Rangers issue more than £8million of new shares

Rangers issued new shares for more than £8million last month, according to documents submitted to Companies House.

Tuesday, 6th October 2020, 6:30 am
Ibrox Stadium.  (Craig Foy / SNS Group)
Ibrox Stadium. (Craig Foy / SNS Group)

The Ibrox club allotted 42.25m shares at 20pence each at the end of last month according to the forms.

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Rangers announced similar share allocations at four separate intervals last year; in June, August, September and November with a 20p per share price, and have filed a notice of new share capital around this time of the season for each of the past three years.

The files also state no shares were allotted other than for cash and do not name who the shares were allocated to - this information would usually be found in a company’s annual return.

New share issues can be performed by companies for a variety of reasons such as a new cash injection from investors, raising additional funding, converting loans into shares or awarding shares as bonuses to employees and issued to new, or existing, shareholders.