Former Rangers chief executive Charles Green has agreed to transfer over half a million shares to Laxey Partners Limited, the club have announced.
The deal was struck last October but under the terms of a lock-in agreement, the transfer of Green's 714,285 shares to the Isle of Man-based investment firm cannot take place before December 7, a statement to the London Stock Exchange confirmed.
"The Company announces that under an agreement entered into by Charles Green, the former CEO of the Company, with Laxey Partners Ltd ("Laxey") on 19 October 2012, Mr Green has agreed to transfer 714,285 shares owned by him to Laxey, once free to effect a transfer," the statement read.
"Under the terms of the lock-in agreement entered into by Mr Green with the Company on 7 December 2012, Mr Green is prevented from transferring shares before 7 December 2013, without the consent of Cenkos Securities plc other than in limited circumstances such as to connected persons, a family trust or in the event of a takeover of the Company."
Green, who was listed as owning 5,071,629 shares which equates to a 7.79% stake in the latest documentation available on the Rangers website, resigned his position in April following "negative publicity" over his consortium's acquisition of the club last summer.
However, the Yorkshireman last week claimed he had been vindicated by the outcome of an independent inquiry which found no evidence ex-owner Craig Whyte invested in the current Ibrox set-up.
The probe was commissioned by the board of last season's runaway Scottish third division champions after Whyte alleged he was involved in the Green-led consortium's purchase of the club's business and assets following liquidation.