Rangers manager Ally McCoist has praised fans for contributing around £5million to a share issue.

The Ibrox club announced ahead of last night's 3-0 win over Annan that more than £22million had been raised from professional and institutional investors and supporters.

Chief executive Charles Green previously stated he had secured £17million in pledges from institutional investors and had set aside £10million for fans to buy a stake.

Despite falling short of that target, McCoist was thrilled with the contribution from the Ibrox faithful at a time of year when money is tight.

He said: "It was a great day off the park.

"The fact that it's in the region of £22million, and for the fans to chip in with roughly £5million, I think is absolutely staggering.

"They've only had the opportunity to do that in the last week or so.

"In the lead up to Christmas, when finances are tight at the best of times, in a recession, for our supporters to go into their pockets and come up with that money is another incredible show of support for this football club."

A transfer embargo means McCoist is unable to register new players until 1 September.

But the Light Blues boss hopes he will be handed some of the cash from the share issue when he is able to strengthen his squad again.

He added: "I think the best way I can put it is, the one thing the investors and, certainly, the fans deserve is for their money to be used wisely.

"And I would certainly hope to have an opportunity to use some of that money wisely."

A double from David Templeton and an Andy Little strike secured the win over Annan for 10-man Rangers, who saw Lee Wallace sent off in the second half.