RANGERS' financial turmoil took another twist yesterday when trading of their shares was suspended because of the Ibrox club's failure to submit audited accounts.
The accounts were due to be filed by the end of last year, and the PLUS Stock Exchange regards them as "overdue". They have also yet to be signed off by an independent auditor, meaning the club subsequently failed to meet the six-month deadline from the end of its financial year.
PLUS added it was investigating the circumstances around Rangers chairman Craig Whyte's seven-year disqualification from acting as a director.
It is another blow to the club's financial reputation and puts more pressure on Mr Whyte to provide some form of assurances for worried fans and shareholders.
Rangers said it expected to file accounts around the end of this month, and the delay was down to an ongoing dispute with HM Revenue and Customs over a tax bill and penalties of £49 million. A tax tribunal is scheduled to reconvene within days, but an outcome is not due to be made public until the spring.
The club has also failed to hold an annual general meeting within the usual timescale as Mr Whyte, the majority shareholder who assumed control last May, waits for a more positive outlook.
Mr Whyte played down the suspension, claiming he was considering withdrawing from the stock exchange after the first anniversary of his takeover.
Although it will make it more difficult for shareholders to buy and sell shares, less than £1000 worth have been traded over the past two months.
The PLUS stock exchange issued a statement yesterday pointing to rule 51 of its regulations for issuers.
The rule reads: "An issuer must publish annual audited accounts within the time frame required by the jurisdiction to which it is primarily subject or its applicable accounting standards or, if no such time frame is decreed, within a timetable which the issuer must agree in advance with PLUS."
James Goodwin, director of regulation, said: "The PLUS Stock Exchange is also currently conducting an investigation into the circumstances under which Craig Whyte's seven-year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011."
In a statement, Rangers said: "The delay has been caused as a result of finalising the audit, which the board believe will be complete on or around January 31, 2012. The delay in finalising the audit is principally related to the ongoing HMRC tax tribunal.
"The board of Rangers Football Club plc is currently considering the merit of maintaining its listing on the PLUS market after May 6, 2012, being the date 12 months following the acquisition of the 85.3% holding of the Company by The Rangers FC Group Limited."
Mr Whyte added: "There is very little, if any, tangible benefit for the club to be a listed company."
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