LONDON (Alliance News) - Rangers International Football Club PLC said Wednesday that Chief Executive Craig Mather and non-executive director Bryan Smart have resigned from the company with immediate effect.
The company said it would now seek to strengthen its board as "a matter of priority" to meet the standards required by AIM and achieve stability.
An annual general meeting will go ahead as planned on October 24, despite a group of minority shareholders filing a petition with the Scottish Courts to prevent it. The minority shareholders hold 0.71% of the company's voting rights and include Paul Murray, Malcom Murray, Ian Cormack, John Graham and Colin Howell.
In August, an extraordinary meeting was requisitioned by a group of shareholders, seeking to oust Mather, Smart and Brian Stockbridge as directors of the company and subsequently appoint former directors Paul Murray and Frank Blin as directors.
On September 4 Rangers confirmed that the shareholder group said they would withdraw the request if Murray, Blin, former chairman John McClelland, and shareholder Sandy Easdale were appointed as non-executive directors. The requisition was withdrawn on September 12.
Shares in Rangers were trading up 0.25 pence at 49.75 pence each.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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