Statements by Craig Mather and David King

RNS Number : 3808Q

Rangers Int. Football Club PLC

14 October 2013

 



14 October 2013

Rangers International Football Club plc

("RIFC")

Statements by Craig Mather and David King

The Board of RIFC notes recent and misleading speculation in relation to David King, a former director of Rangers Football Club.  On Saturday 12th October RIFC published statements on its web site from David King and Craig Mather in order to prevent the escalation of false rumours.  RIFC was advised by its Nominated Adviser that there were regulatory implications arising from these statements, and accordingly an amendment was subsequently made.  The full text of those amended statements is set out below.

CRAIG MATHER released the following statement on 12 October 2013:

"I can confirm our talks with Mr King were extremely positive and Mr King made it clear he wishes to join the current Board to help us ensure Rangers are ready and fully equipped to move up to the next levels.

"We would be delighted to have Mr King, with his knowledge of the Club and business acumen on board and as can be seen from his own statement he is happy to join us right now in the quest to take Rangers back to the very top.

"I am well aware this will not sit comfortably with those who have sought to derail our progress and who have fed out lies and misinformation about the Club and its Directors but I am confident we will overcome every obstacle in our way.

"Rangers will be back at the top sooner rather than later and Mr King, who has made it abundantly clear that he is willing and happy to work with the current directors of both the plc and ltd - myself, Brian Stockbridge, Bryan Smart and James and Sandy Easdale - would be a great asset.

"We have stuck to our task and programmes because we believe we are on the correct course and I would urge every Rangers fan not to give credence to the many lies and rumours that are circulated by people with other agendas and who perhaps cannot admit we are getting it right.

"Too many are trying to distort the truth but it is this: Rangers is not a business in distress. Rangers is in a good position and it is healthy and robust.

"I cannot stress that forcibly enough but it is the reality of the situation. Mr King has made it clear he took time and his discussions with us were intensive and detailed and he is happy with what he has discovered about us."

DAVID KING made the following statement on 12 October 2013:

"I confirm that I held talks with Rangers Chief Executive Craig Mather and Finance Director Brian Stockbridge in South Africa. I wished the discussions to remain confidential until something definite was agreed- one way or another. I have maintained that confidentiality. However, given my awareness of incorrect inferences being drawn in the media I would like to make a limited statement at this time.

"The discussions were, to my mind, very positive and it was agreed that subject to the normal regulatory approval I would put my name forward to join the Board and to serve as Chairman.

"Such an appointment is of course subject to the approval of the existing Board members and ultimately the shareholders of the company. There are also mandatory regulatory requirements that must be complied with and take time. I have already submitted all the necessary documentation.

"News of the meeting has found its way into the public domain and this has unsurprisingly resulted in speculation as to the nature and the outcome of the meeting. In reaction to this speculation and to give some clarity to the club's fans I would like to address a couple of points at this time.

"First, my willingness to become part of the future of the football club is based simply on my love for the club and my desire to support the club with a combination of my business expertise and my willingness to make a further investment.

"In particular I see a present need to utilise the time we have over the next few seasons to be prepared, both financially and on the pitch, to compete with our Glasgow neighbours when we get back to the top League.

"My involvement is not linked in any way to any other individual, albeit I have my private thoughts as to certain individuals that might add value to the club going forward. Ultimately it is for the shareholders to make such decisions. The recent settlement of my litigation in South Africa removes any impediment to my appointment to the board.

"I want to make it clear that I agreed to join the Board only after intensive and detailed discussions with the existing executives and because I believe I can help them by playing a significant role in driving Rangers forward and finally putting the past behind us.

"It is sad that every month of the continued disunity between the fans and other stakeholders is eroding our ability to be ready for the step up to the premier league. We do not have time to waste.

"It was also made clear by Mr Mather and Mr Stockbridge that Rangers are not in need of an immediate financial injection but we agreed that now is the time to commence a new round of funding to ensure that it is available in an orderly and cost effective manner when required. I wish to lead that fund raising exercise and being on the Board will greatly assist me in that regard.

"I believe that the timing is right for me to take this step and I look forward to the opportunity to work with the current directors albeit I would have preferred to have my appointment confirmed prior to communicating my further thoughts. Unfortunately the rumour mill necessitated this short statement. If matters proceed as I hope over the next few days then I will be present at the AGM."

At the insistence of our Nominated Adviser, the Board needs to make it clear, for regulatory reasons, that the Board of directors referred to above is The Rangers Football Club Limited, the wholly owned subsidiary of The Rangers International Football Club PLC.  Although we welcome the support of Dave King, no decision has been made to appoint him as a Director. There are regulatory matters which would need to be resolved prior to any such appointment. The Directors also expect that in the medium term future, possibly coinciding with the return to top league football in Scotland, it may be in the best interests of the Company to raise further capital. However, there is no requirement for short term funding, and as such neither the Company nor RIFC are actively seeking finance. Nonetheless, we are committed to exploring a future involvement by Mr King in the Club.

For further information please contact:

Rangers International Football Club plc
Craig Mather, CEO Brian Stockbridge, FD	Tel: [phone]
Daniel Stewart & Company plc	Tel: [phone]
Paul Shackleton / James Thomas / Martin Lampshire
Newgate Threadneedle	Tel: [phone]
Graham Herring / Roddy Watt / John Coles / Fiona Conroy
Media House International Ltd Jack Irvine	Tel: [phone]

 

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MSCUOSURORARAUA