Stock Exchange announcement this morning:-
The Company announces that, by mutual consent, the Chief Executive, Craig Mather, has resigned from the Company with immediate effect. The Company also announces that Non-Executive Director Bryan Smart has resigned from the board with immediate effect. The Directors would like to thank both Craig and Bryan for their contributions to the Club.
As a matter of priority, the Company, working with its advisers, will now seek to strengthen the Board, both to meet the standards required for an AIM company, and to achieve stability through a consensus amongst major shareholders, which can then be considered by all shareholders at the Annual General Meeting. Continue reading
Fans of Billy Joel might be familiar with his song “Summer, Highland Falls”. It includes the lines:-
“For we are always what our situations hand us
It’s either sadness or euphoria”.
For some reason those words came to mind last night when I was thinking about Craig Mather, the Rangers International Football Club PLC CEO.
Why Might Mr Mather Have Been Euphoric?
A week ago he was in South Africa along with Brian Stockbridge to see Dave King. Continue reading
If you read the statement released by Rangers to the Stock Exchange this evening, you might be mistaken for thinking that the Board won the case and the Rebels lost! Have a look at the statement below and especially the sections in bold.
The statement reads:-
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. Continue reading
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? Continue reading
And so the white smoke comes from the Ibrox chimney.
Dave King is heading to Rangers to be Chairman of Rangers Intergalactic Football Club PLC.
He has issued a statement via the official Rangers website tonight confirming that this is the outcome of his discussions with Messrs Mather and Stockbridge in South Africa.
There is one gem hidden (well, not really hidden) in the statement. Continue reading