Glasgow Rangers have shares suspended

Glasgow Rangers
© PA Photos
Glasgow Rangers have their shares suspended from trading on the stock exchange after submitting unaudited accounts.

Scottish champions Glasgow Rangers have had their shares suspended from trading on the stock exchange after submitting unaudited accounts.

As a result, the club are now considering the withdrawal of their listing on the PLUS stock exchange in the long term.

"Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the Club to be a listed company," said chairman Craig Whyte.

"The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy. Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing.

"Whether or not we are a listed company, accounts will still be published and there will still be a shareholders' AGM. All shareholders would be able to hold the directors to account."

Should the club opt to pull out of the market, they will do so in May 2012.

Steve Bruce
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