Following the recent general meeting at Rangers, Dave King and the Three Bears have secured a controlling interest in Rangers.
The hierarchy of the club have pumped millions into Rangers over the last few years and have successfully converted £14m of club loans into shares.
Whilst this does somewhat dilute other shareholders stake in the club, it didn’t stop 81.9% of attendees from agreeing to the resolution.
The “waiver” now means that Dave King won’t have to make another share issue, which was successfully rebuffed earlier last season.
The “controlling interest” comes after a total of £14.1m in loans was converted into 70,601,941 shares a 20p a share.
It gives King and the Three Bears the power to decide on resolutions passing or failing in the future, as well as the power to block special resolutions at general meetings.
These powers range from the election of directors and chief executives to the passing of financial accounts.
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Rangers Chairman, Dave King, thanked shareholders for their continued backing of the Club and its Board on the official Rangers website.
”This is an important marker in the recapitalisation of the Company and significantly improves its balance sheet, enabling the conversion of over £14m of debt into shares.”
