8th Oct 2014 06:21
LONDON (Alliance News) - Mike Ashley, founder and director of Sports Direct International PLC and owner of Newcastle United football club, Wednesday bought a 5% stake in Scotland's Rangers International Football Club PLC and demanded that two directors are removed from its board.
In a statement, Rangers said Ashley's investment vehicle MASH Holdings Ltd has bought nearly 4.3 million Rangers shares, equating to 5% of the voting rights. MASH has demanded that Rangers call a shareholder meeting for a vote on the removal of Graham Wallace and Philip Nash as directors.
Rangers said it is checking whether MASH's demand for a shareholder meeting is valid, and if it is, it will try and have the demand withdrawn to avoid the cost and disruption of an ad hoc general meeting, particularly given its Annual General Meeting is set to be held in the near future.
"The board is united in its support of the executive team. If the notice is valid and is not withdrawn, the directors intend to recommend that shareholders vote against the proposed resolutions," it said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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