Well Done Rangers! They Now Have a Properly Qualified Chairman (Acting)!

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!

The new Acting Chairman of RIFC PLC

The new Acting Chairman of RIFC PLC

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

 

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1,939 Comments

Filed under Corporate Governance, Rangers

1,939 responses to “Well Done Rangers! They Now Have a Properly Qualified Chairman (Acting)!

  1. Monti

    @hector
    Afternoon hector,
    I see the boy David is calling you a silly wee laddie :)……from behind his keyboard! 🙂

  2. Monti

    @David

    Can I ask you, what right do you think you have to come on here & abuse people?
    Occasionally threaten them?
    Do you know that is offensive & you could be prosecuted?

  3. Steerpike

    Hello Ray,

    Not sure if this will be close to your post, I thought the forged signature was on the Sevco 5088 directors appointment forms dated May 2012 but not sent to Companies House until April 2013, why would CG send a form making CW and Earley directors in 2013with his own signature forged???

    • arb urns

      niall….ffs…..look at what cg did when these forms appeared at companies house……this was the moment charlotte revealed herself as the rea deal….

      think about it…….you will get there in the end………………………

  4. Steerpike

    ” One way of making sure that the Sevco 5088 agreement was invalidated would be to get Imran’s maw to forge Green’s signature.”
    ==========================================================

    This is just nonsense, why even bother with the director’s appointment form in the first place?

  5. Steerpike

    Impossible to follow, be back when site is fixed.

  6. JOE

    Through out this whole Clusterfuck the silence has been deafening.
    Please stand up and take a bow Sir David Murray.
    The Grand Architect of this never ending shambolic mess.
    Sir David on behalf of every Celtic supporter may I be as bold as to applaud you handling of the whole scenario, BRAVO.

  7. mcfc

    Ask The Family

    Robert Robertson:
    If it takes football club ‘A’ 141 years to destroy itself, and it takes club ‘B’ 14.1 months to destroy itself, following the progression, how long will it take club ‘C’ to destroy itself ?

    Spoddy Family Mum:
    Is the answer 1.41 weeks ?

    Robert Robertson:
    Yes, well done, that is correct.

  8. Steerpike

    Ian,

    Show me any post where I insulted your wife???

    eh?

  9. lordmac

    i feel this must be asked, to all rangers fans on here and out there they should all be asked no rush one at a time, and just state, should your club pay pack all the creditors, so as the army ain’t going about with the arse out there trousers. and maybe able to have 7 bullets each.

  10. JOE

    I am genuinely confused here.
    Please can someone let me know just how long is a dignified silence lasts?
    David Murray has been silent for at least two years perhaps longer.
    I seem to remember him popping up often in the good old days getting his succulent lamb share of publicity.
    Now not a cheap,not a peep,not a murmur,not a hint,not a glimpse,zilch.
    The poor guy must be feeling left out, not getting his back slapped each week for being a good Rangurrs man.
    The second team to do nine in a row,keeping the Taigs in their place.
    Oh those heady days what ever happened to them?
    Now Sir David is Yesterdays News,yesterdays chip paper.
    But like a chip paper he has a greasy stain that wont wash off.

  11. JimBhoy

    For every club Celtic have Rangers will have 2…..SDM.. No? Yeah??? 🙂

  12. Steerpike

    Steerpike :September 3, 2013 at 5:06 pm: Losing 10 million as against a projected loss of 3.5 million.

    Steerpike : September 3, 2013 at 12:59 pm I have already predicted last years losses at 10 million, they may even be 12.

    Steerpike :September 3, 2013 at 12:51 pm: From the interim accounts we can deduce the running costs have been reduced to around 30 million, with income of 20 million, an operating loss of 10 million.

    Steerpike :September 3, 2013 at 1:16 pm Nope my point is the 10 or 12 million operating loss of the first year will not result in a 10-12 million operating loss in the 2nd year.

    Steerpike :September 4, 2013 at 12:48 pm: First year costs were 3 million a month and they were reduced to 2.5 million, costs at 30million, income in first year at 20 million, Rangers lose 10 million in first year, might even be 12 million.

    Steerpike :September 4, 2013 at 3:52 pm Last year Rangers were losing 1 million a month and were not a viable business model, this year they are breaking even and are a viable business model. I see no value in debating last years business model as if it is this years business model, I do not deny Celtic made lots of money last season because they lost 7 million the season before, business models change all the time.
    ——————————————————————————————-

    That is only one month, I can give you August, July, June, May and April, the interim accounts came out in March, ALL predicting between 10 and 12 milliion……but you pick ONE based on an IF figure provided by BS??????
    ===========================================================

    Steerpike :September 4, 2013 at 8:22 pm: On the bright side, IF the income was 20 million last year, and the outgoings annualized at 28 million, then Rangers would only have an operating loss of 8 million.

    Now go away you silly little man, and remember this yo yo, when I predict annual losses they are based on 12 months trading not FREAKIN 13 months.

    14.4 million divided by 13 = 1.1 million multiplied by 12 = 13 million losses less 800k depreciation =approx 12 million ANNUAL OPERATING LOSSES !!

    SLAM DUNK.

  13. Steerpike

    Ian……………wakey wakey!!!

    Steerpike :September 3, 2013 at 5:06 pm: Losing 10 million as against a projected loss of 3.5 million.

    Steerpike : September 3, 2013 at 12:59 pm I have already predicted last years losses at 10 million, they may even be 12.

    Steerpike :September 3, 2013 at 12:51 pm: From the interim accounts we can deduce the running costs have been reduced to around 30 million, with income of 20 million, an operating loss of 10 million.

    Steerpike :September 3, 2013 at 1:16 pm Nope my point is the 10 or 12 million operating loss of the first year will not result in a 10-12 million operating loss in the 2nd year.

    Steerpike :September 4, 2013 at 12:48 pm: First year costs were 3 million a month and they were reduced to 2.5 million, costs at 30million, income in first year at 20 million, Rangers lose 10 million in first year, might even be 12 million.

    Steerpike :September 4, 2013 at 3:52 pm Last year Rangers were losing 1 million a month and were not a viable business model, this year they are breaking even and are a viable business model. I see no value in debating last years business model as if it is this years business model, I do not deny Celtic made lots of money last season because they lost 7 million the season before, business models change all the time.
    ——————————————————————————————-

    That is only one month, I can give you August, July, June, May and April, the interim accounts came out in March, ALL predicting between 10 and 12 milliion……but you pick ONE based on an IF figure provided by BS??????
    ===========================================================

    Steerpike :September 4, 2013 at 8:22 pm: On the bright side, IF the income was 20 million last year, and the outgoings annualized at 28 million, then Rangers would only have an operating loss of 8 million.

    Now go away you silly little man, and remember this yo yo, when I predict annual losses they are based on 12 months trading not FREAKIN 13 months.

    14.4 million divided by 13 = 1.1 million multiplied by 12 = 13 million losses less 800k depreciation =approx 12 million ANNUAL OPERATING LOSSES !!

    SLAM DUNK.

    • Ffs, what do you not get.

      You made your predictions prior to the release of the accounts, Yes.

      You made a variety of statements at the time (i’m being kind). Since then and the release of the annual accounts, this has happened.

      I Ahmad, sued in court for £500,000 – ongoing; costs and legal require to be held back or ring fencing may ensue.

      Petitioners, sued in court, won, exp costs – £100,000. As above.

      Small claims, not expected – 56,000. Trades now extended to 60 day bill’s rather than 30 day’s. OOOOhhh.

      These costs were not in your projections, new claims etc;. mean that the annual budget as you keep reffering to has become obsolete. (there is no facility for credit and no real money to fund these).

      Sevco or rangers two; are now on a daily diet, annual forecasts are obsolete, events have taken over.

  14. Steerpike

    ” The vast majority of charges for “hateful” behaviour were for behaviour derogatory towards Roman Catholicism (83%), with 15.1% for behaviour derogatory towards Protestantism ”
    ===========================================================

    I see the charges are in proportion to the demographics.

  15. Let’s see who has what. Start with wee Craigy.
    He has Imrans ma’s bank account,
    He has audio recordings stating he is Sevco
    He has Chicco asking for £25K legals to set up 5088
    He has Chicco, live on STV saying that after the CVA failure, 5088 was returned to Craigy.
    He has proof of his binding agreement fee portion
    He has Chicco’s attempt to strike him off as a director of 5088
    He has Chicco admit he shafted him
    He has proof of his LBA & LBC letters prior to the I.P.O.
    He has my best wishes……………..
    On the other hand we have Chicco.
    He has the Dallas Cowboys.
    He has a 500m fanbase
    He has a safe hoose, or a French Chateau as he likes to now call it.
    He has an orange top
    He has a history of bankrupt companies
    He has Rangers men’s baws on a plate
    He has Fat Salary endorsement.
    He has Lord Cardigans backing.
    He has a £10m warchest. (But he’s keeping it!)
    He has a grey suit.
    Neither man has walked away. I think when they do…… It will be hand in hand.

  16. bill

    Virginia in County Cavan is going all orange this weekend. Not as in “Orange Order” or so, but as in pumpkin … the Virginia Pumpkin Festival is on again.

    That’ll mean a combination of family fun and spooky goings-on plus a competition for the best pumpkin pie. What more could one ask? There is a haunted forest walk, a parade, fireworks and what is billed as “Ireland’s Largest Fancy Dress Ball” (apparently Ladies’ Day at the Galway Races does not count). Full programme? You bet it is! And you’ll find it all on the Pumpkin Festival website …

    I hear there are still a few pumpkins roaming about the alledged peace camp in the north of ireland

  17. Monti

    Zombie Zombie Zombie Zombie Zombie Zombie Zombie Zombie Zombie Zombie

    🙂

  18. Monti

    @Norman Bates

    NNNNNNNNNNNNNNOOOOOOOOOOOOOOOOOOOOOOOOORRRRRRRRRMMMMMMAAAAAAAAAAAAN!!!! 😀

  19. Last of the easterhoose mcgeechans

    Phillipenes is a real tragedy hope you all can donate

  20. Ian4300

    Steerpike
    November 13, 2013 at 7:30 pm
    Ian,
    I am convinced you are senile, you edit the lowest of my scenarios at 8 million( purely based on IPO cash spend), ignoring countless other projections based on the Interim accounts and Directors statements ranging from 10 to 14 million, and then state I projected 1.5 million??
    I don’t know if you are as dense as you portray but you should get an Oscar if you are not, you do not even understand the difference between cash spend and operating profit/loss, you had to google what a viable business model is, and you still cannot provide any figures or logic to rebut my case that Rangers may break even this year, will not go bust at Christmas and are NOT still losing 1 million a month.
    You try and disguise your ineptness by distorting and inventing the position of others, I am convinced you do not understand much what you respond to, it happens too often.
    Stick to blowing hissy fits, serious debate is not your cup of tea my friend
    ++++++++++++++++++++++++++++++++++++++++++++++++++++

    Steerpike,

    You are a complete & utter dork.

    What you have just admitted is you have not got a fucking Clue & posted Lots of projections in the hope that one proved true… NONE DID, you Failed Accountant you… 😉

    I did not edit anything your shit is Verbatim just as you wrote it, complete with date, go check.

    Like I said you write so much keech you can’t remember most of it.

    You have been wrong so often.

    You are now flapping around like a headless chicken,writing any old mince. Show me where I said anyone would go bust by Christmas or were losing X or Y? You can’t because I did not.

    I stuck to known facts.

    i am having a Ball quoting a Third Rate Troll who is reduced to changing what I say.

    The Hissy fit is all yours….

    Anyway you proved yourself not only to be a Fuckwit but a Liar… You posted that you were going away..
    . .

  21. Free Speech

    Anyone worked out yet why Mr McConville and PMGB have not commented on the new ‘police scotland’ investigation into (whyte/green) sevco fiasco?

    Let’s look at the form;

    Anytime a hot topic involving sevco unsurfaces, both McC and PMGB are normally hot on the trail, postings abound, this time, why not?

    Maybe they don’t believe what’s being reported and will not look foolish by buying into the sevco press releases? Yet to be founded.

    Maybe prior to the investigation being made public, they had a visit from the cop’s just too re-affirm them that they were not under investigation for misdemeanors, sevco etc, but required names of informants etc;.

    Maybe they have been deserted of their own informers? Who know’s.

    Maybe they the cop’s through sevco have implemented some kind of reporting embargo? Maybe just put the shits up them both?

    However this falls, the fact that both have failed to mention this recent ‘police scotland’ investigation, maybe tell’s us more than is reported or said?

    Over to you McConville & PMGB.

  22. Has ‘police scotland’ placed a reporting fatwa on McConville and PBGB? Both not reported on the latest rangers inquiry by the police !!!

    I wonder why? Hmmmmmn, Phil bhoy has been rattling on for day’s on farming, journos of various kinds, and generally chuntering pish, while McConville’s went walkabout again.

    What’s it to be guy’s?

    You both put yourselves up there in lights; tell the children what’s what.

    Neither of you are usually stuck for a quote or six, spit it out, we demand to know, now.

  23. lordmac

    what have they to hide here reregistering the same affress is it to do with not having to produce books
    16 Nov 2013
    New Company Document Available
    Form: AR01 – Annual Return – A Full List of Directors and Shareholders, Does NOT Include the Company Accounts
    31/10/13 NO MEMBER LIST
    Purchase a copy of this document for £4.99 + VAT

    Company Registered Address changed:
    Was: BROOMLOAN HOUSE 150 EDMISTON DRIVE,IBROX STADIUM,GLASGOW,SCOTLAND,G51 2XD
    Now: BROOMLOAN HOUSE 150 EDMISTON DRIVE,IBROX STADIUM,GLASGOW,G51 2XD

    Company Returns Next Due Date changed:
    Was: 28 Nov 2013
    Now: 28 Nov 2014

    Company Last Made Up Date changed:
    Was: 31 Oct 2012
    Now: 31 Oct 2013

    125 documents are available on RANGERS F.C. DEVELOPMENT FUND LIMITED

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