Rangers have announced a general meeting for August 31 to approve the issue of new shares.

Chairman Dave King remains at odds with financial watchdog the Takeover Panel, which deemed he had acted in concert with other investors when he bought his 15 per cent stake in a boardroom coup during March 2015.

The planned new share issue will allow South Africa-based businessman King and his fellow investors to convert loans handed to the club into shares.

A statement on the Ladbrokes Premiership club's website said: "Rangers International Football Club PLC has today called a General Meeting (GM) of its shareholders at 9.30am on Friday 31 August 2018 to approve an issue of shares."

The notice confirmed the intention to issue 63,147,137 new stock to existing shareholders, at a price of 20p each, which would generate a total of around £12.6m.

Of the 13 named for the proposed additional shares, King's family trust company New Oasis Asset Limited was the largest at 9,199,089.

The board recommended the approval of the new share issue "in the best interests of the company".

Rangers also noted if the resolution was passed, it would spare King having to meet the Takeover Panel requirements of proving he could fund an offer to buy up the rest of the remaining two-thirds of the club's current equity at a cost of some £10.75m.