Frankie 8,178 Posted January 9, 2012 Share Posted January 9, 2012 (edited) Rangers suspended from trading on PLUS stock exchange for not publishing their accounts. RANGERS have today issued the following statement: The Club's board is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012. The May 6 date will be 12 months following the acquisition of 85.3 per cent. holding by The Rangers FC Group Limited. The board is currently assessing the benefits of remaining a listed company on PLUS. Chairman Craig Whyte said: "Given the structure of the shareholding in the Club, there is very little, if any, tangible benefit for the Club to be a listed company. "The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy. Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing. "Whether or not we are a listed company, accounts will still be published and there will still be a shareholders' AGM. All shareholders would be able to hold the directors to account." As a result of the delay in publishing its audited accounts to 30 June 2011 the board announce that the Company's shares have been suspended from trading on PLUS pursuant to Rule 51. The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around 31 January 2012. The delay in finalising the audit is related to an ongoing HMRC tax tribunal. Last year's postponed AGM will be held as soon as possible after the accounts are finalised. Edited January 9, 2012 by Frankie 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted January 9, 2012 Share Posted January 9, 2012 (edited) Dear oh dear that's a surprise. Where's the Gersnet accountants when you need one, what's the implications for us? For us no a clue numpty loyal. Edited January 9, 2012 by GovanAllan 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,178 Posted January 9, 2012 Author Share Posted January 9, 2012 The Rangers Football Club P.L.C. (the "Club", the "Company" or the "Group") Statement re suspension As a result of the delay in publishing its audited accounts to 30 June 2011 the board announce that the Company's shares have been suspended from trading on PLUS pursuant to Rule 51. The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around 31 January 2012. The delay in finalising the audit is principally related to the ongoing HMRC tax tribunal. The board of the Rangers Football Club plc is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012 being the date 12 months following the acquisition of the 85.3 per cent. holding of the Company by The Rangers FC Group Limited. The Directors of The Rangers Football Club P.L.C. accept responsibility for this announcement. 0 Quote Link to post Share on other sites More sharing options...
aftershock 0 Posted January 9, 2012 Share Posted January 9, 2012 "The board of the Rangers Football Club plc is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012....." What does that mean? 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted January 9, 2012 Share Posted January 9, 2012 Noticed that as well AS I haven't a clue but it can't be good. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,178 Posted January 9, 2012 Author Share Posted January 9, 2012 "The board of the Rangers Football Club plc is currently considering the meritof maintaining its listing on the PLUS market after 6 May 2012....." What does that mean? They are considering removing RFC from that share market. 0 Quote Link to post Share on other sites More sharing options...
GovanAllan 0 Posted January 9, 2012 Share Posted January 9, 2012 So it's nothing to worry about then? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,178 Posted January 9, 2012 Author Share Posted January 9, 2012 So it's nothing to worry about then? Well it depends on whether or not they want to keep the club as a PLC or take it private. Difficult to tell at the moment but I'd be surprised if it was the latter. Obviously, it isn't great news that shares are suspended on PLUS for the moment but it's not a surprise either. HMRC outcome is the crucial issue. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,178 Posted January 9, 2012 Author Share Posted January 9, 2012 More comment from the club: RANGERS have today issued the following statement: The Club's board is currently considering the merit of maintaining its listing on the PLUS market after 6 May 2012. The May 6 date will be 12 months following the acquisition of 85.3 per cent. holding by The Rangers FC Group Limited. The board is currently assessing the benefits of remaining a listed company on PLUS. Chairman Craig Whyte said: "Given the structure of the shareholding in the Club, there is very little, if any, tangible benefit for the Club to be a listed company. "The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy. Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing. "Whether or not we are a listed company, accounts will still be published and there will still be a shareholders' AGM. All shareholders would be able to hold the directors to account." As a result of the delay in publishing its audited accounts to 30 June 2011 the board announce that the Company's shares have been suspended from trading on PLUS pursuant to Rule 51. The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around 31 January 2012. The delay in finalising the audit is related to an ongoing HMRC tax tribunal. Last year's postponed AGM will be held as soon as possible after the accounts are finalised. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted January 9, 2012 Share Posted January 9, 2012 This is interesting. 'The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around 31 January 2012. The delay in finalising the audit is related to an ongoing HMRC tax tribunal'. If the tax case is not finished by 31st Jan, does this mean no finalising of the audit and no AGM. 0 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.