21 November 2013

Colin Kingsnorth on Laxey's recent share purchase

by Gordon James | Guest Contributor

Colin Kingsnorth of Laxey Partners has been explaining his reasons for snapping up another large chunk of Rangers shares yesterday which should see the firm become the largest shareholder in the Club. Once their previously established deal with former CEO Charles Green goes through, Laxey will hold 12.74 percent of RIFC.

The first question for Colin was why Laxey made this commitment? Colin said "It’s a great club which is progressing despite the board room antics, once this settles down to a professional team, Rangers will fly"

Whilst Kingsnorth confirmed that there is no intention of further share purchases, when asked about where the most recent block had came from he said, "We bought them through the stock market" and insisted he knew nothing more than that. 

Kingsnorth was also asked about concern over a hedge fund having such a big say in the Club but again confirmed, as he had to CRO in August, that this was a private investment and he is a retired hedge fund manager. 

Kingsnorth had previously told us he would vote with fans wishes and thought the "EGM guys" would win but he revised that today. 

"We have spoken to a number of fans groups and they seem to have a huge range of views.

"What's common is the distrust for the previous board, the poor use of money and poor transparency and the concern over Charles Green's influence today." 

He further stated, "How this gets resolved is more difficult to get a consensus on. We hope the new directors are professional and good news and we believe they are worth backing and don’t believe Charles has any influence on today's board.

"We are happy to put up more cash and expect other shareholders to as well if asked but most will need a decent board in place."

Kingsowrth closed with saying, "I will support all current directors and no new ones. It's the board I am supporting and (I) am avoiding creating factions."

We first spoke with Mr Kingsnorth in August. You can find that interview here.