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SBD Global/July 9, 2014/Finance

Scottish League 1 Rangers Admit To Issuing Inaccurate Accounts To Stock Exchange

Scottish Rangers have admitted to using inaccurate accounts to the Stock Exchange.
Scottish League 1 Rangers on Monday "issued a statement admitting they had issued inaccurate accounts to the Stock Exchange," according to Mark McGivern of the Scotland DAILY RECORD. The club revealed that accounts "drawn up by controversial former club secretary Brian Stockbridge did not disclose a huge windfall was coming his way." Last week, Stockbridge "snapped up" around £215,000 ($368,300) worth of shares for just £7,000 ($12,000). But the club accounts compiled by Stockbridge for the 13-month period up to June 30 last year -- when the deal was struck -- did not refer to "any such arrangement." Following the "revelation of Stockbridge's deal, the club last night released a fresh statement, which stressed there were no further 'penny share' giveaways in the pipeline." The announcement "sparked fury among supporters' groups." Rangers Union of Fans spokesperson Chris Graham said Rangers Nominated Advisor Daniel Stewart and auditor Deloitte "would be incredulous at this turn of events." Graham: "If I recall correctly, Brian Stockbridge was actually the company secretary when these accounts were being produced. ... Are we expected to believe that the man in charge of the finances of the club forgot about his own share options?" (DAILY RECORD, 7/8).
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