Football Trade Directory

Rangers shares suspended as stock exchange advisor resigns

Shares for Rangers have been suspended on the Stock Exchange after the resignation of their advisor WH Ireland ahead of the club's EGM.

With only two of the current board still at the club, following the resignation of James Easdale and David Somers, it is widely expected that Dave King will assume control of the club at the end of the week.

Ireland's resignation, as Rangers' nominated advisor (nomad) means that trading on Rangers International Football Club plc (RIFC) stocks has been suspended until they can appoint a replacement. RIFC has a month to find a new nomad under Stock Exchange rules.

A statement to the Stock Exchange from RIFC read: "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."

It was widely expected that King would remove Ireland upon assuming control of the club, but there is no word yet on who will take up the role.

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