02 March 2014

Union of Fans Latest Statement

Press release to the Press Association, from the Union of Fans...

We welcome the fact that Dave King has committed to travelling to the UK to advance the setup of the required legal structures for a Season Ticket Trust and a fund to purchase an equity stake in the club. We very much look forward to meeting him in the near future to push things forward.

We also note that, like us, he shares a fear that Charles Green and the people he represents are still de facto in control of our club.

At their meeting of 30th January with CEO Graham Wallace, the RST requested an updated copy of the register of shareholders in RIFC PLC, which is a legal entitlement of all shareholders. The club considered this request and asked for further information, which has now been provided. We are aware of similar requests by individual shareholders which have yet to be fulfilled.

We are aware of concerns by shareholders that there has been a perceived delay in complying with requests for a copy of the members register, and that these concerns have lead to suspicions.
We would urge the club to comply with these requests as a matter of urgency, and act on their promises of transparency and engagement with supporters.

We also note that Graham Wallace recently attempted to justify the £1.5M loan from Laxey and Sandy Easdale, by indicating that it was part of a business plan he “inherited”. Just who did he inherit the business plan he is implementing from? Charles Green? Brian Stockbridge? Imran Ahmad? Also, why is he still implementing a business plan which is so clearly flawed? Particularly when it is clear that alternative routes are and have been available.

We would like this board to explain just what has happened to the 5 million shares Charles Green awarded himself at 1 penny each and which constituted a 7.68% stake in Rangers. We are aware that some of those shares are now in the hands of Laxey. It was also widely publicised that Green had proxied his shares to the Easdales and struck an agreement to sell those shares to the Easdales in December 2013. But no record of such a share trade exists. Also the Easdales do not appear to have increased their notifiable interest in the company according to the most up-to-date information available. It is entirely unclear who now holds the balance of Mr Green’s shares and if indeed they have even moved out of his control.

Dave King is quite correct to express his fear that Charles Green and those he represents are possibly still controlling Rangers. Just as we, as supporters and shareholders, are right to exercise our legal right to view the up-to-date shareholders register. Once again, we simply ask this board to answer the perfectly reasonable questions they are being asked and to not just speak about transparency but actually provide it.