Scottish Championship side Rangers has been "kicked off the stock exchange after failing to secure the services of a new nominated advisor," according to Keith Jackson of the Scotland DAILY RECORD. The de-listing of the company from the Alternative Investment Market was "formally announced in a statement released to the city" on Thursday. It came after talks with a potential new nomad "broke down." This collapse reportedly came after bosses from AIM -- having "already suspended trading" in Rangers Int'l Football Club shares -- "made it clear they intended to wash their hands of the club after two years of unrelenting boardroom chaos." In fact, over the last year, AIM regulators have received "more complaints about Rangers than any other company on their books." Rangers interim Chair Paul Murray "now intends to have the company listed on the ISDX market instead." Rangers did not name its potential nomad "but insisted" that would-be Chair Dave King was cleared as "fit and proper " by the financial firm before the talks collapsed (DAILY RECORD, 4/2). The BBC reported trading in the company's shares was suspended on March 4 following the resignation of its nominated adviser, WH Ireland. A number of "significant shareholders in Rangers" are considering legal action as they are "now unable to trade their stake on the AIM market, with at least one complaint being made to the Financial Conduct Authority." Rangers "have put the blame for the delisting on the previous regime," saying in a statement, "It is simply the result of the well-documented failings in corporate governance and management of those who previously controlled the company. ... There is no reason why de-listing should adversely impact on the value of the company's shares or the company's financial condition or prospects" (BBC, 4/2).
