LONDON (Alliance News) - Rangers International Football Club PLC shareholders on Friday voted to remove the club's current board, backing the proposals tabled by investor Dave King.
Shareholders vote in favour of removing Chief Executive Derek Llambias and Finance Director Barry Leach and voted in favour of appointing King, Paul Murray and John Gilligan as directors on the board.
Rangers said 85% of the votes cast were in favour of removing Llambias and Leach, with broadly the same amount cast in favour of electing King, Murray and Gilligan. Some 67% of shareholders voted on the resolutions.
King's plan to take the helm of the club could yet face some regulatory hurdles, as both he and Murray do not pass the Scottish FA's fit and proper person test for a club director. Both were on the board of Rangers when it collapsed into administration in February 2012, contravening a clause precluding anyone who has been on the board of a club which has been placed into administration in the last five years from being appointed a club director.
King's tax conviction in South Africa also breaks the fit and proper person test. The SFA rules preclude anyone who has been convicted of fraud in the last ten years from being appointed to a club board.
Shares in Rangers are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.