King triggers fund raising
Rangers to raise £12.6m in new share issue
Shareholders urged to back share offer
Rangers have called a general meeting of shareholders to approve a share issue that will raise £12.6 million.
Chairman Dave King said in May that he was to launch a share issue which could bring in £6m in fresh revenue.
An additional 63,147,137 shares will be issued to existing shareholders, who are named in a covering letter. The shares will be priced at 20p a share.
A statement on the club’s website said the meeting will take place on 31 August. In a covering letter Mr King confirms that the offer will be made to existing shareholders named as Barry Scott, John Bennett, Andrew Ross, Club 1872, Borita Investments, New Trace, Andrew Hawkyard, Neil Hosie, Paul Redbourn, New Oasis Asset, Douglas Park, George Letham and George Taylor.
New Oasis Asset, the investment vehicle controlled by Mr King, will buy more than nine million shares.