Double blow for Mike Ashley in defeat on both Rangers votes
After forcing Rangers to hold a special shareholders meeting last Friday, Newcastle United owner Mike Ashley has lost on both resolutions.
The result was scheduled to be released by Rangers via their official website on Monday but for reasons unknown, has only just been announced on Tuesday lunchtime, 24 hours late.
The Mike Ashley resolution attempting to force Rangers into immediately paying back the £5m loan to Sports Direct, was defeated by the narrow margin of 54% to 46%.
Whilst the Rangers Board’s own resolution for shareholder backing to pursue fairer contract terms with Mike Ashley’s retail empire, saw the board comfortably get the backing of the shareholders, with voting in favour of 62.5% to 37.5%
Official Rangers Statement
NOTICE OF GENERAL MEETING VOTING:
MASH Holdings Limited (MASH) requisitioned a General Meeting (GM) of Rangers International Football Club PLC (The Company) which took place at Ibrox Stadium on Friday, June 12, 2015. There were two ordinary resolutions.
THAT, the shareholders support the principle that the Rangers Football Club Limited (the “Club”), a subsidiary of the Company, is released from the arrangements between the Club and SportsDirect.com Retail Limited (Sports Direct) pursuant to the Facility announced by the Company on 27 January 2015: (a) including the release of security over (i) the Rangers’ brands owned by the Club; (ii) the Murray Park training ground; (iii) the Albion Street car park; and (iv) Edmiston House; (b) including the release of the Club from the current restrictions preventing it from being able to provide security over the Ibrox stadium without the prior consent of Sports Direct; and(c) thereby resulting in the transfer back of a 26% interest in Rangers Retail Limited from Sports Direct to the Club , through the Directors of the Company resolving to procure the repayment in full of the loan of £5 million owed by the Club to Sports Direct as soon as possible after the passing of this Resolution.
For – 29,376,675 (46.36%)
Against – 33,988,991 (53.64%)
Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company’s issued share capital
THAT, the shareholders support the Directors of the Company in their desire to ensure that the contractual arrangements between the Club and various members of the Sports Direct group of companies are renegotiated on a basis that is fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct. The shareholders agree that these negotiations need to address the whole relationship between the Club and Sports Direct in order to achieve that goal.
For – 39,760,539 (62.5%)
Against – 23,852,291 (37.5%)
Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company’s issued share capital
RIFC is pleased to declare the outcome of the GM.
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