The Incredible Shrinking PLC Board – Who Will Nominate New Rangers Directors?

Following the departures of Messrs Mather and Smart this morning, the Rangers website was quickly updated.

It graphically shows the sorry state the RIFC Boardroom has reached.

Yep.

That is it.

Just two of them.

‘It became necessary to destroy the town to save it’ – Craig Mather’s Departure From Rangers

Rangers International Football Club PLC is, as the name tells us, a public limited company. Its shares are traded on the Stock Exchange. There are certain standards of corporate governance which require to be met in the interests of shareholders and potential shareholders. These include having a suitably qualified Board of Directors, comprising executives and non-executives and including a chairman to represent the interests of the investors and to oversee the executives.

RIFC presently has a board which consists of:-

Brian Stockbridge – Finance Director

James Easdale – Non-Executive Director

Sandy Easdale’s Grip on Rangers Tightens – But When Did the PLC Know?

Sandy Easdale (one of the brothers behind the very successful McGill’s bus company) has been very active regarding Rangers over the last few days.

Only last week it was announced, just before Rangers kicked off, that he had been appointed to the Board of the former Sevco Scotland Ltd, now The Rangers Football Club Limited. I wrote about that here.

This week has seen four separate Stock Exchange announcements regarding Mr Easdale.

One related to his acquisition of over 2 million shares, giving him a personal holding of 2,842,957 shares in Rangers Intergalactic Football Club PLC, or 4.37% of the issued share capital.

Rangers Announce “No New Directors” then Appoint a New Director!

It is common for businesses to have subsidiaries nesting inside like Russian dolls. That happens in football as well as in commerce generally. It rarely provokes any interest and even less comment.

However the existential pondering on the nature of Rangers Football Club, and its separate identity from that of the company/companies/people who own it makes this a rather more interesting discussion when it comes to RIFC PLC and The Rangers Football Club Limited.

How companies are structured – a graphic representation

Let’s first of all have a wee look at how quickly times can change.

So Long Charles Green (Part 3) – Rangers Shares Up 10%!

So, he has finally gone!

The BBC is reporting that Sandy Easdale, brother of Rangers Director James Easdale, has agreed to exercise his option to buy Mr Green’s shares, and therefore become, as he says, the largest shareholder in Rangers.

“Between my family holdings and through other supporting investors I now have the largest shareholding in Rangers Football Club,” he said.

“There has been continued speculation and constant enquiries to buy this largest holding in Rangers. But Mr Green gave me the first option which I exercised.”