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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Old Tim,
Thank you for that post. I well remember your first. I must have joined around the same time. It was News Now that drew my attention to CQN. I used to use News Now a lot. I don’t think I have looked at it for 5 or 6 years now. Maybe even longer.I was living in Salford at the time and as I told Paul and everyone else on here, I found CQN a great source of news of Celtic. Since I have moved back to Scotland, I depend on it every bit as much as I seldom read a Scottish paper of any description.
It was also great to read Martin42 contributing once again. People like yourselves are needed more than ever. You both embody the true spirit of the genuine Celtic supporter.
Oldtim
Great Post earlier. It has lifted CQN to it’s more suited level
Thank You for that.
I think I might have met you briefly the day I met with vmhan to hand over his sponsor money for running his 10K barefoot
I’m sure it was BT and yourself who were also in vmhan’s company that day
Stay well
Exceptionally badly behaved uncontrollable child on train
* the jo
Exceptionally badly behaved uncontrollable child on train
* the jokes all on him when they get off in Larkhall*
kitalba
“legs tied,hands shackled,voices free”.
Till later all
BT
No probs. I had the correct email for Johann so details should be forthcoming. Are you going?
JJ
Rrc.
It was and tbj was there too I think.
In london road club. .
JJ
You are off the hook as im not going for meal Tuesday.
Hopefully return for Milan match.
Volvo V40 cross country?
Very nice.
DougC #Supporting Wee Oscar# 16:51:
Your initials DS? If not does anybody know a blogger with these initials, trying to reconcile a spreadsheet lennybhoycfc@gmail.com
blantyretim is praying for the Knox family 16:52:
What comes first, Celtic or the Car, put it back 24 hours ya Eeejit…:)
Keep the Faith!
Hail Hail!
BT
Phew!
Aff oot,
JJ
BT
Thanks, I was certain it was, I got a couple pics that day, including one of you :-)
TBJ sorry I missed you out, bud :-)
BT
“I don’t drive but provide the finance.o (”
So when you pick it up, remember to bend your knees or you’ll do your back in…..and your leg again.
Best to get some help too. Heavy chaps, those Volvos
Doc.
If your lurking, my annual report was waiting for me when i got home from work.
As we bought shares about the same time, i would expect yours will turn up.HH
Just had some interesting interactions with sevcovians over on twitter, there ignorance over the whole Murray stewardship is frieghtening. If it was us would we be the same?
Would we still be in denial about where the money for 9ir came from?
Truly staggered by their ignorance of the facts and they are still at it, some were maintaining that as King paid a fine it meant he didn’t have a criminal conviction. Some of these guys were educated and probably hold down respectable jobs, yet when it comes to sevco it’s as if their IQ’s drop off the scale and they become the lunatic fringe.
Londondave has initials DS.
Unless it’s ole Duffield Smith.
Any good deals for a 4 ball on Friday midday ,Glasgow area?
Lennybhoy.
Will get to match just not pre match jamboree. ..
Caddizy and JJ both lucky as I won’t get a chance to annoy you.
Ole DBBIA just treats me with the contempt I deserve..
Lookin’ forward to ole Shortbread the night.
Another reckless full blooded assault on the English language and logical thought processes from wee Chic.
Dontbrattbakkinanger 17:16:
Cheers mate, are you going on Tuesday to the ‘Grey Brigade’ jamboree?
Keep the Faith!
Hail Hail!
B/Tim – contempt?
Moi?
When I was in the Foreign Legion we cried it ‘le banter’.
Ahhh Rutherglen.
Awe Naw/Cadizzy
You gave Tony Adams – born October 66 as the first cap born after AN Azerbajani linesman won the World Cup.
I would suggest Nigel Martyn- born August 66- beats him.
Are there any others, I wonder, who can beat that?
CQN has been like a different place today compared to all the acrimony that’s been taken place lately,Oldtim thanks for your wonderful post it has certainly lifted the mood of the blog considerably
Dontbrattbakkinanger 17:16:
Worked it out, not Londondave, they put their moniker on the back…:)
Keep the Faith!
Hail Hail!
Foreign’s Foreign Legions are being closed down due to an aging population and a change in drinking practices.
Oldtim67
You da MAN !!!!!
:-)
RRC,
I was with you that day if i recall?
Old Tim
Great post but it does beg the obvious question.
Are you a …….
recent graduate from a spelling and punctuation course? :-)
Dbbia
Just backfrom Tunisia. You certainly left your mark there during your time in the legion.
bada bing!!
17:17 on 16 October, 2013
Any good deals for a 4 ball on Friday midday ,Glasgow area?
&&&&&
Not sure, have you contacted the Guinness Book of Records? :-)
SFTB
Tony Adams made his England debut in 1987. Nigel Martyn made his in 1992….though I could well have read Awe Naw’s question wrongly.
Zimmerman.
Yes you where. Think rrc was also attending a wedding that weekend..
The tyneside bhoys also came in after one of their walks..
Oldtim67
MurdochauldandHay beat me to it. Your great post has lifted this blog today.
More power to your punctuation-lite elbow, sir
zimmerman & BT
z…aye that’s the day I was on about. Dun Utd at home, handball incident et al
BT, again correct, It was my Son’s UK wedding reception
Dontbrattbakkinanger
17:21 on
16 October, 2013
Lookin’ forward to ole Shortbread the night.
Another reckless full blooded assault on the English language and logical thought processes from wee Chic.
DBBIA
Could you please post a link for that broadcast….I always have trouble going through their Website. that would be braw! .salut—
SFTB
Awe Naw’s question
“Who was the first player born after the greatest day in Englands football history (i.e. England’s World Cup victory in 1966) to make his debut for England?”
I think we are both justified in thinking we have answered correctly since the question is worded in a terribly confusing way. I shall be upbraiding Awe Naw in a style of my choosing when next our virtual paths collide.
cadizzy
I can see the ambiguity.
Tony Adams may have been the earliest debutant born after the unfortunate event.
Nigel Martyn may have been the first future England internationalist to have been born after it.
Wonder who was the first Celt to debut our first team, who was not yet alive on 25th May 67?