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 19^th December at Ibrox – a perfect chance for shareholders to attend the meeting and then do Christmas shopping at the Rangers Store!

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Why the Rangers Rebels Will Win Monday’s Court Hearing Against the Board

Monday 14^th October sees a second “First Hearing” in what is prosaically listed on the court sheets as “P996/13 Pet: Paul Murray &c for orders under Companies Act 1988”. The case is scheduled, according to the list, to go before Lord Tyre.

The case had originally called on 4^th October and had led to two Stock Exchange announcements by RIFC PLC, the relevant parts of each being at the foot of this post.

The Board’s position was summed up in the pre-hearing announcement where it was stated:-

Whilst the Company intends to strongly resist the Petition the Board intends to take all possible steps to avoid unnecessary cost and disruption to the Company.

The case first called in court later on 4^th October and after that hearing Paul Murray, prime mover in the Rebels and erstwhile Blue Knight, issued the following statement:-

We are delighted with today’s hearing and we look forward to having the opportunity of establishing the validity of our proposed director nominations on Monday 14 October at the full hearing.

In the meantime we would ask shareholders to firstly DO NOTHING until it is clear what they are being asked to vote upon at the AGM and secondly note the actions of this Board of Directors who seem hell bent on putting up every legal and technical blockage to our nominations.

Why are they so scared of a vote if they have all the shareholder support they claim to have? It is ridiculous that we are forced into going to the Court of Session in order to give the shareholders a democratic vote at the AGM.

The stalling tactics of this Board are indicative of why the shareholders felt compelled to make these ‎requisitions in the first place.”

Rangers Board v Rangers Rebels – No Sign of Peace Yet

Perhaps the Rangers Board thought that a flurry of good news in the form of the accounts together with lots of positive words would distract from detailed analysis of the figures (which I have not done for myself yet and therefore am NOT suggesting that the sums do not add up).

Perhaps they thought that refusing the Rebel demands for consideration of 4 new directors would calm things down.

Perhaps Craig Mather thought that calling the Rebels’ application vexatious and frivolous would see them off.

Rangers Board Takes the Fight to the “Rebels” – “Vexatious, Ineffective and Frivolous”!

A busy day on the Stock Exchange announcement board for Rangers.

The annual results have been posted – there has been another change of NOMAD – Charles Green has sold sufficient of his shares no longer to have an interest – and the rebels want some new directors appointed.

I will look at the last point here just now.

The relevant announcement reads:-