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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This made me smile – from TSFM
Anyone know what day is pay day at Ibrox?
=====================
Everyday by the looks of things.
Requiescat in pace Tallybhoy Snr
John O’Neil, English now calling him a King apologist.
Now just telling lies, saying King not convicted, trying to twist Englishs words into convictions, conviction for Rangers! Genius, the Sevcovians will be lapping this up, Chico the hero.
No arguments from me Natknow. General, scattered and care free abuse of Chick Young is the order of the day.
Big Nan
From a contact:
“I’ve signed up to the petition and posted it on the University Law online notice board. I know many of my colleagues will support the good cause.
Thanks for passing on the message and hopefully see you soon.”
Hope that helps.
HH
Tallybhoy,
Condolences on your loss,
Celtic and Led Zeppelin,..the perfect blend,
he must have been quite a character.
HH.
Where do we start today ?
tallybhoy, heartfelt sympathy to you and your family on the very sad loss of your father, may he rest in peace.
Oldtim, a pleasure to be one of those you have met, not too sure how young Miss Doc and ACGR fell about it right enough :-) (positively enjoyed the experience I’m sure)
ACGR, hope you have a successful ending to your recent experience
AGM documents through, yippee
And ain’t it just great being a Bhoy (or Ghirl)
Hail Hail
Should have been ACGR junior felt abooot it :-)
Hail hail
CowieBhoy, are you still undecided on the whole Bhoy or Ghirl question?:-)
IknowimaroasterCSC
RIP Tallybhoy’s dad
Sannabhoy
email sent.
cheers
Lennybhoy – thank you for all your work for the Ryan family, you are a treasure.
Tallybhoy – condolences.
ACGR – sorry to hear of your misfortune – hope it is resolved quickly.
HH
John O’Neil
Maybe they could do a close up pic of my pool, that would have them a ragin >}
HH
Goodnight Timland
Early start for me…….oldtim has raised the bar on
here today……lets have good honest debate,without
personal insults……….ya bunch o f#nny’s….smiley face
thing.
what is 4ft long and keeps a f***y warm
Chic Youngs scarf
HH
oldtim67 13:07
What a magnificent post, Thank You. Hope someone can find your original and wonder if Paul67 at some time could paste the original first couple of days of CQN. Really enjoying TRFC eating itself ( copyright acknowledged Phil)
Exiled,
water has that effect on them. Good night all.
One other thing will someone please tell Chic
Young a bedtime story.
Tallybhoy
Sincere condolences to you and your family, a Dad is always there, forever.
Rest in Peace
HH
michael
21:17 on 16 October,
2013Catman supports Wee Oscar @ 21:11 on 16 October, 2013
You have 2 prizes :
(1) CEO of Sevco FC
(2) Chairman of Sevco FC
———–
I don’t think its fair to give away a prize which only lasts a couple of months.
A king size Toblerone lasts longer.
.
OldTim..
Guid read to wake up to..
Summa
Ps..What’s a Comma..?
Lennybhoy
Will definetly meet up where is The Blane Valley?
Seemingly Walter Smith was the first to warn anyone, anywhere that Oldco might be in financial trouble, I never knew that! Comedy Gold tonight Chico, if you have a wee lurk, thanks.
Doc, not listening to you :-)
Busy watching Grand Designs
hail hail, ya roaster
I don’t know why we get so worked up about Chick Young and the rest of them.
If there had proper, impartial journalists covering Scottish football over the years the huns might not have died.
Tallybhoy:
Prayers to you and all your family at this sad time
Tallybhoy ,
condolences on your news . May he Rest in Peace . Pick a happy memory and a bottle of your (or his) favourite and relive it as often as you want/need.
Cr@p analogy , I’m sure
Da’s are like air – you take him for granted while it’s there .
– you moan that he’s too oppressive or wont let you breathe
– but , by god , you miss him when he’s gone.
You’ve got friends here if you just want a blether or to lurk.Know you’re in our thoughts.
Sanna
Young is more ridiculous in reality than any caricature created by Jonathan Watson.
Young is a parasite.
He has contributed nothing to football and just as little to journalism.
Valentines,
David Murray told fairy tales for years to Chick.
Well, at least that’s the argument settled about who is the biggest cheerleader between Traynor and Young. Chick wins hands down.
BTW – I agree he comes across as a bumbling moron, but that’s his schtick. On tonight’s programme he was speaking either as a fan of Sevco, or as an employee of one of the factions trying to take over Sevco.
I’ve NEVER heard him as animated nor argue as forcefully about anything to do with his declared team, St. Mirren.
pigalle
Also, Walter Smith runs his own very successful business empire. Cue laughs from all in the studio. “Well ok, but he does run a business”
So many laugh out loud moments in that podcast. I felt sorry for Young after the vile treatment handed down to him by Jabba a few years ago in that infamous spat but his behaviour tonight was inexcusable. Utterly incapable of criticising Brother Smith. Pathetic stuff.
Loved Spencey’s closing thought. ” there’s a great feel good factor in Scottish football at the moment. The national team is flying, the SPL is smashing, smashing football. Rangers just can’t get their house in order but the rest of the game is looking great”
Poor wee Chick will be greeting at that thought!
Tallybhoy –
Deepest condolences on the sad news. Another one who’s gone back home to God.
Jobo
Tallybhoy…sincere condolences to you and your family.
Interesting post this morning…
Interesting that the SFA were so quick to rebut Chick Young’s claim that they have approved King as a fit and proper person.
Interesting that Chick Young stuck to his guns on that one.
Ernie Lynch
spot on
I used to get irate with the lack of real reporting from the MSM when Minty was at the helm .
I raised a glass to them when Ragers 1872 went down the pan
HH
…’interesting post this morning’ to Oldtim…
Good read Oldtim.
Huns beyond parody, and much more to come.
To think that even with Masterton giving Murray what he wanted at gift rates and paying almost no tax they still managed to go burst.
Would it no be a great laugh if the shares in Sevco that the Easdales hold a proxy for, that nobody knows who owns them, were owned by our hero!!!!
My goodness , that would be the funniest of funnies!!