Tuesday, 7 April 2015

Dave King approved by CoS for director application

Prospective Rangers chairman Dave King has today released the following statement:

"I am delighted that at a Court of Session hearing this morning before Lord Woolman my application to become a Director of Rangers International Football Club PLC was granted. Today's decision has removed the final legal hurdle for me to take up my role on the Board following the overwhelming mandate at the General Meeting.

"The previous Board had raised a little known legal provision stating that because I was a Director of Rangers Oldco within 12 months of its liquidation that I must obtain Court sanction before becoming a Director of RIFC because the word “Rangers” is in both company names.

"A Court would not grant leave to an applicant unless it is satisfied that the circumstances warrant such approval. Any affected party, eg the liquidator or an aggrieved creditor of the previous company, has the right to be heard at such a hearing.

"The liquidation of Rangers Oldco and the formation of Rangers Newco were not conducted clandestinely but in the full glare of publicity. However, being aware of the provision I sought leave of the Court to accept my Board appointment.

"Hopefully, this endorsement will also provide the SFA with additional comfort to complete its consideration of my fit and proper status. All Rangers supporters have suffered from the failure of full and proper corporate governance over the last 4 years. I am anxious to play my part in ensuring that this is comprehensively remedied for present and future generations of Rangers supporters. 

"I have fully co-operated with the SFA over the last few weeks and thank them for the care and attention with which they have undertaken this task. I must be the most scrutinised candidate in Scottish football history but accept this as being preferable to the lack of scrutiny that has been the case in Rangers recent past - and possibly other clubs. I hope that matters can be swiftly concluded now that, with the permission of the Court, I can take up my role as a Director of RIFC.

"I also take this opportunity to confirm to all Rangers supporters and shareholders that, despite the ill-informed commentary on the subject, the loss of the AIM listing was all to do with the prior Rangers Board and nothing to do with the current Board. It is clear to me that the AIM regulator simply lost patience with the embarrassment that the company has been to AIM since it was listed.

"The Board is currently exploring options that I believe will be a better solution, both short and long term, for the trading of the company’s shares and that will provide a more conducive environment for the rebuilding of the club - both on and off the field.

"Finally, although standing back from the Board to respect the processes of the authorities this has allowed me time to review some of the commercial transactions and arrangements that have been concluded by the club over the last few years. This is a process that will continue to be undertaken in a structured and professional manner and in the appropriate forum. Previous Boards, unfortunately, leaked and debated board and shareholder issues in the media to the point that Boardroom issues often took up more media space than the football team - hence contributing to the AIM rejection.

"That was a function of poor governance and lack of leadership at Board level and is something I promised to rectify when speaking in the run up to the General Meeting. Fans and shareholders can continue to be comforted that, despite the lack of comment in the public arena, those individuals who are deemed responsible for failure to protect the company’s interests will be held accountable. However, announcements in that regard will be made only after due process has been concluded."

14 comments:

  1. well done mr dave king now i hope all true rangers supporters will do there part to get our club back up where we should be,, watp

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    1. Back to more loans and shafting creditors no doubt.

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  2. Until all the money has gone DK

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  3. Will not be long before the wolf is at the door again

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    1. total shit from you and you know it,,watp,,

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    2. can I smell the faint whisk of panic. keep your head in the sand rob makes it easier to shaft you.
      Face it! We're on our way!

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    3. ooo the blue bells are blueeeeeeeeeeeeeee,,

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  4. Big Rob - you're right! But in this case, the wolf is Rangers and the door belongs to your manky mob! WATP

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  5. Back in the hands of 2 previous directors when admin and liquidation was implemented.

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  6. PANIC ROOM
    now showing @ parkhead forgery!

    10 IN A ROW MY ARSE xxx

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  7. Different company, same outcome. Still no money. Still run by criminals and tax dodgers. Is this really the Rangers way?

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  8. The Dave King era is a new dawn and the bitterness will continue when they do their talking on the field. As King has stated, the previous board will be held accountable for any transactions that failed to back up their responsibilities to corporate governance. Wouldn't like to be one of Fatleys henchmen when that comes out. Hopefully Rangers can get back to some strength and stop the deluded fraud that is happening at parkhead. Abusing a financial advantage against poor rivals and calling it a treble. What a joke.

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    1. Heyho slutzi, you just blew any chance of being nominated as our partner. We had you all marked out to be our next sooty.

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    2. Took me 15 seconds to work that out slobbo but you're just an undead thicko. He's talking about a SWEEEP - didn't get it did you?

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