Rangers' shares suspended ahead of EGM as stock exchange adviser quits
A statement was made through the London Stock Exchange on Wednesday afternoon ahead of Friday's emergency meeting.
Rangers' shares have been suspended ahead of this week's crunch meeting which will decide who runs the club.
A statement was made through the London Stock Exchange on Wednesday afternoon confirming the move.
It came as the club's nominated adviser (Nomad) WH Ireland resigned with immediate effect, stating it does not believe it can properly "satisfy its obligations"
This is a further indication that Dave King is a step closer to winning his boardroom battle to take control at Ibrox.
King had himself said that if he was successful in becoming a director after Friday's EGM, that he would remove WH Ireland as Nomad and appoint his own.
If a new Nomad is not appointed within a month then Rangers will be struck off the stock exchange.
On Tuesday, the South African businessman claimed a “landslide victory” in his bid to claim control of Rangers.
However, chief executive Derek Llambias and the club's only other remaining director, Barry Leach, are refusing to vacate the boardroom and insist Friday's general meeting must go ahead.
King claimed all his resolutions have been passed with no need for Friday’s EGM to take place but the current board says, because "a significant number of shares have not yet voted", the "outcome cannot therefore be determined with certainty."
In a further announcement to the stock exchange, the board signalled that club has begun moves to borrow a further £5m from Mike Ashley's Sports Direct, adding another strand to the fight for control at Ibrox.
On Monday, Rangers chairman David Somers resigned with chief executive Derek Llambias and finance director Barry Leach facing motions to remove them from the board.
Wednesday's stock exchange announcement said: "The Company has been informed that its Nominated Adviser (NOMAD) does not believe that it can satisfy the London Stock Exchange in relation to its NOMAD obligations in respect of the appropriateness of the Company's securities to be admitted to AIM, and therefore the NOMAD has resigned as Nominated Adviser to Rangers with immediate effect.
"Accordingly Rule 1 of the AIM rules for Companies will apply, and trading in the Company's AIM securities will be suspended with immediate effect.
"If the Company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.
"If requested during the suspension period WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another Nomad to become satisfied as to the Company's appropriateness for AIM.
"If a Nominated adviser is appointed it may apply to the London Stock Exchange on behalf of the Company for trading to be restored.
"The Directors are disappointed that this event has had to take place despite the considerable efforts they have made over the last few weeks and months against the backdrop of the general meeting requisition and wish also to record their appreciation to their outgoing NOMAD for all it has done for the Club."
Feedback: We want your feedback on our site. If you've got questions, spotted an inaccuracy or just want to share some ideas about our news service, please email us on email@example.com.
Updates: Would you like STV’s latest news update in your inbox every morning? Choose from our range of regular e-newsletters here