Ranger’s shares were suspended on Monday after the club failed to file its accounts by the end of 2011 with Companies House, a requirement of listing.
The SPL club stated it expects to file its financial figures for the period ending June 30, 2011 by the end of the month stating its on-going tax dispute and no doubt the size of provision, as the reason behind the delay.
Commenting on the suspension of the shares, Chairman Craig Whyte’s explained that following acquisition he has a controlling stake of 85%.
“Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the club to be a listed company,” he said Whyte.
“The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy. Rangers do not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing.”