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Rangers FC suspended after nominated adviser quits

Wed, 04th Mar 2015 16:19

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.
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8 May 2014 13:46

DIRECTOR DEALINGS: Rangers Chairman Buys Shares

LONDON (Alliance News) - Rangers International Football Club PLC Thursday said Chairman David Somers bought 12,000 shares at a price of 27 pence per share. Following this transaction, Somers now holds 47,000 shares, which represents 0.007% stake in the firm. Shares were up 11.8% at 27

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7 May 2014 16:24

DIRECTOR DEALINGS: Rangers Chairman Buys 35,000 Shares

LONDON (Alliance News) - Rangers International Football Club PLC Wednesday said Chairman David Sommers bought 35,000 shares at a price of 24 pence per share, representing his only holding in the company. Shares closed up 13% at 26.00 pence Wednesday. By Arvind Bhunjun; arvindbhunjun@a

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25 Apr 2014 11:17

Rangers Looking To Raise Up To GB30 Million For Three Year Strategy

LONDON (Alliance News) - Rangers International Football Club PLC said Friday it is looking to raise GBP20 million to GBP30 million in order to undertake a three-year strategy, following a review of its business. Rangers said that it will consider the "most appropriate source of finance whic

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14 Apr 2014 07:15

UK MORNING BRIEFING: Glencore Sells Interest In Peru Copper Project

LONDON (Alliance News) - Glencore Xstrata said Monday it has agreed to sell its interest in the Las Bambas copper project in Peru to a Chinese consortium including MMG, Guoxin International Investment Corp and CITIC Metal Co for USD5.85 billion in cash. The deal is part of an agreement to w

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14 Apr 2014 06:53

32Red Signs Three-Year Sponsorship Deal With Rangers Football Club

LONDON (Alliance News) - 32Red PLC said Monday it has signed a three-year sponsorship agreement with Rangers International Football Club, to commence in the 2014/2015 season. The deal will see the team sport 32Red-branded shirts, and will provide the sponsor with extensive visibility in the

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27 Mar 2014 14:24

Rangers International FC First-Half Revenues Up 38% But Swings To Loss

LONDON (Alliance News) - Rangers International Football Club PLC Thursday said it narrowed its losses and reported a 38% increase in revenues in the first-half of the year, but the club said it swung to a net loss from a profit the year before, when it benefited from a one-off gain of GBP16.7 mil

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25 Mar 2014 14:26

Rangers International FC Enters Two Short Term Credit Facilities

LONDON (Alliance News) - Rangers International Football Club PLC Tuesday said that it has entered into two secured short term credit facilities for a total of up to GBP1.5 million. The Scottish football club said that the credit facilities were provided by Laxey Partners Ltd to the amount o

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24 Feb 2014 09:45

Rangers International FC Enters Short-Term Credit Facilities For GBP1.5M

LONDON (Alliance News) - Rangers International Football Club PLC Monday said it has entered into two secured short-term credit facilities for up to GBP1.5 million, which it will used for general working capital over the next few months. Rangers International FC said the credit facilities ar

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24 Feb 2014 08:30

UK MORNING BRIEFING: HSBC Shares Fall On Lower-Than-Expected Profit

LONDON (Alliance News) - Shares have opened lower Monday amid a raft of UK corporate announcements. HSBC Holdings is the biggest faller in the FTSE 100, down 4.0%, as it reported just after the open lower-than-expected pretax profit in its recent full year.

Here is

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20 Feb 2014 11:46

Rangers confirms in talks to raise 1.5m pound emergency loan

Scottish Football club Rangers confirmed it was in talks with two major shareholders in an effort to raise 1.5m pounds as emergency working capital. The terms have not been finalised, and a further announcement would be made "when appropriate", the Glasgow-based club said in a statement. Rangers r

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20 Feb 2014 09:31

Rangers Confirms Its In Talks About GBP1.5 Million Shareholder Loan

LONDON (Alliance News) - Rangers International Football Club PLC Thursday confirmed that it is in talks with two of its major shareholders about arranging a potential loan of up to GBP1.5 million to provide it with working capital. In a statement, the football club holding company said term

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24 Jan 2014 18:09

Rangers Finance Director Brian Stockbridge To Leave

LONDON (Alliance News) - Rangers International Football Club PLC Friday said Finance Director Brian Stockbridge is leaving, and has resigned with immediate effect. Rangers said that it has not offered or paid Stockbridge with a ex gratia benefit or bonus in connection with the termination o

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