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Rangers board narrowly get resolution on power to issue shares passed at AGM

Ibrox Stadium (Jane Barlow/PA)
Ibrox Stadium (Jane Barlow/PA)

The Rangers board got the narrowest of margins for their special resolution at the club’s annual general meeting.

The resolution will give the board the power to issue shares for cash without first offering all shareholders the chance to invest.

The board needed a three-quarter vote share for their plan and attracted 75.5 per cent of the vote share, according to figures released by the club.

Fans’ group Club 1872, the fifth largest shareholder, had announced its intention to follow former chairman Dave King and vote against the reappointment of chairman Douglas Park and two resolutions designed to hand the board more power to issue shares.

Park received the backing of 73.4 per cent of the shareholder votes but only needed a simple majority to retain his position on the board.

Park had been asked by a Club 1872 representative at Tuesday’s meeting to share his five-year plan for improving the team and the “competence and accountability of the board”.

“The plan for the next five years is to win as many trophies as we can, build a team that can win as many trophies as we can, and reinvest in the club as much as we possibly can,” he said.

The businessman added that he had no problem with Club 1872 other than an issue relating to non-disclosure agreements (NDAs).

“Club 1872 are welcome any time,” he added. “We need the supporters and it’s not my intention and never been my intention to fall out with anyone.”

Club 1872 welcomed Park’s commitment to engage with the organisation but highlighted a previous statement which had accused the board of using the NDA request as a “clear and obvious attempt” to “silence” it and restrict its ability to represent supporters.