Rangers board wins both EGM resolutions
Ashley defeated in loan bid and now faces new Sports Direct talks
Shareholders threw out the resolution tabled through his MASH Holdings company at Friday’s EGM and backed a second motion by the Rangers board to draw up new terms with his retail empire.
Results of the votes were revealed today and show that Ashley’s motion was defeated by 34 million (53.64%) of the votes cast to 29.4m supporting his demand. He had offered to release security over the Rangers’ brands, Murray Park training ground, Albion Street car park, and Edmiston House if the the loan was repaid in full.
For – 29,376,675 (46.36%)
Against – 33,988,991 (53.64%)
Total votes cast on the Resolution was 63,365,666. This represents 77.77 % of the Company’s issued share capital
Shareholders backed the second resolution for a new contract that was “fair and reasonable for both parties and will deliver best value to both the Club and Sports Direct.”
For – 39,760,539 (62.5%)
Against – 23,852,291 (37.5%)
Total votes cast on the Resolution was 63,612,830. This represents 78.07% of the Company’s issued share capital.
The club later announced that Stewart Robertson, former director at Motherwell, is to become managing director.