blueflag 378 Posted November 21, 2013 Share Posted November 21, 2013 Rangers' biggest shareholders will back the current board at next month's annual general meeting. Laxey Partners Limited increased their shareholding to 11.64% on Wednesday. Colin Kingsnorth, founder and director of the hedge fund, said: "I want to support stability so I think that means supporting all current directors. "Shareholder worries are the use of cash, transparency and corporate governance. The recent appointments seem to address that." Laxey's stance could prove crucial as the current board attempt to retain control, with another group of shareholders, including former director Paul Murray and former chairman Malcolm Murray, keen to oust them. With voting at the AGM expected to be close, the identity of the seller or sellers of the shares is also significant, depending on who they would have backed. But Kingsnorth told BBC Scotland: "I have no idea where the shares came from. I just bought them in the market." Asked if it was conceivable that Laxey could also vote the "requisitioners" - Paul Murray, Malcolm Murray, Alex Wilson and Scott Murdoch - onto the board at the AGM, Kingsnorth added: "Of course I could support the EGM people but I won't because their job is done. "They should claim some credit for forcing the club into action, but now it has I hope they accept that. "They would have supported (the new chief executive) Graham Wallace if he had joined them and I think they should be big enough to support him if the club supports him. "I doubt they will. A spurned chairman just wants to be loved again, but the club has moved on and I hope the new board drives it forward. They have the credibility, so why not. "The fact that cash has been spent badly seems fact, but what's the best thing to do now? "We'll get behind a professional board, make sure we never go into administration again, get the on-the-pitch stuff right." Source BBC ( need you ask ) 0 Quote Link to post Share on other sites More sharing options...
amms 0 Posted November 21, 2013 Share Posted November 21, 2013 Whoopee. This is great, we're owned by a hedge-fund. What could possibly go wrong. 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted November 21, 2013 Share Posted November 21, 2013 That quote about the spurned chairman is a bit worrying. 0 Quote Link to post Share on other sites More sharing options...
RANGERRAB 3,246 Posted November 21, 2013 Share Posted November 21, 2013 make sure we never go into administration again........................that'll do for me 0 Quote Link to post Share on other sites More sharing options...
Shane 0 Posted November 21, 2013 Share Posted November 21, 2013 More from Kingsnorth over on CRO: http://www.thecoplandroad.org/2013/11/colin-kingsnorth-on-laxeys-recent-share.html 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 21, 2013 Share Posted November 21, 2013 Rangers' biggest shareholders will back the current board at next month's annual general meeting. Laxey Partners Limited increased their shareholding to 11.64% on Wednesday. Colin Kingsnorth, founder and director of the hedge fund, said: "I want to support stability so I think that means supporting all current directors. "Shareholder worries are the use of cash, transparency and corporate governance. The recent appointments seem to address that." Laxey's stance could prove crucial as the current board attempt to retain control, with another group of shareholders, including former director Paul Murray and former chairman Malcolm Murray, keen to oust them. With voting at the AGM expected to be close, the identity of the seller or sellers of the shares is also significant, depending on who they would have backed. But Kingsnorth told BBC Scotland: "I have no idea where the shares came from. I just bought them in the market." Asked if it was conceivable that Laxey could also vote the "requisitioners" - Paul Murray, Malcolm Murray, Alex Wilson and Scott Murdoch - onto the board at the AGM, Kingsnorth added: "Of course I could support the EGM people but I won't because their job is done. "They should claim some credit for forcing the club into action, but now it has I hope they accept that. "They would have supported (the new chief executive) Graham Wallace if he had joined them and I think they should be big enough to support him if the club supports him. "I doubt they will. A spurned chairman just wants to be loved again, but the club has moved on and I hope the new board drives it forward. They have the credibility, so why not. "The fact that cash has been spent badly seems fact, but what's the best thing to do now? "We'll get behind a professional board, make sure we never go into administration again, get the on-the-pitch stuff right." Source BBC ( need you ask ) em get rid of the people who spent it badly. the two new guys deserve some time. but if irvine and stckbridge are still there come january they will be finished for me. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,196 Posted November 21, 2013 Share Posted November 21, 2013 Whoopee. This is great, we're owned by a hedge-fund. What could possibly go wrong. Matter of fact, we are owned to just under 12% by a hedge fund company. All these chaps and companies listed are essentially "major" minor shareholders and I doubt that we will be fully owned by a hedge fund anytime soon. "I have no idea where the shares came from. I just bought them in the market." Which raises the issue how much shares are actually on the market. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 21, 2013 Share Posted November 21, 2013 i think we can discount the notion he doesn't know where the shares came from. i think we all know they are just a reshuffling of spiv shares and they want to give the impression this changes things when it doesn't. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,196 Posted November 21, 2013 Share Posted November 21, 2013 Just for clarity, who is actually counted as "spiv" these days? 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted November 21, 2013 Share Posted November 21, 2013 stockbridge and anyone on the board who doesn't sack him. 0 Quote Link to post Share on other sites More sharing options...
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