If you read the statement released by Rangers to the Stock Exchange this evening, you might be mistaken for thinking that the Board won the case and the Rebels lost! Have a look at the statement below and especially the sections in bold.
The statement reads:-
Further to the announcement on 4 October 2013 regarding the petition filed in the Scottish Courts (the “Petition”) by Paul Murray, Malcolm Murray, Ian Cormack, John Graham and Colin Howell being shareholders representing 0.71 per cent of the voting rights of the Company (the “Petitioners”), the Company confirms that the Petition was called in the Scottish courts to be heard today, Monday 24 October, 2013 by Lord Tyre.
The Petitioners sought an interim order to require the Company to circulate notices received from the Petitioners pursuant to section 338 of the Companies Act 2006 (the “Notices”) to shareholders putting forward resolutions for the appointment of Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson as directors of the Company. The Petitioners also sought an interim order to require the Company not to hold its Annual General Meeting (“AGM”) until such time as the Notices have been circulated to shareholders.
The court has ruled that the AGM convened by the Company to be held on 24 October 2013 should not go ahead on this date in order for there to be sufficient time for the shareholder resolutions as proposed by the Petitioners in the form of the Notices to be circulated and considered by the shareholders of the Company.
The Petitioners’ submission and argument that the Company should simply have accepted the signed Notices at face value without any further enquiry was rejected by Lord Tyre. Continue reading
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
Following on from Mr Green’s threats of action last week, and the concerns expressed by Mr McCoist, which I wrote about here, players have started to object to their TUPE transfers to Sevco.
Mr Green issued a statement on Sunday after the departure of Messrs Whittaker and Naismith. My comments are in bold.
RANGERS Chief Executive Charles Green has insisted he will contest any attempt by players to walk away from Rangers for free.
Green said: “It is a great pity that certain players have chosen this time to attempt to tear up their contracts and walk away from the Club. The Club is facing massive challenges in terms of its league status and the last thing the fans want to see is a dispute between the Club and players.
Sorry to mention the legalities, but Mr Green is comparing apples and oranges here. The players do not have a contract with “the Club”. That has no legal persona. The players were employed by Rangers Football Club PLC (In Administration). Mr Green wants the players to be employed by Sevco 5088 Ltd, or Sevco Scotland Ltd, or indeed some other Sevco variation for all we know. The players are not “ripping up their contracts”. They are exercising, validly in my view, their rights not to work for an employer for who they do not want to work!
I also think that a dispute between players and “the Club” whilst not ideal, is not “the last thing” the fans want to see. Continue reading