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]
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cadizzy top of the class.
Cadizzy – good shout. Was going to be my next guess. Honest!
oldtim67
Yer getting better at this posting lark:))
I have never met you YET but I know it will be a pleasure when I do.
I spoke to Lennybhoy on Saturday about how this place change my life I Know that may sound extreme but my head and spirit were in a not too clever place.
CQN resored my faith in the celtic family beyond anything I could have imagined.
Like you I was welcomed by Kitalba I was not asked if I was one of them just welcomed & he posted me a link for me(though he cannot remember it I DO)
Remember the St Patricio Battalion.
http://www.youtube.com/watch?v=lCaNj4iMqjM
Its amazing how small kindnesses grow into lasting admiration.
So to all yous I have yet to meet stay well and may all your needs be granted:))
Till later Hail Hail
Martin42.
I’m surprised by all the acknowledgement that that post is getting, there’s a lot more that could be said, those earlier years were when CQN was at it’s best, that’s why I’m still here.
it’s been a blessing for me,Paul knows that,because I told him a few years ago.
BMA
Ah well, never mind. Maybe some other time….if you’re ever down for a Crystal Palace game, we’re naw far.
& he LATER posted :))
Oldtim
I went to Alloa as well. I was there with my wife and was sitting with Stevens older brother Paul and his family. I think you were all at a table together just behind me but i wasn’t a big contributor to the site so didn’t bother you all,although now I know I should have introduced myself.
HH
Mick
Awe Naw
I thought everybody knew it was Tony Adams…..it was the bit about Foreign winning the World Cup that floored me@
So Mather met King to sort out his severance package?
Cadizzy
you must be an eskimoe .. even the Germans laugh at Englands WC victory and thattakes some doing
HH
thomthethim for Oscar OK.
I remember that day well.If you see Noel90, give him my regards.If there was ever a poster I miss, it’s Noel90.
Cadizzy,
I do not post as often these days, time never seems to be on my side, usual work hours are 11am till 8 pm or 12 noon till 9 pm.
By the time I get home, have my dinner and talk to my better hslf across the table it can be after 10 before I sit down to relax.
Martin47 is really busy this weather, did you know that he is now an Inverclyde Labour councillor he was first choice in the last local elections. I was talking to him at the weekend and am due to email him with a view to him, my four brother and yours truly meeting in the city for a lunch and catch up. will pass on your good wishes.
Kitalba, would look forward to that, keep me posted.
Martin42
.
Cadizzy, you never know, she may take me shopping dan sarf…………..
Bma
Hail,hail
Mr Oldtim…what a wonderful post ,Sir
this , to my mind is the real CQN tonight
the old names…the great memories…sprinkled nicely with sentiment and a wee bit of spice
over all these years CQN has brought together some very sharp and educated celtic minds
What a joy tonight to read these stories of comradeship and mad celticness
maybe we could get to the stage where we are all on the one road…maybe even singing a song…
anyway…just thought I would let you guys know I still watch , learn , and sometimes even respect the posts that are worthy opinions or sentiments that helps me keep the faith
Hail Hail
ramie
Hi oldtim67,
Don’t normally get the time to read many of the comments but I’m glad I happened to scroll down today.
First met you at a fundraiser organised by Paul67; the home game against Falkirk a few years ago – when Shaun Maloney came off the bench after returning from Aston Villa.
You then got me tickets in the posh seats for a game against Dundee Utd around Christmas time – which I never did get the chance to properly thank you for.
I passed all my accounting exams and I’m now working in Cambodia – and have established the first CSC over here.
Hope you’re keeping well – you are gem.
Thanks and Hail Hail,
Angus
Small world, Martin47’s wife taught my daughter.
Bma
Ghuys,
Any tickets going for Amsterdam ???
HH.
Afternoon all
Just logged in and read Old Tim’s posting on page 1. Great stuff- this blog has been a bit testy of late but it’s posts like that which make me smile and glad I contribute ( even if it means meeting BMCUWP when he comes north!). :-)
Jimbo67 supporting Oscar Knox
http://www.londonstockexchange.com/companies-and-advisors/aim/aim/aim.htm
Love the bit about small growing companies certainly small(well small minded) but growing
why are they allowed to trade in the aim beggars belief
3mick3.
I went and spoke to Jonathon and if you were at that table I’d have shook your hand.
Hi Martin42
Hope you are keeping in fine fettle ?
I’m mostly a lurker now, but still read Paul’s superb creation every day.
And at times it pains me to read so much acrimony, between fellow Celtic fans.
I have heard Paul say that this blog cannot go on forever, and sometimes I wonder why he bothers with the hassle.
This site has become an integral part of so many peoples lives, that we would all be the poorer without it.
However, sometimes, like today, Oldtims post, rekindles the fire, and shows us all the things we have in common, rather than the differences.
Anyhow,I hope you enjoy Tuesday night and we all get the result we need.
Just on another wee note…
I have a good friend….some of you may know him….
he has went on holiday this week…
his holiday was funded mainly by charity
that charity came mostly from scottish people…although there were also english, Irish , Australians, Croatians, Indonesians, and a Kiwi…
the Scottish contributors were all but 2.(out of 14) either Aberdeen or tribute act followers
I can tell you all now…these guys know how to dig into their pocket and give with an open heart…
our upbringing sets us apart….not actually the team we may necessarily follow …
just a thought
Hail Hail
Ramie
After 2 or 3 depressing CQN days which I know left many stalwarts questioning the future of the blog , OldTim has singlehandedly lifted all our spirits and renewed our faith. I am aware that OldTim has a well deserved reputation for lifting spirits but seeing is believing.
Bobby Murdochs Ankle supportin Oscar Knox
15:45 on 16 October, 2013
“Small world, Martin47′s wife taught my daughter.”
small world but you wouldn’t want to have to paint it.
ChicMurrayCSC
Spiers on Sport: Stockbridge should go now after Mather’s demise
Graham Spiers
Wednesday 16 October 2013
The resignation of Craig Mather, the Rangers CEO, may not have surprised many due to me being always one step ahead of this never ending fiasco , but the brittleness and internecine hostility now embroiling the Ibrox club will certainly be of concern.
The liquidation of the old Rangers Football Club plc continues to claim its victims. As attempts are made to restore the Rangers brand back to the top of Scottish football, the often venomous disagreements among the central cast has become a grisly spectacle.
Mather now joins Charles Green, Malcolm Murray, Imran Ahmad, Walter Smith, Ian Hart and Bryan Smart on a scrap-heap of former club directors or principals who have either walked or been forcibly evicted amid the turmoil.
Smith’s infamous comment that the Rangers International FC was being served by a “dysfunctional board” has never looked more true, or seemed more acute.
Brian Stockbridge, the club’s finance director, remains in situ, but surely not for much longer. If Stockbridge has any sense, he will walk as well.
Mather should never have been a Rangers CEO in the first place. It was an executive position he had scarcely any previous experience of, and he was hastened into the role earlier this year and somehow became a permanent fixture, with Walter Smith’s approval. It was a fateful appointment.
The outgoing Ibrox CEO appeared to fail on a number of counts, not least in his constant claims that Rangers are in robust financial health, in the face of all available evidence. But two recent incidents sealed Mather’s fate.
First, having met Dave King, a prospective new Rangers chairman in South Africa, Mather allowed Rangers to make rash comments about the plan, flouting regulatory rules for a listed company, which then had to be swiftly amended.
Then, and most crucially, Mather and his beleaguered board were dealt a bloody nose in the Court of Session on Monday, when Paul Murray and his “rebel” shareholders won an interdict which prevented the club’s AGM from taking place this month.
The ruling found in favour of Murray’s claims that Mather and his board had acted unreasonably, and, indeed, had appeared hellbent on thwarting the democratic right of Rangers shareholders.
Amid all this, the pressure has remorselessly built up on Mather, to a point where, following Monday’s court decision, he was floundering. So now he has gone.
The obvious question is, what next for Rangers? The answer to that is pretty easy…in the medium term the club will have an almost completely new board. But further political issues at Ibrox still need to be resolved.
The return of King may yet prove controversial. The entrepreneur and former Ibrox director has just pled guilty on 41 counts of tax breaches in a South Africa high court and, while most Rangers fans appear not to care a whit for his court conviction, other bodies have yet to address the issue although we can say with absolute certaintly that the SFA including Peter Lawwell will look the other way
There is also disagreement and some disgruntlement at Rangers over the growing influence of James and Sandy Easdale, whose shareholding has been quietly strengthened in recent months.
The scenario is confusing, because the Easdales, who desire greater control at Rangers, would necessarily have their influence diluted by King’s return.
On the other hand, Paul Murray, an ally of King, has hinted that there is a place at Ibrox for Sandy Easdale, who with his brother currently sits on the board of the football club.
King’s imminent return to Rangers, will surely this time mean real power and authority for his presence. The businessman has previously injected cash into the club, with limited say in what was happening. It is a scenario he is unlikely to repeat.
The accusations that he is Charlottefakes and is actually the closest to Sir David Murray are too ludicrous to even consider.
When the Rangers AGM finally does take place, probably in about four to five weeks’ time, there will be an open vote for a whole tranche of new directors, including Paul Murray, Malcolm Murray and other nominees. It remains doubtful, though, if Brian Stockbridge can last the course much longer.
Stockbridge’s stock now looks extremely low at Rangers. He is the last remaining vestige of the Charles Green regime, and is surely done for. The recent Rangers financial results on his watch were woeful, and Stockbridge, like Mather, has often looked in a position above his abilities.
It might not be a question of Stockbridge “trying to survive” at Rangers. If he has any sense, he won’t want to.
Ramie:
I apologise for being a wee bit of a stranger of late.
Where did you take Kano?
kitalba @ 15:18 on 16 October, 2013
The rules are here:
http://www.celticquicknews.co.uk/?p=28
Gus.
Really glad to hear from you,Glad ,but I knew you’d pass your exams with flying colours.
Your far travelled,Cambodia, not bad. Have to have a few drinks next time your back. Paul will assist you with my e-mail address.
Oldtim
We probably were introduced it will be me not remembering as I met a lot of people there that I hadn’t met for a lot of years.
I will need to make an effort to go along to one of the nights out someday.
HH
Mick
Oldtim..what a wonderful sincere post that says so much about you..
Usual table booked for next Tuesday.see you and the other silver foxes then..more welcome HH
Afternoon all again
ACGR
Sorry to read of your problems bro.
And a happy birthday to Tommy Gemmell – greatest of all left backs. He did many things in his career but he’ll always be the first person I ever saw score for Celtic. A penalty at Brockville on 16th March 1968.
Jimbo67 supporting Oscar Knox
Home and put the heating on..
Okdtim
Ill read your post later. Might give you a call later this evening..
Oh the ballot said yes
The ballot said yes
The Amsterdam Arena the ballot said yes
Noo too find the £45 for the ticket
Sooo….as predicted by more a few the scene is looking good for Bigot Dome II.
The Spivs have legally blagged all the money
The Blue Knights have no money or at least will not put it on the table
Each demand for new IPO money without any prospect of return to the SPL will continue to decline to the point it cost more to go for an IPO than they generate in money.
The bigot Dome continues to decay
If theres a second liquidation then newco 2 will start at the bottom again
To make the analogy……….. the orcs are terminally ill and on the ventilator, all that remains is the decision to switch of the power.
oldtim67,
Cheers. Absolutely – I’ll be back for a while in June, so no games at that time but I’m sure the pubs will still be open.
I’ll look forward to it – take care.
Hail Hail,
Gus
Kit
I am here working…Kano is off to sunny Kalbarri…lovely place mate…
we take holidays for granted…Kano takes them when we raise the money!!!
stark but true…
we raise the money at the “Cup Tie Mackay RIP”(remember him CQN?) golf day…organised by Aberdonians…for the good of all
Kano loves it up there…has mentioned many a time that he would retire there…maybe one day he will
Kit we will talk when we talk mate..hope you are well and your family also
take care cobber
Ramie
Old Tim,
I lurked for many years but I finally took the plunge this year and got the occasional post away (with commas)and after reading your post tonight I’m glad I did. You are what We are all about. I will probably never get the pleasure of meeting you or most of the other posters who are lucky enough to get to games on a regular basis, it will be 0245 kick-offs for me on those big European nights down under as it has been for the past 16 years but one thing will never change and that will be our love, passed down in my case for the green and white hoops of the Celtic
AR
Michael:
Cheers, thankfully I don’t think I’ve breached any of them of late.
Do you know what I think is missing from those rules, well infrequently individual posters do break the rules, God knows, in a misty red mist I might have even broken one or two of them myself, maybe in lieu of a yellow card a 2 pound contribution to the breach of ettiquete might be an appropriate alternative.
Thinking back though, the last person I saw get a yellow was me mucker awe-naw and he never even breached the written rules, he was only at his usual wind up.