24/Apr/2014 - Last News Update: 03:49

Shares in Rangers suspended on Plus stock exchange

Category: Scotland

Published: 9th Jan 2012 14:03:44

Shares in Rangers Football Club have been suspended from trading on the Plus stock exchange after the club failed to file accounts on schedule.

The club said it expected to file accounts around the end of this month and that the delay was down to an ongoing dispute over tax.

It added that it was considering giving up trading on the Plus exchange.

This follows the takeover last year of the controlling stake of 85% of shares by chairman Craig Whyte.

Rangers is disputing a tax bill and penalties of £49m with HM Revenue and Customs (HMRC).

The club said its board was "considering the merit of maintaining its listing on the Plus market after 6 May 2012".

Mr Whyte said: "Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the club to be a listed company.

"The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares.

"In reality, a public listing means more bureaucracy. Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing."

He added: "Whether or not we are a listed company, accounts will still be published and there will still be a shareholders' AGM. All shareholders would be able to hold the directors to account."

Rangers accounts were due to be filed at Companies House by the end of the year and the organisation's website regards them as "overdue".

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