Rangers yet to apply for admission to alternative stock market after AIM delisting

[ian1964 10,761]

RANGERS are yet to apply for listing on the ICAP Securities & Derivatives Exchange market, three weeks after the club's shares were delisted from the prestigious AIM stock exchange.

 

Some fans have speculated the club has been refused a listing on the ISDX stock exchange, seen as a precursor to a vital fundraising share issue for the cash-strapped club.

 

However, last night the club blamed the delay on the fact it has not yet found an advisor needed to sponsor its admission to the exchange.

 

Admission to the London-based ISDX stock exchange was thought to have been difficult as criteria included having at last 12 months' working capital, which Rangers are unable to confirm.

 

According to this benchmark, the plc would also be required to appoint and retain a corporate adviser at all times and demonstrate "appropriate levels of corporate governance".

 

After the AIM delisting was announced on April 2, Rangers interim chairman Paul Murray had said that ISDX were "keen to take us" while insisting their drop from the AIM stock exchange would not hamper their rebuilding plans.

 

Last night Mr Murray said: "''During the course of the week of March 30 we requested a time extension from the AIM Regulation team to enable the Company to "fast track" across to the ISDX exchange.

 

"This would have taken five business days and would have been a cost effective and seamless process for shareholders. It would have enabled trading to have commenced on ISDX immediately.

 

"In their wisdom the AIM Regulation team refused to grant this extension and the Company's shares were delisted on April 7."

 

Mr Murray added that its refusal to grant the club an extension to "fast track" across to ISDX means it now has to go through the consuming and costly route of applying for admission, which can take two months or longer.

 

Mr Murray added that it had not been declined admission, but is working to choose an appropriate advisor to 'sponsor' its way into ISDX, and currently had two in mind.

 

Club insiders said they hoped to list on the ISDX market, saying it would cost the club less in fees and make it easier to win investment.

 

ISDX was a successor to the Plus platform, where shares in The Rangers Football Club plc, now in liquidation, were traded in the past and where the shares of Arsenal are listed.

 

While a listing was pursued, Rangers put in place arrangements to allow shareholders access to a matched bargain trading facility for their shares with JP Jenkins, one of Europe's biggest platforms for the exchange of unlisted securities.

 

The development comes as the Rangers board held their first meeting with Sports Direct and Newcastle United owner Mike Ashley.

 

The board, in declaring the AIM delisting earlier this month, referred to prior issues which had "resulted in AIM receiving more complaints about the company than any other company on its exchange over the last year".

 

The delisting came a month after trading of plc shares were suspended from AIM after the club's previous Nomad quit over concerns Dave King was taking control.

 

Mr King had condemned the move by former nominated adviser WH Ireland to quit over concerns he was taking control.

 

He eventually placed former director Paul Murray in as interim chairman after winning the Ibrox shareholder vote to remove the old board and bring in his new directors.

 

The move was intimated as a temporary one until a new nominated adviser could be found.

 

WH Ireland had raised concern that there could be a "material adverse impact" on the company's listing on AIM if King was appointed to the company's board.

 

It came after noting Mr King's 2013 conviction in relation to breaching 41 criminal counts of South Africa's Income Tax Act.

 

Mr King was sentenced to a fine totalling 3.28 million South African Rand (£180,000) in relation to those counts or face 82 years in prison. He avoided the jail sentence by paying the fine.

 

He also agreed to pay a £45 million settlement in relation to his personal income tax and the tax liability of Ben Nevis, a King trust company managed out of Guernsey.

 

Before winning an extraordinary general meeting vote, King had said there was a Nomad lined up to retain stock market continuity.

 

After he won he said delisting was "completely unimportant" adding: "My personal preference for the rebuilding process would be for it not to be listed, but it is listed - unfortunately."

 

Sandy Easdale, the former Rangers Football Club Ltd operating company chairman and his brother, James, who quit the plc board ahead of King's victory said they were considering legal action saying the Aim delisting is a "blow to all serious shareholders".

 

ICAP declined to discuss the matter.

 

http://www.heraldscotland.com/news/home-news/rangers-yet-to-apply-for-admission-to-alternative-stock-market-after-aim-delisting.124275803

[BrahimHemdani 1]

The truth is starting to come out now.

 

It's my understanding that the lack of working capital, no CEO, FD or Corporate Adviser were as significant issues for AIM as they are for ISDX.

[ian1964 10,761]

Rangers Supporters @RangersFCTrust · 17h 17 hours ago

 

Some are saying we've been de-listed from the ISDX. Can confirm the story is false.

 

https://twitter.com/RangersFCTrust/with_replies

[der Berliner 3,803]

Quite a bit IMHO depends on the Dave King case with the SFA, not just the above. The Herald knows that, but hey, they only list all the naughty little stuff about what King said (and has not come to pass), the RSA tax affairs et al. No word about the SFA taking their time ...

[Rousseau 10,811]

I think the board just don't want public shares. How does that affect rights/share issue? It's still possible, surely?

[Germinal 27]

the prestigious AIM stock exchange.

 

This is not a promising opening for an article that wishes to be taken seriously.

[Germinal 27]

The truth is starting to come out now.

 

It's my understanding that the lack of working capital, no CEO, FD or Corporate Adviser were as significant issues for AIM as they are for ISDX.

 

Again, suggesting that the AIM has standards of any sort does not make for a persuasive case.

[RANGERRAB 3,731]

I think the board just don't want public shares. How does that affect rights/share issue? It's still possible, surely?

 

We do not know. The new board have still to tell us their plans to take Rangers forward & with ST renewal not far away I'd suggest they start pretty damn soon. They have barely said a word since taking over

[RANGERRAB 3,731]

Again, suggesting that the AIM has standards of any sort does not make for a persuasive case.

 

And do ISDX have better standards?

Was that why we delisted?

Are we genuinely trying to get listed on the ISDX?

So many questions needing answers....

[der Berliner 3,803]

We do not know. The new board have still to tell us their plans to take Rangers forward & with ST renewal not far away I'd suggest they start pretty damn soon. They have barely said a word since taking over

 

IMHO their main man of power is King and they want to know for sure in what sort capacity he can be involved. It could well be that much will go through him and his accounts. But as you say, the information stream is not exactly terrific ...