Rangers: Dave King reveals delay as shares are suspended

Rangers' board faces being voted out at Friday's extraordinary meeting

Dave King has revealed, as dealing in the club's shares were suspended, he will delay becoming Rangers chairman should he win a shareholder vote.

It follows the resignation of the club's nominated advisor, WH Ireland, ahead of Friday's extraordinary meeting at the Scottish Championship club.

South Africa-based King is hoping to oust the present board.

But his ally, Paul Murray, would become interim chairman until regulators approve his fellow shareholder's role.

Question marks have been raised about King's involvement following his conviction for tax offences in South Africa.

King believes he will not be blocked from being a director by the Stock Exchange or the Scottish FA but stressed that he recognised "the need for the regulators to be given time to complete the necessary due diligence on myself".

"It is important that I lead by example following my commitment to transparency and accountability," he said.

"I will therefore delay acceptance of my appointment as director until the regulators have completed due process.

"Paul Murray has agreed to act as interim chairman of the company until this process has been concluded.

"Additional board appointments will be announced in the near future."

Following WH Ireland's decision to quit, RIFC has a month to find a new nomad under Stock Exchange rules or face being withdrawn from the AIM market.

King, who had planned to change the nomad following Friday's vote, expressed surprise at WH Ireland's decision but said it would not halt the EGM.

"I confirmed my intention to delay taking up my directorship to WH Ireland on Monday," he said.

"Based on that decision, WH Ireland agreed to remain in place to effect a proper handover to the incoming nomad.

"I coordinated a call between both parties for this afternoon to effect the initial introduction.

"However, before this conversation could take place and contrary to our agreement, WH Ireland resigned without prior notification to me."

Paul Murray will be chairman until regulators give the go ahead to Dave King's involvement

King, who is flying into Scotland overnight, has claimed a "landslide victory" as he rallies shareholders behind his consortium.

Chairman David Somers and director James Easdale have already resigned as a result, leaving chief executive Derek Llambias and finance director Barry Leach as the remaining members of the board.

King's original proposal was to remove both men, who are business associates of Rangers shareholder and Sports Direct owner Mike Ashley, and replace them with himself, former Rangers director Murray and John Gilligan.

Ashley, whose company runs Rangers' retail operation and owns Newcastle United, was fined £7,500 by the Scottish Football Association for breaching the parent body's rules on dual ownership.

The club's board announced last month that it had been "informed" that WH Ireland would quit if King took power at Ibrox after noting his tax dealings in South Africa.

Announcing the suspension of share trading, Rangers said: "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 and wish also to record their appreciation to their outgoing nomad for all it has done for the club.

"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.

"If the company is not able to restore trading within one month, admission of the company's securities to AIM will be cancelled.

"If requested during the suspension period, WH Ireland is willing to assist the company to implement the necessary changes for WH Ireland or another nomad to become satisfied as to the company's appropriateness for AIM.

"If a nominated adviser is appointed, it may apply to the London Stock Exchange on behalf of the company for trading to be restored."