Rangers call general meeting of shareholders over share issue

Rangers have called a general meeting of shareholders as they look to get the green light for a new share issue.

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The Ibrox club are looking to raise new finance while also seeking to convert existing shareholder loans to equity.

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In a covering letter, Dave King stated the offer will be made to John Bennett, Borita Investments Limited, Club 1872, Andrew Hawkyard, Neil Hosie, George Letham, New Oasis Asset Limited, New Trace Limited, Douglas Park, Paul Redbourn, Andrew Ross, Barry Scott and George Taylor.

Rangers chairman Dave King (right) and managing director Stewart Robertson. Picture: PA

At the meeting, set for 31 August, a further 63,147,137 new shares will be issued at 20p a share to existing shareholders named in a covering letter.

The value of this offer is worth £12.6million.

A statement on the club’s website read: “Rangers International Football Club PLC has today called a General Meeting (GM) of its shareholders at 9.30 a.m. on Friday 31 August 2018 to approve an issue of shares.”