Rangers EGM: Date, time and venue as Andrew Cavenagh + 49ers chiefs to make first public appearance
Rangers’ new American shareholders will visit the DoubleTree by Hilton in Glasgow next week for the club's Extraordinary General Meeting
A new era has begun at Ibrox following the high-profile takeover of Rangers by Andrew Cavenagh and his consortium of figureheads, led by 49ers Enterprises.
With a new regime in full swing, shareholders and supporters will be handed their first chance to put their questions across to the American and while the business due to be discussed may be something of a formality, the EGM is still expected to be worthwhile.
Here, GlasgowWorld breaks down what is on the agenda ahead of the American's first public appearance since the takeover deal was completed last month:
When and where is the 2025 Rangers EGM?
Following confirmation that the takeover of Rangers had been completed, paperwork relating to the meeting was posted on the club’s official website and sent to shareholders.
The EGM will be held at the DoubleTree by Hilton on Cambridge Street, Glasgow on Monday, June 23. Registration opens at 9.30am and the meeting is scheduled to start at 11.00am.
Shareholders were also able to cast their votes via proxy by Thursday morning last weeks. Votes could be cast electronically with the deadline having now passed.
Who will be in attendance?
Chairman Andrew Cavenagh will attend the meeting, making it his first public appearance since succeeding Fraser Thornton in the role as part of the boardroom re-shuffle. Alistair Johnston, Graeme Park and Julian Wolhardt all resigned from the board, with Leeds United chairman and key figure in 49ers Enterprises, Paraag Marathe, Andrew Clayton, Mark Taber and Eugene Schneur appointed in their place.
Marathe will also be in Glasgow, having previously been given a guided tour of Ibrox and the club’s training facilities alongside his fellow consortium members back in April. He presence on the board is further evidence of how serious the 49ers are about the Rangers project.
Why has the EGM been called after takeover completion?
The EGM has been arranged in order to provide the club’s new American consortium to put money into the club, with shares to the value of £20 million to be issued. It will allow fresh capital to be put into the business while acting as a signal of intent from the consortium that they are committed to funding Rangers going forward.
What resolutions will be voted on at the meeting?
Resolution 1: An Ordinary Resolution that deals with the allotment of shares. Linked to Resolution Two.
Resolution 2: If approved, the authority will expire on December 31, 2025.
Resolution 3-4: Concern the move to a Limited Company and the new Articles of Association.
RIFC plc has been operating, in effect, as a Limited Company for a period of time. This change will formalise that while providing Rangers with flexibility in the way they operate. It will allow investments to be made without restricted thresholds.
Who gets to vote and what resolutions are expected to pass?
Smaller shareholders, who have held a stake in RIFC plc prior to the takeover are entitled to vote and have their say. In this instance, former chairmen Dave King and John Bennett will have NO involvement in proceedings after selling their entire shareholding to the consortium as part of the multi-million takeover.
Directors John Halsted and George Taylor each sold a portion of their shareholding as part of the deal and have stayed on the board. They both retain an interest in the transactions which are subject of the Resolutions, and will not participate in the board recommendation to approve all Resolutions, as a result.
Thornton and CEO Patrick Stewart have no interests in the transactions but have recommended that shareholders vote in favour.