Hedge fund halves stake in Rangers

A Guernsey-based hedge fund that built up a stake of more than 3 per cent in Rangers International Football Club earlier this month has sold more than half of its holding.

Damille Investments, which bought 2 million shares in the Glasgow club on 15 January, has now sold more than 1.1 million of its shares.

The sale took place on Friday and Rangers was notified about the transaction yesterday.

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Damille, which also has stakes in oil explorer Northern Petroleum and gold miner Kolar, now owns 1.32 per cent of Rangers.