Rangers EGM on hold after Walter Smith move

RANGERS have put plans for an extraordinary general meeting of their shareholders on hold.

Newly appointed Rangers chairman Walter Smith (right). Picture: SNS

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 yesterday confirming that plans for a shareholder meeting had been delayed. It read: “On 16 May, 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.”

Easdale recently confirmed that he and his brother and business partner, Sandy, hoped to secure a boardroom slot as they continue to increase their shareholding. The Greenock-based businessmen, whose empire includes bus firm McGill’s, said they had a delicate deal to purchase more shares when they became available.

Some of those earmarked shares are believed to belong to former chief executive Charles Green, who is not yet allowed to sell his stake under stock market rules.

Green was the major shareholder before and after the stock market admission in December. It was announced on Wednesday, however, that Green has agreed to transfer over half a million shares to Laxey Partners Limited. The deal was struck last October but under the terms of a lock-in agreement, the transfer of Green’s 714,285 shares to the Isle of Man-based investment firm cannot take place before 7 December.

Green, who was listed as owning more than 5 million shares in the latest documentation available on the Rangers website, resigned his position in April following “negative publicity” over his consortium’s acquisition of the club last summer. However, he claims he’s been vindicated by the outcome of an independent inquiry which found no evidence ex-owner Craig Whyte invested in the current set-up.

The probe was commissioned by the Rangers board after Whyte alleged he was involved in the Green- led consortium’s purchase of the club’s business and assets following liquidation.