Rangers appoint finance firm to oversee share issue in October

Rangers: Ibrox club is hoping to invite interest in shares next month.© SNS Group

Rangers have appointed a firm to oversee an issue of shares in the newco next month.

On Tuesday, the Ibrox club released a statement confirming it had hired Capita Registrars to provide "share registration services".

This comes after the Sevco consortium that bought the club's assets in a £5.5m deal appointed London-based corporate brokers Cenkos Securities to assist with "plans to raise further capital" earlier this month.

The Rangers Football Club Ltd, formerly Sevco Scotland Ltd, stated that further details on the share issue will be released shortly but "expects that fans will have an opportunity to register their interest in purchasing shares in The Rangers Football Club in October".

Charles Green, chief executive of Rangers, said: "From the outset, the consortium which purchased the club has stated its commitment to giving supporters and the wider public the opportunity to buy shares in Rangers.

"The appointment of Cenkos Securities plc and Capita Registrars are important steps in the process and we are looking to continue making good progress on these matters."

Capita Registrars has acted as registrars for Cenkos and is part of the Capita plc group, which describes itself as "the UK's leading business process outsourcing and professional services company". Capita plc made a £190m profit before tax in the first six months of this year.

Mr Green has been behind the drive to sell almost 36,000 season tickets at Ibrox, and confirmed in an interview with the club’s official online TV channel in May that his consortium's objective was to profit through a share issue.

He said: "I said on day one I wasn't coming here because I was the Salvation Army and I came here to make money. I make no apology for that and the reality is that any money I make will be in the form of shares but it's conditional on three things being achieved.

"The debts of the club need to be removed, we need to get finance into the club and I need to list the club on an appropriate exchange. Until those three hurdles are overcome, I won't achieve anything and there is a percentage of the newly-enlarged company that will come to me once it is done."

He claimed newspaper reports that he would receive a £4m bonus should Sevco’s share issue succeed were wrong and insisted "in terms of reward, it's probably going to be the lowest I've ever been paid. It's a performance-related structure and I believe that's appropriate".

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