Standards required by AIM. Oops.


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.

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  1. CultsBhoy loves being 1st forever & ever on

    Due to ‘hard of thinking’, I’m not fully following events here- so some help required…



    Has Mathers pulled the ultimate F-U?



    In jumping ship he leaves the titanic with only 1 bean counter and 1 passenger (and Ally the cabin boy) – with no captain or 1st mate to steer the ship?



    Presumably there is no short cut to appoint Directors other than AGM? That’s at least 21 days away? In the interm period, nae scrutiny, nae governanace?…No trading of shares? More costs to add to their already unsustainable outgoings? Incurred costs from ‘lost’ court action…this is looking like more trouble ahead?


    Even their would-be saviours (Lying King, etc) can’t get in until AGM?



    They’ll be calling in Lee McCulloch as he is udesful in a number of positions…defender, striker..Chairman, CEO?



    Oh Dear, as I say I don’t fully understand it but it doesn’t look good for them?

  2. Next up will be Mr McCoist.



    Watch for a “it breaks my heart but I have no confidence in this board to support the aims of the football team” type statement.

  3. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS forza Oscar and Mackenzie on




    Congratulations on the new job!



    You do seem to be having a bit of a time of it lately,settle,petal…..



    Good luck wi keeping a straight face in hun company. I found it very difficult when I was back in Kilwinning recently.



    Eventually I just gave up,reverted to type,and gave them a full six-monthsworth.



    I think they miss me.

  4. #Fearless Wee Oscar is on a Celticrollercoaster on

    Old Tim



    U been on the sauce? :-)



    Maybe see you Tuesday pre-match if the Grey Brigade are doing their pre Champions League ritual?







  5. ProphetOfRegret on

    right. it’s got to the stage where everyone is making money from this except me. is there any way I can profit from their demise? who would i need to phone? surely there’s something i can do? should i write a book about how everything is going to be ok? have a picture of a union jack on the front? OR I COULD WRITE A BOOK ABOUT CELTIC TAX AVOIDANCE. call it “thems” and get a serial in the daily record. does anyone have jim traynor’s email?

  6. Paual67 you wrote:


    ‘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).’



    Is this a deliberate situation created by those who control the stings. Is it effectively the case that there is a catatonic state now where nothing is able to happen

  7. Good afternoon CQN from a drizzly Nordrhein Westfalen. Not posted for a few days as I’ve had other things on my mind.


    Happy Birthday to Tommy Gemmell, who in my very humble opinion was MOTM all those years ago in Lisbon. I met him a couple of times both at his work and at Celtic social events, one of life’s good guys.


    Fine post by Oldtim67, who I have also met, another one of life’s good guys.


    As regards the zombie FC or whatever they are, never have and never will be a football club, are we now reaching the endgame? If we are I am glad that Still Game is coming back as it is always good to have something that makes you laugh uncontrollably ;-)

  8. Oldtim:



    tell me that’s not you throwing your boots into the jungle.



    I remember your first post like yesterdayish. It was a classic, more so than the one above. If I remember rightly we were going through a wee bad patch at the time and your post struck a chord.



    I know I have it somewhere, and I have looked for it more than once, and if I find it, I’ll take the greatest of pleasures in posting it again, and again, and again.



    All it was, was pure unadulterated adoration of Celtic. Nothing more, nothing less.



    You wrote your own testament that day, and no post before, or since, has ever drawn me in so much by its simplicity in sincerity.



    You be good to yourself.

  9. kitalba



    13:13 on 16 October, 2013




    Kilbowie Kelt:



    It never ceases to amaze me how so many posters find a voice once a new article is posted. And even more amazingly, all within the first five minutes too.





    You are too cynical, Kit.


    No intelligent adult would rush be first to post.



    It is just coincidence.





    Good Luck.

  10. CultsBhoy loves being 1st forever & ever on

    Old Tim



    You’ve just ruined the blog with that post – no point anybody else posting now ..ya auld C****!

  11. ....PFayr supports WeeOscar on

    Old Tim



    there are many on CQN who have been good to you



    there are many more that you have been good to



    your generousity is legendary ( if not a little annoying when one is trying to buy a drink)



    you`re a diamond …take care




  12. Hi Paul67,



    Interesting article I didn’t know they were quite so short (begs the question who mutually consented).



    Still you seem to suggest as you oft have done, that our hero has a part to play.



    Hopfully it has something to do with Supermarkets, I’m not sure he’s cut out for this Football malarky…



    Hail Hail

  13. oldtim67



    13:07 on 16 October, 2013



    Top, top post Sir, well said.


    I’ve been a wee bit hacked of with some aspects of the negativity on the blog recently, thanks for reminding me just how good the blog really is.



    Tea and chocolate eclair await, so laters.

  14. Cue now the media statements for Simba the Saviour to be appointed immediately without any SFA implementation of rules !!! More threats of potential public disorder if they can’t get their own way !!

  15. Margaret McGill on

    Thats some news there today. If it keeps going like this there is no way Donut dictates are ever gonna save them huns.

  16. oldtim67 –



    Timing is everything and that very heart warming post could not have come at a better time. The type of post that keeps me on this hallowed site if I’m honest!



    Might try and track you down next Tuesday pre-game.

  17. Joe Filippis Haircut on

    A rumour in town that Fat Sleekit has walked nothing on the mid day news I hope it is not true as they desrve the seekit one as there manager. H.H.

  18. eddieinkirkmichael on




    The wife was asking me what I was laughing at, tried to explain and a puzzled look came across her face. I ended up saying it’s a CQN thing.






    Brilliant, not been on a meet yet but hopefully in the not to distant future I’ll be able to come along.

  19. GlassTwoThirdsFull on




    Be interesting to see if his pay-off is based on his full salary or the temporary re-negotiated one. I think we could all guess that one!










    Debut in 5-1 Away League win over Aberdeen






    First goal in 2-5 league loss to Kilmarnock






    Gemmell assumes penalty-taking duties scoring Celtic’s fifth from the spot in 5-0 league win away to Kilmarnock






    Gemmell concedes an OG after 15 seconds then scores Celtic’s first from the spot in the 7th minute of home Scottish Cup Quarter Final 5-3 victory over Queens Park






    Scores in European Cup Final victory over Inter Milan






    Misses penalty in 3-0 home league win over Kilmarnock






    Scores and misses a penalty in 2-0 away league win over Raith Rovers






    Has a 73rd minute penalty saved in the 1-0 home League Cup win over Rangers






    Scores and also concedes an OG in the 8-1 home Scottish Cup replay romp over Partick Thistle






    Scottish Cup tie away to Clyde – Ronnie Simpson retires with a shoulder injury and Gemmell spends most of the match in goal keeping a clean sheet in a goalless draw






    Misses penalty in the replay as Celtic win 3-0






    League Cup Semi at Hampden – Simpson dislocates shoulder in 78th minute and Gemmell again assumes goalkeeping duty






    Celtic clinch the league title at Tynecastle with a goalless draw despite Gemmell missing a penalty






    Scores in European Cup final loss to Feyenoord






    Misses penalty in 4-1 home league win over Airdrie






    Misses penalty in 4-1 away league win over Kilmarnock






    Misses penalty in 3-1 home league win over Dundee






    Scores his last goal on his last appearance for Celtic, a 5-0 European Cup home win over Sliema Wanderers






    Leads Dundee to shock League Cup Final win over Celtic

  21. ACGR Supporting Big Nan's Reveal the Masonic Judge Petition on

    Old Tim, this is my first post since returning home from a holiday that ended in hell. My house in spain was broken into on Friday night with some serious consequences. I’ve been on a complete downer for four days.



    Reading your post has really cheered me up.








  22. oldtim67



    Fantastic post , sums up what being a part of the Celtic Family is all about.


    I have been lucky enough to have been in your company on several occasions with other CQN Bhoys and Ghirls and it’s always been a good day/night .


    Looking forward to the next time we meet .



  23. Recently have been getting fed up of CQN and what appeared the constant negativity to all things Celtic and was genuinely thinking of packing it in altogether. Then today I read OldTim’s post, which is possibly one of the best ever posts I have read on here and I realised what drew me to the site in the first place and why I won’t be going anywhere. Super post OldTim , I’ll be meeting kikinthenakas pre match next Tuesday as well so if you are meeting him I will have the pleasure of meeting you again.

  24. Old Tim, well said again. If you are in BB’s on Tuesday I will try very hard to buy you a drink.



    A good post to make a feelgood day……only to be spoiled by Joe Filippis Haircut’s devastating rumour that Alistair doesn’t do not walking away.



    I demand that he stays. How do I set up one of those petitions?



    McCoist must stay


    McCoist must stay


    McCoist eats pies… err, I mean McCoist must stay

  25. DeniaBhoy in awe of wee Oscar's Courage on

    Would be amazed if Sally walks – why would he? He’s being paid a fortune and will have a tasty compensation package to claim if sacked. And who’ll sack him without incurring the wrath of the season ticket holders? He can sit tight in his XL armchair and take the credit for delivering results, or he can sit tight in his XL armchair and blame all the board distractions for not delivering results. For now he can’t lose while pocketing 10G a week.

  26. GlassTwoThirdsFull


    13:38 on


    16 October, 2013



    I never believed he was taking a real pay-cut anyway. a) he has a contract and b) why do it when the club should actually be earning more money than it did when he was on full pay?



    That missing salary chunk will be getting made up elsewhere.

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