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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SFTB
Shall we both upbraid him?
What is this unfortunate event of which you speak? All hush hush dahn ‘ere
The night after Barca v Celtic, Guillem Balague is in walkabout Glasgow trying to shift his new book about Messi.
He did the same for his Pep Guardiola book last year and it was a good night. The book is a good read also.
He is joined on the stage this time with Albert Ferrer & Gabriele Marcotti. A couple of hours of football stories and insight for £11.
Details of the event here –
http://www.guillembalague.com/en/events/26-an-evening-with-guillem-balague-and-guests-albert-ferrer-and-sports-journalist-gabriele-marcotti#.Ul7BQRZTv8s
The unfortunate event was a sudden outburst of blindness that befell a Mr. Tofiq (pronounced Too fick) Bahramov which caused him to award a goal where the ball had not crossed the line in some meaningless fixture.
His condition has since been replicated many times by Scottish refs. It may be a form of homage
SFTB
Roy Aitken, just a guess!
Oh and good evening Celts!
Vinny
Roy Aitken was born in 1958. He’s even older than you…though, sadly, not older than me
setting free the bears supports celtic’s best fighter- wee oscar knox
17:37 on 16 October, 2013
First attempt is Derek whyte 31/8/68
BT.
Spot on RRC’s son’s (my nephew’s) wedding.
Long story. ;)
setting free the bears supports celtic’s best fighter- wee oscar knox
17:37 on 16 October, 2013
Second go : Sandy Fraser 31/8/67
Beat that…..
oldtim67
brilliant just brilliant pal.
OldtimCelticthroughandthroughCSC
The Busmen Cometh
Joe Miller December 1967 so loses out to Sandy Fraser. Well done, Michael
Paul Gascoine was born on the 27th May 1967. This means nothing to me
Midge Ure CSC
All at once…
U
Cadizzy really! it was only a guess albeit a crap one.
Back to lurking in a huff :>)
Michael
Can’t beat Sandy Fraser- did he play first team?
I had Joe Miller- December 67
Oldtim67,
Nice one; as many have said and I’d reiterate a very uplifting post – I remember meeting you one afternoon in BBs, many years ago, having been brought along by another stalwart of CQN in the early days, NeilR. Good to meet you then, and might meet up again some time soon – I might pop in to BBs on Tuesday, for example !
HH
Vmhan
the world would be a less entertaining place if there were no crap guesses. Nae huffin’
Can anyone remember one of the times when Wattie left and mentioned that shares were getting passed about like a wean with full nappy?
Who was left holding when the music stopped?
U
Have avoided posting this last week owing to the strange nature of some of the
contributions, was ever reading, as I kept hoping for some sign of normality returning!
Old Tim, we owe you ‘big-time’
God bless you!
Marvelous posting!
H.H.
I can’t find Sandy Fraser on Celtic Wiki
Major Shareholder
Captain Naeshares
Sargeant Hisshares
Sir Waxter of Cardigan’s shares in kind
U
SFTB
If no Sandy Fraser, then maybe you and I have won YET AGAIN
Ser Steak Bake of Portlytum
Davy King on the march once again
Davy King and his tax dodging men
Doesn’t give to the rich, nor to the poor
Davy King, Davy King, Davy King
Was Sandy Fraser the guy from Dad’s Army? The original mineshafter?
ulysses mcghee is praying for Oscar
17:55 on
16 October, 2013
The Busmen Cometh
I think I’ve still got the vinyl of this JJ Burnel classic.
:-)
Owen Archdeacon???
Looks like Sandy Fraser did not play a first team game for Celtic in the three years he was on our books. Our very own Winston Bogaarde (at a cheaper price)
Glass
Owen born in 66
I’ve never met Old Tim but todays blog seems like a tribute to him, he must be some fella as to my knowledge thats never happened before on here, well done that man, maybe some day.
Share the shares
Glass2/3full
Born in 66
Larrybhoy
how are you and how is your brother’s family?
Spiers calls out Lawell live in the papers…
sQuare gO surely shirley?
Hello lhads, Not been on here for ages and it appears the last few days have been rather tense. Thank god for Oldtim 67 and his post on Page 1 earlier. Any way, I’m heading to Shanghai on Friday. Anyone know of a good pub to watch the game near The Grand Kempinski hotel?
darn! Tony Shepherd also ’66
sftb
Where did mineshafters go before the internet?
Joe Miller?
BSR
The mines
U