Rangers issue millions of shares worth total of £1.925million on Monday – Finance expert
Rangers have issued 7.7million new shares worth a total of £1.925million in a notable finance development out of Ibrox Monday, Kieran Maguire reports.
Whether the shares were sold for cash or represent debt to investors being converted into equity in the club is not clear according to the finance expert.
The Price of Football podcast host and and finance lecturer at the University of Liverpool shared a filing from Companies House showing the Monday (3 April) transaction.
He posted on his personal Twitter account: “Rangers issue 7.7 million shares at 25 pence each. Not clear if for cash or loans converted to equity.”
It will therefore either come in the form of a direct cash boost to the club for the value of the total shares, or the relief of that much debt to lenders.
Moves
This is not an uncommon occurrence at Ibrox but will necessarily decrease the value of each share currently held by the various interests.
But it may slightly increase the manoeuvrability of the club ahead of what promises to be a summer of change in the transfer market.
Although the financial situation at the club is not exactly bountiful it is going to be necessary for Michael Beale to make changes to the squad.
How much Ross Wilson and company will be capable of doing that remains to be seen, and while there are not the same sort of assets available to sell as last year, when Calvin Bassey and Joe Aribo brought in a combined £30million, there is potential profit in certain figures who could be moved on.
Around £4.5million will be required to make Malik Tillman’s move permanent from Bayern Munich, with speculation increasing that the two-goal match winner on Saturday (1 April) could be kept at the club.
And with Todd Cantwell and Nico Raskin’s January arrival having a positive impact further moves in that vein will boost the challenge of competing with Celtic in the league.
How much more boosting the team requires will become clearer following the weekend’s Old Firm derby, where Beale takes his side to Parkhead for the first time on Saturday (8 April).
In other Rangers news, a “very senior” ex-Ibrox figure has been tipped to help the club secure a major transfer coup.