Rangers FC raises £22mn in share issue
Club’s floatation commences on London’s AiM
By CFOWorld.co.uk staff | CFO UK | Published 10:00, 20 December 12
Rangers Football Club has raised a total of £22.2 million from fans and institutional investors in tandem with its formal floatation on London's AiM where its shares began trading on Wednesday.
The deadline for fans to buy new shares in the club passed on Tuesday afternoon but not before they had invested £5 million. It is understood there is already a commitment to the major part of the share offer, with high net-worth individuals and institutional investors signing up to at least £17 million.
In a statement, Rangers Football Club said, "The funds would be used to take the club forward, strengthen the squad when appropriate and improve facilities."
Separately, chief executive Charles Green, said, "This is an exciting time for everyone associated with this 140-year-old institution but we are just at the start of the journey. We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board."
Prior to the listing, Green was cited as the club's main shareholder in the share prospectus with a stake of almost 15 percent while Newcastle United owner Mike Ashley was listed as the third largest shareholder with 9 percent. Following the issuance of extra shares, both their stakes would now be diluted.
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