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EGM requisition delayed further


Guest Smug Bluenose

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Guest Smug Bluenose

Correct me if I'm wrong, but was the deadline for the board to agree to the boardroom changes not extended to last Friday or an EGM would be called, or an agreement to incorporate it into the AGM ? I haven't seen anything mentioned about it over the weekend, unless I've missed it ?

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Yeah, the deadline for the merged meetings to be agreed was by close of business on Friday.

 

Must admit, I thought we'd have had a sit rep on the issue via the LSE by now but with nothing forthcoming it seems the next notification will be for a separate EGM later this month. That notification has to be sent to shareholders by Friday according to the last release on the LSE site.

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Okay, so whilst we wait, what's the ideal outcome of this whole situation?

 

I'll kick things off...

 

1) Appointment of a strong independent Chair

2) Appointment of at least 4 new non-executives with plc experience, including Frank Blin

3) Removal of Stockbridge from an official Board position.

4) Full review of the senior management team to be conducted, preferably by Blin. Then leading to potentially replacing Mather and Stockbridge with high calibre individuals of proven experience

 

I could be persuaded of arguments for or against any of the above, but what else would you want? Or what would you want different?

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Okay, so whilst we wait, what's the ideal outcome of this whole situation?

 

I'll kick things off...

 

1) Appointment of a strong independent Chair

2) Appointment of at least 4 new non-executives with plc experience, including Frank Blin

3) Removal of Stockbridge from an official Board position.

4) Full review of the senior management team to be conducted, preferably by Blin. Then leading to potentially replacing Mather and Stockbridge with high calibre individuals of proven experience

 

I could be persuaded of arguments for or against any of the above, but what else would you want? Or what would you want different?

 

The only thing I would add to that is the entire board has to go.

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The only thing I would add to that is the entire board has to go.

 

To be fair, that's kind of what I said!

 

Some continuity is preferable, but if none of the current Board are up to the job then reluctantly I'd agree.

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Here we go again.

 

2 September 2013

 

Rangers International Football Club plc

("Rangers", the "Company" or "Club")

 

Further to requisition of general meeting

 

Further to the announcements on 22 and 28 August 2013, the Company confirms that the Board's discussions have continued with representatives of the group who requisitioned (together the "Requisitioners") a general meeting to consider the proposed resolutions ("Requisition") detailed in the announcement on 2 August 2013 ("General Meeting").

 

The Company had requested the Requisitioners to authenticate the Requisition in accordance with section 303 of the Companies Act 2006 by providing evidence of the shares held by the Requisitioners and the validity of signatures on the Requisition. The Board has now received authentication for one of the Requisitioners, being Chase Nominees Limited a/c Artemis ("Artemis") who hold 5 per cent. or more of the issued share capital and voting rights of the Company. No authentication has been provided for the purported shareholdings of the other Requisitioners. The Board confirms the validity of the Requisition on the basis of the authentication provided by Artemis.

 

Progress has been made to agree a basis upon which the business of the General Meeting would be included in the Annual General Meeting of the Company, which is expected to be held in October 2013. The Board wishes to reach agreement for the withdrawal of the Requisition without delay but in the meantime has secured a further extension to the written commitment from the Requisitioners to withdraw the Requisition pending agreement being reached as stated above. If no agreement is reached by the close of business on 9 September 2013, the Board will be required to send notice to shareholders by no later than 13 September 2013 to convene the General Meeting.

 

Further announcements will be made as appropriate.

 

For further information please contact:

 

Rangers International Football Club plc

Tel: 0141 580 8647

Craig Mather, CEO

Brian Stockbridge, FD

 

 

 

Strand Hanson Limited (Nominated Adviser)

Tel: 020 7409 3494

Stuart Faulkner / Rory Murphy / Richard Tulloch

 

 

 

Daniel Stewart & Company plc (Broker)

Tel: 020 7776 6550

Paul Shackleton

 

 

 

Newgate Threadneedle (Financial PR)

Tel: 020 7148 6143

Graham Herring / John Coles / Fiona Conroy

 

 

 

Media House International Ltd

Tel: 020 7710 0020

Jack Irvine

 

 

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