What's the score with Rangers? Douglas Fraser tells us:
Thirty days ago, the nominated adviser for the holding company, Rangers International Football Club (RIFC), resigned. Trading on the stock exchange was suspended. The company was given 30 days to find a new one.
To recap further, a nominated adviser, or nomad, is required by the London Stock Exchange to carry out first-line regulation of a company that's listed on the Alternative Investments Market (AIM) - the junior trading platform for shares in smaller, younger companies and higher risk investors.
The nomad has to make sure that the company's governance is in line with stock market rules. The nomad's reputation depends on it.
So if the regulated company's governance is a burach, there's blood all over the boardroom walls, complaints are piling in, the auditor quits, accountants warn that there's significant risk that the company may not be able to continue as a going concern, and it's doubtful that the football team can win promotion to a higher-earning league... and so it goes on... then any sane nomad would be wise to take his camel and stay well clear.
And that's precisely what's happened.