So His Big Mikeness (HBM) has made a move.
Or rather he made a move on 29 April and we have only just found out about it via the Daily Record. Which immediately begs the questions of “why now?” and “why via the Record?“. No doubt someone’s purposes are being served…
It is certainly worth noting the emotive language in the Record piece: “WAR” “Demands” “Highly aggressive“, and another mention that the “cops” “raided” Sports Direct HQ.
Contrast this with the mention of Paul Murray and director John Gilligan having “travelled south to open ‘peace talks’” the week before the Requisition was made…
The headline is that HBM ‘wants his money back‘. However, he doesn’t need to call an EGM to make that demand, and he will struggle to get the resolution passed.
However, the Requisition does serve a couple of useful purposes:
- Making the new Sevco regime squirm about their apparent lack of finance to keep the show on the road and repay HBM.
- Shining an unwelcome spotlight on a number of other uncomfortable issues – such as the failure to secure a new Nomad (which we were given to believe could be managed smoothly), and the delisting of RIFC.
The new RIFC regime now has to provide satisfactory answers to HBM’s questions or face the embarrassment of being publicly questioned in an (expensive) EGM.
The Companies Act 2006 requires the Directors to call the meeting within 21 days of receiving the Requisition and then hold the meeting within 28 days of issuing the notice of the meeting. So that’s a maximum of 7 weeks…
I suspect that the Requisition is just one of a number of tactics which HBM could deploy in his dealings with RIFC. It will be interesting to see what else he has planned…
The ‘victors’ at the Sevco EGM were always going to have to face a ‘Day of Reckoning’ [Copyright: Jim Traynor]. From the moment Dave King submitted his Requisition to remove the old Board, they were ALWAYS going to have to explain their plans for RIFC, including
- how they would maintain a listing
- how they would pay off existing loans
- how they would bankroll the ‘club’ until the end of the season
- how they would put in place a longer-term funding model to repair the stadium etc and get the ‘same club’ ‘back’ to its ‘rightful place’
- Etc etc etc
It is truly astonishing that over two months have passed since the EGM and none of the above questions seem to have been publicly answered.
It is also remarkable that sections of the MSM have been so venal and fawning about the ‘Return of the Real Rangers Men’ that they haven’t bothered to pursue these issues.
Getting answers would be a service to the Sevco fans who they seem so loathe to upset, and might help to reassure the rest of Planet Football that a second Ibrox club isn’t going to go belly up and cause chaos…
His Big Mikeness’ Requisition make not ultimately resolve anything. It may just be a major shot across the bows of the new regime. But it certainly promises to help bring about the ‘Day of Reckoning’ sooner than the new regime would probably like.
Of course, Dave King could open his Warchest this afternoon and pay off HBM…
Paul Murray could write HBM a nice letter providing satisfactory answers to all of his questions.
And they could all live happily ever after in the beautiful land of Sevconia…
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