After the flurry of activity last month which saw Rangers International Football Club PLC fixing an AGM, refusing to accept motions for the appointment of new directors, being told by the court that they were wrong to refuse to do so, cancelling the AGM and losing their Chief Executive, as well as being publicly rebuked by their own NOMAD for “announcing” the return of Dave King, things had gone quiet.
But today the wheels are back in motion.
Two Stock Exchange announcements came this morning.
The first stated that the AGM will now happen on 19th December at Ibrox – a perfect chance for shareholders to attend the meeting and then do Christmas shopping at the Rangers Store!
The second stated that a new director had been appointed who will be acting Chairman. And as a result, for the first time since Malcolm Murray stepped down as Chairman, this PLC actually has a Chairman who is qualified to be one!
When Mr Murray resigned Walter Smith took over but for all of his many qualities, he did not appear to be qualified to be the non-0executive Chairman of a publicly-quoted company. And after he left the role was vacant for several months.
Even better the new Chairman (Acting) is not a shareholder. Finally the penny seems to have dropped about what corporate governance in a PLC actually means!
Well done Rangers!
Well done Daniel Stewart, the NOMAD tiptoeing through “the minefield”.
Well done David Somers!
07 November 2013
Rangers International Football Club plc
(“Rangers”, the “Company” or “Club”)
Appointment of Director
The Board of Rangers announces that it has appointed David Somers as an independent non-executive director and acting Chairman. Mr Somers is an Honours Economic Studies graduate and a qualified accountant (Fellow of the Association of Chartered Certified Accountants). He spent all his career in Fund Management and in addition has considerable experience in matters of corporate governance. Mr Somers will oversee the current process of appointing a high calibre Chief Executive Officer and further independent non-executive director(s) to form a unified board and provide stability for Rangers. In order to allow time for the process outlined above to be progressed, the Company will hold its Annual General Meeting (“AGM”) on Thursday 19 December 2013 at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD.
Mr Somers will, in accordance with Rangers’ Articles of Association, be subject to re-appointment by an ordinary resolution of the shareholders at the AGM.
Mr Somers is currently a Non Executive Director of ACE Europe Life, part of the ACE Group of insurance and reinsurance companies; Non-Executive Director and Chairman of Audit & Risk Committee of Europe Arab Bank; Independent Trustee & Chairman of the Investment Sub Committee at Fujitsu Technologies International Pension Plan and, Chairman of the Investment Committee at TCF Investment Managers Ltd.
Further information concerning Mr David Somers, aged 65:
Current Partnerships and Directorships:
Ace Europe Life Ltd
Europe Arab Bank plc
FRS Pension Trustee Company
TCF Investments Limited
Past Directorships and other positions:
Chairman, Shepherds Friendly Society Ltd
Chairman, Shepherds Network Ltd
Chairman of Trustees, Doosan Babcock Energy Pension Fund
Director, Doosan Power Systems Pension Trustee Company Limited
Chairman of the Audit Committee, Commission for Racial Equality
Governor and Chairman of Audit Committee, Hadlow Agricultural College
Director, Allenbridgeepic Investment Advisers Limited
Mr Somers is not currently beneficially interested in the issued share capital of the Company.
There is no further information required relating to Mr Somers to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.
Let’s see how well Mr Somers can use his talents to calm the turmoil at Ibrox.
Posted by Paul McConville