Rangers board fail in share resolution

The Rangers board have again failed to pass a share issue resolution by the narrowest of margins.

A special resolution to allow a share offer to be made without needing to involve all existing shareholders received 74.6 per cent backing following the club's annual general meeting - 0.4 per cent short of the required votes.

A statement read: "The votes for resolution 11 were considerably higher than the directors had anticipated and resulted in an increase of c.1.9 million votes for the resolution based upon last year's AGM vote. This was almost enough to see the vote carried as a special resolution.

"The directors will consider carefully shareholders' views on this vote, consult (where practicable) with those who did not vote or opposed the resolution and identify the company's next steps after that process is complete."

The move had been designed to provide much-needed cash and also dilute the influence of shareholder and Sports Direct founder Mike Ashley.

Chairman Dave King revealed at the AGM that he and his fellow investors had pledged to turn loans into equity if the special resolution was passed. The club has received about £13million in loans from shareholders including King.

All of the directors were voted back on to the board. All received just over 87 per cent backing apart from King, who was re-appointed with a 71.7 per cent vote.