Richard Wilson - Herald - 16th May

[chilledbear 16]

http://www.heraldscotland.com/news/home-news/rangers-shareholders-bid-to-stage-boardroom-coup.21099504

 

 

A group of Rangers shareholders have mounted a bid to oust chairman Malcolm Murray from the club along with non-executive director Philip Cartmell as the ongoing power struggle at Ibrox deepens.

 

The shareholders have begun the process of calling an extraordinary general meeting to force the exit of both men.

 

Motions for the EGM are to include the appointment of two new directors, James Easdale and Chris Morgan.

 

Mr Easdale owns McGill's buses with his brother Sandy, while Mr Morgan was named by Charles Green last year as part of his original consortium that bought the club. He is described as "a UK-based businessman representing family trusts".

 

Several directors, and many of the club's supporters, will be troubled by the prospect of having two new board members.

 

Sandy Easdale served 18 months in jail after being convicted of VAT fraud in 1996, and several Rangers directors were adamant they would not allow James Easdale on to the board when Mr Green informed them he would be selling his stake in the club to the brothers when his share lock-in period ends in December.

 

Mr Morgan is also a former non- executive director of Nova Resources, a company with mining interests in Mongolia, of which Mr Green was once chairman.

 

Mr Murray has already been the subject of a vote of no confidence among the directors, although there was anger among some of the board members that Mr Green contributed to that vote despite having resigned his position as chief executive. Mr Green does, though, remain a director until the end of May.

 

The requisitioning of the EGM requires the support of 10% of the shareholders and, once validated, the board of directors has 21 days in which to circulate details of the EGM motions to all shareholders, then set the date for the EGM within 28 days of the notice. Mr Green currently holds 7.8% of the shares and Imran Ahmad, who left his position as commercial director last month, has a 3.4% stake.

 

Mr Murray clashed with Mr Green on several occasions, and the chairman also pushed for the independent inquiry â?? by the law firm Pinsent Masons and the accountants Deloitte â?? into Craig Whyte's assertion that he has a legal claim on the assets of the club after colluding with Mr Green and Mr Ahmad last summer.

 

Although all the directors agreed on the vote of no confidence in Mr Murray, some were reluctant. Calling the EGM appears to be a bid to force the matter to a conclusion.

 

It may also be a ploy to lever bids from either of the interested parties who are considering buying significant shareholdings in the club to take a controlling interest.

 

Former director Dave King is monitoring proceedings, while at least one other interested party is doing the same.

 

The independent examination could deliver its findings as early as next week, but Rangers remains in a state of uncertainty.

 

There are questions over how much of the money raised in the launch on the Alternative Investment Market last December remains and questions over the true financial position at Ibrox.

 

Mr Green always claimed that Mr Whyte was not involved in his consortium, but has since conceded that he and Mr Ahmad colluded with the former Rangers owner as they sought to buy his shares last summer in the event of Rangers Football Club plc gaining a Company Voluntary Arrangement to come out of administration.

 

Mr Whyte claims that he was a founder and director of Sevco 5088, the company that was named the exclusive bidder by Duff & Phelps, the administrators, last summer.

 

However, RFC plc was liquidated, and the club, business and assets were sold to Sevco Scotland.

[the gunslinger 3,366]

blue pitch and the easdales seizing control is a frightening prospect.

[Frankie 8,151]

Really is a dreadful state of affairs.

 

Although I do think the latter part of Wilson's article is correct, I doubt any interested party will want to buy at current share price. Meanwhile I'm unsure how many fans will renew with board uncertainty and very real prospect of Walter Smith resigning.

[D'Artagnan 173]

Truly shocking state of affairs. Some appear unconcerned that they are damaging the reputation of our club.

[Frankie 8,151]

Truly shocking state of affairs. Some appear unconcerned that they are damaging the reputation of our club.

 

It's all about money mate.

[Blue Moon 1,113]

This is where we will play our part.

 

I will not renew my season ticket to allow this shower of chancers to make more money.

[Bluedell 5,329]

blue pitch and the easdales seizing control is a frightening prospect.

 

Is Blue Pitch the Easdales?

[JTP 0]

Is Blue Pitch the Easdales?

 

I don't know but what I DO know is I don't trust either of them.

[der Berliner 3,247]

However, RFC plc was liquidated, and the club, business and assets were sold to Sevco Scotland.

 

This is rubbish and he continues with it. Maybe someone tells him?

 

King and another party "are monitoring" events ... that is essentially a non-info and the whole article is a rehash of the one of the BBC.

[chilledbear 16]

Not the first time Wilson has mentioned the TRUE financial position at Ibrox.