Rangers shares suspended

Shares in Rangers have been suspended by Stock Exchange bosses after the club's Nominated Advisor resigned.

The announcement comes just two days before the club are due to hold a general meeting which will clear out the current board of directors and put Dave King in charge.

But now equity trades on the AIM market - a sub-division of the London Stock Exchange - have been halted after NOMAD WH Ireland withdrew its services.

In a statement announced to the City shortly after 4pm, the club said: "The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its NOMAD obligations in respect of the appropriateness of the company's securities to be admitted to AIM, and therefore the NOMAD has resigned as nominated adviser to Rangers with immediate effect.

"Accordingly, rule 1 of the AIM rules for companies will apply, and trading in the company's AIM securities will be suspended with immediate effect. If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another NOMAD to become satisfied as to the company's appropriateness for AIM. If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.

"The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing NOMAD for all it has done for the club.''