Rangers pay back shareholder loans

Rangers have paid back their £1.5million shareholder loans on a day which saw more than four million of their shares traded on the stock market.

Rangers confirmed that George Letham and club chairman Sandy Easdale had been repaid money they loaned the club in February and March to meet a cash flow shortage.

The Rangers board recently ran a share issue which brought in just over £3million.

A statement to the London Stock Exchange read: "Further to the announcement on 25 March 2014, the company has repaid the secured short term credit facilities provided by Mr George Letham for the principal amount of £1million plus interest and by Mr Alexander Easdale for the principal amount (interest free) of £500,000.

"Accordingly the security over Edmiston House and Albion car park properties has been released.

"Mr Letham retains the right to receive a premium payable on the Letham Facility of £45,000 payable in cash on February 23 2015 or at the option of Mr Letham, and subject to the company having all necessary authority, in new ordinary shares of 1p each in the company at any time before February 23 2015."

Letham previously stated he would seek to convert the £45,000 interest payment into shares.

The announcement came hours after an £853,000 deal was struck to purchase 4,265,000 shares at 20p each - the same value afforded to each share in the recent open offer. The trade represents more than five per cent of the club's shares. It is unclear who bought or sold the shares.