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Rangers poised for fresh share issue after AGM vote

The move will raise new capital for the Ibrox club, which has been running at a loss.

Dave King: Chaired proceedings at Thursday's AGM.
Dave King: Chaired proceedings at Thursday's AGM. SNS Group

The Rangers board will be allowed to press ahead with plans for a fresh share issue after the move was approved at the club's annual general meeting.

Chairman Dave King first proposed a new share issue at last year's AGM but missed the target of 75% support by just 0.5%.

This time round resolution 11 was backed by 78.3% of shareholders.

As a result the Ibrox board can issue new shares in a bid to raise further capital for the club, which has been running at a loss.

A Rangers statement said: "The company is pleased to declare the outcome of the AGM. Resolutions 1 to 10 were successfully passed as ordinary resolutions.

"Resolution 11 was passed as a special resolution. The board is delighted to see such support from its shareholders.

"The success on Resolution 11 paves the way for a share issue."

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