Rangers raises £22.2m in return to stock market

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The holding company of Rangers football club has raised about £22.2 million through its flotation on the Alternative Investment Market (Aim).

At a placing price of 70p per share, Rangers International Football Club has market value of about £45.6m.

The club said the funds will give it a “secure financial future” and will be used to update and develop its facilities, while giving it the ability to buy new players “when appropriate”.

Chief executive Charles Green said: “We are delighted to see our plans for bringing Rangers back to its glory days coming to fruition; a key part of which is its listing on Aim today. The response from investors and fans alike has been tremendous and we are very proud to have such loyal supporters.

“Rangers is a huge club with enormous support, and a 140-year track record of success in both the domestic and international arenas. With a settled squad, led by manager Ally McCoist, the club has made a strong start to the 2012-13 season and the Rangers brand and facilities provide tremendous opportunities for commercialisation and expansion.”

Cenkos Securities acted as nominated adviser and broker.