Kieran Maguire amazed as Rangers land £4.5m windfall after 'unbelievable' development
Rangers fans have once again proved their spectacular dedication to the club after a recent share issue generated almost £4.5million.
So says finance guru Kieran Maguire, speaking exclusively to Football Insider after Rangers confirmed the share allotment via documents posted to Companies House on 30 August.
Rangers sold 17,850,000 shares at £0.25 to rake in just over £4.46m from the fan-led share issue launched in June.
In an official statement on 28 August, Rangers revealed that they had attracted 5,000 new investors from 44 different countries.
The club called the share purchase a "phenomenal show of loyalty" and critical to its "long-term strategy".
And Maguire echoes Rangers' official sentiments.
He told Football Insider correspondent Adam Williams: "They had targeted £6.75m, but I think that was a stretch target. They didn't want to curtail the ambition of the fanbase.
"To get £4.5m from fans, many of whom were already buying season tickets and merchandise, is indicative of an unbelievable and dedicated fanbase.
"The fact that money is effectively ringfenced towards infrastructure project, that will please the fans.
"A lot of that is going to Edmiston House, which is going to open some time later this year. So the fans will have a sense of pride.
"I think you have to be realistic, at 25 pence-a-share, I don't think you're ever likely to be paid a dividend.
"I don't think the fans will be expecting a dividend. You aren't going to get a regular income from buying those shares."