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Charlie Says

Charlie Says

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Published by RangersTransparency
Charlie Says
Charlie Says

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Published by: RangersTransparency on May 16, 2014
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Subject: EGM Date: Wed, 19 Jun 2013 06:25:07 +0000 From: Charles A Green charles.a.green@rangers.co.uk To: Craig Mather, Brian Stockbridge CC: Ian Hart, Walter Smith, David Farquharson I am disappointed to see no action on the board changes . As discussed previously at my last board meeting and various phone calls I will now call an EGM for the removal of certain directors . The notification will be issued today . It is very disappointing that this course of action is necessary and should have been avoided Regards Charles Sent from my iPhone Subject: RE: Cenkos clarification Date: Tue, 25 Jun 2013 11:30:47 +0000 From: Stephen Keys To: Walter Smith, Phil Cartmell, Craig Mather, Ian Hart, Brian Stockbridge, Bryan Smart, Malcolm Murray CC: Max Hartley, Adrian Hargrave, Russell Kerr Craig called me yesterday and I am sure that he reported back the terms of our conversation. I thought
that it would be helpful to drop you a brief note so that there is no confusion. Cenkos’ position has
been clear and consistent from the outset. We believe that there are questions over the efficacy of the board and that the appointment of James Easdale (who has no plc experience) does nothing to improve that situation. As such, Cenkos is not in a position to give the necessary comfort to AIM on this point. If the board is adamant that James Easdale must join the board at this time, we suggested a soluti
on with two additional “plc experienced” joining the board at the same time. This has been
rejected by the board. Given this background, I know that you have been looking for a new Nomad but I understand that you are not yet in a position to make an appointment. One of the options that was explored by Craig was the potential of you appointing James Easdale before you appoint a new NOMAD. As I made clear to
Craig, Cenkos’ position remains consistent and I am sure you will appreciate that this view cannot
simply be changed because you have not yet found a replacement NOMAD. If you were to appoint James Easdale and announce this in direct contravention to the advice of your NOMAD, I would expect
Cenkos’ view to be that we could not continue to act and would re
sign immediately. As you know, this
would result in the Company’s shares being suspended. It goes without saying that this is a very serious
situation and one that should be avoided at all cost. I believe that the regulator, shareholders, press and anyone else would all take a dim view of the board forcing a suspension at this time when it is not

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