RANGERS is delisting from the Aim stock market after failing to get a nominated adviser to regulate their admission.

The development comes a month after trading of Rangers International Football Club plc shares were suspended from Aim after the club's previous Nomad quit over concerns Dave King was taking control.

The club is now in talks with two trading markets with a view to relisting.  One of the markets that has been approached is the ISDX market, once called Plus Stock Exchange, which experts have said would cost less in fees. Arsenal are listed on the market.

King had condemned the move from former Nomad WH Ireland and eventually placed former director Paul Murray in as interim chairman after winning a landslide Ibrox shareholder vote to remove the old board and bring in his new directors.

The move was intimated as a temporary one until a new Nomad could be found.

Mr King stepped back from joining the board to get himself cleared as a 'fit and proper' person to hold a directorship of a company floated on the Aim stock market. He also faced an examination by Scottish football's ruling body, the SFA.

Before winning the extraordinary general meeting vote, King had said there was a Nomad lined up to retain stock market continuity.

Now in a statement to the stock market RIFC said: "During the course of the last month, the new Board of Directors has been working hard, to a tight timescale, with a prospective new Nomad to complete an appointment.

Unfortunately, it has become apparent that this will not be possible.

"There are two aspects to the due diligence that Nomads have to carry out before they accept appointment. Firstly, they have to be satisfied with the "fit and proper" status of the board of directors of the company seeking to make the appointment.

"Secondly, they have to be satisfied that there are no reputational and / or historical issues with the profile and nature of the company seeking to appoint which might adversely impact on the Nomad.

"The prospective Nomad completed its checks on the "fit and proper" status of the existing and the proposed additional director of the company and confirmed to the company that it was satisfied on both fronts.

"It then carried out its own assessment of the company's profile over the last several years and the issues which had been encountered.

"We understand this process involved discussions with the exchange. We were advised that, following this process, the prospective Nomad was unable to take up appointment. We also understand that any alternative Nomad is liable to encounter similar difficulties and therefore the company requires to terminate its listing on AIM.

"This is no reflection on the current Board or on the financial condition or prospects of the company. It is simply the result of the well documented failings in corporate governance and management of those who previously controlled the company.

The company understands that this resulted in AIM receiving more complaints about the company than any other company on its Exchange over the last year. We appreciate and understand the difficulties this presented for AIM."

It is expected that cessation of the listing of the company's shares on AIM will become effective from opening of business on April 7.

The new board said: "There is no reason why delisting should adversely impact on the value of the company's shares or on the company's financial condition or prospects."

Before winning the shareholder vote King said: ""All I have done is, in advance of the change of board, ensured there is another Nomad willing to come in. The club has to appoint them so that process can only happen after the general meeting.

"I've got one who has done due diligence on the individuals but the key component for any Nomad is the club itself.

"Nomads are concerned about the financial affairs of the club. It's the one area where I've been able to give no more input than what I've read in the newspapers.

"If we succeed tomorrow, and I think we will, then we will get it immediately. It's a process that would be done in a day or so."

When WH Ireland resigined, the old RIFC board, said the Nomad "does not believe it can satisfy the London Stock Exchange in relation to its obligations in respect of the appropriateness of the company's securities to be admitted to Aim".

The Nomad had raised concern that there could be a "material adverse impact" on the company's listing on Aim if King was appointed to the company's board.

It came after noting Mr King's 2013 conviction in relation to breaching 41 criminal counts of South Africa's Income Tax Act.

Court documents confirm that King was sentenced to a fine totalling 3.28 million South African Rand (£180,000) in relation to those counts or face 82 years in prison. He avoided the jail sentence by paying the fine.

King also agreed to pay a £45 million settlement to the South Africa Revenue Service in relation to his personal income tax and the tax liability of Ben Nevis, a King trust company managed out of Guernsey.

Concern was also raised that King was a director in the five years preceding an insolvency event, holding office under the disastrous ownership of Craig Whyte until June, 2012, four months after the Rangers oldco entered administration. It is now being liquidated.

RIFC plc floating on the ISDX market was an option, the board said, and indicated that there was another platform it was examining. It said: "Discussions are proceeding positively and both of the platforms with which the company is in discussion have indicated that they are keen to see the company admitted".

It said that delisting would remove the "disproportionate amount of  senior management time spent on maintaining the listing" and "saving of significant professional fees associated with admission".

The board said: "Crucially, it is the board's view that the company's future capital requirements can be met by shareholders who are not concerned about the absence of an AIM listing‎.‎Upon the delisting the board will ensure that the highest levels of corporate governance are maintained."

Until a listing on one of these platforms can be achieved, the company has put in place arrangements to allow shareholders access to a matched bargain trading facility for their shares with JP Jenkins, a founding member of the AIM and Ofex markets.

RIFC said JP Jenkins already has a football connection, as Millwall's shares are traded through their facility.

"We recognise that a number of shareholders value the benefits of an AIM listing. That is why the Board put so much effort into the appointment of a new Nomad. We regret that, because of the past actions of those with control of the company, this has not been possible but would hope that the vast majority of shareholders will have their requirements satisfied by the trading platforms that the company will offer," said RIFC.