Alastair Johnston and Paul Murray Removed

[simplythebest 11,453]

The demise of Martin Bain makes me happy.

[Guardian 4,281]

I very much doubt the removal of AJ and Murray immediately prior to the suspension of the other two is a coincidence.

There's a link there which we'll no doubt find out shortly.

Timmy seems to think its got sdomething to do with ditching them to make HMRC take pity on us in the tax case. They really are halfwits if they think HMRC give a monkeys who Rangers directors are.

[bluejeff 16]

Looks like storm clouds gathering. But surely any irregularities would have been sussed before the takeover.

Not unless they were uncovered when Whyte was doing the due dilligence

[gunslinger 270]

Your one of those guy who wants to win on the internet.

i want to win in everything i do mate.

i make no appologies for it.

[gunslinger 270]

If that's what he finds exciting then he should be banned for being a tim....

that guy was talking shite. something was always going to happen he could claim.

[MartinGers93 388]

Best thing for Whyte to do is clear the lot of them out and get his own men in

I think that's the plan he has as none of the board like him.

[thebooler 4,509]

so the turn around specialist was relying on walter to get debts down mostly?

Poor show mate - ye certainly know how tae twist folk's words.

[MartinGers93 388]

Craig Whyte impresses me more each day,no fucking about.

[trueblue68 2,497]

Radio 5 live reporting that Dave King is also to be invited to leave. Looks like a total clearout

[thebooler 4,509]

1. AJ not only had nothing to do with the debt reduction - he openly talked of increasing the debt even whilst still being strangled by Lloyds.

2. Walter Smith is not AJ.

3. In spite of AJ's very best attempts.

I'll rep this the morra when am allowed tae use more.

[gunslinger 270]

Poor show mate - ye certainly know how tae twist folk's words.

boss is full of shite.

for years he told us muir wasnt running the show. now hes giving him credit.

if muirs been running the show to get the credit then why is aj getting the blame.

oh and hes a big boy he can look after himself.

[thebooler 4,509]

What a shambles. Apparently reports are Bain and Mcintyre have made false payments

Until a few weeks ago, big Laffs £18k a week coulda been classed as a false payment.

[gunslinger 270]

I'll rep this the morra when am allowed tae use more.

but who talked smith into staying.

no aj no smith.

[Jonnyboyrfc 296]

How about we all just have a fucking square go?

[gunslinger 270]

john greig is staying i hear. which is sensible.

a total clear out of the rest was probably inevitable and not a bad thing really.

i have always been critical of muir for bringing nothing to the club but cuts. no new revenues no fresh ideas. but none of the rest have done that either.

other than aj getting walter to stay they havent contributed much. while i am sure its been very difficult at rangers with first sdm running the show then lloyds/muir i see no reason to keep them.

i always said bain was a clown but if hes been at the financial madam he should be strung up.

[Ferdasyn 431]

Maybe we can finally get someone in who knows you're not suppose to pay teams to take your star players.

[simplythebest 11,453]

We still know less than bugger all about Mr Whyte and his abilities at running a football club.

We know the last guys ain't done the best of jobs but the club has been successful.

I know zilch about Craig Whyte and hope he knows what he is doing but I can't help think of frying pans and fires.

Martin Bain has been a disaster for this club.

[thebooler 4,509]

but who talked smith into staying.

no aj no smith.

No Smith = somebody else.

[spangles 7]

boss has spent years telling us muir wasnt running the club. that lloyds werent running the club.

that we were no different to any other business budgets were set and overdrafts agreed etc.

well all those budgets were kept to and lots of money and trophies were won.

but now hes telling us the chairman who did that is useless.

so boss what is it. was muir running the club like you denied time and again.

So, if the bank was running the club with a rod of iron.....who is responsible for missing alleged financial irregularities

The more I see what is going on here, the more I am reminded of Country Liner Group.

Rangers Football Club Plc

Statement re purchase of shares by Wavetower Li...

The Rangers Football Club plc (the `Company')

Holding in Company

Information on Wavetower

Further information on the Acquisition and Strategy

Dispensation from obligations under Rule 9 of the Takeover Code to make a

general offer in cash

Appointment of Directors

Resignation of Directors

Holding in Company

The Company announces that it has been informed that Wavetower Limited

(`Wavetower') has an interest over 92,842,388 ordinary shares in the Company,

representing approximately 85.3 per cent. of the Company's issued share

capital. Wavetower acquired its interest in the Company (the `Acquisition')

from Murray MHL Limited (the `Vendor').

The Company's issued share capital comprises 108,791,499 ordinary shares of 10p

each.

Information on Wavetower

Wavetower is a newly incorporated company formed for the purpose of the

Acquisition. The directors of Wavetower are Craig Whyte and Phil Betts, all of

whom have been appointed directors of the Company. Further details on Craig

Whyte and Phil Betts are set out below (see `Appointment of Directors').

Further information on the Acquisition and Strategy

Pursuant to an agreement made between Wavetower and the Vendor, Wavetower has

agreed to provide £5 million for investment in the playing squad together with

further money available for the infrastructure of the stadium and working

capital. In addition, Wavetower has stated its intention to invest a further £

20 million over a four year period. Wavetower has also committed to maintain

the Company's PLUS Markets listing.

Craig Whyte, stated "After more than six months of negotiations, I am delighted

to confirm that agreement has been reached between myself, Sir David Murray and

Rangers FC, and that Wavetower now holds the controlling stake in Rangers.

`As a keen Rangers supporter, the directors and I now look forward to helping

the club secure its future as a leading force in Scottish and European

football.

'My pledge to the manager, his backroom team, the players and, most

importantly, the loyal supporters that I'll do all I can to ensure further

success in the weeks, months and years to come.

`Rangers is a great club with a great future. It has the best supporters in the

world and I will do all can to protect and enhance the club's standing going

forward"

Dispensation from obligations under Rule 9 of the Takeover Code to make a

general offer in cash

Under Rule 9 of the Takeover Code, if any person acquires an interest in shares

which, when taken together with shares in which he and persons acting in

concert with him are already interested, carry 30 per cent. or more of the

voting rights of a company which is subject to the Code, that person is

normally required to make a general offer in cash to all shareholders in the

company at the highest price paid by him, or any person acting in concert with

him, for an interest in such shares within the preceding 12 months.

As a consequence of the consideration for the Acquisition being £1, and

following consultation with the Company and its financial adviser, Noble

Grossart Limited, the Panel has waived the obligation under Rule 9 for

Wavetower to make a general offer in cash to all shareholders. As a condition

of this dispensation, Wavetower is required to send to shareholders, no later

than 16 May 2011, a circular providing further details on Wavetower and further

disclosure in relation to the terms of the acquisition.

Appointment of Directors

The Company announces that Craig Whyte and Phil Betts have been appointed as

directors of the Company with immediate effect.

Craig Whyte

Craig is a Scottish entrepreneur and investor born in Motherwell in 1971.

Craig has built his career on his expertise as a turnaround specialist

financing and managing established businesses experiencing cashflow

difficulties.

He is founder and chief executive of Liberty Capital which currently has

investments across several market sectors including technology, financial

services, ticketing and commodities trading, with operations in the UK, the

Netherlands, Switzerland and France.

He also holds interests in a large number of other companies specialising in

areas such as finance, corporate recovery, investment and stockbroking.

Current Directorships: Directorships in last 5 years:

Cairnwell Investments Limited Countryliner Group Limited

Merchant Corporate Recovery Plc LM Logistics Group Limited^

Merchant Interactive Limited Merchant House Financial Services

Merchant Strategic Renewal Plc Limited

Tixway UK Limited Merchant Turnaround Plc

Zemfill Plc

Phil Betts, Finance Director

Phil, aged 48, has over 30 years' experience in the banking and finance

industry with particular expertise in asset finance. He started his career with

Midland Bank before moving to Royscot Trust Plc as a hire purchase and leasing

specialist, arranging funding facilities for SMEs across a number of different

industries. Phil then moved to Fraser Russell chartered accountants (now Baker

Tilly) as their in-house asset finance specialist advising clients on fixed

asset purchases and suitable funding mechanisms. In 2005, Phil formed Primary

Asset Finance LLP, which specialises in refinancing and restructuring

companies, and has helped many businesses to raise funding and worked closely

with them to support their turnaround.

Current Directorships: Directorships in last 5 years:

Countryliner Group Limited Countryside & Suburban Ltd

Merchant House Finance Limited LM Logistics Group Ltd^

Merchant Turnaround Plc

Obsideo Investments Limited

Primary Asset Finance LLP

^ On 18 August 2010 an administrator was appointed to LM Logistics Group Ltd,

Craig Whyte and Phil Betts were directors of the company within the year prior

to appointment. The deficit to creditors was estimated at £3 million although

the administration is continuing.

No further disclosure pursuant to Rule 71 and paragraph 18 of Appendix 1 of the

PLUS Rules is required in relation to the appointment of directors.

Resignation of Directors

Michael McGill, and Donald Muir have each resigned as directors of the Company

with immediate effect. Alastair Johnston has confirmed that he will resign as

director and Chairman of the Company on 16 May 2011.

The directors of The Rangers Football Club plc, accept responsibility for the

information contained in this announcement and, to the best of their knowledge

and belief (having taken all reasonable care to ensure that such is the case)

the information contained in this announcement is in accordance with the facts

and does not omit anything likely to affect the import of such information.

Noble Grossart Limited is acting exclusively for The Rangers Football Club

plc and no-one else in connection with the Acquisition, and will not be

responsible to anyone other than the Company for providing the protections

afforded to clients of Noble Grossart Limited or for providing advice in

relation to the Acquisition.

[boss 1,941]

I thought that a director could only be "removed" at a general meeting?

No, can be removed by the board for other reasons. And clearly has been.

[boss 1,941]

They're called Cairn.

I smiled.

[bombaybadboy08 15,660]

Just got out the house then heard about Bain and McIntyre!

Very interested to see how this one pans out,my gut instinct is whatever's been going on is the reason they didn't want the Whyte takeover to go through.

Aj said he would resign then doesn't ? He said his job was done when the club had new owners so why move the goalposts?

I eagerly await more news but good riddance to the old board .

I have a good feeling about Whyte..I hope I'm right.

[boss 1,941]

boss has spent years telling us ... blah blah.

Get over your infatuation with me. It's neither healthy nor natural.

[Gerwelly 115]

Hey!! guys Spangles is back as mud is being thrown at the club. Now I am not one for conspiracy theories but?????

[PaulRFC1 115]

Until a few weeks ago, big Laffs £18k a week coulda been classed as a false payment.

Lafferty isnt on 18k a week

Dunno what to make of this tbh.

I have a good feeling about Whyte tho.