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King told: ‘show us the money’ as Rangers board fixes EGM date

IbroxRangers under fire directors have intensified the stand-off between themselves and rebel shareholder Dave King by demanding he explain how he intends to finance the club and avoid the shares being suspended.

In another provocative statement to the London Stock Exchange, the club said the re-scheduled EGM to decide the board’s future will be held at Ibrox at 11am on 6 March.

The club has been forced to abandon its plans to hold the meeting in London after two hotels booked for the event decided to pull out. The Millennium Gloucester said it was worried about potential “disruption”, a clear reference to the likelihood of it being swamped by angry Rangers supporters. The Grange Tower Bridge cancelled after saying it received “threats from persons unknown”.

The meeting has been called by Mr King, who holds just shy of 15% of the shares. He wants to secure 51% of the votes in order to oust the current board and install himself, Paul Murray and John Gilligan as directors.

The board has previously appealed to shareholders by registering a list of reasons why they should opposed the South Africa based businessman.

In its statement this morning, Rangers said that on behalf of shareholders it would be asking Mr King to provide further information on his business plans in regards to the future running of the club and, in particular, how he intends to finance the club.

It also wants to know “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.”

 

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