'Easdale block' shareholders in revolt over Rangers AGM voting ban

Resolution 10, which required 75 per cent of shareholders to support it, was seeking permission to “allot equity securities of the company wholly for cash pursuant to the authority of the directors”.

However there is concern that should the Rangers International Football Club plc board try to put the crucial fundraising matter to a vote again, the companies linked to bus tycoon Sandy Easdale which have 10.4 per cent of the club shares, will be frozen out again.

The shares are a crucial part of the so-called Easdale block which with ally Mike Ashley's shares, provides a power of veto over crucial financial decisions facing Rangers.

Rangers confirmed in July that four groups, who hold 8.5 million shares, said to be part of the so-called Easdale block, would not be entitled to vote at a general meeting either personally or by proxy after failing to provide information about who actually owns them.

Until the information was provided, the four companies - Blue Pitch Holdings, Putney Holdings Limited, ATP Investments Limited and Norne Anstalt - would find their shares would be effectively worthless.

Rangers said that its articles of association set out that it can impose such sanctions "where its board of directors is satisfied that any person appearing to be interested in shares has been duly served with a notice under s793 of the Companies Act 2006, and is in default of providing [Rangers] with the information required".

Fans have regularly sought more information on the owners of the Blue Pitch shares, as well as those of Margarita Holdings, who were among the original shareholders when Charles Green's consortium bought the business and assets of Rangers as it entered liquidation.

Margarita Holdings is no longer in the company's shareholder register.

Mr Easdale, who owns McGill's bus company, and ally Sports Direct supremo Mike Ashley are believed to still have influence over a crucial 25 per cent of the shareholding at Ibrox.

Mr Easdale still holds 6.45 per cent, and has proxy votes over 10 per cent. while Mr Ashley still holds 8.92 per cent.

Crucially, major decisions over investment that require special resolutions, such as Resolution 10, can be vetoed with 25 per cent of the votes.

RIFC had sought to remove the right of Mr Ashley, who is also the Newcastle United owner, to have a say in how the Glasgow club is run by putting forward a resolution calling for the removal of the voting rights of any shareholder who is involved in running another club at the annual general meeting.

But shareholders were unable to vote on the resolution following court action by Mr Ashley.

RIFC's move came seven months after the club was fined by the Scottish Football Association for breaching so-called dual ownership rules relating to the Sports Direct supremo.

Jack Irvine, a spokesman for the Easdales, said it was thought all legal hurdles had been overcome to allow the proxy votes to count.

He said: "Lawyers are crawling all over this matter. It is my understanding that we believed we had satisfied the board regarding the ownership of these companies.

"They were astonished it took 96 hours to complete the vote, and then found that they had been disbarred. They were stunned that their votes were not included and this is a matter of legal debate in London."

Resolution 10 would have allowed Rangers chairman Dave King and the board to issue new shares to outside investors without having to sell them exclusively to existing shareholders first.

The resolution failed to secure the necessary votes by 1.2 per cent, with 73.8 per cent voting in favour and 26.2 per cent voting against it.

A statement issued by Rangers following the vote said: “The votes were considerably higher than the directors had anticipated and almost enough to see the vote carried as a special resolution.

“The directors will consider carefully shareholders’ views on this vote, consult [where practicable] with those who did not vote or opposed the resolution and identify the company’s next steps after that process is complete.”

Rangers had said they need up to £2.5 million of external funding before the end of the season after posting annual losses of £7.5m and that the first tranche of money would be needed next month.

Rangers was approached for comment.