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.
Willy Wonka (which might not be his real name) offered us a comment on the last post which says it all about the present state of internecine squabbling at Ibrox.
A commenter on Paul McConville’s Blog gets a bit carried away
Referring to the return of Mr Irvine and Media House, he wrote:-
“Irvine … has been rehired by Mather and co to spread pro-board stories prior to the AGM/EGM/ whateverM.
He, like the rest of them will be out on his arse shortly.”
So the Board (made up of some of those who “saved” Rangers last year, and of others with significant investment made at or before the IPO) are castigated because they hire a PR expert to represent their interests. On the other hand we have the Rangers Rebels who, it appears, hardly have more shares in Rangers than me!
So, I thought it might be useful to give a quick guide to who is in and who is out at Rangers, and who has been in and out there too. Continue reading
One of the hallmarks of the continuing Rangers saga has been the fact that, rather than being a long and steady decline, the story has progressed in fits and starts. For every two negatives for Rangers, there has been a positive, or at least a thread which their fans can grasp on to as a way out of the mire.
Rangers Fans don’t know whether to laugh or cry
We have had Craig Whyte taking the club from Sir David Murray’s hands, Mr Whyte’s gung-ho pronouncements about the “Big Tax Case”, the refusal in the summer to sell Mr Jelavic, the team taking the autumn lead in the SPL, the positivity taken from administration as seeing the end of Whyte, the emergence of the Blue Knights, and Bill Ng, and Brian Kennedy, and Bill Miller, and Charles Green, and the decision of Lord Glennie to overturn the SFA registration ban.
However, on each and every occasion the sparkle has quickly left the champagne, as apparent triumph fades away.
As the great philosopher John Cleese said, in his starring role in Clockwise:-
“It’s not the despair, Laura. I can take the despair. It’s the hope I can’t stand.” Continue reading