Rangers shares suspended on AIM after nominated adviser WH Ireland quits

Scottish football club faces being thrown off London Stock Exchange unless it finds a new broker

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The Independent Online

Trading in the shares of the troubled Scottish football club Rangers were suspended this afternoon after the Glasgow club’s nominated adviser WH Ireland resigned.

The broker acted ahead of an extraordinary meeting planned for Friday when major shareholder Dave King is set to take over the club.

In a statement Rangers said it had been informed by WH Ireland that it “does not believe it can satisfy the London Stock Exchange in relation to its Nomad [nominated adviser] obligations in respect of the appropriateness of the company’s securities to be admitted to AIM”.

Rangers has a month to find a new nominated adviser under Stock Exchange rules or face being thrown out of the Alternative Investment Market. The club’s statement continued: “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”.