Revealed: £2m Rangers deal complete as paperwork filed
Rangers have converted £1.93m worth of loans into equity in their second share issue of the year, Football Insider has learned.
The club filed a Companies House submission on Monday (3 April) backdated to last Thursday (30 March) detailing the allotment of 7.7m shares.
Perron Investments Limited owner John Halstead is the biggest beneficiary this time around, acquiring a further 4m shares to take his stake in the club close to 5.5 per cent.
George Letham received another 1m and John Bennett another 0.45m shares, and other minor shareholders split 2.3m.
The 7.7m shares had a nominal value each of 1p but were issued for 25p, as was also the case when Rangers allotted 4.2m shares in February.
The last share issue saw cash invested directly – primarily by third-largest shareholder Stuart Gibson – as opposed to on a loans-to-equity basis.
There were also tranches of share issues in January and February last year.
The latest development re-emphasises Rangers shareholders’ commitment to funding the club externally while it continues to strive for long-term profitability.
Rangers posted their accounts for 2021-22 in November last year, revealing an operating profit of £5.9m on club-record turnover of £86.8m.
They are expected to be in the green once again in 2022-23 thanks to their participation in the Champions League, despite the fact they slumped out in the group stage without picking up a point.
Their financial situation has also been aided by the £30m they raised from selling Calvin Bassey, Joe Aribo and Cedric Itten last summer.
In other news, Scottish club plot move to sign Kai Kennedy after he’s told to leave Rangers.