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Rangers ponder share issue

Scottish Championship side Rangers could launch a new £8m share issue within the next few weeks.

Last Updated: 11/06/14 at 23:46 Post Comment

Rangers set to launch share issue worth reported £8m

Rangers set to launch share issue worth reported £8m

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The crisis-hit Ibrox club, who were consigned to liquidation in the summer of 2012 after failing to exit administration via a CVA, are searching for investment after a number of supporters decided not to renew season tickets for the 2014/15 campaign in Scotland's second tier.

Some fans chose to put their money in a 'trust fund' with Dave King, a director of oldco Rangers, with the cash to be handed over to the club on a game-by-game basis.

That boycott resulted in a massive shortfall for the club, who had borrowed £1.5m earlier this season from Ibrox chairman Sandy Easdale and wealthy supporter George Letham.

Easdale, and his brother James, a non-executive director at Rangers, flew to London on Monday for talks with major investors including Laxey Partners, Blue Pitch Holdings and Margarita Holdings.

And they have now given the green light to press ahead with a fresh share issue which existing shareholders will be given the first option to purchase.

A source close to the club believes the move will be given the go ahead. He told the Press Association: "I would expect the club to press ahead with the share issue within a few weeks.

"It's unlikely there will be many shares left over for anyone, even Dave King, to purchase. Under Stock Exchange rules, the existing shareholders get first 'dibs' on the new shares.

"Sandy has the full backing of the investors like Blue Pitch and Margarita so it's fair to assume they will take up their options on the fresh rights issue."

At close of business on Wednesday, Rangers shares were up 0.50p on the day to 27.50p. 

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