Caley Thistle shareholders voted unanimously at Monday night's AGM to accept a £400,000 investment from local building firm Tulloch. This cash injection enables Tulloch to raise its stake in the SPL club from 29.9 per cent to 42.42 per cent without having to offer to buy out all other shareholders.

The meeting was the swansong for Ken Mackie, who steps down after three years as chairman but who remains on the board. The new chairman David Sutherland, who is also Tulloch chairman, paid glowing tribute and said:"Ken has been a tremendously safe pair of hands in corporate terms and we're immensely grateful for his contribution.

"We accept his decision to demit office because of business and personal commitments but we're delighted we'll still have the benefit of his advice as a director."

Ken Mackie said:"This club has come a long way and I've been thrilled to be at the helm as we won the First Division, battled to for the right to take our place in the SPL, agreed a groundshare with Aberdeen and then in January we were able to return to Inverness where season ticket sales have more than doubled to 2400.

"Bringing top flight football to the Highlands for the first time is a tremendous achievement. We stayed up when many had written us off and it is encouraging that the team is still showing such great character and energy this season."

Mr Mackie said the Tulloch proposal was similar to Dermot Desmond underwiting the new Celtic share offer but the board is willing to sell share bundles large and small to any existing shareholder.

Mr Mackie pointed out that Caley Thistle's football wages bill was 48 per cent of turnover, the smallest in the SPL with Aberdeen on 62 per cent, Rangers 53 per cent, Celtic 59 per cent and Dunfermline 86 per cent.

The AGM heard that £150,000 of the new investment will pay for the undersoil heating while the rest is earmarked for 'stadium improvements' to meet UEFA rules and 'team enhancement'.

But it was stressed that manager Craig Brewster will make the decisions on who needs to be brought in during the transfer window, and who should be offered new deals.

The AGM heard that the club showed a loss of £102,414 on the year's workings to May 31 -- but this would have been a healthy profit but for the costs of the Pittodrie groundshare. Turnover doubled from £1,327,762 in 2004, when a £240,000 loss was reported, to £2,741,738.

Wages and salaries rose from £916, 753 to £1,191, 570.

David Sutherland flagged up that the board wanted a fresh drive for commercial growth in 2006 to keep pace with opportunity and to reach out to more smaller businesses in the area where there was untapped potential.

Mr Sutherland welcomed the new Supporters Trust and pledge ongoing dialogue with it.