Newcastle United owner Mike Ashley has called a general meeting of the Rangers FC Board, in what looks like an attempt to oust two specific Directors from the Glasgow club.
Mike Ashley – called for Rangers Board meeting
One of Ashley’s investment companies MASH has called for an extraordinary meeting of the Board, and it’s an attempt to remove Chief Executive Graham Wallace and Director Philip Nash from the Board.
Only last week Mike Ashley – who owns Newcastle United outright – bought 4.26M shares from Rangers International Football Club, and that brought his stake in the Scottish club to more than 8%, but still less than the 10% currently allowed by the Scottish FA.
This is a short statement issued by Rangers today to the London Stock Exchange:
“MASH requires the company to call a general meeting of the shareholders of the company and to put certain resolutions to shareholders for inclusion in the business at such a general meeting of the company.”
“The notice puts forward resolutions for the removal of Graham Wallace and Philip Nash as directors of the company.”
“The company is currently verifying that the Notice is properly constituted. If valid, the board intends to seek to have such notice withdrawn in order to avoid the cost and disruption of an ad hoc general meeting, particularly given the company’s forthcoming Annual General Meeting, further details of which will be announced in due course.”
Ashley elected last week to buy shares on the open market for 20p/share, and that was rather than spend the same amount on the recent Scottish club’s open offer aimed at raising £3.6M for Rangers FC to ward off another potential bankruptcy.
If he had elected to do the latter, that money would have gone straight into Rangers coffers to help them out financially.
There has been abundant speculation over the last several months that Ashley may be wanting to eventually take control of Rangers and even sell Newcastle United FC.
Newcastle fans have taken that as potential great news, whereas Rangers fans had taken that as (very) bad news. 😀
Newcastle came out a few weeks ago after the Telegraph had published an article that Mike was going to sell Newcastle United to say he would own Newcastle at least until the end of next season.
The Telegraph journalists were banned from Newcastle for writing the article – the fifth newspaper to be banned by Ashley in the last year.
This move looks like a power play by Ashley to take more control of the Scottish powerhouse.
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