Scottish Premiership side Rangers announced the results of its annual general meeting votes "with the news that Resolution 11 was defeated" by only 0.4%, according to Alan Clark of the Scotland DAILY RECORD. Former Manager Ally McCoist failed to vote and his 1.25% shareholding "could have made the difference" in Chair Dave King and the board's favor. The club confirmed that McCoist "did not cast a vote at Friday's AGM" and neither -- for the second year in a row -- did former Chair Malcolm Murray, who owns about 0.25% of Rangers. Resolution 11 would have given King and the board the power to "issue new shares without first offering them to existing shareholders, including Sports Direct supremo Mike Ashley." Rangers were "expected to exclude Ashley and the Easdale brothers from an offering, which would have diluted their collective share" by half to about 8%. Resolution 10 only needed a 50% majority and it passed with 73.4% in approval -- meaning the board can launch a new share issue -- "but crucially they have to be offered to existing shareholders first." All directors were reappointed to the board, with King ranking the lowest with 74.7% shareholder approval compared to the rest of the directors who scored 87% (DAILY RECORD, 11/28).
RAISE THE STAKES: In Glasgow, Christopher Jack reported Club 1872 will look to increase its stake in Rangers "as part of any future share issue to raise cash at Ibrox." Club 1872 became the fifth largest shareholder in RIFC plc earlier this month and spokesperson Craig Houston "hopes the fans will make the most of the chance to increase their influence at Ibrox." Houston said, "The board now have the option of having a share issue and whether they do or they don’t is down to them. If they do, then Club 1872 do have money in reserve to take up our allocation and we would hope to be able to take up any additional ones if it wasn’t fully subscribed." King confirmed that Ashley and Sandy Easdale had used their shares against Resolution 11 and Houston "believes it is doubtful that they will stump up again to maintain their respective stakes at Ibrox" (EVENING TIMES, 11/28).
