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:
[calameo code=00039017122aafd9859a6 lang=en page=126 hidelinks=1 width=100% height=500]
920 Comments- Pages:
- «
- 1
- ...
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- »
Blantyretim.
I must have taken that picture, the reason that your not smling is? look around there is no church where you could drag me too..I never put that photo on the blog,although I must say it’s quite a good picture,must have been an early morning pose.At least Zbyszek and Warsaw Bhoy could muster a smile.
By Hugh Keevins
Former Rangers chairman Alastair Johnston: I fear Craig Whyte is still pulling the strings at Ibrox
17 Oct 2013 07:23
JOHNSTON spoke out in the wake of chief executive Craig Mather’s sudden resignation and warned there were still hidden dangers lurking at Ibrox.
Former Rangers chairman Alastair Johnston Former Rangers chairman Alastair Johnston
SNS Group
EX-Rangers chairman Alastair Johnston last night described the resignation of Craig Mather as the tip of the iceberg at Ibrox.
And it’s the part of the iceberg hidden from view that concerns Johnston – he fears Craig Whyte could still be pulling the strings.
Speaking from the poolside at his home in America with Celine Dion playing in the background. An indication perhaps of how untroubled the ex Rangers chairman is about Rangers long term future, Johnston told Record Sport: “I relate everything to the Whyte era because when he walked he didn’t leave Ibrox.
“Mather came into Ibrox during the Charles Green era and Green was linked to Whyte. My concern is Whyte’s malevolent influence could be part of the eight-ninths of the iceberg hidden from view.
“I don’t believe Mather went out for a beer on Tuesday night then suddenly decided to resign.
“Somebody is pulling the strings and there are other people out there with their own agendas.
“It wouldn’t surprise me if groups of shareholders came forward with the names of other people they’d like to see on the board.
“What’s going on continues to be a befuddling situation and a bit of a pantomime. A club of Rangers’ size shouldn’t be at the pantomime.
“No club, or business concern, should be without a chief executive for any length of time.
“Thank goodness the team is so far ahead in the league because there’s no supervision of transfers or contractual matters minus a chief executive.
“There’s no impact on the team because Mather has gone but something has to be done so far as the business side of things is concerned.”
Johnston sees the agm as being a pivotal day in Rangers’ history and can’t underestimate its
importance. He said: “I’m sensitive to Rangers’ history so I wouldn’t like to say this will be the most crucial agm ever to take place.
“But I would say it will be the most crucial meeting in recent memory.
“There will be a lot going on underneath the surface before that meeting.
“This is an astonishing time and to equate these goings on with an iceberg is the best analogy I can come up with.”
“These are worrying times but every night in my dreams I see Rangers, I feel Rangers That is how I know we will go on.
” Even though I am in America far across the distance and spaces between us You have to show you go on
Johnston’s belief is the fans will be able to cope with more twists and turns in the Ibrox saga.
He said:
“Near or Far as a Rangers may be wherever they are you believe that the Rangers does go on
“When Saturday comes, as they say, the only thing that will concern the punters is how the team on the park is doing.
“The reality is the team is adequate and will see Rangers through the next couple of seasons.
“That’s why I would describe myself as being long-term optimistic.
“There’s nothing I fear and I know that Rangers will go on
“The machinations will continue to go on behind the scenes and people will believe they have the only show in town.
“I don’t know if Dave King is the only show in town. The shareholders who back Paul Murray will believe he’s one of the shows worth considering.
“If I was a rich man Ya ha deedle deedle, bubba bubba deedle deedle dum.
“And the verdict delivered in the Court of Session this week to allow the election of board members is undoubtedly significant.
“I’m not sure, as things stand, who the officers of the club are at the moment. But I would assume there is a good enough back-up process to allow the agm to go ahead as planned.”
“Or we’ll stay forever this way but safe in my heart that Rangers will go on and on
Derk appears very prone to injuries :-(
HH
CRC
Chick Young sounds like he is about to fling himself off the top of a tall building,as he attempts to explain the woes of the zombies.
Heaven only know how badly them ghastly zombies are suffering just now.
1994 was traumatic for us,no doubt about that,but for those monkeys
everyday of the year is a bad dream that they never wake up from.
Speaking from the poolside at his home in America with Celine Dion playing in the background. An indication perhaps of how untroubled the ex Rangers chairman is about Rangers long term future, Johnston told Record Sport: “I relate everything to the Whyte era because when he walked he didn’t leave Ibrox.
i think he should ask CELINE what liquidation means.
ps SKY NEWS.PRINCE C is nearly 65 he will be looking forward to his retirement!!!!!
cultsbhoy loves being 1st forever & ever @ 09:18 on 17 October, 2013
I just emailed my THANKS to:
ewan.angus@bbc.co.uk
Ewan Angus,
Head of Sport,
BBC Radio Scotland,
40 Pacific Quay,
Glasgow, G51 1DA
Comedy gold. I want more.
Hooooopy Birthday Caityrollercoaster.
Make sure your Mum and Dad(especially your Dad) spoil you today.
Alistair Johnnston: “But I would say it will be the most crucial meeting in recent memory.”
Most crucial? Someone tell him it will be the first.
Weeminger Crushed Nuts
The other reason is that is and has been a business story from the outset and without being to harsh, most sports journalists don’t have the capacity to understand it.
I don’t understand a lot of the serious business stuff on here but even I can understand not paying your bills, spending money you didn’t have, not paying taxes and liquidation, unlike most of our esteemed journalists..
Alistair Johnston: “This is an astonishing time and to equate these goings on with an iceberg is the best analogy I can come up with”
How about The Titanic as a better analogy?
yorkbhoy
09:45 on
17 October, 2013
Fair point.
I was meaning aspects like last weekends utterances. How many do you think paid heed to the BBC business editor Douglas Fraser’s story about how it was a very serious issue.
The fact that they’re on their 3rd Nominee is highly unusual even in the veritable WIld West of the AIM.
Good morning fellow Celts; ribs tickled to the point of pain last nite, thanks to wee Chuck Dung …
then this…
—————————–
canamalar prays Oscar can do it again
09:22 on
17 October, 2013
:oD)))))
@jamesdoleman: Craig Mather explains £300k payoff, “that’s all that was left” he tells reporters
——
genuine lol
HH
.
Running out of Get Well Soon cards for Derk..
Definition of derk :.
(dûrk)
1. (n.) Someone who presses a pedestrian crossing button more than once, or after someone has already pressed it, having the idea that it will make the lights change faster.
..
Summa
Saltires…,
No idea, just spotted it on twitter and it tickled
Oldtim
At least it wasn’t raining for a change..
So last week we have Craig Mather telling a fans meeting that the AGM resolutions as one of them indicated an investor could put in £66k and they’d get 6.6M 1p shares (worth circa £2.6M if they could offload them immediately in 1 chunk), and that’s not what was intended. I read that as it being true, but they didn’t mean to make it so obvious. It’s a classic Craig Whyte ‘investment’ tactic. With Merchant House Group he struck a deal whereby he could by shares at 5p, at a time when they were trading at 25p
Then we have our own Paul67 suggesting ‘our hero’ is still about.
Then we have Alastair Johnstone fearing that Craig Whyte is still pulling strings.
Hmmmmm. As our esteemed host is wont to remark.
Possible candidates for next Chairman and CEO of Rankers FC.
Breaking Bad’s Walter Whyte (apart from the name, qualities include theft, extortion, money laundering, depraved indifference) and Saul Goodman (a sleazy criminal lawyer).
A perfect fit, and I’m assured they are real Rangers’ men
(of the Don’t Taxus Rangers variety, of course).
PS
Whetever happened to the Manchester money?
;o)
Tallybhoy condolences to you and yours, may your Dad RIP.
Excellent post from Oldtim yesterday lunchtime, as someone posted, timing is everything – really lifted a malaise, got some great CQNers out of the woodwork – first class.
Blantyretim @ 09:19,
“Derk has glass ankles and a glass heart… He is a worry for me already..”
But Remember ~ he was a bargain…
Heard on the Radio that England get £8Mil just for qualifying for The WC in Brazil, yep that’s for starters.
Considering Scotland beat Croatia home and away, who could yet go on to be there, do you think the SFA could have better prioritised it’s time and resources – dining with CEOs of non-compliant Clubs to reassure them – setting up commisions because it didn’t want to impose it’s rule book against said Club, defending a conflicted dead duck impotent President, fixing-up bogus 5 way agreements to resurrect the iniquitious Club etc etc
The time, resources – dealing with advisors, lawyers, accountants, Judges etc etc
All the while the rules were there, could have been efficiently applied (where are the summersaults over Hearts and Dunfermline.)
The SFA’s job should be dealing with Managers, Coaches, Trainers, Physios, Football Strategists etc etc
Now my guess, we Will use the European Nations Cup campaign to deal with the recidivism.
Hail Hail
Just in to say….
Tallybhoy – so sad to hear that news pal
Thoughts n Prayers for all who are close
Tallybhoy Senior RIP
Would I be correct in saying that Derk failed his initial medical meaning that the media conference to announce his arrival had to be delayed while Celtic(PL) was negotiating a reduced deal ? Eh ?
For my tuppenceworth – Derk suffers from the same dilema that JF has to face in ‘every’ game he plays for us ie: he keeps getting the ball played to him when his back is to the goal and there are at least 3 defenders hanging over him ?!?!?
How many times did Jinky get the ball played to him in ‘that’ way ?
Indeed – how many times did Jinky play for the 1st team when he was JF’s age ?
Further more – Neil, to many your a fine manager – that may be so ?
But – imo – your a p#sh coach !!!
That’s it for todays Daily Post.
Hail Hail – Off oot.
Canamalar
when I stopped laughing – checked again that it wasn’t an Aw Naw job
chuckling all day…
Superb
“Speaking from the poolside at his home in America with Celine Dion playing in the background. An indication perhaps of how untroubled the ex Rangers chairman is about Rangers long term future’
Just when you thought that SMSM jurnos couldn’t possibly have anything left to place a positive spin on the trials and tribulations of Sevco we are proved wrong. Some former board member of the dead club playing a Celine Dion CD is now an indication that all is well at the ’Death Star’; how more surreal or tenuous can their attempts at putting a good spin on matters relating to Sevco become? Now any proper jurno would have been ripping the P out the fact he owned a Celine Dion CD in the first place let alone play it in public. What if he had been playing a Joy Division CD?
Anyone know if Chico Dung been sectioned yet?
Weeminger
I totally agree with sports journalists struggling with the complexities of business and finance(my eyes do glaze over when reading it). My view on it was that if it was usin that situation the SMSM would have dug up a few finance journalists to give an insight into what was happening… Thankfully they didn’t bother with them and they went bust…
Usin – us in
Tallybhoy
Condolences to you and yours. May your Dad rest in peace
Listening to the shortbread podcast at the moment….
A new low for Chico for sure! :-)
@paullarkin74: PR work is the new Rock n Roll http://t.co/ZVfAxhKaMe
Theres a massive story in there that is an exclusive
#Fearless Wee Oscar is on a Celticrollercoaster
09:28 on
17 October, 2013
Derk appears very prone to injuries :-(
CRC – ankle injury. Derk wears light sox?
AdamandtheantsCSC
“People ask me how that makes me feel? In all honesty? Pissed off. I was a lucky guy who had a dynamite source fall on his lap. I still did my own digging, I still chased leads and familiarised myself with the world I was writing about and guess what? I found out more. An example: David Murray was able to control the image rights of Scottish football. That’s absolutely huge and gets him into so many worlds that it may lead people to believe that gave him the capability to promote Rangers in Australia whilst hindering Celtic in Ireland.”
If wee Chic is fighting their corner then I say keep him..
What a man!
Keevins disnae realise ole no surrender AJ is cleaning Celine’s pool.
HH
Chic’s current mental state is perfectly understandable; after bein’ married to wee Sally Carr all those years of havin’ to listen to ‘Chirpy Chirpy Cheep Cheep’ must have shorted out large chunks of his ole cerebral cortex.
All together now…
Where’s your Rang#rs gone
Oh- wee Chirpy Chirpy Chic Chick
How did murray get control of image rights and where was our board during this
Don’t see what Hodgson has to apologise for
Says more about the PC brigade who have taken umbrage regarding his team talk
sixtaeseven
09:58 on 17 October, 2013
“Possible candidates for next Chairman and CEO of Rankers FC.”
Oliver Cromwell and King Billy.
scottishleaf;
If you can, could you do me a wee favour and post a link?
No sweat if not.
There’s that many people flying out of their boardroom I thought Alan Sugar was in charge.
Hh
Kitalba – there you go :-)
http://downloads.bbc.co.uk/podcasts/scotland/scotfoot/scotfoot_20131016-1919a.mp3
The huns are giving dignified a new dimension… hundignified.
canamalar prays Oscar can do it again
10:21 on
17 October, 2013
I don’t have time during the day to look into this, but I’d hazard a guess they were sold to Murray Sports Marketing, or Carnegie Sports Marketing and as it was an SPL corporate decision it wasn’t put to a vote or any such thing that would require input from the club.
That’s not to say they couldn’t or shouldn’t have queried it, but I suspect that once the contract was in place it was too late.