What do Laxey Partners Mean for Paul Murray?

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Rangers International Football
Club PLC announced to the London Stock Exchange on the 21st of November 2013
that Laxey Partners Ltd had now become majority shareholders at Ibrox, possessing 7,578,672
shares at 11.64% voting rights of the company.
Colin Kingsnorth is the main
perpetrator behind this, given he is the head of Laxey, and he had this to say
on his company’s purchase:
            “I want to support stability, so I
think that means supporting all current directors. Shareholder worries are the
use of cash, transparency and corporate governance. The recent appointments
seem to address that.”
This acquisition could be seen as
many by a game changer in the long-running battle for power of the Ibrox
boardroom. Given Kingsnorth has publicly backed the existing board, that simply
means the most powerful shareholder is opposing Paul Murray and his group.
Kingsnorth does not even know who
he purchased the shares from, given they were freely availably on the stock
exchange, but that level of shareholding was only known to be owned by Blue
Pitch and Margarita combined. Whoever, or whatever those two holding companies
were, they appear to be a thing of the past. They were known to be ‘entwined’
with Charles Green, and given up till now he
had a lot of shares and had agreed to sell them, it is entirely feasible he
(along with BP and Margarita) indirectly sold them to Laxey.
Ultimately though what does this
mean for the Rangers AGM vote?
Quite simply the tug-of-war could
now finally have a clear favourite. Despite what many Rangers fans would appear
to want, the largest shareholder has shown their cards and Paul Murray’s clout
appears to be reducing by the day. The vote will of course be telling, and
cannot really be predicted, but this move is the first real shift of momentum
one way or the other.
My previous entry showed Murray had the most
fractional majority of 53% (needing 51%), but this move by Laxey could easily
swing it 10 or even 20% back to the current board.
A reputable company with a fully
named boss and legitimate operations appears to be the guillotine in Murray’s dreams. By
backing the existing board the clearest signal has been made in support of
them.
Rangers today also announced to
the stock exchange the appointment of David Somers on a permanent basis as
non-executive chairman. With the other appointments of non-exec director
Crighton and new CEO Graham Wallace, the boardroom really does seem quite
complete.
It does not account for the
desperately needed extra income, but the hope there is once the AGM vote is
complete, investors will be able to finance given the company’s new-found
stability. No one will invest while the flux and turmoil of the present
situation exists.
But at least Rangers have a
fully-fledged board now, and a majority shareholder who appears to be kosher.

4 COMMENTS

  1. Are you off your nut altogether
    The new CEO is 2nd choice to the Dundee CEO, a well known Rangers man who knocked the job back.
    You should be asking yourself why that was the case, why did Scott Gardener knock back his dream job, instead of bumming about a guy who you say is 'kosher' and is clearly another Green deciple.
    We never had a board to appoint these guys, Green sacked Mather…he didn't walk, and Green appointed the new guys.
    Blue pitch and margarita were also Green, that is the shares that were bought, and blue pitch/margarita will now cease to exist and we will never know anything about them.
    This whole thing is an absolute disgrace, and you in you're deluded state, are trying to acclaim this as a great move.
    It's an absolute catastrophe and our great institution is FINISHED, for good…

  2. All of the new appointees are of the right quality. That is not an issue. Can they be trusted? None of us know but they all have a solid reputation and a lot to lose. I have not heard them being ridiculed by P Murray etc so again that supports the fact that they are up to the job and not " Green" men
    To me Green and co,thankfully hastened out by P Murray et al, are gone having lined their pockets as they said they would right from the outset

    It is time for a new era where the board become largely invisible apart from annual meetings and statements on overall finances
    Hedge funds do not spend £1m + for a laugh. They see that the future can be bright but we as fans need to face new realities.
    Prices have to go up next year. Young players have to be given a chance again. Scouting needs to be funded. Fans voices need to be properly represented on the board.
    Our club needs to be one club again and if these appointments can help that happen I am happy. Still worried but happier anyway
    We must also recognise that the protests and the P Murray pressure have helped this all happen. Again all fans must applaud that but the " them and us" days must be behind us

  3. Hopefully there be a seat on the for a representative of the fans?? Their shares dictate that this should be the case.

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