Rangers chairman Craig Whyte argued there was little benefit for the club to be listed on the stock market after trading in their shares was suspended.
Rangers paid the price for failing to submit audited accounts within six months of the end of their financial year when the PLUS Stock Exchange suspended trading at noon on Monday. However, Whyte responded by saying he was considering withdrawing the club from the market after the first anniversary of his takeover in May.
In a statement on the club's website, Whyte said: "Given the structure of the shareholding in the club, there is very little, if any, tangible benefit for the club to be a listed company. The fact that the club has a majority shareholder controlling more than 80% means there is very little trading in shares. In reality, a public listing means more bureaucracy."
He added: "Rangers does not need to remain a listed company in order for people to buy and sell their individual shares and since becoming chairman I have always questioned what is really being achieved with a public listing.
"Whether or not we are a listed company, accounts will still be published and there will still be a shareholders' AGM. All shareholders would be able to hold the directors to account."
Shareholders have not yet been able to do that formally under Whyte, as Rangers have not met their obligations to hold an AGM.
Whyte is waiting for a more positive outlook before holding the meeting and Rangers said that "last year's postponed AGM will be held as soon as possible after the accounts are finalised", which they claimed could be by the end of January.
The positive outlook is largely dependent on the outcome of the club's tax tribunal with HMRC, which is expected to be held over the first three days of next week. However, it could be March or beyond when the outcome is known and Whyte has previously admitted Rangers could be placed in administration if they suffer a heavy defeat, with the potential cost up to £49million.
Whyte also faces further questions following the club's admission that he had been disqualified as a director, which came in a statement to the body on November 30, the same day as they released their unaudited annual figures.
James Goodwin, director of regulation at PLUS, said: "The PLUS Stock Exchange is also currently conducting an investigation into the circumstances under which Craig Whyte's seven-year disqualification from acting as a director in 2000 were not disclosed at the time of his appointment to the board of Rangers FC on May 6, 2011."
Source: PA
