RFC.L Share News (RFC)

Broker WH Ireland has resigned as nominated adviser (nomad) of cash-strapped Rangers International Football Club, leading to trading in the company being suspended with immediate effect just ahead of the club's extraordinary general meeting on Friday. WH Ireland "does not believe that it can satisfy the London Stock Exchange in relation to its Nomad obligations in respect of the appropriateness of the company's securities to be admitted to Aim".The broker could not immediately be reached for further comment.The club, in which Sports Direct owner Mike Ashley owns a stake of almost 10% and has installed right-hand man Derek Llambias as chief executive, said it was disappointed after the "considerable efforts" directors had made over the last few weeks and months.These efforts include arranging an emergency general meeting, in London, after a requisitioning by rebel shareholders.On Tuesday, Rangers warned it might not receive the second tranche of a loan offered by Sports Direct in January to slake its urgent cash needs, as the loan was subject to due diligence.If the club, which was offered the loan by Ashley after earlier granting him security on its Ibrox stadium, is not able to restore trading within one month of the suspension, admission of the shares to Aim will be cancelled.WH Ireland said it was willing to assist Rangers in implementing the necessary changes for it or another Nomad to become satisfied with the company's appropriateness for AIM.