James Easdale, the owner of McGill's Buses, is considering significantly increasing his shareholding in Rangers.
Easdale and his brother, Sandy, who was jailed for VAT fraud in 1997, are thought to own a minor shareholding in the Ibrox club but could raise that to 29.9%, just below the level at which they would be obliged to make an offer for the entire company. However, Herald Sport understands that no pur-chase agreements are in place.
The Greenock businessman is thought to already have had discussions regarding the 7.8% shareholding held by Charles Green, who has tendered his resignation as chief executive and will formally leave the board at the end of May. Green is bound to a lock-in agreement that ends in December, 12 months on from the club's launch on the Alternative Investment Market, but is believed to have informed the Rangers board he wants to sell to Easdale. The businessman can, though, buy the option on Green's shares and so, effectively, have their power. The directors met yesterday to discuss the development and Herald Sport understands they would seek to prevent him taking a seat on the board if he only buys out Green.
The situation is further complicated by the fact that under the terms of the share prospectus published last year, directors and key employees have also undertaken not to sell their shares for a further six-month period without the consent of the broker, Cenkos. However, Green has resigned, so may not be bound to this.
Blue Pitch Holdings, one of the original members of the consortium fronted by Green that bought the business and assets from Rangers Football Club plc in liquidation last summer, are also keen to sell.
They are bound by a dif-ferent lock-in agreement that runs to the summer, but that can be circumvented, so there is an opportunity for Easdale to buy enough of a stake to at least earn a place on the board and operate a veto on votes, since other members of the original consortium may also consider selling up. However, no deals have been struck and the situation remains fluid.
At Rangers' closing share price last night of 59.5p, Easdale would need to spend £3m to buy out Green, and around £11.5m to own 29.9%. The club currently is valued at around £39m on AIM, with the share price having fluc-tuated in recent weeks while part of an overall general trend downwards from the launch price.
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