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The Board of Rangers announces that it has appointed David Somers as an independent non-executive director and acting Chairman. Mr Somers is an Honours Economic Studies graduate and a qualified accountant (Fellow of the Association of Chartered Certified Accountants). He spent all his career in Fund Management and in addition has considerable experience in matters of corporate governance. Mr Somers will oversee the current process of appointing a high calibre Chief Executive Officer and further independent non-executive director(s) to form a unified board and provide stability for Rangers. In order to allow time for the process outlined above to be progressed, the Company will hold its Annual General Meeting ("AGM") on Thursday 19 December 2013 at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD.

 

Mr Somers will, in accordance with Rangers' Articles of Association, be subject to re-appointment by an ordinary resolution of the shareholders at the AGM.

 

Mr Somers is currently a Non Executive Director of ACE Europe Life, part of the ACE Group of insurance and reinsurance companies; Non-Executive Director and Chairman of Audit & Risk Committee of Europe Arab Bank; Independent Trustee & Chairman of the Investment Sub Committee at Fujitsu Technologies International Pension Plan and, Chairman of the Investment Committee at TCF Investment Managers Ltd.

 

 

Further information concerning Mr David Somers, aged 65:

 

Current Partnerships and Directorships:

 

Ace Europe Life Ltd

Europe Arab Bank plc

FRS Pension Trustee Company

TCF Investments Limited

 

Past Directorships and other positions:

 

Chairman, Shepherds Friendly Society Ltd

Chairman, Shepherds Network Ltd

Chairman of Trustees, Doosan Babcock Energy Pension Fund

Director, Doosan Power Systems Pension Trustee Company Limited

Chairman of the Audit Committee, Commission for Racial Equality

Governor and Chairman of Audit Committee, Hadlow Agricultural College

Director, Allenbridgeepic Investment Advisers Limited

 

 

Mr Somers is not currently beneficially interested in the issued share capital of the Company.

 

There is no further information required relating to Mr Somers to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules.

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David Somers was appointed a Non-Executive Director of Europe Arab Bank in 2006. He supports the governance and risk management of the business, a wholly-owned subsidiary of the Arab Bank group. David is Chairman of Europe Arab Banks' Board Audit & Risk Committee and a member of the Board Nominations and Remuneration Committee.

 

David is an experienced professional, with a career of over 25 years at a senior level in institutional investment management. During this time, his roles included the position of Managing Director of a US owned investment house, Manufacturers Hanover Investment Management, and subsequently he held the same role for the Japanese owned, Nikko Capital Management Ltd. In recent years, he was the Director of Pension Funds for Clerical Medical Investment Group responsible for over 340 pension fund clients, with assets of over £8 billion and, after its re branding to Insight Investment, became the Head of Institutional Funds.

 

David graduated from the University of Newcastle upon Tyne in 1970, with a BA Honours in Economic Studies. He qualified as an accountant in the late 70's and is now a Fellow of the Association of Chartered and Certified Accountants. In addition he is a Member of the CFA Institute (ASIP).

 

David is also an FSA approved Non Executive Director of ACE Europe Life. In the pensions' area, he is the Independent Trustee and Chairman of the Investment Committee for the Fujitsu Technologies International Pension Plan. David is also Chairman of the Investment Committee for Total Clarity Funds Investment Ltd.

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How many shares does he own? How much money has he put into the club? Those were the taunts thrown at Paul Murray and the others acting for the dissaffected shareholders, so I think it's only fair that we are given this information on the new Chairman.

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How many shares does he own? How much money has he put into the club? Those were the taunts thrown at Paul Murray and the others acting for the dissaffected shareholders, so I think it's only fair that we are given this information on the new Chairman.

 

"Mr Somers is not currently beneficially interested in the issued share capital of the Company."

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