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Rangers announce date of EGM but move it to London to keep control

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Rangers have announced the date for the EGM has been set for March 4th, which was called by Dave King in a bid to overthrow the current Rangers board.

A statement to the London Stock Exchange, read: “The Company announces that, pursuant to the notice dated 16 January 2015 under Section 303 of the Companies Act 2006 (“the Act”) from New Oasis Asset Limited (“New Oasis”), a company 100% owned by the Family Trust of Dave King, a circular convening a general meeting for 4 March 2015 will be posted today to Shareholders (the “Circular”). A copy of the Circular containing the Notice of General Meeting will be available on the Company’s website.

“The Requisition requires the Company to put seven resolutions (the “Requisitioned Resolutions”) to members at a General Meeting. The effect of the Requisitioned Resolutions, if all are successful, will be to remove all the current four Directors (“the Directors”), and install a smaller board of three directors.

“It is not clear from the Requisition which, if any, of the proposed new directors will undertake an executive function in the Company or if all of them will be non executive.”

The EGM will be at the Millennium Gloucester Hotel in Harrington Gardens and will be the first time in the club’s history that a general meeting will have been held away from Glasgow. The cost of holding the EGM is though to be in the region of £200,000 and is a further bill that the club can ill afford.

The decision to hold the EGM in London was down to the board’s opinion that it was nigh on impossible to keep control of the meeting – after previous meetings at Ibrox descended into chaos with a soundtrack of abuse and hate filled bile, with security staff having to hold back several angry shareholders at the end of the last AGM as they tried to get at the departing Easdale brothers and chairman David Somers.

Despite the relocation of the EGM to London, supporters groups are looking to bus shareholders sympathetic to their cause down to the EGM with the hope of ousting Somers, the Easdales and Llambias.

daveking

On the back of announcing the date of the EGM, the Rangers board also launched a broadside at the coup leader Dave King after his press conference during the week.

In the same statement to the London Stock Exchange, the Board hit out at King and highlighted the South African-based businessman’s dodgy past in a bid to discredit him.

The statement added: “The Directors have also been advised by the Company’s NOMAD that there could be a material adverse impact on the Company’s listing on AIM if David King, one of the proposed directors, is appointed to the Company’s Board. This is explained in more detail below but the Directors wish to draw Shareholders’ attention to the following public information about Mr King:

“In August 2013 David King was convicted on 41 counts of breach of s.75 of the South African Income Tax Act. As part of the plea which led to those convictions he agreed to pay a sum in Rand which equates to approximately £40,000,000 in respect of unpaid tax, and either to pay a fine or accept a prison sentence. The Board understand that Mr King elected to pay the fine.”

The board also highlighted the comments made by a South African judge – which have been published on Scotzine before – on his opinion of King and the way he conducted himself during a court case.

That: “…he deliberately misrepresented the facts of the case…”

“he has no respect for the truth and does not hesitate to lie… if he thinks it will be to his advantage”

“there can be little doubt that on most occasions [he]lied…”

“we …are unanimous in finding that he is a mendacious witness whose evidence should not be accepted”

“in our assessment he is a glib and shameless liar”

The current board of directors have recommended that the shareholders vote against the Requisitioned Resolutions – to prevent Dave King’s coup d’etat.

Despite his convictions and comments from a South African judge, Dave King believes that he is ‘a fit and proper’ person to take charge of Rangers. Claiming that the plea deal with the South African Revenue Service and paying of fines to avoid jail time was ‘a favourable settlement’.

He was also director of Rangers under the Sir David Murray era when the debt at the Ibrox club rose to £80 million, before the former Rangers owner launched a share issue to reduce the debt [stumping up £50 million himself from a loan through Murray Sports Holdings]. King was also a director under Craig Whyte’s regime when it went into administration and subsequently liquidation.

Since Charles Green purchased the assets of Rangers Football Club and starting life again in the Third Division, King has looked to undermine each regime since claiming that the club was set to go into administration on several occasions – before fronting an attempt to force the board into handing over security of Ibrox stadium and Murray Park over to himself and a fans group or else they would withhold season ticket revenue.

The board rejected King’s blackmail attempts and with the ink still drying on the statement, King disappeared back into the shadows leaving the Union of Fans group to pick up the pieces of their failed plot and help to push the Rangers club faster into the hands of Mike Ashley as their need for finance grew desperate.

Allegations of share ‘price fixing’ were also made against King with the FCA investigating the South African based businessman.

With the SPFL and Scottish FA remaining silent on the financial health of the Ibrox side, the impending coup d’etat at Rangers, as well as Dave King’s involvement in the club – questions must also be asked of their lack of responsibility and leadership of the Scottish game.

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About Author

scotzine

Andy Muirhead is the Editor of Scotzine and the Scottish Football fanzine FITBA. He is the Scottish Football columnist for The Morning Star and has written for a number of other publications including ESPN, Huffington Post UK, BT Life's a Pitch and has had his work featured in the Daily Record, The Scotsman and the Daily Mail.

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