Shares in Rangers suspended on Plus stock exchange
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".
At 23:02:05 in BusinessE-commerce giant eBay has cut the total compensation of its chief executive, John Donahoe, by more than half.
At 22:54:15 in WorldRishang Keishing still remembers the first time he travelled to work as a newly elected MP in India's first parliament, in 1952.
At 22:42:43 in SportThe Irish Premiership looks set to have no representation in the Setanta Sports Cup semi-finals after Coleraine, Crusaders and Ballinamallard United lost their two-leg quarter-final ties.
At 22:13:00 in SportJohn Hughes has told his Inverness CT players that Wednesday's game against Hibs is their opportunity to impress ahead of the Scottish League Cup final.
At 22:12:21 in SportTwo goals in the dying minutes of the game earned Glenavon a dramatic last-gasp Irish Cup quarter-final win over Glentoran at the Oval on Monday night.
At 22:09:29 in EnglandPolice control rooms in Cambridgeshire, Hertfordshire and Bedfordshire could be run by one force HQ to save millions of pounds, the BBC has learned.
At 22:02:04 in EnglandThere are significant variations across England and Wales in the way police and prosecutors deal with cases of domestic violence, figures show.
At 22:00:06 in EnglandA car ploughed through the front of a shop after a crash in Greater Manchester.
At 21:53:55 in WorldSome Caribbean nations are demanding reparations from Europe over the Atlantic slave trade. But slavery still happens today - film director Steve McQueen said at the Academy Awards there are 21 million slaves worldwide. Is that figure correct?
At 21:42:03 in WorldLibyan officials say they have taken control of a North Korean-flagged tanker that loaded crude oil at a port occupied by rebel forces.
Harvard CitationBBC News, 2012. Shares in Rangers suspended on Plus stock exchange [Online] (Updated 9th Jan 2012)
Available at: http://www.ukwirednews.com/news/216312/Shares-in-Rangers-suspended-on-Plus-stock-exchange [Accessed 10th Mar 2014]
News In Other Categories
A rugby coach who attacked a linesman at an under-14s match in Devon has been sent on an anger management course.
Two wallabies have escaped from privately-owned land in County Down and police have warned the public not to approach the animals.
Police have reported three people to the procurator fiscal and warned a further six after a crackdown on illegal motorcyclists in Fife.
A Japanese scientist behind a seemingly groundbreaking stem cell study says the findings should be withdrawn amid doubts over its quality.
With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
The Irish Premiership looks set to have no representation in the Setanta Sports Cup semi-finals after Coleraine, Crusaders and Ballinamallard United lost their two-leg quarter-final ties.