Soccer

Rangers delisted from stock exchange

Soccer: Rangers have seen their shares suspended from trading on the stock exchange after submitting unaudited accounts

Mon Jan 09 2012 - 00:00

Soccer:Rangers have seen their shares suspended from trading on the stock exchange after submitting unaudited accounts. The club also confirmed in a statement that they were considering withdrawing their listing on the exchange in the long term.

Rangers released their annual financial figures on November 30th, but did not get them signed off by an independent auditor as required by exchange rules, amid financial uncertainty caused by their ongoing tax case with British Revenue and Customs.

The club have also failed to hold an AGM within the usual timescale as majority shareholder Craig Whyte, who assumed control in May, waits for a more positive outlook. The statement explained: “The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around January 31st.

“The delay in finalising the audit is principally related to the ongoing HMRC tax tribunal.”

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After releasing the statement to the stock exchange, the club posted comments from Whyte on their own website where the Rangers chairman downplayed the importance of retaining a place on the market.

Whyte said: “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. The fact that the club has a majority shareholder controlling more than 80 per cent

means there is very little trading in shares.

“In reality, a public listing means more bureaucracy. Rangers does 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.

“Whether or not we are a listed company, accounts will still be published and there will still be a shareholders’ AGM. All shareholders would be able to hold the directors to account.”

Whyte has described the tax case, which could potentially cost the club over €50 million, as a “dark cloud” and he has refused to rule out the possibility of administration if Rangers lose their dispute.

A tribunal was postponed in November and is expected to resume in private next week. The disagreement relates to payments made to staff before Whyte took over David Murray’s controlling stake.