Latest news with #EGM
Irish Daily Mirror
19 hours ago
- Business
- Irish Daily Mirror
Rangers' name change post-takeover: Shift from PLC to LTD explained
The holding company of Rangers is looking to change its name following their monumental takeover, as they transition from a public to private company – pending shareholder approval later this month. Since November 2012, the Ibrox side has traded as 'The Rangers International Football Club PLC', but will now be known as 'Rangers International Football Club Limited' in the new era under chairman Andrew Cavenagh and 49ers enterprises – led by vice chairman Paraag Marathe – if approved at the club's forthcoming Extraordinary General Meeting (EGM) scheduled for June 23 at the Doubletree Hilton in Glasgow. A 75 per cent approval is required for the vote to change to pass. Despite their PLC status, Rangers were not publicly listed on the stock exchange – they will now become an LTD, a move which ensures shares cannot be offered to the public and provides an added layer of control for the new regime. The transition to the LTD company is covered in the EGM as shareholders are informed what they are voting on. The ordinary resolutions are covered by the big announcement on Friday which covers the allotment of nominal shares, the price which has been the price set in recent years to directors investing in Ibrox, reports the Daily Record. It's a new era at the club with nine appointments to the new-look board with Cavenagh and Marathe leading the way. Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the seven others who will play key roles.
The National
3 days ago
- Business
- The National
Rangers EGM details confirmed as special resolutions set
The Ibrox club will host an EGM at the DoubleTree Hilton in Glasgow on Monday, June 23, at 11am. The meeting comes after the takeover news announced yesterday with Andrew Cavenagh and 49ers Enterprises acquiring a controlling stake in Rangers. The Rangers statement announced the investment of £20m into Rangers is subject to shareholder approval at the EGM. The EGM will see one ordinary resolution and three special resolutions tabled for votes to be cast by shareholders either in person, via portal or by proxy. The first and only "ordinary" resolution reads: "THAT, the directors are generally and unconditionally authorised for the purposes of s551 Companies Act 2006 (CA 2006) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company up to an aggregate nominal amount of £1,000,000, provided that: A) (unless previously revoked, varied or renewed by the Company) this authority will expire on 31 December 2025, save that the directors may, before this authority expires, make offers or agreements which would or might require shares in the Company to be allotted, or rights to subscribe for or convert securities into shares to be granted, after its expiry and the directors may allot shares or grant rights to subscribe for or convert securities into shares pursuant to such offers or agreements as if this authority had not expired; and B) this authority replaces all subsisting authorities previously granted to the directors for the purposes of s551, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made under such authorities." Read more: The second resolution to be voted on, reads: "THAT, subject to the passing of Resolution 1, in accordance with s570 CA 2006 the directors are given power to allot equity securities (as defined in s560 CA 2006) of the Company pursuant to the authority conferred by that resolution as if s561(1) CA 2006 did not apply to any such allotment, provided that: (a) this power is limited to the allotment of equity securities up to an aggregate nominal amount of £1,000,000; (b) (unless previously revoked, varied or renewed by the Company) this power will expire on 31 December 2025, save that the directors may, before this power expires, make offers or agreements which would or might require equity securities to be allotted after its expiry and the directors may allot equity securities pursuant to such offers or agreements as if this power had not expired; and (c) this power replaces all subsisting powers previously given to the directors for the purposes of s570, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of equity securities already made, offered or agreed to be made under any such power." Resolution three, regarding the club being re-registered as a private limited company reads: "THAT the Company be re-registered as a private limited company under the Companies Act 2006 under the name of Rangers International Football Club Limited." And the final resolution reads: "THAT, with effect from the Company's re-registration as a private company, the articles of association appended to this general meeting notice (the New Articles) be approved and adopted as the new articles of association of the Company in substitution for, and to the entire exclusion of, the existing articles of association of the Company." The notice, signed by Fraser Thornton, has been issued to shareholders with the document accessible in the investors centre on the Rangers FC website.
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
Rangers EGM details confirmed as special resolutions set
The meeting comes after the takeover news announced yesterday with Andrew Cavenagh and 49ers Enterprises acquiring a controlling stake in Rangers. The Rangers statement announced the investment of £20m into Rangers is subject to shareholder approval at the EGM. The EGM will see one ordinary resolution and three special resolutions tabled for votes to be cast by shareholders either in person, via portal or by proxy. The first and only "ordinary" resolution reads: "THAT, the directors are generally and unconditionally authorised for the purposes of s551 Companies Act 2006 (CA 2006) to exercise all the powers of the Company to allot shares in the Company and to grant rights to subscribe for or to convert any security into shares in the Company up to an aggregate nominal amount of £1,000,000, provided that: A) (unless previously revoked, varied or renewed by the Company) this authority will expire on 31 December 2025, save that the directors may, before this authority expires, make offers or agreements which would or might require shares in the Company to be allotted, or rights to subscribe for or convert securities into shares to be granted, after its expiry and the directors may allot shares or grant rights to subscribe for or convert securities into shares pursuant to such offers or agreements as if this authority had not expired; and B) this authority replaces all subsisting authorities previously granted to the directors for the purposes of s551, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made under such authorities." Read more: The second resolution to be voted on, reads: "THAT, subject to the passing of Resolution 1, in accordance with s570 CA 2006 the directors are given power to allot equity securities (as defined in s560 CA 2006) of the Company pursuant to the authority conferred by that resolution as if s561(1) CA 2006 did not apply to any such allotment, provided that: (a) this power is limited to the allotment of equity securities up to an aggregate nominal amount of £1,000,000; (b) (unless previously revoked, varied or renewed by the Company) this power will expire on 31 December 2025, save that the directors may, before this power expires, make offers or agreements which would or might require equity securities to be allotted after its expiry and the directors may allot equity securities pursuant to such offers or agreements as if this power had not expired; and (c) this power replaces all subsisting powers previously given to the directors for the purposes of s570, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of equity securities already made, offered or agreed to be made under any such power." Resolution three, regarding the club being re-registered as a private limited company reads: "THAT the Company be re-registered as a private limited company under the Companies Act 2006 under the name of Rangers International Football Club Limited." And the final resolution reads: "THAT, with effect from the Company's re-registration as a private company, the articles of association appended to this general meeting notice (the New Articles) be approved and adopted as the new articles of association of the Company in substitution for, and to the entire exclusion of, the existing articles of association of the Company." The notice, signed by Fraser Thornton, has been issued to shareholders with the document accessible in the investors centre on the Rangers FC website.
Daily Mirror
3 days ago
- Business
- Daily Mirror
Rangers to officially change name after takeover by US consortium completed
After the club were taken over by a US led consortium, Rangers are set to undergo a name-change, in a move which is provoking a lot of curiosity The parent company of Rangers FC is looking to rebrand following their acquisition of the club. The takeover of the Scottish giants by the US led consortium was officially completed on May 30. The takeover group, that is led by healthcare tycoon Andrew Cavenagh, purchased a 51 per cent controlling stake at the Glasgow giants, after the Scottish FA approved the move. The new owners are overseeing a transition from a public to a private company, pending shareholder approval later this month. Since November 2012, the Ibrox team has been known as 'The Rangers International Football Club PLC', but will now trade under the name 'Rangers International Football Club Limited'. This change ushers in a new era under chairman Cavenagh and 49ers enterprises, led by vice-chairman Paraag Marathe. The proposed shift will be put to a vote at the club's forthcoming Extraordinary General Meeting (EGM), set for June 23 at Glasgow's Doubletree Hilton. To pass, the name change requires a 75 per cent approval rate. Despite their PLC status, Rangers were not publicly listed on the stock exchange. The transition to an LTD ensures shares cannot be offered to the public, providing an additional level of control for the new leadership, reports the Daily Record. The EGM will cover the move to the LTD company, informing shareholders about what they are voting on. Friday's big announcement covered the ordinary resolutions. This includes the allotment of nominal shares, a price that has been set in recent years for directors investing in Ibrox. The club is entering a new era with nine appointments to the revamped board, spearheaded by Cavenagh and Marathe. Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the other seven who will play pivotal roles. In an open letter to the Rangers supporters, Cavenagh and Marathe said: "We are proud to be entering a new chapter for this extraordinary club. This moment is the result of months of thoughtful discussions with club leadership and our shared confidence in Rangers' success going forward. "To that end we'd like to tell you a bit about our thinking. Simply put - our goal is to win trophies in Scotland and be able to compete at a high level in Europe, while laying a foundation of financial sustainability for the future. "As our first step, we are investing fresh capital into Rangers, which will be strategically deployed on and off the pitch. While we recognise the importance of resources, we believe that thoughtful, disciplined investment, guided by a clear strategy, is the path to enduring success. "Every decision, whether sporting or business, will be made with the club's long-term success and sustainability in mind." Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Daily Record
3 days ago
- Business
- Daily Record
Rangers to change name in wake of takeover and here's what it means as they shift from PLC to LTD
The holding company of the Ibrox side have traded as 'The Rangers International Football Club PLC' since November 2012 The holding company of Rangers is seeking to change its name in the wake of their seismic takeover as they shift from a public to private company – subject to shareholder approval later this month. The Ibrox side have traded as 'The Rangers International Football Club PLC' since November 2012 but will now be known as 'Rangers International Football Club Limited' in the new era under chairman Andrew Cavenagh and 49ers enterprises – led by vice chairman Paraag Marathe – will see a shift if voted through at the club's upcoming Extraordinary General Meeting (EGM) which is scheduled for June 23 at the Doubletree Hilton in Glasgow. The vote to change needs 75 per cent approval to pass. Rangers who were not publicly listed on the stock exchange despite their PLC status – will now become an LTD, a move which ensures shares cannot be offered to the public. The move to the LTD company is covered in the EGM as shareholders are told what they are voting on. 3. THAT the Company be re-registered as a private limited company under the Companies Act 2006 under the name of Rangers International Football Club Limited 4. THAT, with effect from the Company's re-registration as a private company, the articles of association appended to this general meeting notice (the New Articles) be approved and adopted as the new articles of association of the Company in substitution for, and to the entire exclusion of, the existing articles of association of the Company. The ordinary resolutions are covered by the big announcement on Friday which covers the allotment of nominal shares, the price which has been the price set in recent years to directors investing in Ibrox. It's a new era at the club with nine appointments to the new-look board with Cavenagh and Marathe leading the way. Patrick Stewart, Eugene Schneur, Andrew Clayton, Mark Taber, Fraser Thornton, John Halsted and George Taylor are the seven others who will play key roles. You can get all the news you need on our dedicated Rangers and Celtic pages, and sign up to our newsletters to make sure you never miss a beat throughout the season. We're also WhatsApp where we bring all the latest breaking news and transfer gossip directly to your phone. Join our Rangers community here and our Celtic community here.
