Rangers take AIM at old board

RANGERS last night claimed the past financial chaos at Ibrox has forced the new board to de-list the club from the Stock Exchange.

Dave KingWILLIE VASS

Dave King has been forced to remove Rangers from AIM

Dave King, Paul Murray and John Gilligan had hoped to appoint a new nomad after they ousted the Easdale brothers, Derek Llambias and Barry Leach at the EGM on March 6. 

At that point the club was suspended form the AIM stock exchange after the resignation of WH Ireland as club nominated advisor. 

Prospective chairman Dave King, who is awaiting approval from football and other authorities to take his seat on the board, had been planning on replacing WH Ireland before they made the first move, and went on to claim last month that maintaining the AIM listing was not imperative.Rangers said their prospective nomad was satisfied with the “fit and proper” status of South Africa-based businessman King and all other directors, but due diligence of the company’s profile and history caused it to pull out and yesterday the Ibrox board admitted defeat and blamed the way the club had been run by a succession of directors. 

Interim chairman Murray said: “We tried everything within our power to have the suspension lifted, but it was clear we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO.

“The de-listing is down solely to the actions and conduct of past regimes.

“You could say behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little bit more understanding from certain quarters.

“However, I must point out that delisting will have no effect on our overall financial strategy.”

Rangers claimed de-listing could improve their financial performance, firstly by freeing up senior management staff from spending time maintaining the listing and also saving money on professional fees associated with the listing.

But the club remain in talks over securing an alternative trading platform, reporting positive talks with the ISDX platform, where Arsenal’s shares are listed and where oldco Rangers shares were traded before their liquidation.

Yesterday’s development sparked threats of legal action from the Easdale brothers, who both left positions of power in the wake of regime change last month.

Easdale family advisor Jack Irvine said: “I can confirm that the Easdale grouping is considering legal action.

“This cessation of listing is a blow to all serious shareholders and is in direct contradiction to the promises Mr Dave King made in the lead up to the EGM regarding appointment of a nomad.

“Today’s statement from Rangers is a masterpiece in obfuscation, presumably with the intention of disguising the fact that the shares will trade at a massive discount.”

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