The board of Rangers football club has confronted a major shareholder who is seeking to oust them ahead of an extraordinary general meeting about his financial and business plans for the club.
The EGM, called by former Rangers director and shareholder Dave King, will take place on 6 March at Ibrox stadium, after several London hotels refused to host it due to threats.
Ahead of the EGM, the board laid out questions to King, who is making a bid to oust current members of the board and be elected himself, along with fellow former director Paul Murray and former Tennent Caledonian Breweries managing director John Gilligan.
The trio are seeking shareholder support for all four directors – David Somers, Derek Llambias, Barry Leach and James Easdale – to be removed from the Rangers board.
The board has recommended shareholders vote against the proposals and posed questions to King in its update to the markets this morning.
On behalf of Shareholders, the board feel it appropriate to ask Mr King to provide further information regarding:
a. What his business plans are in regards to the future running of the club and, in particular, how he intends to finance the club going forwards; and
b. What action he intends to take to avoid the suspension of the Company from trading on the London Stock Exchange (and the subsequent risk of being delisted from trading) should shareholders vote him onto the board, as previously outlined in the announcement made on 6 February 2015.