RANGERS have banned the owners of around 10% of shares at Ibrox from voting in key company matters.
The mystery investors behind Blue Pitch Holdings, Putney Holdings Limited, ATP Investments Limited and Norne Anstalt hold 8.5million shares between them.
But they are now unable to vote in issues relating to Rangers International Football Club plc or sell their shares to other parties.
The Ibrox board requested information from all four groups and have suspended voting rights until they are ' satisfied that it has received all of the information required'.
A statement on Rangers' website read:
Article 15.5 of RIFC’s Articles of Association states that, where its board of directors (the Board) is satisfied that any person appearing to be interested in shares has been duly served with a notice under s793 of the Companies Act 2006, and is in default of providing RIFC with the information required, the Board can, in its absolute discretion, at any time thereafter by notice to such member direct that:
a. the member shall not be entitled to vote at a general meeting either personally or by proxy or to exercise any other right conferred by membership in relation to meetings of RIFC in respect of such shares;
b. Except in a liquidation of RIFC , no payment shall be made of any sums due from RIFC for such shares and RIFC shall not meet any liability to pay interest on any such payment;
c. No other distribution shall be made on such shares; and
d. No transfer of any of the shares held by such member shall be registered unless:
(i) The member is not himself in default in supplying the information requested and the transfer when presented for registration is accompanied by a certificate to the effect that the member is satisfied that no person in default as regards supplying such information is interested in any of the shares which are the subject of the transfer; or
(ii) The transfer is an approved transfer.
In brief, the above restrictions affect the right to vote the affected shares, the right to receive payments or distributions in respect of the affected shares and the right to transfer the affected shares.
Direction notices have been sent to each of the above parties indicating those parties are in default of their obligations under S. 793 and that the measures noted will be imposed until the Board is satisfied that it has received all of the information required in terms of the S. 793 Notice sent to that party.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel