One of the joys of being a professional adviser, whether in law, PR, Human Resources or the affairs of a publicly quoted company, is finding out what your client has decided to do without first asking for help. A friend of mine who worked for a major company delivering employment law advice to a wide range of employers, ranging from small firms to large PLCs, told me that 90% of her work involved clients phoning and the conversation going as follows:-
Client – Here is a situation we have. We have already done x. What should we do now?
Adviser – You should not have done x. As a result it will be far harder to resolve your problem. You have just made things worse. For future reference, maybe you should ask your adviser before you decide to do something?
One wonders if a similar discussion has taken place between Rangers and their Nominated Adviser over the weekend? Continue reading
Sense has prevailed amongst the Rangers shareholders and, as per the announcement on 19th July, the requisition of an Extraordinary General Meeting has been withdrawn. This was the meeting called for the purpose of removing Mr Murray and Mr Cartmell from the Board and replacing them with James Easdale and Chris Morgan.
All of those matters, except the appointment of Mr Morgan, have since come to pass, and thus Rangers International Football Club PLC (the company which owns the company which owns the assets and business which make up Rangers Football Club) is able to save itself the large sums needed to intimate and convene such a meeting where it has so many private individuals as shareholders.
Whilst, as we are all aware from the extensive coverage, RIFC is a cash rich company, there is never any harm in saving the costs of an unnecessary meeting. Continue reading
On 9th July Rangers International Football Club PLC announced the following to the Stock Exchange:-
Rangers International Football Club plc
(“Rangers” or the “Company”)
Appointment of NOMAD and Broker
Rangers is pleased to announce that Strand Hanson Limited has been appointed as Nominated Adviser and Broker to the Company with immediate effect.
That came at 11.12 am on 9th July.
It was the second announcement of the day, the first being at 7.00 am. However that one was issued with Cenkos Securities listed as Nominated Adviser (NOMAD). The first announcement was in connection with the boardroom changes and although it was almost certainly prepared on the 7th or 8th July, it was still a very quick change. After all, there were only four hours and eleven minutes to make enquiries of the first NOMAD! Continue reading