giovedì 2 aprile 2015

Rangers Supporters Trust Statement on AIM Delisting


The Rangers Supporters Trust (RST) notes the Rangers board's RNS announcement on delisting from the AIM market. It is unfortunate that the company is having to delist because of the mismanagement and, at times, malicious neglect of previous directors and Nomads of the company. 

It is clear that some who remain supportive of the previous regime are attempting to portray this issue as being a broken promise by the new board. We do not adhere to that view and do not believe it stands up to any sensible scrutiny. We are entirely satisfied that the new board has done everything it could to maintain the AIM listing and we are happy that they did not in any way mislead shareholders by stating that they had a Nomad willing to work with them. 

It was made clear by the new board that any Nomad's involvement would be subject to due diligence on the company itself. In fact, we are aware that more than one Nomad was willing to clear the current and prospective directors as fit and proper. The only barriers to a continued listing have been the reputational damage done by the complete absence of corporate governance of previous boards and the reluctance of the AIM regulator to allow a new Nomad to take position. 

The AIM regulator has watched a succession of boards wreak havoc on the club, and allowed previous Nomads to neglect their duties. It is, in our opinion, ironic that at the point where there are finally credible people in the Rangers  boardroom they decide to take action. If they wished to remove the company from AIM they should have done so at the point of the transition from Daniel Stewart to WH Ireland. 

Previous company directors must now be held to account for their disgraceful actions and we will be making that a priority for this organisation along with further significant investment in the club. We do not believe that the delisting will impact the RST or other interested parties' ability to invest in Rangers and we look forward to discussing the practicalities of that with the new board very soon.

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