. RIFC PLC has been without a chairman for several months now and Mr King’s return was looking as if it might heal the rifts between the existing Board and the Rebels.

And now we come to today…

Another day another stock market announcement from RIFC. Today’s suggests that even if Mr Mather took PR advice, either from the in-house communications department or outside advisers, he didn’t check with their NOMAD.

But after all, why should one need the NOMAD’s advice when announcing that the PLC will have a new chairman who will be making a substantial investment and who is going to lead a new round of fund-raising, even though there is no need for an IMMEDIATE cash injection? How could that be at all described as market-sensitive and require a Stock Exchange announcement?

The preamble read to today’s announcement reads:

The Board of RIFC notes recent and misleading speculation in relation to David King, a former director of Rangers Football Club.  On Saturday 12th October RIFC published statements on its web site from David King and Craig Mather in order to prevent the escalation of false rumours.  RIFC was advised by its Nominated Adviser that there were regulatory implications arising from these statements, and accordingly an amendment was subsequently made.  The full text of those amended statements is set out below.

You can read the full amended statements here.

Oops.

In the rush to get out the good news of the return of Dave King the CEO managed not to consider that news of a new chairman bringing possible new investment and leading further fundraising, though not for immediate needs, could be market sensitive. It couldn’t be, could it, that the desire was to get this news out to thwart the Rebel court application due to be heard later today, or at least to help the Board in the PR battle?

It is bad enough that the statement starts with that public recognition of the error in how the news was released on Saturday.

But even worse and tucked away at the foot of the announcement comes the real sting.

At the insistence of our Nominated Adviser, the Board needs to make it clear, for regulatory reasons, that the Board of directors referred to above is The Rangers Football Club Limited, the wholly owned subsidiary of The Rangers International Football Club PLC.  Although we welcome the support of Dave King, no decision has been made to appoint him as a Director. There are regulatory matters which would need to be resolved prior to any such appointment. The Directors also expect that in the medium term future, possibly coinciding with the return to top league football in Scotland, it may be in the best interests of the Company to raise further capital. However, there is no requirement for short term funding, and as such neither the Company nor RIFC are actively seeking finance. Nonetheless, we are committed to exploring a future involvement by Mr King in the Club.

Yes. Mr King is not returning, at present, to the PLC but (possibly) to the “football board” – the former Sevco Scotland Ltd!

How could anyone have got the impression that anything else was meant. After all, in the original statement Mr Mather referred to Mr King working wiith the Board, and listed those on the PLC Board. Mr King referred to further find-raising. This was obviously NOT a reference to the share IPO for the PLC but to the private fund-raising which went on for Sevco Scotland Ltd before the PLC ever came into being. And as for Mr King depending on the shareholders supporting him – well the only shareholder in The Rangers Football Club Ltd is RIFC PLC!

I have no doubt that the plan is for Mr King to come back as chairman of the PLC as soon as it can be managed. However this fiasco has demonstrated once again that, when it comes to running a PLC, the Directors of Rangers International Football Club PLC have not grasped every one of the fundamentals.

And now to await today’s court hearing …

It never ends, does it!

Posted by Paul McConville

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281 Comments

Filed under Rangers

281 responses to “Rangers Forced to Confirm Dave King is NOT Returning Now as PLC Chairman

  1. Ed Paisley

    Little Red Riding Niall
    Picture the old folks care home where they are about to give Niall’s old Ma her lunch. “My, Mrs Walker, what big teeth you have. My, Mrs Walker what big sideboards you have”. Care assistant pulls the bedclothes down “Phone the police matron, Niall is trying to snatch his Ma’s food again”.

  2. JimBhoy

    I don’t really care either way, I have heard split comments from many rangers fans too… So the real question is… What’s the best verdict for the rangers haters? What decision will best keep the daily entertainment flowing from the big top in the big house??

    • hector

      @jb a draw sounds good to me .The longer they are kicking 7 bells out of each other the higher the legal bills and the faster the cash runs out.Wonder what a QC and hangers on costs per hour?

      • Rufus Catenian

        A QC (Advocate in Scotland) charges a minimum of almost £4,000 (including VAT) to appear in court. An hour of his time in private consultation costs upwards of £800. The advising solicitors prepare the case at an hourly rate of £400+. Defending the action brought by Saint Craig has already burnt £600,000, and unless settled will cost £3-£5M. If costs are awarded to special agent Whyte, then those costs escalate to £6-8M. In this scenario TRIFC would be down to their last £2.5M personal loan and unable to complete the current season. Add Imran’s case to the mix and you can see why Mather went to South Africa with a begging bowl. The new club is hurtling to the financial abyss and a convicted tax fraudster would not pass the fit and proper test. With no power on offer for his stolen loot, King will let the current club burn. At which point the institutional investors will lease back the assets to any consortium stupid enough to try to revitalise the Zombies for a second time, or sell the Bigot Bowl to retail park developers.. S’amuser

        • hector

          @rufus thanks for that fair cheers me up as the tits up by Christmas time line may be back on schedule.Tic Toc

        • Monti

          @Rufus

          You my friend have just been awarded the ‘Monti Champions league, Zadok the priest special bowl’…
          Take care of it & enjoy your Mint choc chip dessert! HH!

          • MONTI
            do you do take aways or deliveries of special bowls
            if so could I place an order for 2large ones
            as I have been celebrating the outcome of to-days results
            and now had to much to drink
            HAIL HAIL MY FRIEND LONG MAY YOUR BIG BOWLS FLORISH

  3. hector

    I see wee Billy McMurdo is up on his hind legs waxing lyrical about the Grand vision Charles Green had for Sevco in a world and league away from Dermott Desmond and Peter Lawell.What planet is this eejit on? His club are going broke again,the directors and spin doctors are fighting a civil war with fellow Rangers men the superstore is selling Celtic merchandise and he is selling fairy stories to the deluded orcs.You could not make this up.

    • JimBhoy

      @Hector suffering from Teflonitis…

    • Lex McLean

      What I read from it is he thought Charlie was serious and not just spinning a nice wee story to get investors.

      I am one of the Rangers supporters who thinks we need to get out of the Scottish backwater as he calls it and go somewhere where there is big TV money and where big egos can be massaged. But there is a big difference between saying it and actually doing it. Charlie was naive enough to say Rangers should go to England where we all know no English team would vote to have us, if we are to get into a bigger league we will have to create one and frankly if Laurel and Hardy can’t organize the appointment of a director they will never organize a super league for the wee leagues of Europe or the USA.

      • hector

        @Lex have to agree with that but Merlin was talking about pastures new to get away from Celtic and all the other haters.Any new league is likely to contain the Celtic as the box office draw to viewers ex pats etc is the rivalry between what used to be the old firm.

  4. JimBhoy

    No Agm then So that £80k down the Bog…!!

  5. JOE

    So no AGM then this month.
    The plot thickens

  6. hector

    If Mather and Stockbridge survive after the farce of the King statement and this case then the world is bonkers.the current board couldn’t run a bath.

  7. Monti

    “DOES ANYONE WANT TO BUY THE ARSENAL SHARES”?

    Craig Whyte.

  8. hector

    AGM = almost a general meeting

  9. willy wonka

    Good !
    Richard Keen QC – “An offence has been committed by every member of this board.”
    Spivs out.

    • daviecooperonthewing

      So the champion whingers strike again.
      You can smell their fear from the lower divisions.
      What a bunch of greetin sweetie wives the lot of them.
      Never mind, can’t wait for the coyote’s reports, and the look on their faces, when he tells them he had to help, or Scottish fitba was a goner.
      Glasgow Rangers…Couldn’t live with us..Can’t live without us!
      Go on pistol Pete…they will ask you the question, tell the truth. Heh heh.
      WATP. always have been..always will be.

    • Eastside

      How long ago was it that you were chanting “Spivs in!!”?
      I thought that these guys were ok, and anyone saying otherwise was a “Rangers Hater!!”?
      Next banner unfurled at Ibrox by the gullible:

      SPIVS OUT, OLD SPIVS WHO WERE RESPONSIBLE FOR RANGERS LIQUIDATION IN, NO NOT WHYTE AND HIS FELLOW SPIVS, DAVID MURRAY’S ONES, WAIT HOLD ON, WHO DO WE WANT IN? RANGERS HATERS IN, I MEAN, ERM..OUT?

    • Monti

      @Winky

      Aaaaaaaaaaaaahhhhhhhhhhhhaaaaaaaaahhhhhhhaaaaaaaaheeeeeaaaaaaaaaaaaaaaaaa bowl sir?

  10. Gets better by the day.

    Lawyer Richard Keen QC, representing the shareholder group led by ex-Blue Knight Paul Murray and former club chairman Malcolm Murray, told Lord Tyre at the Court of Session in Edinburgh that the directors of the club had “committed an offence” by not informing other shareholders of the requisition.

    He said: “An offence has been committed by every member of this board.

    “The board have placed themselves in a very difficult situation by failing to discharge their statutory obligations. They have committed an offence.

    “If I am right, the consequences of that must be visited upon them.”

    Now then, who will bring them before the court? and what will the NOMAD have to say on this? Jackie boy spin another yarn? Traynor post another load o p+sh?

  11. “The board have placed themselves in a very difficult situation by failing to discharge their statutory obligations. They have committed an offence.

    “If I am right, the consequences of that must be visited upon them.”
    ============================================

    It’s time for the AIM to take Aim,

    here we go again, punishment and consequences, are about to get all mixed up again,

    • @Coatbrig

      Your right mate, the stockmarket has to protect itself and investors from this type, seriously, who now would invest in that entity?

      Any serious investor already bought in should demand their resignations forthwith.

      I think the AIM will will eventually suspend their trading.

      • Niall Walker

        I believe Dave King would not complain if the shares were suspended or collapsed, the lower the value the cheaper the takeover.

        • officer dibble

          @Naill

          Agree, but then it’s a free for all no?

          • Niall Walker

            @od,

            Any takeover without fan support is commercial suicide, this limits the field somewhat, Paul Murray knocked back a place on the board last week, he must be very confident of ousting the incumbents, and Mather/Stockbridge’s actions suggest they are non too confident of their own positions.

            In a way it is just desserts, there is no doubt the original regime were more interested in lining their own pockets.

            • officer dibble

              Can’t argue with that.

            • Niall, ha ha ha, so what / why do you exist ??

            • Niall Walker

              ” Niall, ha ha ha, so what / why do you exist ?? ”
              ======================================================

              Good evening Alex, I exist to make the world a better place to live in, I am part of the human journey and I take my responsibility seriously.

  12. Monti

    Could some kind gentleman of a Celtic cloth persuasion, put up ‘let’s all laugh at the newco’ by the Quadrofenians?

  13. JimBhoy

    I bet Chico has supplied Mather, Shockbridge and jabba with water-tight pay off deals….
    Chico never leaves a spiv pal behind.. Imran will get his out of court settlement soon too.
    Will Kingy withdraw the loan offer and move to the rebels as he cannot join the board?
    Can the present board members hold out on the AGM until after the shares lock-in so some can cash in?
    Looking forward to seeing Jack’s frantic attempts at making the present board look a good option to lead rangers.
    Will the rebels foot the leccie bill when they take over?

  14. Arb urns

    Storm in a ramsdenscup……don’t forget they have ” a viable working business model”… And no auditor is going to risk his reputation ” by signing off the next twelve months as a going concern ” without full confidence in board competence………..

    • JimBhoy

      @Arb yeah I heard that somewhere too.. Be interesting when the spiv rebels get in and have a look under the bonnet.. 2nd share float anyone? Orange tap?

    • Niall Walker

      Arb,

      ……….and your argument against a viable business model consists of what exactly?

      It’s ok you can answer this question with a question, sorry to put you on the spot.

      • Arb urns

        Niall its obvious…..my proven argument against a viable business model has been soundly based from day one on the rock solid foundation of…..
        ‘ it was you who suggested it’….. Tilt game over…..sorry to put you on the spot…..

        • Niall Walker

          Arb,

          Dear me arb, hardly my input, my argument against Rangers altered 15 months ago when 38,000 fans bought season tickets, I changed my stance and you have not, care to enlighten us all with your train of thought?

          Sorry about putting you back on the spot, it is not my intention to embarrass you, I am genuinely interested in your alternative viewpoint.

  15. R. MacGeddon

    Mr. Stockbridge stating only £1m in cash reserves will be left by April.
    Was this in Niall’s projections?
    I predict a detailed justification will follow…

    • JimBhoy

      @RMcG I think £3-4m had magic’d it’s way into the equation also and the £2,5m that Kingy was just gonna loan out “unsecured”…

      £1m on paper will be £100k in the bank.. Court cases, AGMs, redundancy payments…

      They will be selling off any player of value in january… The rebel spivs can blame the present board spivs as they blame chico and malkie, who blamed Whyte, who blamed Murray…Ad nauseam..!

    • Niall Walker

      ” Was this in Niall’s projections? ”
      =========================================================

      It certainly wasn’t in Phil’s projections, he has gone very silent about bust by Christmas, perhaps he is too busy trying to find the evidence to support his claim there is an anti-Irish Catholic ethos in Scotland.

      Maybe there is just an anti-fairytale ethos in Scotland.

      • JimBhoy

        @Niall read McMurdo’s blog if you want to read fairy tales. I just did he is hurting badly today, probably even more now that he knows the rebels have won.. Wee Jack’s blog-mouthpiece will need to find some new angles of deflection. Back to blaming Celtic, Lawell etc… lol

        • Niall Walker

          Jim,

          McMurdo and Leggo are no better than Phil, do anything and say anything for money and a career, I don’t read internet bampots regardless of their persuasion. It seems to me all 3 are only concerned with inflaming the situation to persuade more moderates to adopt their extremist views, what was a tiny minority is now a sizable minority, the rest is just human neurosis and mass hysteria.

          Irresponsible journalism at its very worst, but they are painting a big bullseye on their foreheads, the govt or the clubs will nail these agitators with incitement very soon, the sooner the better.

      • Niall, or should that de – niall, WTF is going on at the new club SEVCO ??

      • R. MacGeddon

        Thanks for clearing up NialI – that’ll be a no then.

  16. willy wonka

    Brennan –
    “The matter in question is a resolution before the AGM urging Celtic to write to the SFA and Uefa regarding club licencing for season 2011/12. As a result of this resolution Celtic’s written response to the AGM confirms that they questioned the SFA’s licensing at the time directly with the Association, a fact which had not previously been revealed. The matter was also raised with Uefa. Both bodies backed the SFA actions.”
    Hee heee heeeeee !

    • Niall Walker

      @ww,

      ” a fact which had not previously been revealed.”
      ========================================================

      Now why would the Celtic board keep this secret for so long?

      Why did they not set the record straight ?

      Why did they allow the Celtic fans to embark on yet another conspiracy epic?

      Pass the mushrooms please.

      • willy wonka

        Brennan again – ” Despite popular mythology, Celtic don’t control the SFA, re-orientating that organisation will take a while. The issue of licensing in 2011 was pursued as far as the club were allowed to do so. Get along to the AGM, look the board in the eye and ask your questions on this. Celtic also have a responsibility – and a lot of formal security advice – to staff, each other and all of us when it comes to public comment. This is the world Celtic has to operate in. The sooner we are out of here the better.”

        So they complain and it’s pointed out they are totally wrong. Which means they don’t control the SFA.
        Here’s a thought, maybe that’s why Liewell has now been co-opted in ?
        Cheerio Paul. Don’t let the door hit your arse on the way out. Lol.

      • JimBhoy

        @Niall you trying to convince us you are a Fungi?

        You like your numbers surely those shareholders who benefit from Celtic’s profitability have a right to object and raise concerns on evidence that Celtic were denied a valuable revenue stream through some wrongdoings of our inept footballing authority. Celtic have been getting pelters from this groundswell of fans for taking no action to this evidence..

        For conspiracy read McMurdo… The omnipotent Peter Lawell..

        • Niall Walker

          @Jim,

          Shareholder concerns could have been met two AGMs ago, why keep them in the dark for 2 years?

          There is no evidence, the matter was looked into by both the SFA and UEFA, and no evidence of irregularity was adjudged.

          Eventually there has to be a better argument than these never ending authority conspiracies, it is starting to come across as sour grapes.

          • JimBhoy

            @Niall the biggest conspiracy mate is with the split, infighting rangers support and the omnipotent Mr Lawell who apparently has had his foot on the rangers neck and pulls all the strings to keep them down.. LMAO.

      • Ork Slayer

        Aye, transparency was the key to keeping the Deidco alive right enough.

        Now why would the Deidco board keep this secret for so long?
        Why did they not set the record straight?
        Why did they allow the Deidoco fans to embark on yet another conspiracy epic?

        Look, look a billionaire! Gulli(Bill)(y) or what!?

        I’ll have mushrooms with my jelly and ice cream please!

      • To Help RIFC or Sevco or just that CFC believes in, feeding the poor !

  17. Old Cartha Bhoy

    Given repeated failures of the many advisers to those down Govan way, I await someone launching an attack on the decision by Lord Tyre, or some emails going out asking about his background, football interests, what school he went to, what a shocking decision, does this man not know WATP and therefore above the law…as we know, anything is capable…G

    • willy wonka

      Just you leave Brother Tyre alone.
      He’s doing fine right now.

    • wastrel

      Yup, `THEY` are desperately trawling the web as we post to find any link with the good guys,
      is he a catholic? if not-
      did he marry a catholic?
      has he ever been seen with one?
      did once attend a wedding in a catholic church?
      did he ever drink a pint of Guinness?
      ad infinitum!
      what a year, and more to come,
      honestly guys, my cup doth runneth over!

  18. http://www1.skysports.com/watch/video/sports/football/teams/rangers/8972675/agm-postponement-delights-murray
    ===================================

    the board have to pay the rebels expenses,
    will that have to come out of the projected £1m in the bank come April.

    plus all the new printing and postage costs, looks to be around about the £100,000 mark

    • Old Cartha Bhoy

      Beaten to the punch by you! But before Paul Murray gloats too much, how likely is he to meet the oh so stringent “fit to serve” principles of the SFA? If this was a fire raising, rather than fire sale case, he may not have lit the match but his suit was smoke damaged and petrol was found in his car…

      • coatbrigbhoy

        I though he was going to announce that Dave and his good self were going to be going out on a date in the near future,

        It will end in tears, Cartha, old bhoy,tears for sure.

    • shiltrum

      A couple bottles of Tipex should do the trick just to keep the costs down like.

  19. lordmac

    Lord tyre, sounds a right masonic name mind you.

  20. hector

    I see Mr Murray claims he was offered a blazer and a seat on the board if he dropped the legal action and ditched the Mc Coll group.The offer is alleged to have come from Craig Mather so he couldn’t have been sure of sevcos legal position or why would the offer have been made.All that effort to keep Murray off the board then this .The net result is a legal/agm bill of thousands of pounds .Unless the aim was to delay the AGM at all costs then Mather should fall on his sword for incompetence.

  21. JimBhoy

    Paul Murray just stated on the telly that he and King were offered board places last week if he dropped the rebel action…!!!

  22. cam

    All inching closer to Rangers men running the club.A club with no contingent liability,assets fully secured,no debt and a timely reality check.
    Upwards and onwards for the glorious Glasgow Rangers.
    One wee whisper of Dave the rave stepping in and it turned this place into a skitter convention,,,oaft the smell.
    The prize is in sight and the fun we’re gonna have pumping it right into the manky mob is gonna be mega.

  23. Niall Walker

    I believe losing the court case may seal the fate of Stockbridge and possibly Mather, it is now obvious they illegally tried to prevent a shareholder vote and this must cast doubts on their corporate integrity.

    A desperate act to save their positions has made their positions more desperate, it wouldn’t surprise me if Mather sold his shares to Dave King in the near future, the writing is on the wall he will be out of a job very soon.

  24. cam

    Here’s Montizoomer doing the only graft he did today!

  25. Arb urns

    Wee bit of advice to small Paul take bomber along for a spit and polish to the salon when your next under the dryer and find out what he really knows…there will be a ‘when thieves fall in ‘meeting in la belle f tonight……

    Pass the moules charls… Cassoulet and the popes ninth castle to was down

    Ahhh magnifique……

  26. cam

    Paul Murray spoke well tonight,Dave is lurking,Walter will return,if the Easdales wanna be part of the 1000 year Blue Reich then ante up guys.
    Exciting times ahead,clobbering time on the horizon.

  27. Niall Walker

    I find it rather ironic that a tax verdict prevented investment in Rangers and it will be another tax verdict that will enable investment.

    • Ork Slayer

      Do you find the payment of tax ironic as well?
      (that’s a rhetorical question by the way, just thought you probably need that clarified)

      • Niall Walker

        Ork,

        I do not, but suggest you direct this question to Fergus and Dermot, they will clarify their position.

        • Ork Slayer

          It’s Ork Slayer. You would be the Ork in this instance.

          Really not sure where you’re going with that one though. I think you’re going to have to elaborate. Do you know a secret?

          • Niall Walker

            Ork,

            Fergus moved to France to avoid paying tax on the 30 million profit he made from the Celtic fans, and every year over a million pounds comes out of Celtic’s account to a Gibraltar account, a loan repayment whereby the lender( Dermot) avoids UK tax.

            • Ork Slayer

              Ok so they’re using loop holes that need to be closed. I don’t agree with it but it’s not illegal. Celtic are in good health considering. A very different story down Ibroke way though. Wouldn’t you say?

  28. @Cam
    Dem damn rule making days arein liquidation. Dem damn spivs is making da rules now.
    Now any chance of jumping through this hoop?

  29. Niall Walker

    “First, my willingness to become part of the future of the football club is based simply on my love for the club and my desire to support the club with a combination of my business expertise and my willingness to make a further investment.”
    ========================================================

    Says it all really, this guy has blue blood running through his veins, and the chances of Rangers going bust has gone from slim to nil, if he cannot be the Chairman then Dave will buy the assets and lease them back to the company for nothing. There are a lot of ways to skin a cat.

    • timtim

      He stood back as Whyte paid £1 to Minty
      he stood back and watched them die at the hands of Craig Whyte
      Then stood back as Charles Green picked up the assets for 1 tenth of their value. Not much of a saviour then was he?

      • Niall Walker

        timtim,

        You wanted DK to add to his own tax problems by inheriting the tax problems of Rangers?

        The time is right now, both tax problems are part of history.

    • Eastside

      And live within its means?

  30. They must be beelin can,t even get today,s date right lol

    Regulatory Story
    Go to market news section View chart Print
    Company Rangers Int. Football Club PLC
    TIDM RFC
    Headline Notice under section 338 of the Companies Act 2006
    Released 18:26 14-Oct-2013
    Number 4841Q18

    RNS Number : 4841Q
    Rangers Int. Football Club PLC
    14 October 2013

    

    14 October 2013

    Rangers International Football Club plc

    (“Rangers”, the “Company” or “Club”)

    Notices under section 338 of the Companies Act 2006

    Petition for an Order under section 45(b) of the Court of Session Act 1988 and for interdict

    Further to the announcement on 4 October 2013 regarding the petition filed in the Scottish Courts (the “Petition”) by Paul Murray, Malcolm Murray, Ian Cormack, John Graham and Colin Howell being shareholders representing 0.71 per cent of the voting rights of the Company (the “Petitioners”), the Company confirms that the Petition was called in the Scottish courts to be heard today, Monday 24 October, 2013 by Lord Tyre.

    The Petitioners sought an interim order to require the Company to circulate notices received from the Petitioners pursuant to section 338 of the Companies Act 2006 (the “Notices”) to shareholders putting forward resolutions for the appointment of Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson as directors of the Company. The Petitioners also sought an interim order to require the Company not to hold its Annual General Meeting (“AGM”) until such time as the Notices have been circulated to shareholders.

    The court has ruled that the AGM convened by the Company to be held on 24 October 2013 should not go ahead on this date in order for there to be sufficient time for the shareholder resolutions as proposed by the Petitioners in the form of the Notices to be circulated and considered by the shareholders of the Company.

    The Petitioners’ submission and argument that the Company should simply have accepted the signed Notices at face value without any further enquiry was rejected by Lord Tyre. The Board of Directors of the Company received clear and firm advice from its solicitors and senior and junior counsel that on the face of documents provided by the Petitioners the Notices had not been signed in a manner that was authorised and as a result the Directors were obliged to seek further clarification from those shareholders. Every effort was made to engage with the Petitioners on these issues however the Petitioners chose to resolve the matter in court. In Lord Tyre’s opinion, these irregularities did not invalidate the Notices.

    Lord Tyre said that it was appropriate to refrain from circulating the signed Notices if there were reasons to justify this. Lord Tyre ruled that the categories of reason for not sending out resolutions were strictly limited and did not include cases where requests appeared not to have been signed by shareholders in a manner that was not authorised by corporate shareholders’ own rules.

    Steps will now be taken by the Company to fix an alternative date for the AGM as soon as possible and for the business to be considered at the AGM to include the resolutions proposed in the Notices.

    Further announcements will be made as appropriate.

    For further information please contact:

    Rangers International Football Club plc

    Craig Mather, CEO

    Brian Stockbridge, FD

    Tel: 0141 580 8647

    Daniel Stewart & Company plc

    Tel: 020 7776 6500

    Paul Shackleton / James Thomas

    Newgate Threadneedle

    Tel: 020 7148 6143

    Graham Herring / Roddy Watt / John Coles / Fiona Conroy

    Media House International Ltd

    Jack Irvine

    Tel: 020 7710 0020

    This information is provided by RNS
    The company news service from the London Stock Exchange

    END

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    Regulatory

  31. cam

    Good Rangers men are donning their armour,Scotland’s greatest institution is on the way back.
    I just love the sound of a good presbyterian name.It has a noble ring to it.

  32. Guys, Guys , Guys, lets deal with the Facts, RFC ( IL ) defaulted on many Tax Laws and other liabilities to the tune of 150 Million,, so much so it became SEVCO 5088, then SEVCO Scotland, then RIFC ( Company & Club ) but without debt, yet the People rejoice ?? It is completely wrong, yest may never be dealt with, I am afriad.

  33. What’s that rumbling noise?…. is it the sound of Super SwAlly changing position yet again?
    Scotland’s favorite chubster is busy eyeing the horizon looking for King & Murray riding on the same white charger.
    Move over Mather, Ally’s walking away from you, The Govan Loyalman is shape shifting again.

  34. niall:- Fergus moved to France to avoid paying tax on the 30 million profit he made from the Celtic fans, and every year over a million pounds comes out of Celtic’s account to a Gibraltar account, a loan repayment whereby the lender( Dermot) avoids UK tax.

    Can’t see a problem here, can you elaborate?

  35. jamie

    Quite simple really when you look at it…..get the spivs in to do the dirty work shed the debt, blame others deflect then buy club back from said spivs debt free move on nothing to see it wisnae us…..we wullnae dae it again….its a dirty job and someone’s gotta do it…morality doesn’t come into it ths is the world they operate in…Craigy boy and chucky have been nothing but a sideshow to keep folk from looking in the right direction….We’ve all been duped!

  36. Pingback: “Black Monday” For Rangers’ CEO Craig Mather | Random Thoughts Re Scots Law by Paul McConville

  37. Arb urns

    Small Paul was comfortable honouring ticketus previously will he retain his honour….. If he is FORCED to get the blazer out the wardrobe AGAIN……

  38. How do I get out of this blog and its follow ups?

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