Rangers share offer: club targets £4m boost

Rangers are expecting to raise just under £4m through an open offer of 19m shares made available to existing shareholders.

 

In a stock exchange announcement, the club said the open offer formed part of “a strategic plan” to “rebuild and re-establish the club” and will contribute to the £20m to £30m funds they are expecting to raise over the next three years.

 

Earlier this month a Rangers share issue failed in its attempt to raise the club £10m, prompting this morning’s open offer.

 

The new ordinary shares are priced at 20p each, marking a 21.6 per cent reduction on the club’s most recent closing price of 25.5 per cent, which Rangers hope will encourage uptake.

 

Rangers said they must sell a minimum of 15m of the new ordinary shares in order to be able to pay creditors. Failure to do so would leave “the future uncertain”, with directors having to seek “emergency financing which may or may not be available.”

 

The club revealed they are targeting a return to the top of Scottish football within three seasons, and want to be “competitive in UEFA competition” thereafter. The club said “this will require continued investment in the playing squad over the next three years and beyond to drive on-field success.”