Rangers will issue 3million new shares at a price of 25p each, it has been announced.
The Ibrox club will raise £750k from those shares if they are for cash but at this stage it remains unclear if they are to raise funds or if they are converting loans into equity, as they have in the past. The news was confirmed to Companies House with the shares allotted on April 3. The announcement from Companies House revealed the price point and the number of shares that are to be offered to interested parties in the Scottish Premiership side.
In the past Rangers have raised cash through the format of issuing shares. They did this in February when 4million were allotted raising around £1million, and have also issued 7.7million new shares at a price of 25p each in March - making this the second share issue within the last month announced by the club.
The club were expected to raise £1.93m from the share issue last month. Rangers are expected to release their latest trading figures in the coming weeks.
The club had announced in November that they had a club record turnover of £86.8m for the year up to June and that didn’t include the big money sales of Joe Aribo and Calvin Bassey, or the money gained from reaching the Champions League group stage. At that time the club announced an operating profit of £5.9m.
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