2007 - 2022

Is the delisting of Rangers King’s end game?

kingDo our football authorities have any authority? In a week the SFA and SPFL said they were ‘astonished’ at the thought of fan ownership Andy Muirhead explores.

Dave King, according to STV Sport, has applied to the Court of Session for permission to become a director of Rangers Football Club and its parent company Rangers International FC PLC.

The South African-based businessman recently led the coup d’etat to overthrow the previous regime fronted by David Somers, James Easdale and Derek Llambias.

But despite issuing a statement soon after he took over stating that he would wait until the Scottish FA and the Stock Exchange regulators determine if he is fit and proper person, King now looks to steal a march on their decisions to force his appointment by going through the civil courts.

King requires approval under ‘a section of the Insolvency Act’ related to oldco Rangers and his past involvement as a director at Ibrox when it was liquidated in 2012.

The Insolvency Act forbids directors from taking up a post with a new company which has the same name or similar to the previous company that was liquidated.

A public notice issued on Friday, stated: “Notice is hereby given that a petition has been presented to the Court of Session by David Cunningham King, for leave, under section 216(3) of the Insolvency Act (a) to be a director of Rangers International Football Club plc and (b) to be concerned or take part in the management of The Rangers Football Club Limited.

“In that petition the court made an order dated 18 March 2015 that the petition be intimated on the walls of court, advertised once in each of the Edinburgh Gazette and The Herald newspaper, served on certain parties and allowed any person claiming an interest to lodge answers to it within eight days of the last of that intimation, service and advertisement.”

King handed the Ibrox chairmanship to Paul Murray on a temporary basis to keep the throne warm, while he awaited the Scottish FA and Stock market regulators’ decision, if they come down on his side then Murray would relinquish the chairman’s role to King.

But why the rush to force his place on the Ibrox board before the Scottish FA and stock market make their decision? Why backtrack on his previous statement?

King at the time, said: “An important issue that was repeatedly (and correctly) raised by the previous board is the need for the regulators to be given time to complete the necessary due diligence on myself – given my intended role as chairman of the company.

“However, engagement with the regulators can only commence at the specific request of the company and that process can only be initiated on conclusion of the general meeting.

“It is important that I lead by example following my commitment to transparency and accountability. I will therefore delay acceptance of my appointment as director until the regulators have completed due process.

“Paul Murray has agreed to act as interim chairman of the company until this process has been concluded. Additional board appointments will be announced in the near future.”

What happened to King leading by example?

Has his commitment to transparency and accountability disintegrated?

Has the lack of a NOMAD forced King’s hand?

WH Ireland, who were the nominated adviser for Rangers International FC PLC, quit before King succeeded in removing the Rangers board of directors in a landslide victory at the company’s EGM. That resignation meant that the Stock Exchange suspended the company’s shares preventing anyone from buying or selling in the company until a new NOMAD had been appointed.

An AIM company – which Rangers are – must retain the services of a NOMAD at all times. IF a NOMAD quits or a company terminates the services of a NOMAD it must notify the market immediately. Once that takes place then the shares of the company will be suspended and the company has one month to appoint a new adviser.

If a company fails to appoint a new nominated adviser within one month it will result in the cancellation of the AIM company’s shares.

When a company is delisted, its stock no longer trades on one of the major stock exchanges in Rangers’ case the AIMs market.

The shares already in play are still valid after delisting, with shareholders still owning the same percentage of the company as before and is free to sell his or her shares to any willing buyer.

Despite the above, the financial aspect of delisting is a huge negative on the company and usually occurs when said company goes bankrupt or approaches bankruptcy.

Not that we are claiming Rangers International FC PLC are approaching bankruptcy.

When you purchase stock you own it until you either sell it, the company redeems it from you or the company is liquidated. Even if the company gets delisted shareholders do not have to hand over their ownership rights, but those rights often become worthless.

According to financial information on delisting:

“….delisting occurs due to corporate bankruptcy, which typically wipes out original shareholders in favor of newly issued stock. Even if you hold on to your delisted shares, you often won’t receive any shares in the company when it emerges from bankruptcy.”

BUT a company being delisted may also be a positive thing for the company shareholders. If it decides to go private instead of being a PLC, it essentially buys out existing shareholders – in exchange for cash. IF shareholders do not accept the buyout offer then the shareholders stock will still be valid BUT they will become worthless upon delisting.

Is this King’s end game?

Is King’s plan all about failing to appoint a NOMAD so that the company shares are delisted so that Rangers International FC goes from a PLC to a private company?

All those fans who bought shares in Rangers International FC PLC at the behest of fans groups and reps could see their shares become worthless upon delisting. And see their dream of fan ownership or having a major say at boardroom level disappear as quickly as the regulators strike Rangers’ name off the AIMs market.

King insisted that he had a replacement NOMAD lined up, then he declared that the NOMAD had to look at the books before deciding on linking up with the Ibrox club.

15 days after Rangers’ shares were suspended, King has half a month remaining to appoint said NOMAD before delisting happens – BUT was this his plan all along?

Despite claiming he will be fully transparent to the Rangers fans – he has been very quiet since the EGM and on the specific issue of a lack of a NOMAD and his plans if delisting happens.

King’s coup d’etat started off positively, it was dragged through the mud with King’s nominated fan rep Chris Graham forced to resign after publishing a racist and anti-muslim tweet depicting the Prophet Muhammad in the throngs of a sex act.

But King’s u-turn over delaying his appointment to the board should be a worry to Rangers fans. Why the rush? Why go down the route of a civil action when he himself said previously that he would be able to take his place as a director at Ibrox and that he would receive the backing of the Scottish FA and the stock market regulator?

Delisting would see the stock market regulators’ potential issues with King’s tax convictions nullified with only the Scottish FA standing in the way of King.

But as we have been told time and again over the past four years, Scottish football needs a strong Rangers – can we honestly see the Scottish FA standing in the way of King and for that matter Rangers? Given the Scottish FA has in the past lied, bullied and threatened Lower League clubs over the financial suicide of Rangers Football Club.

In fact the Scottish FA are powerless to do anything. All that King and Rangers are obliged to do is to bring the Scottish FA’s attention to anything they should be know under the articles of association – ie. past directorships, association with oldco Rangers etc.

The Scottish FA have no power at all nor any rules to prevent King being appointed. Remember Giovanni di Stefano at Dundee?

All the Scottish FA can do is choose to not recognise him – it doesn’t prevent him from owning the club, controlling the club or becoming chairman. All they can do is prevent him from donning a Scottish FA blazer, joining one of the Scottish FA committees and accompany the Scotland national side abroad.

In short the Scottish FA are powerless.

Has ‘the glib and shameless liar’ played his hand?



This article was cost published on Scotzine, Scotland’s leading football website.

Comments (25)

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  1. Jeff says:

    Who cares?

    1. bellacaledonia says:

      Football is Scotland’s national game. It’s governance (or lack of) is of interest to thousands of people. Why shouldn’t it be?

      1. Jeff says:

        Is this really what’s important though? Football? Who cares? Most of us couldn’t give two monkeys about any Weegie football team, especially the most bigoted two. I thought this site was about important stuff like Scottish independence/wasting money on Trident/MSM lies etc?

  2. bringiton says:

    One of the main reasons many business people are attracted to Rangers is the potential money to be made,that is what they do.
    However,without the supporters,this will not happen.
    Ultimately,whether the fans have representation on the board or not,they will decide whether Rangers survives or not.
    I think the proposed legislation,allowing fans to own a majority holding,is the right way to go as it will make board room business more open,transparent and accountable to the most important people,the fans and ensure that decisions are taken with the long term interests of the club at heart and not short term gain for a few individuals.
    In a way this reflects Scotland’s democracy,where decisions which affect us are made in secret by a small group of unelected (by us that is) politicians,whose interests and objectives may not coincide with ours.
    At least Rangers supporters can stop paying the gate money,we can’t stop paying our taxes.

  3. Mealer says:

    I have a few ideas about the whole Rangers saga but I really can’t be bothered.Im not a Rangers customer so it’s none of my business anyway,except to say that rules are there for all to follow.The success of Scottish football should be measured by the number of people playing it,not the number of people watching it.

    1. Sorry can you remove the article from Bampots United. Work is under copyright and gave permission for Bella Caledonia to use no one else.]


      1. Hi andy a just saw your message there any article that has a reblog button is free share on WordPress if you notice 80 percent of bampots utd reblogged via tags your the first person every to say this so as far as am concerned am within the law as once you up load a article then it’s free share for any1 to blog via WordPress so far over 300 football fans have read it so why would you say that ? This is the first ever we have been asked this ever and we have over 700 articles loaded so for that reason am not doing it sorry if this upsets u but the reboot button is there for all users to use if you can give good reason for this then al delete it but copyright is not 1 of them !

        1. bellacaledonia says:

          Are you saying that if you use word press you have no rights over your content?

      2. Forgot to add reblog is a compliment of the article and is allowed via word press the minute it appears on line via reboot you lose the copyright oh and 1 other thing delisting is so last month it’s admin and wages now lol a won’t add your articles again to my site but there is no way in hell al take that down as reblog equals free share !

      3. Paddy says:

        You say your a celtic fan, then when a celtic website that gets hits from all around the world you don’t want your article on it whys that?

        1. bellacaledonia says:

          Why don’t they just read it here? Or Scotzine? I’m not sure if just lifting content constantly is defensible. Is it?

      4. Hi bella sorry for the hassle am causing you am saying If there is a reblog button then it’s for all to use that’s all a have checked the rules the only way to stop a reblog is to go private acre log is some1 complimenting your writings as you know the writer has copy write on his site and that’s all if a lifted it and added my name then that would creat infringement problems yes but a reblog is allowed a won’t be adding any of the writers works again to my site via here or anywhere a know the blog scotzine well and understand it trying to be balanced and partial so this reason a will say no more on the topic maybe at start a should have just taken it down to save the drama of back and fore comments about it as we have the topic and content to discuss not who can reblog it the writer is well reputable and and well known and has a good reputation that’s why a reblogged it a don’t just reblog everything a see ,
        Once again a do apologise for the hassle both to you and the original writer if it said don’t reblog in the article a would not have so a feel am in the right here as a have fully read the reblog rules

        1. bellacaledonia says:

          I’ve removed the reblog button. To be honest i feel the same about you doing it with all the Greg Moodie cartoons. I just feel he asked really politely and your response wasn’t what I’d have expected.

  4. It’s been a great season for Scottish football fans all round with hearts showing great dignity and reaching a cva paying there bills taking there punishments and bouncing back all this in the centenary year of the Great War which we all know hearts by far paid the biggest sacrifice am so happy for them to come up ,getting back on topic king wants liquidation to get rid of the onerous contracts even then you have to consider the carve up of the carcuss that was chopped in to lots of different company’s they should not have been a loud back as it has made a mockery of sporting rules and fairness each division on way up has been financially doped by them fair play is paramount in sport also they have had whyte wash after whyte wash it’s not going to end well a could go on and on but a wont as most people have lost interest now a have followed the story for years people just want them dead now so the rest of Scottish football can move on they are sevco and that’s that what we see now is a tribute that is about to die just like oldco the sxxts about to hit the fan 267 creditors screwed last time how many this time ?

    1. Bella were a world wide celtic blog if a see a word press article food football politics and if a like it a reboot it for discussion were big celtic fans and are all stake holders in Scottish football that’s why added it a do articles and so do some commenters this is the first this has happened in over 750 articles a encourage all visitors to my site to read about politics and sport and a whole lot more a don’t have to defend the site as it’s not for profit and free a can see your point if a was making money from it then my actions would be wrong but were a not for profit site so what is the problem why do u feel were at wrong don’t hold back as a can cope with constructive critical critism

      1. bellacaledonia says:

        I suppose because we are dying to create unique content. An extract then link feels okay – pulling the full content of an article feels like a bit of a rip off?

      2. What article are you talking about and a do apologise once again for the back and forth comments plz elaborate by showing and explaining what you mean ? “Full Content”

      3. Robert Ryan says:

        I love how you have no self awareness that posting this on a Celtic blog is vastly obsessive and weird, anyway.

      4. boabnumber10 says:

        I love how you lack so much self awareness that you can’t seem to see that posting this on a Celtic blog is frankly weird and vastly obsessive, anyway.

        And the grammar you use is terrible by the way so I hope you aren’t writing on it yourself.

  5. http://www.legislation.gov.uk/ukpga/2006/46/part/7/crossheading/public-company-becoming-private

    If king is wanting delisting then this is the legislation in plc remember delisting just now still means it’s a public ltd company most fans feel kings looked at the books and done a runner leaving park with the responsibility if it all crashes the only way to go is start agian on the Wimbledon fans ownership model
    This is the only way to go even now it’s a real mess and the blame is on the sfa and level5 and jack Irvine also we’re the deeds don’t for get it was a carve up and there is nothing left to pawn keeping it simple .

  6. William Davidson says:

    I’m sure before his apparent triumph at the E.G.M. King would have sketched out every possible scenario in his own mind, this being one of them.
    I am somewhat puzzled by the whole Chris Graham resignation saga, which seems to smack of double standards. What was he guilty of? Two months before his appointment to the Rangers Board and in the wake of the Charley Hebdo murders, he tweeted an admittedly puerile cartoon to a well known extremist Islamic preacher, who had appeared to justify the killings. Charley Hebdo had published more material of a similar hue for wider circulation. Logically, therefore, if Graham is an anti-Islamic racist, then the editor and staff of Charley Hebdo were even greater offenders. Yet they are held up as heroes and paragons of free expression, while he, for exercising on a lesser scale the same right in a free society, is a racist villain. Perhaps freedom of speech is not an absolute, but depends on who is exercising the right and with what organisations they are associated.
    As Islam is not a race, but a religion composed of many ethnic groups, including white Europeans, it is surely wrong to confuse anti-Islamic lampooning with racism.

  7. Pat says:

    For a couple of years my blog had a couple of hundred hits on each post if I was lucky. Then I noticed that the figures had trebled. A bit of investigation led me to Bampots Utd, where Mick had reblogged my post and gave a link. This also led to my blog being highlighted on Celtic Quick News. My readership has increased considerably, thanks to Mick. I should also point out that I would never have heard of Bella Caledonia if it weren’t for Mick, and I’m pretty sure that there are plenty of others that could say the same.

    Mick has also been instrumental in getting my books sold, something for which he, personally, gains nothing. He did not ask me to send him a copy or anything; he buys the books himself and pushes them because he likes them. Contrast that with this site. I asked for a couple of my books to be reviewed and was requested to send hard copies. Being a trusting soul I did as I was asked, even though I had to pay for the books and the postage; something I can ill afford. That was last summer and I’m still waiting for so much as an acknowledgement that the books were received. Amazon reported no problems so I can only assume that the books were delivered, received and then ignored!

    As for the argument about reblogging, my answer is: if you want to get all precious about your writing then don’t put it on the internet!

  8. Donald McPhee says:

    Some supporters are far sighted, intelligent and all round decent people.

    Some “other” supporters are narrow minded, stupid and bigoted buffoons.

    I know which I would like to oversee future of my club!

    When Rangers had their troubles my view was they should accept their punishment, go down to the third division and of most importance “reform”.

    By reform I mean ditch the bigots and bring in new supporters, Scots Asians and new Scots from EU and beyond then forge the future of the club to be inclusive and non sectarian.

    To date there appears to have been little progress on reform, aptly demonstrated by Rangers “supporters” behaviour at the recent old firm demolition by Celtic. And let’s be truthful, some of the clowns in the board room have not shone either!

    Why does reform matter?

    Big clubs need sponsorship and TV money if they are to succeed.

    If you are a multi national marketing director would you touch Rangers with a barge poll? The club’s management appear to tacitly support the continuation of bigotry and sectarianism. Why would you wish to pour money down precious company or shareholder funds into a bigoted intuition that operates in a multi cultural society and newly emerging Scotland? Answer you would not!

    I for one will never darken the turnstiles of Ibrox until a new broom has swept the old order out, a firm indication of this would be the removal of the discredited union flag from the main stand.

    Donnie McPhee

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