Rangers call meeting to approve share issue

Rangers have called a general meeting of shareholders for the end of this month to seek approval of a new share issue valued at just over £12.6 million.

Dave King, the Rangers chairman, is among 13 applicants for the new shares valued at 20 pence each.

If, as expected, the resolution is passed by the meeting at Ibrox on 31 August, it will make King’s Takeover Panel-ordered offer of 20p per share to other shareholders, which he has disputed, less likely to be accepted.

Through his South Africa-based family trust, New Oasis Asset Limited, King has made the largest single application of around £1.8 million for the new share issue which the club originally announced at its annual general meeting last November.

Barry Scott, the Hong Kong-based businessman who stepped down as a Rangers director in May this year, is applying for shares worth just over £1.5 million.

Rangers supporters group Club 1872 are also among the list of applicants, having raised the funds to purchase £1 million worth of shares.

King has previously indicated that the share issue would see some existing shareholder loans converted to equity, while he anticipated fresh capital of around £6 million to be raised.