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Todays missive for Nomad/ AIM/ FCA


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Copy posted for info.

 

 

Dear Sir,

 

I am a shareholder in Rangers International Football Club. In previous correspondence, I have raised concerns over breaches of AIM rules 22 & 26.

 

In these breaches of AIM rules, invalid and misleading claims were posted in RNS statements on 6th February and 25th February. In addition, these claims were repeated in a circular, Notice of general meeting, sent to all shareholders. The claims are also repeated in an online biographical description of Mr Derek Llambias.

 

On the 27th February, I note that an RNS announcement, Clarification of previous announcements, has been posted.

 

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12264250.html

 

For the avoidance of doubt, “the latest gaffes are the sixth time since August the beleaguered Rangers board have been forced to make amendments, corrections and clarifications to previous Stock Exchange announcements.”

 

http://www.dailyrecord.co.uk/sport/football/football-news/rangers-forced-embarrassing-u-turn-over-5242169

 

I believe that the scale of the misinformation issued by directors of RIFC under the direction of chairman, David Somers, and the guidance of Nomad, Paul Shackleton, requires a full regulatory examination by the authorities.

 

 

 

I accept that clarification has now been offered as of February, 27th but wish to point out that misinformation issued in the Notice of general meeting which is to be held on Friday 6th March could well have swayed the voting intentions of some. I do not believe that disingenuous comments in this circular are the result of a simple error.

 

 

Why has the biography of Derek Llambias not yet been updated?

 

Under Guidance Notes for AIM rule 26, “The information required by this rule should be kept up-to-date and the last date on which it was updated should be included.”

 

http://www.rangersinternationalfootballclub.com/board-management/board-of-directors/item/4999-derek-llambias

 

On 24/2/15, the incorrect date, 2007, mentioned in the Clarification of previous announcements noted above has already been changed but the misleading figure of £123 million has not been updated.

“The figure of £123 million referred to in the Circular was the projected turnover”

 

Since the resignation of James Easdale as director on February 25th, membership of committees has been deleted and replaced with – “Under Review”. With only 3 remaining directors, how long does it take to update the committee structure?

 

From Aim rule 26

“a description of the responsibilities of the members of the board of directors and details of any committees of the board of directors and their responsibilities;”

 

I trust that prompt action will follow.

 

Yours faithfully,

 

govan_derriere

Shareholder in RIFC

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