Rangers Announce New EGM Venue

pic: Jeff Holmes

The Rangers board has confirmed to the Stock Exchange it has found a new venue for next month's crucial general meeting. It will now take place at London's The Grange Tower Bridge Hotel at noon on March 4. The club's directors caused outrage among supporters when they announced earlier this month that they were staging the vote at another venue in the English capital - the Millennium Gloucester Hotel - 400 miles from Glasgow. The hotel later cancelled the booking after its management grew worried the meeting would cause "significant disruption to guests and neighbours" after it was reported supporters would descend on the venue in their droves to protest against the board. Former oldco director Dave King has called the meeting in a bid to oust the current directors - chairman David Somers, James Easdale, Derek Llambias and Barry Leach - from Ibrox. He needs to convince at least 51 per cent of the club's shareholders to back him and if successful, plans to replace the current board with former Blue Knight Paul Murray, Glasgow brewery boss John Gilligan and himself. The South Africa-based businessman was bullish when he appeared at a press conference in Glasgow earlier this month, telling the board the "game was up". The board hit back on February 6 with an attack on King's suitability for a boardroom role when it announced the original venue for the meeting. And in its 7am statement to the stock exchange, it again hinted at the Castlemilk-born millionaire's recent troubles with the South African Revenue Service. King was forced to hand the South African taxman a cheque for £44million last year in a bid to stave off an investigation which could have led to a jail sentence. The board's statement said: "The directors continue to recommend that shareholders vote against the requisitioned resolutions. "In the circular to shareholders dated February 6, the board set out its position which envisages representation from all major shareholder groups (including New Oasis Asset Limited a company owned by King and the group known as the Three Bears), together with independent directors, where no one interest group will have a majority influence. "The intention is that this will lead to consensus management. Offers have already been made in this regard, and dating back to before the requisition was received. "The directors consider that the board should comprise a CEO and finance director, representatives of the three largest shareholder groups, and at least two independent non-executives. This will only be achieved with consensus amongst the various stakeholders. "The requisitioned resolutions contemplate a smaller board. There is no promise that all shareholders' interests will be represented and serious regulatory issues remain unanswered, particularly in respect of the Scottish Football Association and the position of a NOMAD in the event that the resolution to appoint Dave King is passed. "Shareholders should consider who might be running the company and whether it will continue to be traded on AIM if the requisitioned resolutions are passed. Mr King is encouraged to provide clarification to shareholders regarding these matters."