There was further embarrassment for Rangers this morning as one of the club's nominated advisors had trading of its shares suspended on the stock exchange.

Shares in Daniel Stewart Securities have been temporarily suspended pending the publication of its annual audited accounts. It has been reported that the company failed to publish its results within the required timeframe.

The firm acts as a nomad (nominated advisor) for the Ibrox club.

A nominated adviser, or nomad, acts as the effective regulator of the Alternative Investment Market and also manages new company admissions.

Nomads have to go through a regulatory approval process from the London Stock Exchange.

Meanwhile, BNP Paribas Arbitrage SNC has been unveiled as the buyer of Hargreave Hale's 4.2m shares in the club.

It emerged on Tuesday that £853,000 worth of shares in the Ibrox outfit were traded on the AIM market.

A spokesman for London-based investment manager Hargreave Hale - which was one of the Ibrox outfit's four largest shareholders - confirmed it had parted with 4,265,000 shares.

The shares traded on Tuesday were sold at 20p each - the same value afforded to each share in the recent open offer. The trade represents more than five per cent of the club's shares.

Hargreave Hale originally owned 4.42million shares, leaving it now with around 155,000.