Rangers yesterday issued a statement admitting they had issued inaccurate accounts to the Stock Exchange. According to the Daily Record, the club revealed that the accounts drawn up by controversial former club secretary Brian Stockbridge did not disclose a huge windfall coming his way.
A ‘golden handshake’ style deal had apparently seen Stockbridge receive £215,000 worth of shares for just £7,000 - paying the diluted price of just a penny per share. The figures, published last October, stated in a paragraph described as note 30: “No share options or convertible shares are held within the Group, therefore no diluted Earnings per Share calculations are required.”
The club has stated that following the revelation no other ‘penny share’ giveaways are in the pipeline.
The announcement has provoked an angry response from many sections of the Ranger support. Rangers Union of fans spokesman Chris Graham was angered by the board’s actions. He said: “Once again this is unbelievable from the current board. If I recall correctly Brian Stockbridge was actually the company secretary when these accounts were being produced, so he was responsible for their preparation. Are we to believe that the man in charge of the finances forgot about his own share options?”