Scottish Championship: Rangers shareholders to vote on Emergency General Meeting
Monday 19 January 2015 21:59, UK
One of the major institutional investors in Rangers intends to vote if an Emergency General Meeting takes place.
River and Mercantile Asset Management hold the fifth largest individual shareholding in Rangers, owning 5.77% of shares, and the company have confirmed that if and when the EGM goes ahead, they will study the proposed resolutions put forward by Dave King before deciding whether or not to vote in favour.
James Barham, River and Mercantile Group’s Global Head of Distribution, told Sky Sports News HQ: “River and Mercantile are institutional investors in Rangers International Football Club, but we are not aligned to any particular group of shareholders.
"We do feel that the current share price of Rangers materially undervalues the company.”
On Friday, former Rangers director King formally put forward a proposal for a general meeting, with the intention to remove the current board and replace it with directors of his choosing, including himself and former Rangers director Paul Murray.
His call came a day after it emerged the Rangers board had lodged an advanced notice for granting security over Ibrox Stadium and Murray Park to Mike Ashley’s company Sports Direct.
The Rangers board confirmed on Monday morning that they intend to seek a withdrawal of King’s notice.
The board has 21 days to comply with King’s proposal, with the meeting required to be held within a further 21 days.
