Rangers issue a further four million new shares as Ibrox side receive February cash boost
Sponsored by
ANOTHER four million shares have been issued in Rangers' holding company - at a cost of £1m.
The latest transaction in the shares of Rangers International Football Club PLC went through yesterday and was communicated on Companies House today.
A total of four million shares were alotted - and bought at 25p per share.
It's the second such transaction this year, after five million shares - at a cost of £1.25m went through back in January.
The Ibrox outfit recently released their annual report, which highlighted an operational loss of £23.5m for the last 12 months.
The Gers said they needed £7.5m before the end of the season although the club were confident that the funds would be raised.
An agreement between chairman Douglas Park and vice-chair John Bennett was outlined in , whereby they would provide additional loan facilities.
It said: "They (Park and Bennett) will provide additional loan facilities as necessary to meet shortfalls to the above requirements and any further amounts that may be required a result of variances to forecast cash flows.
"The Board has considered the level and timing of additional funding that may be needed and is satisfied that any such amounts will be made available as and when required."
🚨 Follow our LIVE blog for all the latest news from Rangers and Celtic
Most read in Football
Auditors admitted back in November that a "material uncertainty" remained over the club with losses since regime change six years ago totalling £80m, although since then the record sale of Nathan Patterson to Everton has gone through.
And we told you how losses since 2012 add up to a staggering £100m.
South Africa-based businessman King loaned his former club £5m but the lending came with an interest rate of 16 per cent.
Keep up to date with ALL the latest news and transfers at the Scottish Sun football page