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
Sorry to hear about your dad.
Celtic///…\\\
oldtim67
Look forward to it.
TET meeting me night before game when I get in from the airport (flight arrives 7:15pm) – we are all planning on staying at same apartments (details to be finalised) and will be there till the Thursday morning.
Will keep you posted.
Time for sleep.
Was awoken at an ungodly hour this morning with a wrong number, Mrs TET wasn’t a happy bunny.
The young fella and his new family are here at the weekend for a week or so, and TBO is going manic getting things sorted, she was the same last week when Auldheid and his lovely wife were here, ach, she enjoys it, she has me running around doing things that are not normal, but, I love it to if the truth be told.
Sleep well Timland.
Oldtim, yer a star.
HH
KTF
Night Bhoys.
Tallybhoy
Deepest condolences.
May your dad R.I.P.
I caught wee Chic’s entertaining ramblings earlier on the radio, what a (five) star. He’s just speaking from the heart in the hope that the grand architect in the sky will fix planet sevconia and restore them to their bullying, unedifying greatness.
Now he’s backing the ‘Lying King’…the wee man is desperate it seems and he’s running out of saviours and now it’s the turn of the wounded sugar daddy from South Africa or Castlermilk depending on your audience.
Keep it coming Chico because laughter is good.
zimmerman – Conspiracy Theorist : Nothing more than a derogatory title to dismiss a critical thinker)
23:25 on
16 October, 2013
Right,
i’m off to bed with Chic Young.
I’ll re-phrase that,
I’ve downloaded the shortbread podcast from earlier so time for a quick snigger under the blankets.
That didn’t sound right either. ;))
Hope you’ve got a rubber sheet on the bed – you’ll be wetting yourself!
Oldtim
I will be in Barca about 1 ish the day before the game.
Send me your mobile number and we can arrange to meet.
HH
BRTH
Giraffes? Love them, coudn’ae eat a whole one though. HH
Weefra HH supporting Wee Oscar.
I just emailed my complaint to:
ewan.angus@bbc.co.uk
Ewan Angus,
Head of Sport,
BBC Radio Scotland,
40 Pacific Quay,
Glasgow, G51 1DA
Got it Bhoys ta!! Its a right hoot!! Jabba best watch his back when Chico is around. Does Chico not remember this interview with Smith??
http://www.youtube.com/watch?v=dG27qGTMXa4
When chic compared Dave King to his fairy godmother………….well safe to say I missed the next couple of lines.
good night Timland
HailHail,
Just logged in a for a short late lurk.
Tallybhoy.
Sorry to hear about your loss.
Oldtim
A timely post today.
What is best about this blog.HH
CultsBhoy loves being 1st forever & ever
23:52 on
16 October, 2013
I just emailed my complaint to:
ewan.angus@bbc.co.uk
Braw ,my good self as well…many a mickle and a that….
King didnt pay tax for 14 years but Chico says its ok cos hes paid it now. Listen up ya thicko. He paid it cos he got caught and it kept him out of jail!!
Oooh Chic,stop it…hahaha.
Night Bhoys Body still on Highland Paddy time in Los Gigantes
zimmerman – Conspiracy Theorist : Nothing more than a derogatory title to dismiss a critical thinker)
00:10 on
17 October, 2013
Oooh Chic,stop it…hahaha.
Telt ye! Careful now…
just seen the back page of the Daily Record.
Ex-chairman Johnston reckons that Whyte is still pulling the strings at Ibrox.
What a great Exclusive, i have never heard or seen anything like this before!!!
to quote Paul – Whyte is the only show in town!
Rumour has it that wee Chic held a pile of De Lorean shares and he ploughed a fortune into the Sinclair C5…now he’s backing the Lying King!
I wonder how this will all turn out…
Im all for King btw!!! Panto season is just around the corner too. <:o)
natknow-supporting wee oscar,
I’m on SSB now,
Gonna need a paddle. ;)
Wee Q before vespers. How did glue come into it?
When I posted today I never thought it would create so much interest,Thanks to everyone who passed a comment about it.
oldtim67
00:22 on
17 October, 2013
When I posted today I never thought it would create so much interest,Thanks to everyone who passed a comment about it.
Oldtim – I didn’t but will now. Great post – more power to ye!
Sevco. Green, Whyte and comedy Gold.
jude
I think wee Chic has been sniffing it :)
The Exiled Tim.
I’m using the game as a wee holiday, arriving Saturday morning, leaving the following Saturday morning.
Keevins….”i can’t even call them the old firm any more”
By god,..i think he’s got it.
Tallybhoy
May perpetual light shine upon him
HH
Just caught the Chico Show.
At last we know…It’s all Lloyds Bank fault.
At last i can sleep
Nite Lhads
what a braw day ….
‘The prerequisite for the job seems to be an ability to accept unconscionably bad behaviour behind the scenes while trying to persuade the watching world that everything is cool, everything is on track, everything about your life is fine and dandy when the reality is that your job is akin to having a bucket of sick emptied on your head every single morning with the task of making it smell like success before the day is out.’
http://www.scotsman.com/sport/football/spfl-lower-divisions/tom-english-the-latest-twist-in-long-rangers-saga-1-3145360
oldtim67 Read your post before bed last night….Absolutely brilliant, just what the blog needed.
Tallybhoy… So sorry to hear of your loss. RIP Tallybhoy snr.
Zybsek….. Another fabulous post, shows what this blog is all about.
HH
Tallybhoy!
We don’t know each other, however your loss is great, can’t replace parents, please be assured, candle will be lit in the AM, in honour of your Father!
God bless!
H.H.
Tallybhoy,
Sincere condolences on the loss of your Dad
RIP
Never been a particular fan of Tom English, but, I’ll tell you what, he fairly ran rings round wee Chick tonight.
What a totally biased Watty/Murray/Murray/McCoist apologist that wee fud is!
To be fair to Dodds, he realised he was out of his depth and kept his mouth shut most of the time.
I only hope a lot of “thems” were listening, and sided with Chick. He could be our best weapon yet!
HH