So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus?

Rangers International Football Club PLC announced on 9^th July that former Chairman Malcolm Murray and Phil Cartmell were both leaving the Board.

The announcement read:-

The Board of Rangers International Football Club plc has announced non-executive directors Malcolm Murray and Phil Cartmell have left the board.

Walter Smith, Chairman of Rangers, said: “Both Malcolm and Phil have made important and valuable contributions to the Club. The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.

“On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers. Both men have other significant business interests and we wish them well in their future endeavours.”

Bearing in mind the disagreements at which Mr Murray was rumoured to be at the centre, the above was a respectful statement. All seemed sweetness and light.

And then Mr Murray decided to speak his mind in an open letter to the fans…

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Is Walter Smith Qualified To Be PLC Chairman at Rangers? Will His Roosternet Experience Help?

Thursday was a glorious day for Rangers. First of all the Pinsent Masons independent Report confirmed that there were no links between Mr Whyte and Mr Green – at least if you read the headlines to the media reports!

Then Malcolm Murray stepped down as Chairman, to be replaced by Walter Smith.

All was well in the Ibrox garden – the lion would lay down with the lamb – and all of the bears would be united!

And surely season ticket sales will start imminently!

But there needs to be a curmudgeon somewhere … and I am he.

Some questions – what are Mr Smith’s qualifications for being non-executive Chairman of a PLC?

Why did Mr Smith turn down the Chairman’s job last summer, only to take it now?

Have his wishes for the “new Rangers Football Club” been fulfilled so far?

Why did he refer to the “new” Rangers Football Club?

Why is he at the head of the PLC and not the “football company”?

Can he even be described properly as an “independent” Chairman?

Battle Lines Are Drawn – Rangers Must Hold EGM By 4th July

And so we see that the process of checking the requisition for an EGM of RIFC PLC was quickly concluded.

After this morning’s announcement, the Stock Exchange saw the following statement released tonight at 6.13pm. It can be read in situ here.

16 May 2013

Rangers International Football Club plc

(“Rangers” or the “Company”)

Requisition of General Meeting

Further to the announcement earlier today, the Board of Rangers confirms that it has received a notice requisitioning a General Meeting of shareholders to consider the removal of Mr Malcolm Murray and Mr Phil Cartmell as directors of the Company and the appointment of Mr James Andrew Easdale and Mr Christopher Andrew Morgan as directors.

On the basis that the requisition is not withdrawn, the Company intends to post a notice to all shareholders convening a general meeting. Further announcements will be made as appropriate.

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Nit-pickers like me will notice that the subheading to this announcement is: “Rangers” or the “Company”.

The earlier one was sub-headed: “Rangers”, the “Company”, or the “Club”.

Another Day Passes, But Still No Announcements By Rangers to the Stock Exchange

I have written recently here about the duties of a PLC to give required information to allow a fair market in its shares, to inform investors and to prevent the possibility of “insider trading”.

Rangers International Football Club PLC has made no Stock Market announcements since 24th April 2013. (I checked at 7.35 am today).

Since then however the rumours and speculation have increased on a daily basis, yet no official comment has been issued.

A Rangers spokesman was quoted in one media report (well, I am sure in many more, but one I have seen) saying that Rangers do not comment on speculation.

Rangers Chairman Murray Confirms Report on Green/Whyte Allegations Will be Disclosed

I posted on Wednesday about the Pinsent Masons investigation into the links between Mr Green, Mr Ahmad and Mr Whyte. I suggested that even the choice of the eminent QC Roy Martin to oversee the investigation would not be enough to protect the investigation from accusations of bias and blinkered unfairness, should it find that there had been no “wrongdoing”.

I was wrong to think that we would need to have the verdict before people questioned the inquiry and the independence of those carrying it out. My Twitter feed following the post was filled with comments which were, to say the least, sceptical about the outcome and the general reaction was that the “Establishment” would once more rally round Ringers in the same way as some perceive the First Tier Tribunal and the Nimmo Smith Inquiry doing.

I should say that I do not fall into that category of observer, although I can understand why, although mistakenly, some think that the legal processes are being moulded to fit the Ibrox team.

But I am delighted to say that I have seen a news story which shows that we need have no fear about any whitewash or of a guilty verdict being swept under the carpet.