Rangers still sweating on deal to avoid costly EGM

Rangers: Talks ongoing over EGM. Picture: Ian Rutherford

A group of disgruntled shareholders led by Clyde Blowers chairman Jim McColl have called for the meeting in a bid to topple chief executive Craig Mather. They also want Brian Stockbridge and Bryan Smart removed from the board and their directorships handed to accountancy expert Frank Blin and former Blue Knight Paul Murray.

But holding such a meeting would cost the club around £80,000 and the Ibrox board has proposed that the motion lodged for discussion is instead resolved at the club’s annual general meeting, due to take place sometime in October. However, final approval has yet to be granted by the “requisitioners” and the current directors have now been given to 9 September to satisfy their concerns. The original deadline passed on 27 August.

A statement to the Stock Exchange read: “Progress has been made to agree a basis upon which the business of the general meeting would be included in the annual general meeting. The board wishes to reach agreement for the withdrawal of the requisition without delay but in the meantime has secured a further extension to the written commitment from the requisitioners to withdraw the requisition pending agreement being reached.

“If no agreement is reached by the close of business on September 9 the board will be required to send notice to shareholders by no later than September 13 to convene the general meeting.”

The statement added that the board had sought evidence from the requisitioners that they had sufficient shares to force the egm.

It is believed that neither Jim McColl nor Paul Murray responded to the request, but a shareholder named Artemis who also backed the call for the meeting did provide proof of a stake in the club.

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