08 February 2015

EGM Guide

by Ross McAdam | Contributor

The long-awaited EGM is to be held on Wednesday 4th March in London. 

For those who bought shares in the IPO you will receive an attendance card in the post from Capita. Once you receive this you should either vote as per the instructions on the card and send it back to the stated address or proxy your vote to somebody such as the RST. The RST will vote on your behalf and have detailed instructions on how to do so here.

If you purchased your shares through a broker and your shares are held in a nominee account you must contact your broker and they will give you an attendance card. If you are not attending the EGM, you can ask them to proxy the shares. Again, this can be given to the RST by asking your broker to give it to The Rangers Supporters Society Limited.

One thing is clear, your vote will count. For a resolution to pass, it requires 50%+1 vote of those who vote on the day. Dave King and the Three Bears account for 35 per cent of the shareholding as do Mike Ashley and the Easdale proxy group. The fans will undoubtedly have a massive say in the final outcome so please ensure that you either vote yourself or proxy as above.

The decision to hold the EGM in London smacks of desperation from a board trying to stay in power and is a complete disgrace. The initial reaction on social media was a sense of defiance and that the Bears would be on the road down to London to make their voices heard. However, I would point out that the venue holds around 500 individuals. 

Should more than this turn up there appears to be no contingency plan in place and the company Articles of Association make it clear that the Chairman can adjourn the meeting if required. Let’s be clear – the board will attempt any trick that allows them to stay in power and it is essential we do not allow this to happen. An EGM will last around a matter of minutes and there will be no Q&A like at an AGM. Personally, I will be donating the travel costs that there would be to the RST to purchase more shares.

The thought of the current board managing to adjourn the meeting does not even warrant thought. We must not let this happen under any circumstances. Whilst I am in no position to tell people what to do, I would encourage every Bear planning on travelling to London to seriously reconsider if the risk of the board staying in power - for a few more weeks - is more than the ten minutes you will have to voice your anger. 

Using your vote to bring about change is much more effective than venting your anger towards this board.