Rangers have announced that they raised £3.13 million in their latest share offer, falling short of their £4 million target.
Rangers revealed that a number of their directors had increased their share holding of the PLC, with James Easdale purchasing 215,606 of shares valued at 20p each.
The Ibrox side had set a minimum target of 15 million shares to sell and passed that by 667,860, but they hope that the money raised will prevent the immediate threat of administration. The money raised will pay the club’s legal costs as well as pay back the loans to George Letham and Sandy Easdale. Leaving around half of the £3.13 million to pay towards other costs.
Rangers issued a statement after the results, it read: “The successful completion of the Open Share Offer announced to the Stock Exchange today strengthens our financial position and provides funds which allow the Company to start implementing the strategy to rebuild and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success.
“The purchase of £3.13m of shares demonstrates the continuing commitment from our shareholders and we thank them for their ongoing support.”
Meanwhile Rangers have agreed an out-of-court settlement with former commercial director Imran Ahmad, who was taking court action against the club for breach of contract.
Ahmad won the right to arrest £620,000 from the club last week, but Rangers were given leave to appeal that Court of Session decision but they announced an end to the issue to the London Stock Exchange on Friday morning.
The statement read: “Rangers have agreed formal terms of settlement with former commercial director Imran Ahmad regarding his current court action. The sum agreed is significantly less than the total amount which Mr Ahmad had been granted permission to arrest.
“As part of the settlement terms Mr Ahmad has agreed to refrain from arresting funds in Rangers’ bank account or in the hands of others pending the formal removal of the case from court.
“No such arrestment will now take place. The case will be formally taken out of court in the next few days.”