Monday 14th 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 4th 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 4th 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.” Continue reading
This morning brought the latest official update on the extraordinary saga of the Rangers Intergalactic Football Club PLC Extraordinary General Meeting. You will recall this was the one about which agreement had been reached, but then the Board and the Rebels could not agree on what that agreement actually was!
Today’s announcement reads:-
Further to the announcement on 4 September 2013, the Company confirms that whilst 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”), the Board is disappointed to announce that no agreement has been reached. Continue reading
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
I’m sure my readers are aware of Schrödinger’s cat.
For those who are not, it is a “thought experiment” by the extraordinarily clever Edwin Schrödinger designed to analyse and explain (!) aspects of quantum mechanics and quantum superposition.
Wikipedia provides a helpful explanation as below.
Schrödinger’s cat: a cat, a flask of poison, and a radioactive source are placed in a sealed box. If an internal monitor detects radioactivity (i.e. a single atom decaying), the flask is shattered, releasing the poison that kills the cat.