ian1964 10,411 Posted January 16, 2015 Share Posted January 16, 2015 King calls Rangers EGM to oust Ibrox board Dave King has called a general meeting to ask Rangers shareholders to rout the entire Ibrox board. The former oldco director will call for the heads of chairman David Somers, chief executive Derek Llambias, financial director Barry Leach and director James Easdale. In their place, he plans to nominate himself, former Blue Knight Paul Murray and John Gilligan - the one-time managing director of Glasgow brewer Tennent's - as their boardroom replacements. King - who is now the club's biggest single shareholder with a 16 per cent stake after buying up Laxey Partners - is now hoping he can pull together a majority coalition to force through sweeping boardroom change. In a statement, the South Africa-based millionaire said: "I confirm that a requisition for a general meeting has been hand delivered to Ibrox Stadium. The requisition consists of four resolutions for the removal of the incumbent board and three resolutions for the appointment to the board of myself, Paul Murray and John Gilligan. The resolutions do not seek to review the employment of the two executive directors presently on the board. They will merely be removed as directors. "I would not have called for a general meeting if I was not confident, from my review of the present shareholder register, that it will be supported by more than 50 per cent of the total registered shareholders. "While many of the shareholders hold differing views as to what is right for the club, I believe that a clear majority are like-minded on one key point - the need to remove the incumbent board and to replace it with individuals who can gain the trust of fans, sponsors and the shareholder community. "It is also desirable to partner a Nomad that is willing to move forward and away from the recent poor governance at the club. I have already had initial discussions with potential Nomads on the basis of two key conditions. "Firstly, that the resolutions at the AGM are passed. Secondly, that the board is expanded as soon as possible thereafter to incorporate experienced independent non-executive directors such that the highest level of corporate governance is achieved and maintained. "That is exactly what all stakeholders should want to happen after experiencing so many years of different boards that have lurched from one crisis to another. In advance of the general meeting, I will further engage with Nomads willing to embrace the standards that we will set for the future and ensure that an appropriate arrangement is in place to be adopted immediately on conclusion of a successful vote at the general meeting. "The most pressing task for the incoming board will be to ensure the long-term financial sustainability of the club. A secondary important task will be to conduct a forensic audit of the management and commercial contracts undertaken over the last few years to determine whether they are truly arm's length and whether the affairs of the company have been pursued in accordance with the fiduciary obligations of those entrusted with that responsibility. Any malfeasance will be pursued aggressively and transparently. "I call on all shareholders to vote for all resolutions when the general meeting is convened." The meeting must now take place within the next 42 days. If the board is axed, it is expected that King - who is working alongside the Three Bears partners Douglas Park, George Letham and George Taylor - also wants to carry out a forensic examination of contacts signed by the club over the past three years, including the deal with kit suppliers Puma. Between them, King and the Three Bears have 34 per cent and they now face a race against time to gather enough support to reach 51 per cent. Rangers have staggered from one crisis to another since they were reformed in the Third Division after being liquidated in the summer of 2012. But the final straw for many supporters was Thursday's news that the unpopular board was considering mortgaging off Ibrox and Murray Park in return for a £10million loan from Mike Ashley. The Rangers Supporters Trust has threatened legal action, while hundreds of supporters gathered outside the front doors of the stadium to chant 'sack the board' after the Union of Fans called for a protest ahead of Friday's crucial Scottish Championship clash with title rivals Hearts. As fans were arriving for the match, Letham was already inside Ibrox negotiating his group's bid to arrange its own loan offer with the board - which would not involve the historic ground or the training base being used as collateral. But Castlemilk-born King - who lost £20million when the club went under - has now upped the ante on Ashley by calling on shareholders to run the directors out of town. The Sports Direct tycoon - who owns 8.92 per cent of the club - has been able to lock the 54-time Scottish champions in an iron-clad grasp since handing over an emergency loan late last year. He placed Llambias and Leach onto the board and now wants the existing board to hand him even more power by accepting the terms of his loan while he seeks to protect the retail deal he struck with former chief executive Charles Green at favourable rates to himself. http://www.eveningtimes.co.uk/rangers/u/king-calls-rangers-egm-to-oust-ibrox-board.1421436428 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted January 16, 2015 Share Posted January 16, 2015 you try leaving a mess in the office when he is around and you will see a lack of compromise. Not really sure what to say to that. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted January 16, 2015 Author Share Posted January 16, 2015 I like it. "The most pressing task for the incoming board will be to ensure the long-term financial sustainability of the club. A secondary important task will be to conduct a forensic audit of the management and commercial contracts undertaken over the last few years to determine whether they are truly arm's length and whether the affairs of the company have been pursued in accordance with the fiduciary obligations of those entrusted with that responsibility. Any malfeasance will be pursued aggressively and transparently. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted January 16, 2015 Share Posted January 16, 2015 you find 10M and then you can put who you want on the Board how anyone can find fault with dave king's action is beyond me. i'd see a traffic cone on the Board if it meant the removal of the present incumbent scum. I'd much rather prefer Gilligan than any of the current mob but I set my standards a little higher than that. I'm sorry if you don't have high standards for the Rangers board. 0 Quote Link to post Share on other sites More sharing options...
Waltersgotstyle 297 Posted January 16, 2015 Share Posted January 16, 2015 you find 10M and then you can put who you want on the Board how anyone can find fault with dave king's action is beyond me. i'd see a traffic cone on the Board if it meant the removal of the present incumbent scum. My thoughts exactly 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted January 16, 2015 Share Posted January 16, 2015 However I should also add that I don't doubt Gilligan's honesty or the fact that he's a good bluenose or that he would try his best for the club, 3 things sadly lacking from the current incumbents. 0 Quote Link to post Share on other sites More sharing options...
Anchorman 0 Posted January 16, 2015 Share Posted January 16, 2015 I'd much rather prefer Gilligan than any of the current mob but I set my standards a little higher than that. I'm sorry if you don't have high standards for the Rangers board. I think John is some kind of tactical play by Dave King. He is a fan, a very enthusiastic fan. He's not everyone's cup of tea, because he doesn't miss and hit the wall in his approach. Although I have found him good company on the few occasions I have been in his company, I would never have him down as a director at the Club. I'm not saying he wont do a job, but he is a strange choice to say the least. That is why I feel it's some kind of tactical manouvre on DK's part. I just can't visualise John Gilligan on the board. I've been wrong many times before............. 0 Quote Link to post Share on other sites More sharing options...
Rangersitis 0 Posted January 16, 2015 Share Posted January 16, 2015 you find 10M and then you can put who you want on the Board David Somers likes this. 0 Quote Link to post Share on other sites More sharing options...
Steve1872 4 Posted January 16, 2015 Share Posted January 16, 2015 (edited) [TABLE=class: google-visualization-table-table][TR=class: google-visualization-table-tr-head] [TD=class: google-visualization-table-th gradient google-visualization-table-sorthdr]Name [/TD] [TD=class: google-visualization-table-th gradient google-visualization-table-sorthdr]Holding [/TD] [TD=class: google-visualization-table-th gradient google-visualization-table-sorthdr]% [/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Dave King[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]11,869,505[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]14.57%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]George Taylor[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]7,575,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]9.30%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Mike Ashley[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]7,265,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]8.92%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Douglas Park[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]5,000,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]6.14%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]River and Mercantile Asset Management LLP[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4,704,827[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]5.77%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Artemis Investment Management LLP[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4,286,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]5.26%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Sandy Easdale[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4,242,110[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]5.21%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Blue Pitch Holdings[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4,000,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4.91%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]George Letham[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]3,299,515[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]4.05%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict google-visualization-table-tr-over-nonstrict, bgcolor: #E7E9F9] [TD=class: googft-table-cell]Margarita Funds Holding Trust[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2,600,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]3.19%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Cazenove Capital Management Limited[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2,450,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]3.01%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]FMR LLC[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2,000,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2.45%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Legal and General Investment Management Limited[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2,000,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]2.45%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Kieran Prior[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]1,100,740[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]1.35%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Ally McCoist[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]1,071,429[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]1.31%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Rangers Supporters Trust[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]826,029[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]1.01%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Felix Magath[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]810,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.99%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Rangers First[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]710,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.87%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]James Easdale[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]572,749[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.70%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Malcolm Murray[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]271,429[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.33%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Vanguard Bears + proxies[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]132,694[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.16%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Ryan King[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]123,000[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.15%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Norman Crighton[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]96,222[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.12%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]Walter Smith[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]71,429[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.09%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Discretionary clients of Hargreave Hale[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]69,450[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.09%[/TD] [/TR] [TR=class: google-visualization-table-tr-odd-nonstrict, bgcolor: #FAFAFA] [TD=class: googft-table-cell]David Somers[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]61,186[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]0.08%[/TD] [/TR] [TR=class: google-visualization-table-tr-even-nonstrict] [TD=class: googft-table-cell]Unaccounted for[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]14,269,887[/TD] [TD=class: googft-table-cell google-visualization-table-td-number, align: right]17.51%[/TD] [/TR] [/TABLE] The list - last updated January 16, 2015 http://m.stv.tv/sport/football/clubs/rangers/305651-who-owns-rangers-our-detailed-breakdown-of-the-shareholders-at-ibrox/ Edited January 16, 2015 by Steve1872 0 Quote Link to post Share on other sites More sharing options...
Anchorman 0 Posted January 16, 2015 Share Posted January 16, 2015 The list - last updated January 16, 2015 http://m.stv.tv/sport/football/clubs/rangers/305651-who-owns-rangers-our-detailed-breakdown-of-the-shareholders-at-ibrox/ Anyone with enough knowledge able to break that down to 'bad guys' v 'good guys' (apart from the 'unknowns obviously)? 0 Quote Link to post Share on other sites More sharing options...
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