Rangers to raise £4m with second share offer in a month

Rangers

November 5 – Scottish Premier League leaders Rangers have announced a second share issue in less than a month, with the second issue set to raise £4 million with the club having last month raised £4 million from an Asia-based investor.

Companies House filings show that 19,314,931 new shares valued at 20p have been allotted – raising about £4 million. It is unclear whether, like the October allotment of 42.5 million, the bulk of the shares will be picked up by existing shareholders.

In the October share sale Asia-based but Scottish born Stuart Gibson increasing his shareholding to 8.27%, making him the club’s fourth largest shareholder. Chairman Dave King, who is stepping down after five years, is the largest shareholder with more than 22%.

The October share issue saw other Rangers stakeholder pick up the offer. George Taylor added £1.5 million worth of shares (now owns 10% of club), Douglas Park £0.7 million (owns 13% of club) and George Letham £500,000. Some of the deals saw loans converted to shares.

The last reported financial results for the 2018/19 financial year saw Rangers post losses of £11.3 million. Club turnover increased by 20% to £53.2 million.

The club’s finances will be boosted by a good run in the Europa League this season. They are currently joint top of their group with Benfica after two wins from two matches. They face Benfica in Portugal tonight.

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