Hedge fund boss to buy Charles Green Rangers stake

Former Rangers chief executive Green will complete the sale in December. Picture: Phil Wilkinson

Kingsworth, head of investment fund Laxey Partners, specialises in buying into undervalued companies and making changes to their operations to increase shareholder dividends, according to the Daily Record.

Laxey will take control of Green’s one-per-cent stake in the Ibrox club. The sale will be confirmed in December, under the terms of an agreement announced to the London Stock Exchange yesterday.

Kingsworth’s other investments include the publishers of the cult adult comic Viz, as well as property company British Land and investment company Alliance Trust. Kingsworth launched a successful bid to remove British Land’s chief executive John Ritblat in 2002, despite owning just 3% of the company, and he is currently attempting to remove Alliance Trust chief Katherine Garrett-Cox so the company can pay more of its investment profits to its shareholders.

Meanwhile, plans for an extraordinary general meeting of Rangers shareholders have been put on hold.

The club announced last month that they were to hold the EGM following reports that major shareholders were preparing to oust then chairman Malcolm Murray and fellow director Philip Cartmell and replace them on the board with James Easdale and Chris Morgan.

But since then Murray has resigned and handed his boardroom role to former manager Walter Smith.

The club issued a statement to the London Stock Exchange this morning confirming that plans for a shareholder meeting had been delayed.

The statement read: “On May 16, 2013, the company announced that it had received a notice requisitioning a general meeting of shareholders. The company is engaged in discussions with a representative of the requisitioning shareholder and the timetable for posting a notice to shareholders has been extended with the agreement of the requisitioning shareholder.

“Further announcements will be made as appropriate.”