Murray: De-Listing Won't Stop Plans
3 April 2015, 07:13
Rangers insist their de-listing from the stock exchange will not hamper their rebuilding plans.
The club have paid the price for failing to persuade a company to act as their nominated advisor (nomad) following the resignation of WH Ireland days before the new board swept to power last month.
Former directors James and Sandy Easdale have threatened legal action amid expectations that the share price could fall further but interim chairman Paul Murray blamed past board members for the problem and claimed their investment plans would not be affected.
Murray said: "We tried everything within our power to have the suspension lifted but it was clear that we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO (initial public offering). The de-listing is down solely to the actions and conduct of past regimes.
"You could say the behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little more understanding from certain quarters. However, I must point out that de-listing will have no effect on our overall financial strategy.
"The investments we expect will still be made and Rangers will be rebuilt on schedule. Be certain that this de-listing, which is down entirely to the actions of previous boards, will have no bearing on future investment.
"Also, we are putting in place an extremely credible share-dealing facility which will enable shareholders to buy and sell their shares. I understand there will be some shareholders unhappy with this outcome but I am sure the vast majority of shareholders will be satisfied.
"One of the platforms keen to take us is ISDX. This is an exchange that Rangers used to trade on and it is also a trading platform for Arsenal.''
Prospective chairman Dave King had seemed confident of recruiting a new nomad before the March 6 general meeting but he also appeared relaxed about the prospect of being de-listed.
However, the Easdale brothers were not impressed.
Jack Irvine, who describes himself as an Easdale family adviser, 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.