Rangers call general meeting of their shareholders

Rangers has called a general meeting of its shareholders on August 31 to approve an issue of shares.

The meeting is set to take place a 9.30am at Ibrox Stadium with the item, of additional shares to be distributed, already approved by the shareholders at the 2017 Annual General Meeting.

Additional shares totalling 63,147,137 will be distributed to 13 applicants at a price of 20p per ordinary share.

In the meeting agenda issued by the club it states: "Shareholders should note, if this resolution were passed, it would affect Mr King's [Dave Kin, Rangers chairman] mandatory obligation and substantially increase the number of acceptances from existing share holders needed for such an offer o become unconditional.

"Because shareholders subscribing at 20p per share are unlikely to accept an offer at the same price, the passing of the resolution may make Mr King's offer less likely to succeed."

In March, King made an offer of £10.8m for the remaining shares in the Scottish Premiership side following a court battle.

The Takeover Panel ruled in December he had worked with The Three Bears Group of Douglas Park, George Letham and George Taylor, to take control of Rangers in 2015.

King has been fighting the Takeover Panel over the prospect of the offering but has now made a compulsory offer for the shares of all other shareholders at 20p each which will total almost £16.3m.