Saturday 17/01/2015 DAVE KING last night set up a powderkeg Ibrox General Meeting as hundreds of Rangers fans protested against the under-fire board before the abandoned Championship game against Hearts. King played his hand the day after it was revealed Mike Ashley has launched a bid to grab security over Ibrox and Murray Park as part of a £10million loan deal. The former Light Blues director has called for the removal of the current board as he seeks a place for himself, Paul Murray and John Gilligan. King recently bought a 15% stake in Rangers and can call on the backing of the Three Bears Consortium and the majority of fans, who, combined, hold around 12% of the shares in RIFC plc, plus other investors. King said: I would not have called for a General Meeting if I was not confident, from my review of the present shareholder register, that it will be supported by more than 50% of the total registered shareholders. While many of the shareholders hold differing views as to what is right for the club I believe that a clear majority are like-minded on one key point - the need to remove the incumbent board and to replace it with individuals who can gain the trust of fans, sponsors and the shareholder community. It is also desirable to partner a Nomad that is willing to move forward and away from the recent poor governance at the club. I have already had initial discussions with potential Nomads on the basis of two key conditions. Firstly, that the resolutions at the AGM are passed. Secondly, that the board is expanded as soon as possible thereafter to incorporate experienced independent non-executive directors such that the highest level of corporate governance is achieved and maintained. That is exactly what all stakeholders should want to happen after experiencing so many years of different boards that have lurched from one crisis to another. The Gers hierarchy have 21 days to comply with Kings request, then a further 21 days to hold the meeting for shareholders to vote on the resolutions. Each point only requires the support of a majority of those who vote at the general meeting. Kings bombshell GM call was made public just minutes before fans marched to the front of Ibrox and staged a large-scale protest against the board. Hundreds of supporters displayed banners, with chants of sack the board and heckles towards chairman David Somers, directors James and Sandy Easdale, and controversial powerbroker Ashley. The protests continued inside the stadium during the Championship fixture with Hearts, with the Easdales and Somers again coming under heavy fire from the stands as fans shouted that their club was in the wrong hands. Relations between fans and the under-fire Gers hierarchy have plummeted in recent weeks, with the revelations over Ibrox another hard blow to suffer for a weary support. Many have found their voice in recent weeks, though, with the main supporter groups vocal in their condemnation of the Gers hierarchy. And the in-house Rangers Fan Board, set up by former chief executive Graham Wallace last year, have now broken their silence on the row and demanded clarity from the top table as tensions continue to spill over. A statement said: The RFB are today insisting on clarity from Rangers chief executive officer Derek Llambias and chairman David Somers following revelations that Ibrox and Murray Park could be used as security in return for additional funding. RFB would like to state we will never support any moves which could see Ibrox, or the training complex used in this manner. Meanwhile, Rangers First have contacted RIFC plc Nominated Advisor WH Ireland to express their concern over the proposed Ashley deal. The Three Bears consortium - comprising of Douglas Park, George Letham and George Taylor - have offered an alternative funding option to the board and the fan ownership group are determined to make their voice heard in the latest Ibrox battle. An RF spokesman said: We would call on every shareholder to contact RIFCs NOMAD in similar terms to ensure the NOMAD is aware of the weight of shareholder opinion on this issue.
Posted on: Sat, 17 Jan 2015 09:25:54 +0000
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