text: Rangers interim chairman Paul Murray insisted on Thursday night the actions of previous boardroom regimes were ‘solely’ to blame for the club’s stock exchange removal. The Ibrox outfit will be forced to delist from the Alternative Investment Market (AIM) after being unable to secure a new nominated advisor (Nomad) to meet regulations. Murray insists the new board’s plans for the future will be unaffected and that planned investments will still take place. Rangers interim chairman Paul Murray insists the actions of previous boardroom regimes were ‘solely’ to blame for the club’s stock exchange removal . However, the development has reopened old hostilities, with Sandy Easdale claiming the shareholder group he heads is considering legal action. The former football board chairman also accused Dave King of making ‘misleading’ statements. Trading in Rangers shares was suspended when previous Nomad, WH Ireland, resigned just two days before the March 6 EGM that ousted the old board and handed control to King and his allies. Discussions between incoming directors and a potential Nomad replacement were already underway at that point. It’s understood, however, that they subsequently broke down after the AIM hierarchy indicated a wish to dispense with Rangers altogether, unhappy at the level of turmoil witnessed since its initial listing in December 2012. The club was the subject of more complaints than any other company on the market over the past 12 months. The Ibrox outfit have not disclosed the name of the Nomad with whom they held talks but are adamant the firm was happy to approve chairman-in-waiting King and all current directors as ‘fit and proper’. King and the Three Bears consortium are expected to be among the investors in a new share issue this summer to provide a longer-term financial solution at the club. Rangers now plan to be listed on the ISDX market, which Arsenal currently use, by the end of next month. London firm JP Jenkins will provide an interim service for those seeking to buy or sell a stake in the club. ‘We tried everything within our power to have the suspension lifted but it was clear that we would have to pay a price for years of poor corporate governance and financial mismanagement since the IPO (in 2012),’ said Murray. ‘The delisting is down solely to the actions and conduct of past regimes. ‘You could say the behaviour of previous directors has poisoned the well with AIM but even so we might have expected a little more understanding from certain quarters. However, I must point out that delisting will have no effect on our overall financial strategy. Murray insists the new board’s plans for the future will be unaffected by the stock exchange removal . ‘The investments we expect will still be made and Rangers will be rebuilt on schedule. Be certain that this delisting, which is down entirely to the actions of previous boards, will have no bearing on future investment. ‘It is unfortunate our intended Nomad, who had confirmed to us that they cleared all of the individuals concerned as fit and proper, could not proceed after having conducted due diligence on the company but I want to stress again that this will not hinder our plans.’ King had stated the day before the EGM that he intended to appoint the Nomad he had lined up ‘immediately’ but added the caveat that the firm would have to look ‘under the boot’ at Rangers before accepting the position. The fact none has been appointed led  to an outcry from the Easdale camp, which controls a 20 per cent stake in the club. ‘I can confirm that the Easdale grouping is considering legal action,’ said a spokesman. ‘This cessation of listing is a blow to all serious shareholders and is in direct contradiction to the promises Mr Dave King made in the lead up to the EGM regarding appointment of a nomad.’ Easdale was later asked by Sky Sports News whether he felt King had misled supporters, replying: ‘I think, categorically, we have been misled. Dave said in several interviews that he had a Nomad and felt comfortable that the company would still be listed.’ On the subject of potential legal action, Easdale said he didn’t think the group would ‘be taking Rangers to task’ but could look ‘more on a personal basis, with the individuals who misled the shareholders in thinking shares would still be on AIM’. Fan ownership groups have, however, backed King and the new board. ‘It is clear that some who remain supportive of the previous regime are attempting to portray this issue as being a broken promise by the new board,’ said a spokesman for the Rangers Supporters Trust. ‘We do not adhere to that view and do not believe it stands up to any sensible scrutiny. We are entirely satisfied that the new board has done everything it could to maintain the AIM listing and we are happy that they did not in any way mislead shareholders by stating that they had a Nomad willing to work with them. ‘It was made clear by the new board that any Nomad’s involvement would be subject to due diligence on the company itself. In fact, we are aware that more than one Nomad was willing to clear the current and prospective directors as fit and proper. The only barriers to a continued listing have been the reputational damage done by the complete absence of corporate governance of previous boards and the reluctance of the AIM regulator to allow a new Nomad to take position.’ A statement from Rangers First added: ‘The delisting is simply the result of well-documented failings in corporate governance and management of those who previously controlled the Company. ‘In addition, we note positively that an alternative listing is being sought and that an immediate solution has already been put in place from Tuesday that will allow buying and selling of RIFC PLC shares.’
target: Paul Murray insists old board are to blame for stock exchange removal .
  Rangers forced to delist from the Alternative Investment Market (AIM)
  Rangers interim chairman insists plans for future will be unaffected .