Rangers De-List From Stock Exchange

Photo by Jeff Holmes Rangers have been forced to de-list from the stock exchange after failing to secure a new nominated advisor (Nomad). Previous Nomad WH Ireland quit just before the March 6 general meeting which saw a new board sweep to power at Ibrox. Trading in shares was suspended because of the resignation and the club have been unable to find a replacement within the 28-day deadline. Rangers say that is because of the "failings in corporate governance" of previous regimes, which meant they were subject to more complaints to the AIM stock exchange authorities than any other company over the past 12 months. The club are in negotiations to move shares trading facilities to a different platform and say that shareholders can still trade privately. In a statement, they said: "There is no reason why de-listing should adversely impact on the value of the company's shares or on the company's financial condition or prospects." Prospective chairman Dave King, who is awaiting approval from football and other authorities to take his seat on the board, had been planning on replacing WH Ireland before they made the first move, and went on to claim last month that maintaining the AIM listing was not imperative. Rangers said their prospective nomad was satisfied with the "fit and proper" status of King and all other directors but due diligence of the company's profile and history caused it to pull out. The club statement added: "We also understand that any alternative nomad is liable to encounter similar difficulties and therefore the company requires to terminate its listing on AIM. "This is no reflection on the current Board or on the financial condition or prospects of the company. It is simply the result of the well documented failings in corporate governance and management of those who previously controlled the company. "The company understands that this resulted in AIM receiving more complaints about the company than any other company on its exchange over the last year. We appreciate and understand the difficulties this presented for AIM." Rangers claimed de-listing could improve their financial performance, firstly by freeing up senior management staff from spending time maintaining the listing and also saving money of professional fees associated with the listing. But the club remain in talks over securing an alternative trading platform, reporting positive talks with the ISDX platform, where Arsenal's shares are listed and where oldco Rangers shares were traded before their liquidation.