Craig Whyte refuses to call Rangers AGM

Rangers owner Craig Whyte has refused to face the fans at an AGM with the club accounts up until June 2011 still unaudited.

Whyte has claimed that discussions with HMRC over various unpaid bills has prevented him from calling an AGM but the Rangers chief has always claimed that the club is confident of winning the biggest tax case which could amount to £49m or more.

The Motherwell born billionaire bought Rangers for £1 in May this year but has attempted to keep a low profile despite the club being taken to court for various bills as well as dealing with substantial claims from former directors Martin Bain and Donald McIntyre.

Whyte’s actions are in stark contrast to the way that Fergus McCann acted when he took over Celtic in 1994. McCann quickly called an EGM to explain his plans to shareholders with a successful public share issue raising over £9m within a year of ousting the old board.

Celtic’s largest shareholder Dermot Desmond has failed to appear at the club’s last two AGM’s and although the event rarely produces genuine revelations it does give ordinary shareholders the opportunity to question directors about various issues.

Both the Plus exchange and the SFA are investigating Whyte over a seven year ban from holding a directorship with the postponement of an AGM likely to cause further investigations from the Plus exchange.

Speaking to The Sun Whyte claimed: “It will not be logistically possible to have the AGM in what remains of 2011.

“We will have it in the first quarter of 2012 when we’ll have a better indication of how the tax case will play out.

“I’d like to face that AGM with more certainty and positive news on the way ahead for Rangers.

“I feel there is too much focusing on negatives from my past, but I put myself up there to be shot at. I can handle that. But I hope there will be a more positive atmosphere by the time of the AGM.”

Before buying out Sir David Murray’s stake in the club Whyte carried out due diligence lasting six months which uncovered the smaller unpaid tax bill.

It’s believed that Rangers have around 20,000 shareholders owning less than 10% of the club with South African based tycoon Dave King the largest shareholder after Whyte.

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