Rangers shares have been suspended on the London Stock Exchange

Trading in Rangers shares on the Stock Exchange has been temporarily suspended after the club's nominated advisor resigned.

The AIM - a sub-division of the London Stock Exchange - halted trading in the Rangers International Football Club PLC following the resignation of WH Ireland, the company's fourth NOMAD in two years.

The announcement comes just two days before the EGM where South Africa-based businessman Dave King is looking to oust the current board - consisting of Derek Llambias and Barry Leach - and replace them with himself, Paul Murray and John Gilligan.

A listed company requires a NOMAD to continue trading and should Murray prevail at Friday's Ibrox gathering, he will have one month to find the club's fifth NOMAD or face being removed from the Stock Exchange altogether.

WH Ireland's resignation had been expected after it announced last month it would step down if King assumed power due to his convinctions for 41 charges relating to contravention of South Africa tax laws.

A statement to the Stock Exchange read: "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, and therefore the NOMAD has resigned as nominated adviser to Rangers with immediate effect.

"Accordingly, rule 1 of the AIM rules for companies will apply, and trading in the company's AIM securities will be suspended with immediate effect. 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.

"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."