5 days 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.
