Somers Hits Out At Boardroom Challenge

[aweebluesoandso 290]

Help ma Boab he just found his way to the executive bathroom, now he's an expert on all thing Rangers related. Looks like he's been given a script to read off imo.

[Steve1872 4]

Alasdair Lamont ‏@BBCAlLamont3m

The Paul Murray/Jim McColl group will continue with their quest for boardroom control despite recent appointments of what they call.

"On paper ...credible individuals who appear to be independent of the Green or Whyte regimes"

 

[Steve1872 4]

Fraud investigation underway at Ibrox as group vying for control of Rangers urges fans to take the chance of a lifetime

 

27 Nov 2013 14:16THE group of investors and businessmen, led by Jim McColl, has released a statement to the Daily Record calling for fans to vote for change at the AGM on December 19.

 

Jim McColl recently met with Rangers fans and wants them to embrace his plan for the future

SNS

THE group of rebel shareholders vying for control of Rangers has released a statement reiterating their determination to have four individuals elected to the club’s board at the forthcoming AGM.

The statement, released to the Daily Record, also states that the position of financial director Brian Stockbridge remains ‘completely untenable’ and that the Serious Fraud Office is now investigating “payments made to certain shareholders around the time of the IPO.”

Led by businessman Jim McColl the group also urge fans “to take a one-off opportunity to select the best Board to take the Club forward” on December 19.

The full statement:

In July we embarked upon a campaign to remove certain directors from the Board of Rangers Football Club and to prevent Charles Green from returning to the Club which he was attempting to do at that time.

We were supported by other like minded individuals including major institutional shareholders and the fans who were all concerned about the apparent lack of corporate governance and financial transparency.

In particular we were all concerned about the significant outflows of cash since the IPO and the obvious dysfunctionality of the Board. Since the IPO ,11 months ago, the Club has had 3 Chairman, 3 Chief Executives and 3 Nomads. This is highly unusual for a public company and may even be unprecedented.

We have been relentless in our pursuit of change as have the fans with whom we are totally aligned.

Together we have already achieved a lot.

In the last 4 months we have seen Green banished from the Club followed by 3 of his fellow directors. Of the 6 directors who were on the Board when we started, only 2 remain.

In the past 3 weeks there have been 3 new appointments to the Board. On paper these look like credible individuals who appear to be independent of the Green or Whyte regimes. They will have the opportunity over the coming weeks to prove this and to gain the trust of the fans which they will have to earn.

We believe that the position of Brian Stockbridge is completely untenable and he should resign or be voted off the Board at the AGM. He has presided over significant outflows of cash from the Club since the IPO. In addition his personal conduct has fallen a long way short of the standards expected at Rangers Football Club.

We have been provided with a statement from an ex-employee of the Club questioning various payments made to certain shareholders around the time of the IPO. The ex-employee has reported the matter to the Serious Fraud Office.

On October 14 we won our case at the Court of Session to have four individuals, Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson, nominated for election to the Board at the AGM.

As well as being supporters of the Club all 4 men have had highly successful business careers. To help the Club all 4 men are prepared to waive any director fees until the Club is back in the SPL if they are elected at the AGM.

All existing directors will be up for re-election on December 19 at the AGM and the shareholders will therefore have a one-off opportunity to select the best Board to take the Club forward.

We will continue our campaign to the AGM and we would encourage all fans and shareholders to support the changes we have been fighting for over the past 4 months.

After December 19 we must move forward with stability, integrity and transparency as we rebuild the Club back to the highest levels of Scottish and European football.

http://www.dailyrecord.co.uk/sport/football/football-news/fraud-investigation-underway-ibrox-group-2856892