Scottish Rangers' McCoist Risks Wrath Of Paymasters, Hands Over Share Proxy To Fans
Scottish League 1 Rangers Manager Ally McCoist "has put himself on a collision course with his Ibrox paymasters by proxying his shares to his local Rangers supporters club," according to Gary Ralston of the Scotland DAILY RECORD. McCoist "has handed more than one million shares, just under three per cent of Rangers’ stock, to the Calderwood Loyal in East Kilbride." McCoist "is honouring a promise he made to club members when he first took control of the stakeholding last year." However, his decision "has set the cat among the pigeons ahead of Thursday’s crucial agm as proxy vote will be used against the board." The East Kilbride club "are members of the Rangers Supporters Association, who are against the re-election of Finance Director Brian Stockbridge and bus boss James Easdale." McCoist’s decision "will further isolate him at boardroom level" (DAILY RECORD, 12/16). In London, Tom Farmery reported the Rangers largest shareholder, Sandy Easdale, has said that "the only way the club can operate in a financially viable way going forward is if fellow investors vote at the annual meeting to keep the present board in control at Ibrox." His comments come only days before "shareholders arrive in Glasgow to vote at Thursday’s AGM to decide the future of the Rangers boardroom." After speaking to a number of significant shareholders at Ibrox, the present board "will win the AGM vote by a clear margin." Easdale, whose holding is 4.37% but has voting rights of 26.62%, Laxey Partners, Artemis Investment, Newcastle United Owner Mike Ashley and Zeus Capital Dir Richard Hughes "will all back the present board." Their votes "collectively would produce" a total of 54.67%, more than 3% "more than required to secure a majority." The board consists of five members, with CEO Graham Wallace, Chair David Somers and Non-Exec Dir Norman Crighton "all joining last month." Wallace’s appointment, in particular, "has helped sway investors such as Artemis" (LONDON TIMES, 12/16).