The resignation of Craig Mather and Bryan Smart from the board of Rangers International PLC, in the wake of a damaging court defeat and a fiasco over the weekend, when inappropriate statements were issued on the club’s web site which did not adhere to stock market rules, leaves the company in a remarkable situation, indicated by a stock market notice this morning:
“The company, working with its advisers, will now seek to strengthen the board… to meet the standards required for an AIM company”.
Note the phrase “working…. to meet the standards required for an AIM company”.
After another director, Ian Hart, bailed out last week, and former chairman, Walter Smith, walked away two months ago, the company only has two directors left, FD Brian Stockbridge and non-exec James Easdale.
I believe an AIM company needs one more non-exec than executive directors. Easdale is a significant shareholder, meaning there is no independent non-exec on the board able to become chairman.
The normal course of business is to appoint a director before you resign, or dismiss an existing director, to ensure the company has the necessary quorum to carry out its business. If the company is not compliant in this respect, the board does not have the authority to subsequently appoint a director, nor can it call a General Meeting (Annual or Emergency).
If we take a step back from the immediate actions we could note that the main players in the phoenix have now left the stage, after being well compensated. Brian Stockbridge is left holding the power-down switch of the deserted White Star Line flagship.
In the event that a serious trading position lies ahead, the men who created it can point to the disruptive actions by the Rebellious Requisitioners (who don’t have a single vote more than they had yesterday), from the safety of their various chateaus. They’ve gone, the patsys are in place…..
As always with this story, when an action is grabbing all the attention, look for what is happening offstage. Our Hero has been playing his cards close to his chest recently.
Order Sean Fallon: Celtic’s Iron Man, below:
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Tallybhoy,
Condolences with you and yours
Tallybhoy
Sorry to hear of your Dad’s passing.
Sounds like he fought the good fight.
God bless him and may he rest in peace.
You and yours are in my prayers tonight.
Here we go for Directors nine in a row. The men who walked away
Imran Ahmad April
Malcolm Murray July
Walter Smith August
Charles Green August
Ian Harte October
Craig Mather October
Bryan Smart October
Who is left
Stockbridge
Easdale
Cheerio Cheerio
However who is this blue knight ( oh no not another one??? ) on the horizon—– Dave King
” Accepted liability and pleaded guilty to 41 charges of contravening section 75 of the income tax laws in South Africa. Fined 12 million rand or go to jail. As the judge stated
” Has no respect for the truth and does not hesitate to lie, if he thinks it will be to his advantage” . ” in our assessment he is a glib and shameless liar ”
A fit and proper person for Sevco. Bring in on.
The Lying King is coming to Scotland right enough
Old Tim, brilliant post today.
Tallybhoy
Always remember the good times you had with your dad. Believe me it helps
HH
Tallybhoy
Condolences to you and your family
Won’t be lomg now sevco
ACGR-Sorry for your situation,hope the vermin get caught.
Chick Young – are we really paying the licence fee to listen to this nonsense? The BBC need to get rid of this Sevco cheerleader.
On the subject of what can and cannot be discussed, my view is that nothing need be off-topic. However, what is required is a bit more respect between posters. It is possible to argue and disagree without reverting to aggressive and insulting language. It isn’t conducive to blog harmony. Civility costs nothing.
Tallybhoy
Sorry to hear of your loss God bless.
Tallybhoy
Sorry about your loss. Your da sounded like a joy to be around.
Stay strong
Chic said on Shortie that Dave King wants to cleanse Sevco…….
That’s him out then!
michael
19:50 on 16 October, 2013
Catman supports Wee Oscar @ 18:23 on 16 October, 2013
“Pat McGinley 30th May 1967″
Nice one… the prize is yours
—————————————————————–
Thanks look forward to receiving it………
Natknow,
Civility currently costs nothing. Soon the Coalition will tax it however.
Tallybhoy
Condolences on the sad loss of your Dad.
Requiescas in Pace
TimsinOhio, first link is a GPS of my run, just to prove I did it.
http://www.trimbleoutdoors.com/ViewTrip/2452677
The next is my fundraising page, thanks my friend.
https://mydonate.bt.com/fundraisers/johndocherty1
Already signed up for next years run, and to run for Celtic Charity.
Thanks to all who have donated.
Oldtim
Peace breaks out on the blog
Well done
Hard hearted Fenian’s rejoicing about the demise
of Sevco…….a side who never played us.
#fearless wee oscar is on a celticrollercoaster
20:21 on 16 October, 2013
micktt
19:40 on 16 October, 2013
CQN badges hard to obtain. Not sure if I have any of the 2nd edition left, but will check when I get home.The good news is that 3rd edition badges are planned for next year, which will be 10 years of CQN.HH
Great, if not, no bother
HH
Catman supports Wee Oscar @ 21:11 on 16 October, 2013
You have 2 prizes :
(1) CEO of Sevco FC
(2) Chairman of Sevco FC
Collect your prizes at the Services Desk (lottery) at Asda Govan.
TallyBhoy, my condolences to you and yours, may your Dad Rest in Peace.
On the subject of new merchandise……any news when the new Kano Foundation T Shirts will be out?
Heard the last few minutes of chick &co – sounded like bunch of 4 year olds arguing over a bag of sweeties – is this what we pay our license fee for.
Chick your sash is showing
Exiled Tim,
Are you around? I now picture you with a microphone in hand. You are presenting a travel show on STV. You say the immortal words “evening from a hun free mountain”. Cue outrage.
There seems to be an undercurrent of homo-erotic tension within most of my posts this evening. I blame Chick.
Malorbhoy 20:49:
Already posted to Oldtim I get lunch 13:00 to 14:00 happy to meet for a swift pint, I suggested to him the Blane Valley where I would buy him a 1/4 Gill, he ain’t replied yet.
You should have my moby number on the e-mails we exchanged if you fancy it.
Keep the Faith!
Hail Hail!
RIP to Tallybhoy Sen.
Listening to Sportsound now, brilliant, just brilliant.
Chico has just said what Sevco needs is Murray and King!
I agree, either just stupid, or working someone’s agenda, a bit of both I think.
Tallybhoy –
Sorry to hear your news – will say a prayer tonight. Thoughts are with you and the family.
NatKnow
italiabhoy
Chico’s career as a hun apologist surely reached the high watermark tonight.
I could’ve sworn I heard one of the panelists quip ” he’s crazy ” midway through one of his barely intelligible defences of the impossible.
David Murray not to blame.
Walter is a godlike entity.
Jeezo.
Hard to imagine this is a BBC journalist.
Impossible to believe he’s a St Mirren fan.
Incredible that he’s on the airwaves at all.
Funny ole game, fitba.
Good Evening All.
Tallybhoy sorry to hear of your dad’s passing…… thoughts with you and yours.
Old Tim — that was a right good read this morning…… commas, fullstops and everything– none which matters a damn as the sentiments and reflections stand above such syntax minutiae.
I have been writing away for the CQN Annual — updating old things, sourcing new things and ignoring some things altogether.
All of which keeps me away from whatever unstructured nonsense takes my fancy on the spur of the moment.
Interesting stuff afoot re our own AGM and of course the strange events elsewhere.
Here is a wee song, the lyrics of which seem to sum up the Ibrox Boardroom at present — and look out for Sammy playing the drums!!
http://www.youtube.com/watch?v=8StG4fFWHqg
Chico refers to SARS as the IRS, wrong continent Chico.
Ignorance is Bliss!
I’m dreaming of a Whyte Christmas.
Doc
chico does not know his sars from his elbow
Che @21:18
we’re working on our 2014 range at the moment ! drop me a note . sannabhoy@thekanofoundation.com
Sanna
Doc,
In Chico’s case, ignorance is not only bliss. It is also contentment, nirvana etc. It’s that Friday feeling cranked way on up.
Che, indeed:-)
Evening all
Just listened to the Shortbread show tonight. Good and indeed grief. Genuinely uncomfortable listening- Chick needs professional help. As for this guy Dave King – why is the guy who played the corrupt cop Parky on seminal gangster pic The Long Good Friday suddenly taking over Rangers? Or quite possibly not.
Condolences on losing your dad Tallybhoy.
Jimbo67 supporting Oscar Knox
John O’Neil
21:12 on
16 October, 2013
Natknow,
Civility currently costs nothing. Soon the Coalition will tax it however.
I hope you’re not trying to start an argument with that tone!
:-)