LONDON (Alliance News) - Rangers International Football Club PLC on Thursday said it is to abandon its listing on AIM and will transition to a new exchange after it became apparent that the company will not be able to appoint a new nominated adviser in time to prevent the automatic cancellation of its AIM listing.
WH Ireland resigned as Rangers' nominated adviser on March 4, giving the club until April 6 to appoint a new nominated adviser before its listing on AIM is cancelled. Rangers said it has been working to appoint a new nominated adviser but said it has now become apparent that this will not be possible within the deadline.
Trading in its shares on AIM will be cancelled from April 7.
Rangers said a prospective nominated adviser had decided not to take up the appointment having undertaken a review of any reputational or historical issues with the profile or nature of the company.
Rangers said the decision by the prospective adviser to decline to take the appointment was not a reflection on the current board of the club, but rather the "well documented failings in corporate governance and management of those who previously controlled the company".
The club said there is no reason that de-listing from AIM should adversely impact the value of its shares or the financial condition or prospects of the club. It said it is now in talks to move to an alternative trading venue, though it has not yet made a decision which venue it will move to, though it cited ISDX as one option it will consider.
Rangers shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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