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SBD Global/November 28, 2013/Franchises

Group Vying For Control Of Scottish Rangers Urges Fans To Vote For Change

The group of "rebel shareholders vying for control" of Scottish League 1 Rangers "have released a statement reiterating their determination to have four individuals elected to the club’s board at the forthcoming AGM," according to the Scotland DAILY RECORD. The statement also indicated that the position of Financial Dir Brian Stockbridge remains "completely untenable" and that the Serious Fraud Office is now investigating “payments made to certain shareholders around the time of the IPO." Led by businessman Jim McColl, the group also urge fans “to take a one-off opportunity to select the best Board to take the Club forward” on Dec. 19. The full statement is here (DAILY RECORD, 11/27). The SCOTSMAN reported Rangers Chair David Somers has "used the notice of the forthcoming annual general meeting to ask shareholders to vote against proposals for a new board." In his notice to shareholders, Somers called for shareholders "to back the board’s ten resolutions" for the meeting, describing the resolutions as “most likely to promote the success of the Company for the benefit of its shareholders as a whole.” Somers then "urges shareholders to vote against the resolutions" calling for Paul Murray, Malcolm Murray, Scott Murdoch and Alex Wilson "to be appointed as board members." Somers states that the current board “does not believe these Resolutions are in the best interests of the Company,” and "raises concerns that any new appointments could lead to yet more instability at the club" (SCOTSMAN, 11/27).
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