chilledbear 16 Posted October 13, 2014 Share Posted October 13, 2014 Troubles are mounting for the club and its financial adviser t is hard to know which company is closer to omnishambles – Rangers International Football Club or Daniel Stewart Securities, the club’s nominated financial adviser, or nomad. Just as the Ibrox club most needs its nomad’s help, Daniel Stewart’s best minds are desperately trying to find the cash to plug the hole in its own accounts. Neither company’s woes are surprising on their own. But together, they create a mess that only exposes the risks of the Alternative Investment Market as an unregulated market. Last week Daniel Stewart admitted it lacked the regulatory capital required by the Financial Conduct Authority, the top City watchdog. It turns out that is why the broker missed the deadline for filing its accounts and suspended its Aim-quoted shares this month. If Daniel Stewart can’t find a knight to rescue it and fails to publish accounts by March, the suspension from Aim will become expulsion. Almost simultaneously, Rangers received a notice from Mike Ashley, the billionaire founder of Sports Direct, who owns Newcastle United and for reasons known only to himself has built a 9 per cent stake in Rangers. Mr Ashley is calling for a meeting to throw out the club’s chief executive, Graham Wallace, and its director, Philip Nash, from the Ibrox board. Rangers must anyway hold its annual meeting by Christmas, when it will ask investors to stump up more cash to keep the club going. This is on top of last month’s £3m fundraising, which Mr Ashley refused to back. It won’t help that its nomad is caught in its own storm. The reaction of the FCA and the London Stock Exchange, the for-profit company that oversees Aim, is not comforting. It seems that even if the FCA were to withdraw its authorisation from Daniel Stewart, the Old Jewry business could still act as a nomad. The LSE’s rule book for nomads is a masterpiece in accommodation. It will consider whether a nomad endangers the reputation or integrity of Aim and review “whether the applicant is appropriately authorised and regulated and the applicant’s standing with its regulators”. But there is nothing prescriptive about a nomad being authorised by Britain’s chief watchdog. It highlights how loosely the junior market is regulated. If Daniel Stewart were to lose its nomad status, the clients would be handed over to other brokers swiftly, say regulators. That may not be so easy in Rangers’ case. The club has suffered persistent board spats and financial troubles and Daniel Stewart is its third nomad since it floated in December 2012. Brokers are not queueing for the job. But without a nomad, Rangers’ shares would be suspended. The departure of Daniel Stewart or Rangers from Aim may not be a cause for lament. But it should make Daniel Stewart’s other 25 or so clients think hard about the company they are keeping. http://www.ft.com/cms/s/0/4173540c-4fbf-11e4-a0a4-00144feab7de.html#axzz3G0qrhEdz 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted October 13, 2014 Author Share Posted October 13, 2014 It shows where this lot have taken us in the last few years, a bloody shambles of a Club. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 13, 2014 Share Posted October 13, 2014 UKPLC RIFC DSLtd As Marcellus said "Something is rotten in the state of Denmark". 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted October 13, 2014 Share Posted October 13, 2014 The author of my signature. 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 13, 2014 Share Posted October 13, 2014 UKPLC RIFC DSLtd "I'm mad as Hell and I'm not going to take this anymore" 0 Quote Link to post Share on other sites More sharing options...
True_Ger_1872 2 Posted October 13, 2014 Share Posted October 13, 2014 I recall a good while back now, Malcolm Murray wrote an email to the rest of the board pleading with them 'not to drop to the bottom division when it comes to NOMAD' or something like that. Perhaps a bit of vindication for him... 0 Quote Link to post Share on other sites More sharing options...
buster. 4,808 Posted October 13, 2014 Share Posted October 13, 2014 I recall a good while back now, Malcolm Murray wrote an email to the rest of the board pleading with them 'not to drop to the bottom division when it comes to NOMAD' or something like that. Perhaps a bit of vindication for him... Prior to the IPO, Charles Green wanted to bring in Daniel Stewart Ltd as NOMAD for RIFC but MM was very much part of the reason he didn't get his way. This was at a time when CG&Co were trying not to tread on too many toes as they wanted the IPO to go well. 'The Tale of Three Nomads' CG&Co eventually 'came back' and got his way. 0 Quote Link to post Share on other sites More sharing options...
jhunter 0 Posted October 13, 2014 Share Posted October 13, 2014 The author of my signature. prophetic words indeed. 0 Quote Link to post Share on other sites More sharing options...
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