RANGERS First have urged supporters to back the current regime after the Ibrox club was today forced to de-list from the stock exchange after failing to secure a new nominated advisor (Nomad).
The influential fans group have laid the blame for the de-listing firmly at the door of the previous regime for their “well documented failings in corporate governance and management” of the club.
Previous Nomad WH Ireland quit just before the March 6 general meeting which saw a new board sweep to power at Ibrox.
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Trading in shares was suspended because of the resignation and the club have been unable to find a replacement within the 28-day deadline resulting in today’s development.
However, the club are in negotiations to move shares trading facilities to a different platform and say that shareholders can still trade privately.
HEAR DAVE KING ON RANGERS’ LISTING ON THE STOCK EXCHANGE:
The full Rangers First statement released this afternoon said: “Rangers First shares the Rangers board’s disappointment that shares in RIFC PLC will no longer be listed on the AIM market and we appreciate that whether or not an AIM listing was maintained was never in the new directors’ gift.
“As the club’s earlier statement highlighted, the delisting is simply the result of well documented failings in corporate governance and management of those who previously controlled the Company.
“In addition, we note positively that an alternative listing is being sought and that an immediate solution has already been put in place from Tuesday that will allow buying and selling of RIFC PLC shares.
“All members of Rangers First are asked to note the following.
“Whether RIFC shares are listed on the AIM or any alternate public market, listing or delisting has no material impact on www.rangersfirst.org and the shares we already own. (RF is presently the 10th largest shareholder)
“Rangers First will still be able to buy further shares and in particular when a new share issue is made we will seek to take up our pro rata rights and indeed as many excess shares as we can afford in order to increase our shareholding to our first target of 5 per cent.
“Rangers First welcome the fact that limited share trading will be possible from Tuesday 7th April when the markets open after the Easter break and we will explore whatever opportunities there may be to further increase our shareholding in RIFC at that time.
“We hope that the RIFC board will be successful in achieving an ISDX listing (or indeed another alternative) to secure a public listing for RIFC plc shares as soon as possible.
“Rangers First still fundamentally believe that obtaining as large a shareholding in the PLC as possible for Rangers First and controlled by our members provides the best stable platform going forward for the club we all love.
“So as we continue to grow our shareholding we ask that you continue to get your friends and fellow Bears to join with you as a member of the UK’s largest Fan group at www.rangersfirst.org”.
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