Rangers shares raise £22.2m from 'fans and institutional investors'

Charles Green, manager Ally McCoist and finance director Brian Stockbridge were given a commemorative plaque from the stock exchange to mark the successful listing of Rangers shares. December 18 2012
Share issue: Brian Stockbridge, Ally McCoist and Charles Green were given a commemorative plaque from the stock exchange.SNS Group

Rangers share issue has raised a total of £22.2m say the Ibrox club and will now float on the London Stock Exchange.

Trading in the team's shares will begin on Wednesday at 8am when the stock exchange opens.

The total sum was raised from professional and institutional investors as well as supporters and the club say it will be used to "take the club forward, strengthen the squad when appropriate and improve facilities".

In a statement released by Charles Green on Tuesday night, the Ibrox chief executive said: “I look forward to the club growing in value as we get back to our rightful place at the top of Scottish football.

“This is an exciting time for everyone associated with this 140-year-old institution but we are just at the start of the journey.

“We are rebuilding and Rangers will rise again and we will do so with the help of our fans and the institutional investors who are on board.

“This process has generated over £22m which has exceeded the figure of £20m that we set out to raise when we announced our intention to float the company on 11 October 2012.

“I would like to thank our supporters who stepped up to the plate when asked to buy season tickets earlier in the season and have done so again at a time of year when money is extremely tight.”

Mr Green, manager Ally McCoist and finance director Brian Stockbridge were given a commemorative plaque from the stock exchange on Tuesday night to mark the successful listing of Rangers shares.

It will not be known how much of the £22.2m has been underwritten by existing Ibrox investors and board members until trading begins on Wednesday, when a clear breakdown of the share issue will be revealed.

Mr Green previously stated he had secured £17m in pledges from institutional investors and had set aside £10m for fans to buy a stake in the club.

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