Rangers will issue 7.7million new shares at a price of 25p each, it has been revealed.
The Ibrox club will raise £1.93m from those shares if they are for cash, however at this stage it is unclear if they are 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 March 30. 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, but it remains to be seen how they will be used.
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. That was the first since January and February 2022 and Rangers are due to release their accounts in the coming weeks.
Rangers 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. At that time the club announced an operating profit of £5.9m.
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