govan_derriere 3 Posted February 18, 2015 Share Posted February 18, 2015 On 10th Feb., I sent an email to AIM flagging up my concerns that the announcement about the venue for EGM posted on 6th Feb. was 'misleading', under AIM Rule 22. On 17th, I received the bog standard response. However, at the end of the reply, for once, they did state that I should consult the notice on 17th about venue. I didn't pay too much attention to this response at the time. However, today they sent me an updated response ( has never happened before) with a link pasted to today's announcement. Maybe, just maybe, they have been on the case! Appended below. Email sent Reply on 17th Further reply on 18th Sent: 10 February 2015 12:23 To: AIM Regulation Subject: RIFC Further breach of AIM Rule Rule 22? I am a shareholder in Rangers International Football Club. RIFC - Further breach of AIM Rule Rule 22? “The AIM company must use all due skill and care to ensure that information provided to the Exchange pursuant to this rule is correct, complete and not misleading.” On 6th February a Requisitioned General Meeting was announced. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12241662.html Shareholders will find in the Circular a notice of a General Meeting to be held at 10.00 a.m. on Wednesday 4 March 2015 at The Orchard Suite, Millennium Gloucester Hotel & Conference Centre, 4-18 Harrington Gardens, London SW7 4LH. The announcement includes this statement. “Shareholders may attend and vote at the General Meeting in person.” However, this was likely to prove impossible. There are over 5000 small shareholders in RIFC. At the previous two AGMs the attendance exceeded 2000 in each case. Paul Shackleton, Nomad, attended the last AGM in Dec 2014. He was fully aware of how many people attended. Many shareholders, myself included, contacted both the Met & the manager of the Millennium Gloucester Hotel to check what contingencies were in place should more than 500 shareholders turn up. Had Paul Shackleton carried out a Risk Assessment of how it was planned to accommodate over 500 participants? In the notice above it is stated that “shareholders may attend.” To anyone with a cynical eye, it is clear that this was a botched attempt to disenfranchise many of the shareholders. On 10th February, a further announcement Re: Requisitioned General Meeting http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12243905.html Rangers was informed yesterday that the Millennium Gloucester Hotel & Conference Centre which was the intended venue for the Requisitioned General Meeting ("GM") on Wednesday 4 March 2015 is no longer available. But hang on; the board has had 3 weeks to sort out accommodation for the General Meeting! Unless they already had confirmation that the venue was available why announce it? Did they use “ all due skill and care to ensure that information provided to the Exchange” on 6th February is correct? Had they organised a location capable of accommodating all those who wish to attend? “The hotel management felt it necessary to take this position after receiving numerous complaints and false information from individuals purporting to be shareholders.” This part of the announcement is disingenuous at best. As stated above, I am a shareholder and regrettably had to contact both the Met and the Hotel in order to protect my right to attend the EGM. Why are the board and the Nomad not ensuring that shareholder rights are protected? “An alternative venue is currently being sought in the London area and will be announced as soon as possible.” I await this with baited breath, mindful of the fact that many shareholders have already made travel plans. Any further delay from an incompetent Nomad and board of directors is unacceptable. It is probably too simplistic to suggest that Ibrox stadium in Glasgow is a perfect, lower cost option. For your information, I have written to Vince Cable, business secretary, this morning and flagged up my ongoing concerns about the failure of the Nomad to ensure that directors comply with their fiduciary duties. The ongoing lack of corporate governance is nothing short of disgraceful. Yours faithfully, govan_derriere Shareholder in RIFC. From: AIM Regulation Sent: 17 February 2015 16:21 Cc: AIM Regulation Subject: RE: RIFC Further breach of AIM Rule Rule 22? Dear govan_derriere We acknowledge receipt of your further e-mail below regarding Rangers International Football Club plc. As we have noted in our previous correspondence, AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies ("AIM Rules") and for Nominated Advisers ("Nomad Rules") and takes action where appropriate. We note your concerns regarding the convening of the Company’s EGM. Please note that AIM Regulation's remit does not extend to matters beyond the AIM Rules and Nomad Rules. Accordingly, our remit does not extend to matters such as, directors' fiduciary duties, shareholder remedies and/or matters relating to the convening of an EGM, which are subject to the Companies Act 2006. With respect to your concerns regarding the Company’s compliance with the AIM Rules, as noted above, we consider carefully all such allegations. If you have not already noted, you may wish to consider the Company’s notification of 17 February 2015 which details the new arrangements for the Company’s forthcoming EGM. Thank you for bringing your concerns to our attention. Kind regards AIM REGULATION RE: RIFC Further breach of AIM Rule Rule 22? 18 February 2015 16:39 Dear govan_derriere, Further to our above correspondence you may wish to note today’s announcement regarding the new venue for the forthcoming EGM. http://www.investegate.co.uk/rangers-int-f-c--plc--rfc-/rns/change-of-venue-and-time-for-general-meeting/201502180700151824F/ Kind regards AIM REGULATION 0 Quote Link to post Share on other sites More sharing options...
aweebluesoandso 290 Posted February 18, 2015 Share Posted February 18, 2015 Well done GD, i admire your tenacity. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,060 Posted February 18, 2015 Share Posted February 18, 2015 0 Quote Link to post Share on other sites More sharing options...
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