Last Wednesday evening, around 6.10 pm, the following statement was released by Rangers to the Stock Exchange.
This picture did not form part of the Stock Exchange announcement
Further to the announcement on 2 September 2013, the Company confirms that the Board’s discussions have been continuing with representatives of the group who requisitioned (together the “Requisitioners”) a general meeting to consider the proposed resolutions (“Requisition”) detailed in the announcement on 2 August 2013 (“General Meeting”).
Following recent press speculation, the Company can confirm that the Requisitioners have put forward a proposal to withdraw the Requisition based on their request for the appointment of four additional non executive directors, being John McClelland, a former Chairman of Rangers Football Club, Sandy Easdale, an existing shareholder of the Company, Paul Murray, a former director of Rangers Football Club and Frank Blin, formally of PwC. As part of the proposal, the Requisitioners have also confirmed that, subject to the above, they are not seeking to remove any of the current Directors.
The Company confirms that discussions are continuing with the Requisitioners with regard to reaching an agreement for the withdrawal of the Requisition. The Board considers that any decision on any proposal for the withdrawal of the Requisition would be subject to the provision by the Requisitioners of a vote of confidence and continued support for the current Directors and to all necessary regulatory approvals.
Further announcements will be made as appropriate.
The saga of the Rangers International Football Club PLC EGM continues!
At 1pm today Rangers made the following announcement to the Stock Exchange:-
Further to the announcements on 22 and 28 August 2013, the Company confirms that the Board’s discussions have continued with representatives of the group who requisitioned (together the “Requisitioners”) a general meeting to consider the proposed resolutions (“Requisition”) detailed in the announcement on 2 August 2013 (“General Meeting”). Continue reading
This morning saw two announcements from the Board of RIFC PLC to the Stock Exchange.
The first reads:-
Rangers announces that it was notified on 19 August 2013 that Imran Ahmad no longer has a notifiable interest in the Company’s issued share capital.
So Mr Ahmad has sold his shareholding (or at least a significant part of it). These shares were purchased by Laxey Partners – who are building a significant stake in the PLC. Continue reading
Rangers International Football Club PLC announced on 9th July that former Chairman Malcolm Murray and Phil Cartmell were both leaving the Board.
The announcement read:-
The Board of Rangers International Football Club plc has announced non-executive directors Malcolm Murray and Phil Cartmell have left the board.
Walter Smith, Chairman of Rangers, said: “Both Malcolm and Phil have made important and valuable contributions to the Club. The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.
“On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers. Both men have other significant business interests and we wish them well in their future endeavours.”
Bearing in mind the disagreements at which Mr Murray was rumoured to be at the centre, the above was a respectful statement. All seemed sweetness and light.
And then Mr Murray decided to speak his mind in an open letter to the fans… Continue reading
In May the “opposition” to Malcolm Murray as chairman of Rangers requisitioned an EGM. The purpose of this was to appoint James Easdale and Chris Morgan and to remove Malcolm Murray and Phil Cartmell.
Rangers acknowledged this to the Stock Exchange on 16th May and in early June announced that the shareholders who had requisitioned the meeting were in consultation with “the company” (Rangers Intergalactic Football Club PLC) and the timetable had been delayed in the hope of resolution.
Walter Smith was then appointed to take over as chairman from Malcolm Murray, who stepped down as chairman but who remained a board member.
Things seemed to have gone very quiet. The time for the EGM had passed, which was in order as long as the requisitioning shareholders agreed. Continue reading