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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are = is
oldtim67 @ 22:01
It was. There will be many other times.
TallyBhoy
Thoughts and prayers with you & yours at this time
may your Da rest in peace and may eternal light shine upon him.
My Da passed away in 2001 and I swear I hear him more today than when here especially when im passing on the same advice to my kids that I never listened to off my Da.
Lennybhoy
Adding your number to my Mobile as we Speak (Blog)
Hail Hail
Ernie Lynch
I think you get a rough ride on here much of it uncalled for. I enjoy your posts and the points you make but you choose the wrong topic at a poor time to make your point last week. It was insensitive and for some folk hurting understandably so. That was my take on it at the time and I dont think you should be hounded for it. The witch hunting is also tiresome. This is not an endorsement of any of your views but if you had acknowledgef it. It would have helped. Hope you take this post in the manner it was intended.
HH
oldtim67 22:02:
Couldnae resist…CQN is Nirvana today…:)
Keep the Faith!
Hail Hail!
Che, will do.
Morrisey the 23rd, drinks after? KOSC Blanytre suggested by CowieBhoy, sounds like a plan to me. Or London Rd CSC?
Malorbhoy.
All going well we shouldn’t be far from reaching that first Bar at the same time, take you about 10 mins from Central, I’ll take about 12 mins from Buchanan St.
Lennybhoy…Supporting Neil Lennon, Wee Oscar Knox and CFC until I die @ 21:58
I meant him. Cheeky!
Lennybhoy…Supporting Neil Lennon, Wee Oscar Knox and CFC until I die
17:14 on @ 15 October, 2013
“Just got an email notifying me of A.G.M. and that I opted for electronic communication and gives me a link to download a pdf copy of report. Also a further link with instructions if I want to give a a proxy vote.
Canamalar and Morrisey 23rd you have my email addy please contact me.
Be home bout 19:00 and will do what is required.”
I am playing catch-up with everything I’ve missed over the last days. I’m getting round to responded to CQN posts. Feel free to mail me. I have asked The Celtic Trust for advice regarding proxy votes.
oldtim67
21:48 on 16 October, 2013Malorbhoy.I’m hoping to get in around 12,55pm @ Buchanan St bus Station, it takes me around 12 minutes to walk to my first watering hole, corner of George St and North Fredrick st, it’s called the Italian Bar,I’ll have one G&T then I’m off again to Baccus in Glassford St,about 5mins walk from the last bar,there I shall have another G&T, then cross over Garth St and enter the Blane Valley,for another G&T, walk along Garth St and have a G&T in Rab Ha’s. Then head for the Citation and have another G&T then Head for BBs, there we shall have a drink with whoever is there, we may pick up a few CQNers on our travels, do you fancy it.
If it wasn’t a trouble, I would hope to bump into you guys..
HH
Doc is supporting Oscar and McKenzie. @ 22:06
KOSC Blanytre suggested by CowieBhoy also sounds like a plan to me. Maybe we should gather at London Rd CSC first.
Morrisey
I will be coming up to the AGM, and have supported the resolution, are we all meeting outside the Kerrydale Suite and going in together (Unity is Strength)
Morrissey the 23rd 22:07:
Couldnae resist.
Hamiltontim going to look after my proxy but thanks…
Keep the Faith!
Hail Hail!
listened to the link to chick young on sportsound tonight expecting to be full of anger after listening. I wasnt, he was rather sad and pathetic , he mumbled because he knew he was talking tosh . Shouldnt be allowed on a BBC broadcast though
Roddybhoy
Malorbhoy.
Malorbhoy
21:57 on
16 October, 2013
Oldtim
I have just Facebooked you what a great photograph, I am well up for it as you say will phone you when I get into Glasgow.
Is that the photo of me on a tanker,it must be 53 years old that picture.
Morrissey the 23rd, we have a plan then, London Rd. CSC, then onwards to KOSC.
Hotel de Paris @ 17:57 on 15 October, 2013
“ernie lynch 17:00 on 15 October, 2013
There won’t be time at the AGM to resolve this matter to anyone’s satisfaction.
Time will be short, there will be a brief statement, a shambolic discussion, it will go to a vote and the proxy votes held by the board will win the day by 95%+.
If you want answers from the board you’d be better to ask them for the information now.
————–
Tend to agree. Both shareholder proposed Resolutions last year (abolish Joint sponsorship arrangements with deadco and Trust proposed Governance issue) went to Poll as I believe show of hands in attendance voted in favour. Result of Poll both defeated – over 98% of votes cast against both Resolutions! Details on the website.”
I will meet Celtic in around one weeks time. Perhaps this will be a good time to raise reasons why the board should support the resolution and they can explain their stance. Also give evidence to back their stance.
Anybody wanting to help me can make suggestions by posting on here or emailing me at Morrisseythe23rd@aol.com
Now not looking for any fallooots,
Just read the board response to resolution 12.
They only took assurances from the SFA, and considers it took appropriate steps ?
Now that is where we disagree
Get a response from UEFA CFCB
Hail Hail
Well that was Comedy Gold – so funny that I’m tempted to listen to it again.
“Cardigan was the glue (GLUE repeated in high octave) that was holding it together!” – Well Dung must have been sniffing copious amounts of glue judging by that performance.
Only thing missing was Chico sticking his fingers in ears and chanting: “nah na nah na na nah” while English/ Spence were ripping him a new one.
In the words of McGonagall (if you’re lurking Chico): “if at first you don’t succeed – pull your yer………………….. (or in your case your mouth) and let the adults talk.
Why are we paying licence fees for this unadulterated p##h!
MickTT
You are more than welcome, I am sure I speak for Oldtim, although later on we may be speaking fluent Ethiopean or however you spell it.
Just a thought if more turn up are we in danger of getting Kettled when we are on the Move
MickTT.
It wouldn’t be any trouble,if you fancy a pub crawl before the heavy stuff begins your welcome.
Sincere condolences Tallybhoy on your sad loss. I will say a wee prayer for your Dad tonight. May Heaven be his bed.
Listening to the link posted……the Scotland bit done and now onto the Mather thing….
Enjoyed the wee previews here!
Oldtim
The very picture, make sure you accept me as a friend or I will be awfully disappointed (Ha Ha)
Paul67 et al
Oldtim67 walks into a bar.
” I’ll have a whisky and………………………………………….a soda.”
“Why the big pause?”
“I’ve always had them”
No?
Lennybhoy
I have just text you a wee message
Hail Hail
Chico’s first interjection……stroppy from the second sentence!
Celtic Mac.
You coming up for the game on Tuesday.
“cloak and dagger stuff going on….”
Insight!
oldtim67
Great post was a News Now lurker (diverted) and early posts got me hooked on CQN.
The odd post and CRC’s Quiz Night and Pablo and the music got me more active. Been stormy on here for a while now – glad you got the ship back on keel today.
H!H!
Jobo Baldie @ 22:03
Sounds great!
Malorbhoy @ 22:09
“I will be coming up to the AGM, and have supported the resolution, are we all meeting outside the Kerrydale Suite and going in together (Unity is Strength)”
We could do but we need people in early. To position ourselves near the mics. I need to go in a bit early. Celtic want to chat to me in the morning of the AGM. Nothing to worry about! We need to be all over the room. Everywhere. And in big numbers.
Lennybhoy…Supporting Neil Lennon, Wee Oscar Knox and CFC until I die
22:10 on
16 October, 2013
Morrissey the 23rd 22:07:
What is most important is your voting card is used (and done correctly).
Doc is supporting Oscar and McKenzie. @ 22:13
“Morrissey the 23rd, we have a plan then, London Rd. CSC, then onwards to KOSC.”
Deal! Do we carry Canamalar all the way?
Cowiebhoy 22:20:
And back to you.
Keep the Faith!
Hail Hail!
TallyBhoy
Saw the sad news about the loss of your Father – my thoughts and prayers.
Cowiebhoy @ 22:14
Noted.
Hi just back from Tenerife had a great time except the night we had to watch them win 4-1 on a 52 inch screen while we tried to eat. There was about 30 of them in the place.
Morrisey, you can carry him:-)
oldtim67
Never realised at the time that you might have been able to buy additional tickets so we ended up without any tickets. Will think about going on spec.
31003
Think everyone was a bit spikey the other night about the whole McCann discussion – I was a bit annoyed at some responses too but I wouldn’t let them force me from the blog.
Lurk a while mate and don’t let it annoy you
HH
Oldtim
Thanks for that earlier