In full: Rangers administrators’ statement on takeover process

Rangers Football Club administrators Duff & Phelps have issued the following statement on the latest situation at the club.

Paul Clark, Joint Administrator, said: “As administrators we are obliged, as part of our statutory duties, to put forward our initial report and statement of proposals to creditors by April 5. The report will be uploaded to the Rangers Football Club website (www.rangers.co.uk) from that date.

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All creditors will have the opportunity to vote on the proposals. In essence, the proposals consist of a set of legal and technical resolutions which relate to routine housekeeping matters, for which the Joint Administrators are required to seek creditors’ approval. The proposals if approved, will allow the Joint Administrators to continue the administration process until an appropriate exit from administration can be found.

Advertisements will be placed in relevant newspapers tomorrow, giving notice of a meeting of creditors. This will not be a physical meeting of creditors. The meeting is to be held solely by correspondence in accordance with Rule 2.28 of the Insolvency (Scotland) Rules 1986. Voting forms and statutory notices along with the Joint Administrators’ statutory proposals will be available from 5 April 2012 from the website www.rangers.co.uk.

Votes by correspondence must be submitted by 12pm on April 20 and the process is part of standard administration procedure. For clarification this is not a creditors’ meeting at which a Company Voluntary Arrangement will be proposed, nor will any other form of exit from administration be determined at this juncture. Such matters will be formally considered once the sale process has reached a conclusion.”