RANGERS interim Chairman Paul Murray has tonight released the following statement:
We tried everything within our power to have the suspension lifted but it was clear that we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO. The delisting is down solely to the actions and conduct of past regimes.
You could say the behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little more understanding from certain quarters. However, I must point out that delisting will have no effect on our overall financial strategy.
The investments we expect will still be made and Rangers will be rebuilt on schedule. Be certain that this delisting, which is down entirely to the actions of previous Boards, will have no bearing on future investment.
Also, we are putting in place an extremely credible share-dealing facility which will enable shareholders to buy and sell their shares. I understand there will be some shareholders unhappy with this outcome but I am sure the vast majority of shareholders will be satisfied.
One of the platforms keen to take us is ISDX. This is an exchange that Rangers used to trade on and it is also a trading platform for Arsenal.
We will have a full platform set up by the end of May but have made arrangements to have a temporary facility operating by next Tuesday morning.
It is unfortunate our intended Nomad, who had confirmed to us that they cleared all of the individuals concerned as fit and proper, could not proceed after having conducted due diligence on the company but I want to stress again that this will not hinder our plans.
Paul Murray Statement
posted on 2/4/15
Coop
So you're saying that the nomad didn't think things would get any better with the new regime. If King et al could have made a convincing case, they could at least have made a sensible business decision to defer their decision until after the EGM.
They could have, but they didn't, and didn't change their mind after the EGM either.
posted on 2/4/15
comment by theresgonnaebeashow - Ron Deila IS Ragnar Lodb... (U5686)
posted 9 minutes ago
Coop
So you're saying that the nomad didn't think things would get any better with the new regime. If King et al could have made a convincing case, they could at least have made a sensible business decision to defer their decision until after the EGM.
They could have, but they didn't, and didn't change their mind after the EGM either.
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For whatever reason the nomad decided they were out, the auditor resigned last June but the old board told no one and didn't try and appoint another, things like that have made the company toxic. If I was a nomad I wouldn't want to represent the company either, I honestly can't see how king and the new board can be blamed for that.
A lot worse things than being delisted have happened to us since 2012 but we move on, it's no big deal
posted on 2/4/15
The Nomad resigned before the EGM !! The auditor resigned before the AGM ! How can the current Board possibly be held responsible for those two actions far less the onorous contracts they handed out yo themselves and their cronies ! Both the Nomad and the auditors appear to have known that the situation was not sustainable ...and walked. The latter,s decision wasn't even declared to the Stock Exchange and , indeed,mtge previous Board actually proposed and passed a motion to continue their employment despite knowing try had handed in their notice !!!
Now, tell us how the current Board an be held responsible for that !
posted on 3/4/15
posted on 3/4/15
Moving on too todays good news:
SANDY EASDALE has threatened to sue to the Rangers board after accusing them of misleading shareholders over the Light Blues' stock market listing.
Rangers International Football Club plc last confirmed yesterday that their shares will be removed from the Alternative Investment Market after they failed to appoint a new Nominated Advisor.
The resignation of WH Ireland on the eve of last month's EGM saw trading suspended and gave the new Gers regime just four weeks to find a replacement.
And Easdale, who resigned from his position on the Football Board just days after Dave King, Paul Murray and John Gilligan seized control at the shareholder summit, has hit out at the new board for their handling of the situation.
He said: "I think we have been misled on several occasions, with Dave King and Paul Murray saying that they had a Nomad and it was a certainty that the club would keep its listing.
"We were well aware, the previous board made it public, that the club could suffer delisting if the Requisitioners went ahead, and especially with Dave heading it up.
"I think they had a chance to keep it listed if Dave had stepped aside but I am not sure why they are using that tact.
"Up until the other board was dismissed, it was still a listed company and could trade shares up until WH Ireland resigned.
"I think categorically we have been misled. Dave said on several interviews, TV interviews, that he had a Nomad and he felt comfortable that he would be found fit and proper and the company would still be listed, which I would have hoped would have been the case.
"I don't think we would be taking Rangers to task. Our group, it is more on a personal basis with the individuals who misled the shareholders into thinking the shares would still be on AIM market."
The blast from Easdale came shortly after his advisor Jack Irvine released a statement claiming that the pronouncements from the board were a 'masterpiece in obfuscation, presumably with the intention of disguising the fact that the shares will trade at a massive discount.'
The war of words is another twist in the Ibrox tale and comes as the new regime set about rebuilding the club after their landslide EGM victory.
In response to Easdale's claims last night, a Rangers spokesman said: "Rangers has suffered from gross mismanagement since the IPO and during that spell Sandy Easdale and James Easdale were on the boards.
"Do they really expect supporters to believe they weren't in any way responsible for the problems the new board has inherited? I'm sorry but I thought April 1st was yesterday."
posted on 3/4/15
Wasn't it AIM that blocked the re-instatement of the listing due to the number of complaints that the company has received over the past year?
We are getting mixed messages. Fit and proper tests had been passed etc. so why is Sandy Easedale saying that having Dave King involved was a stumbling block?
I am sure this is just bluster from Jabba the Hut.
posted on 3/4/15
I said it yesterday.....if Easdale is against it , I'm all for it !
posted on 3/4/15
posted on 3/4/15
Coop
Stop taking all blame for fcking everything off the current regime and placing it on the old regime!!
Maybe if Dave King didnt question WH Ireland to the hilt, and didnt say they wre not fit and proper or up to the job and must be replaced after the EGM, they might not have resigned when it became well known that King was going to take control at the EGM.
You voted this board in becasue you wanted them to uncover the truth, be transparent and run the club in a manner that was in its own best interests.
We are constantly told the old board were a fcking shambles......the old board was able to find the club a new nomad 4 months ago with no issues, Dave king ripped that nomad to bits barely a month after they were put in place, and the fcked off the second King took control.
THATS something King and the new regime should take responsibility for!!
posted on 3/4/15
Your new transparent and all truthful board said yesterday that WH Ireland resigning was unexpected.
Utter, utter, utter bollox!!
Club statement, when it was announced the EGM would go ahead
http://www.rangers.co.uk/news/headlines/item/8481-requisitioned-general-meeting
"The Board has specific concerns about the proposed appointment of Mr King and Mr Murray.
Mr King was convicted in South Africa on 41 counts of contravening s.75 of the South African Income Tax Act. Mr King was previously a director of the company that formerly ran Rangers Football Club, The Rangers Football Club PLC. He held office at the same time as Craig Whyte from 2011 until that company entered administration on 14 February 2012.
Noting the above and WH Ireland's obligations as a NOMAD,WH Ireland have informed the Board that should Mr King be appointed to the Board, WH Ireland will resign as NOMAD and Broker to the Company with immediate effect.
In the event that the NOMAD resigns, the Company's shares will be suspended from trading immediately. Under the AIM Rules, the Company will then have one month to replace the NOMAD. The Board is of the view that in the circumstances, there can be no guarantee that a new NOMAD will be appointed.
In the event that a NOMAD is not appointed within a month of the suspension of trading, the Company's admission to trading will be cancelled. Accordingly, if this were to occur, the Company would no longer be traded on any Stock Exchange. In the judgement of the Board this is likely to make raising capital both more difficult and more expensive. There would then be no regulatory oversight of the type to which companies admitted to AIM are subject, and there would be no market for Shareholders to sell their shares."
There is a statement on the clubs own fcking website detialing precisely what would happen and what has happened if the King regime were to take control.
So this talk of the NOMAD resigning unexpectedly, is lies, blatant fcking lies, it was made perfectly fcking clear that WH Ireland would quit as soon as King came in the door!!