MX23RW : Sunday, February 28 00:54:17| >> :120:16169:16169:

Shares in Rangers suspended from trading on Stock Exchange

Rangers announce that club shares on the Stock Exchange have been suspended from trading following the resignation of the club's nominated administrator.

Rangers have announced that shares in the club on the Stock Exchange have been suspended from trading following the resignation of nominated administrator WH Ireland.

In order to prevent the company's shares from being cancelled from trading on AIM, the Scottish club will need to appoint a new advisor within one month.

A statement via the Stock Exchange said: "The company has been informed that its nominated adviser 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.

"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."

The news comes the day after shareholder Mike Ashley was fined £7,500 for breaching the Scottish Football Association's dual ownership rules.


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Ally McCoist (L), coach of Rangers, leaves the stadium with businessman David King on February 22, 2012
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