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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.

 

Interesting stuff....

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A repetition of what they have been saying for the past few weeks. I have no time for those currently in charge of our club but for me, the McColl/Murray group have been a source of disappointment.

 

Yeah, I think that's fair enough.

 

Don't think they've mentioned the fact they're prepared to waive director fees and it is interesting that they've continued the SFO stuff which Leggo appeared in court about.

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Can only assume the ex employee is MM?

 

No, it's not someone widely known though their name has being doing the rounds for some time.

 

I'd rather their name wasn't posted on here as I don't fancy another lawyer's letter.

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Interesting stuff....

 

in summary, McCollco remain unconvinced by the new guys but aren't taking a position against them yet, in case they have to work together in future: "on paper", "look like", "appear to be" but not personalised by the use of names. Stockbridge is a different matter.

 

They also make note that McCollco are bluenoses, unlike any of the others. This may not matter to city investors, but it does to most of us. The idea of an Arab and a sheep in charge at Ibrox makes me feel violated to be honest. I know I said it didn't matter if we didn't have Rangers fans running the club. Well, guess what? It does.

 

I read this as a refusal to go away, but not a declaration of war. They have set up camp outside the fortress wall and are now waiting to see if Stockbridges head will be delivered on a pike. If so, there is a chance for peace. If not, this saga may only be just beginning.

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No, it's not someone widely known though their name has being doing the rounds for some time.

 

I'd rather their name wasn't posted on here as I don't fancy another lawyer's letter.

 

Man, I never have a clue what's going on. I must be the least well connected Bear in Scotland.

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