The AIM market has suspended trading of shares in Rangers International Football Club (RIFC). The suspension follows the resignation of the club's nominated adviser (nomad) WH Ireland.
Unless Rangers appoints a new nomad within a month the club will be removed from the AIM exchange. WH Ireland was RIFC's fourth nomad in two years. In two days time Rangers will have its AGM where shareholder Dave King is expected to take control of the board.
On Tuesday, King claimed to have secured a "landslide victory" in his endeavor to take charge of the club.
RIFC said in a statement:
The company has been informed that its nominated adviser does not believe that it can satisfy the London Stock Exchange in relation to its nomad obligations in respect of the appropriateness of the company's securities to be admitted to AIM, If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.
If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.
If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored.
The directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing nomad for all it has done for the club."
The cash-strapped club that Sports Director boss Mike Ashley has a 10 per cent stake recently applied to draw down the second tranche of the Sports Direct loan to stay in business.