Rangers decide to delay share issue

Picture: John Devlin/TSPL
Picture: John Devlin/TSPL
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THE board of Rangers Football Club have decided against a share issue and listing on the ISDX market until criminal proceedings against Imram Ahmed, Charles Green and Craig Whyte, among others, have been concluded.

In the meantime the club announced that Dave King along with The Three Bears - Douglas Park, George Letham and George Taylor - will provide no fee, no interest loans for help with funding when required.

In a statement released on the official website, the club stated their confidence that the lenders would seek to turn the loans into shares in the future, while also attempting to ease any fears fans may have over the lack of another share issue.

The statement read: “After careful consideration the Board has determined that it is not appropriate to proceed with a share issue and listing on the ISDX market until the criminal proceedings being brought against Charles Green, Imran Ahmed, Craig Whyte and others are concluded.

“The Board is satisfied that from a financial perspective there is no short term requirement for the funding that would have flowed from a share issue and that any funds that may be required for the Group will be made available as and when required from the existing shareholder / lenders.

“Dave King, Douglas Park, George Letham and George Taylor have reaffirmed their commitment to making further loan facilities available to Rangers International Football Club PLC (RIFC) on the same no fees and no interest basis as the existing loan facilities and have also confirmed the continuation of the existing facilities which they are providing to RIFC on the same basis.

“The facilities to be made available more than cover the projected shortfall for this Season and beyond. The board further understand that additional facilities can be made available as and when required for investment in the team. Any such investment will be reviewed on a case by case basis in accordance with prior statements.”