Dave King to take control of Rangers despite shares being …
Rangers’ statement said: ‘If the company is not able to restore trading within one month, admission of the company’s securities to AIM will be cancelled.’ Photograph: Danny Lawson/PA
Rangers’ crucial shareholder vote which will finally hand Dave King the keys to Ibrox will go ahead – despite shares in the club being suspended.
The general meeting planned for on Friday morning will not be affected by Wednesday’s developments.
The stock exchange halted equity trades in Rangers PLC at 4pm after its nominated adviser, WH Ireland, quit. The firm pulled out 24 hours after King announced he was heading for a “landslide” victory which would clear out the last two remaining Rangers board members and set him up as the club’s new chairman.
King has already chased off the chairman, David Somers, and director James Easdale while the chief executive, Derek Llambias, and finance director, Barry Leach, will be next to go on Friday.
The Castlemilk-born King has previously stated he has held talks with potential replacement nominated advisors (Nomads) and he now has a month to sign them up to his vision for the club or Rangers will be de-listed. However, it is understood Cenkos, the Nomad who helped Charles Green float the club back in 2012, are not among the contenders.
The resignation of WH Ireland comes as no surprise, though. The board announced last month that it had been “informed” that the Nomad would quit if King grabbed power at Ibrox after noting the Johannesburg-based businessman’s convictions for 41 charges relating to South African income tax laws.
Confirming the suspension of shares on the AIM market – a sub-division of the London Stock Exchange – the club said: “The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its Nomad obligations in respect of the appropriateness of the company’s securities to be admitted to AIM, and therefore the Nomad has resigned as nominated adviser to Rangers with immediate effect. Accordingly, rule 1 of the AIM rules for companies will apply, and trading in the company’s AIM securities will be suspended with immediate effect. If the company is not able to restore trading within one month, admission of the company’s securities to AIM will be cancelled.
“If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another Nomad to become satisfied as to the company’s appropriateness for AIM. If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.
“The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing Nomad for all it has done for the club.”
King will not be upset by the NOMAD’s departure. In a statement he released last month, he said: “WH Ireland is not a fit and proper Nomad for the club and must be removed following the general meeting.”
Meanwhile, Rangers’ caretaker boss, Kenny McDowall, has warned the chairman-in-waiting he better be prepared for the long haul because it could take him five years to fix Rangers. King is due to fly into Scotland on Thursday and his first task upon taking the Ibrox throne will be to appoint a new manager.
Ally McCoist has been placed on gardening leave, with McDowall – who has also handed in his notice – left to pick up the pieces as interim manager. The change at the top has done little to improve Rangers’ on-field performances and they are currently 24 points behind the Championship leaders Hearts, albeit with three games in hand.
Rangers have been allowed to fall into this mess on the back of losses stretching to almost £25m over the last two years and the resulting cutbacks which have left the club without a scouting network or youth system anywhere near fit for purpose. McDowall claims it could take King until the year 2020 to put things right.
He said: “The whole infrastructure’s got to be looked at. It’s been decimated over the past four years. This is a long-term project, it’s not going to be fixed overnight. That’s why it’s so important that whoever comes in gets it right whether it be a new coach or a new manager, it’s got to be the right appointment and it’s got to be done properly from the ground up to give us a proper chance.
“The fans understand that it can’t be fixed overnight. It will be at least five years before it’s anywhere near what it was. The whole football side has to be looked at. The scouting department, the youth academy. The staff is nothing like it used to be. These things have to be addressed.”
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Dave King to take control of Rangers despite shares being …
