IBROX shareholders voted to pass all 11 Resolutions at the RIFC plc Annual General Meeting on Thursday.

Dave King chaired proceedings in Glasgow as he updated supporters on the Light Blues’ search for a manager and the financial picture following a loss of more than £6million to the year end June 30.

All six members of the Gers board were re-elected for another twelve month term, with chairman King receiving 98.8 per cent of the vote.

Directors Douglas Park and Graeme Park received 99.2 per cent and 98.6 per cent respectively, while Paul Murray gained 98.9 per cent. Alastair Johnston and John Bennett both polled 99.9 per cent.

Significantly, Resolutions 10 and 11 were also passed by shareholders and the Ibrox hierarchy are now able to proceed with plans for a new share issue in the coming months.

As part of the fund-raising initiative, a portion of the soft loans provided by the likes of King and the Three Bears could be converted to equity.

It was confirmed at the AGM that Club 1872, the second largest shareholders in RIFC plc, will be given the chance to participate in the share issue.

The supporters organisation increased their Ibrox stake to 10.71 per cent earlier this year as they purchased half of the shareholding that was held by Mike Ashley, while the other half was bought by businessman Julian Wolhardt.

King revealed on Thursday that he is open to the idea of welcoming new investors on board in the future but the short-term funding requirements are likely to come from existing shareholders.

A Rangers statement read: “The Company is pleased to declare the outcome of the AGM.

“Resolutions 1 to 10 were successfully passed as ordinary resolutions.  Resolution 11 was passed, as a special resolution.

“The Board is delighted to see such support from its shareholders. The success on Resolution 11 paves the way for a share issue.”