Companies House document filed as Rangers issue more shares for cash injection at Ibrox
Rangers will issue three million new shares at the price of 25p each, as confirmed by an update from Companies House.
Approximately £750,000 could be injected into the club if the offer is taken up by current investors, whilst some loan amounts have previously been traded for equity in similar initiatives.
The details were revealed, including the 25p price mark, with the shares allotted and paperwork filed on 18 April in the past 24 hours under the radar.
Expected development
At Rangers 2022 AGM, a resolution was approved to allow directors to issue new shares in the club. Whilst this does create the availability of new capital, it also dilutes the holding of existing shares, which is not universally popular.
As featured recently on Ibrox News, significant minority shareholder and former chairman Dave King has been critical of the current regime, including the now departed Douglas Park.
His successor in the chair, John Bennett is an ally of Park and this latest share offering is very likely to have been planned in recent times according to the financial plan.
This is the second offering in the last month, with the drive in March issuing roughly 7.7 million new shares, at the same price point of 25p.
With just weeks of the season remaining, this is known to be a lean point of the year which also sees season ticket renewals going out to fans for the 2023/24 campaign.
Those emails landed last week.
The share offer could be a specific issue of short-term funding or as a consequence of previous planning but we are not likely to get a detailed breakdown of the factors from the club, outside of the AGM and other official reports.
On the pitch, it is a strange time. An end of season feel dominates the remaining Premiership games with Celtic set to lift the trophy again.
The Scottish Cup is the most important objective, by far, of the games to follow whilst the last Old Firm clash carries a obvious significance for Michael Beale.
In other Rangers news, Michael Beale makes transfer confession to Ally McCoist & Laura Woods on talkSPORT.