Monday 28 November 2016 19:20, UK
The Rangers board have again failed to pass a special share issue resolution by the narrowest of margins.
Resolutions 1 to 10 at Friday's annual general meeting were all passed, which included the re-election of all directors, including chairman Dave King, but Resolution 11 did not gain sufficient votes to pass.
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 AGM - 0.4 per cent short of the required votes. It is the second year running such a resolution has narrowly failed to pass.
The move had been designed to provide much-needed cash and also dilute the influence of shareholder and Sports Direct founder Mike Ashley.
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."
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 £13m in loans from shareholders including the Gers chairman.
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 74.7 per cent vote.
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