Kieran Maguire: Rangers have secured £2.5m windfall - and more cash on the way
Rangers have raised a “bare minimum” of £2.5million from their recent share issue and there is more investment still to come.
That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after Rangers gave an update on the status of the share offering via their official website on 6th July.
The club claims to have had 5,000 applications from more than 40 countries as they aim to raise £6.75m through the scheme.
New stakeholders will receive voting privileges and the right to attend the club’s annual general meeting.
Maguire assessed the progress of the rollout so far and deciphered that the Scottish champions have banked at least £2.5m based on their figures.
“I think it’s been a reasonable success so far,” he told Football Insider correspondent Adam Williams.
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“The club would have liked to have closed applications by now but they haven’t done, so there is still more to come.
“They will be crunching the numbers. If it’s 5,000 applications and they are selling shares for £0.25, the minimum buy-in is £500 so that’s £2.5m, bare minimum.
“There could be many people who are buying more than that. They are trying to raise almost £7m so they have made a fair amount of progress.
“If it’s from the minimum buy-in they’ve got £2.5m and if you double that they’ve got £5m, so they are practically there.“
The share issue is available to individual supporters, investors or businesses.
The window for the offering shuts at midnight on 16th July.