Latest Rangers share issue could raise £4m
Share issue: Ibrox (pic: SNS Group)
Scottish Premiership leaders Rangers have launched another major share issue which could raise £4m.
According to papers lodged at Companies House, 19,314,931 new shares valued at 20p have been allotted.
It’s the club’s second major share issue in the last month, coming at a time when clubs are struggling financially due to Covid-19 restrictions.
Providing they are sold to new investors, that could bring in around £4m.
Last month saw Far East-based businessman Stuart Gibson plough £5m into the Ibrox outfit as part of an £8m share issue.
In doing so he became the club’s fourth largest shareholder with 8.27% behind former chairman Dave King (22.06%), Douglas Park (13.23%) and George Taylor (10.45%).
Shareholders gave the board the go ahead to issue new shares at the Annual General Meeting 12 months ago.
Paisley-born Gibson runs Hong Kong-based real estate firm ESR and revealed he would be looking to engage with investors in the Far East to bring more cash into Rangers. It remains to be seen who has purchased the new latest shares.
Meanwhile, Rangers manager Steven Gerrard believes Jordan Jones and George Edmundson will regret their Covid breach for “some time”.
The two players have been suspended by the club after attending a house party in Glasgow on Sunday night, in clear violation of coronavirus rules.
The duo are self-isolating for 14 days and have been fined, with Gerrard saying: “They’ve been suspended in the short-term and we have spoken to the players since the events and the next time we will speak to them is when they come off suspension after an isolation period.
“They’ve made a bad, bad error of judgement and as I have said I think they are going to regret it for some time. They are feeling really down at the moment. They are apologetic and remorseful.
“It is a building process for both of them now moving forward.
“I think everyone at the football club is disappointed with the actions of the two players. Now for me, it is important we focus back on the football.”
Rangers face Benfica in Portugal in the Europa League on Thursday night, the two teams sitting joint top of Group D with maximum points from their first two games.