FORMER Rangers commercial director Imran Ahmad has reduced his shareholding in the club, ahead of the potential battle for boardroom control at an extraordinary general meeting.
In an announcement to the stock exchange yesterday, Rangers revealed they were informed on Monday that Ahmad “no longer has a notifiable interest in the company’s issued share capital”.
Stock market regulations deem that any shareholding of 3 per cent or over is a “notifiable interest”. Ahmad previously owned 2.2 million shares in the company, a 3.38 per cent stake. It has not been revealed how many shares he has sold.
Ahmad left his position at the club in April following allegations he had posted anonymous online criticism of manager Ally McCoist and his predecessor Walter Smith.
In a separate announcement to the stock exchange yesterday, Rangers repeated their desire to avoid the egm which has been called by a group led by businessman Jim McColl and former club director Paul Murray. They are seeking the removal of chief executive Craig Mather, financial director Brian Stockbridge and non-executive director Bryan Smart from the current board and the appointment to it of Murray and financial services expert Frank Blin.
“The board is holding discussions with representatives of the requisitioners with the aim of avoiding the need for a general meeting, at this time, and the associated unnecessary cost and disruption to the company,” read the Rangers statement.
“The board is actively seeking a new chairman and the directors will also consider other
additions to the board in order to ensure board efficacy at all times.
“As such, the directors have an open mind about the proposed resolution from the requisitioners to appoint Frank Blin, but believe that the other proposed resolutions are not in the best of interest of the company and shareholders as a whole.”