Quantcast

Rangers £1.5 million loans repaid to shareholders

0

rangersRangers have announced to the London Stock Exchange that they have repaid the loans they took out earlier this year from shareholders George Letham and Sandy Easdale.

Letham offered the Ibrox side the £1 million loan back in March after a fan backlash over a deal the then-League One side had struck with shareholders Laxey Partners.

In a statement to the Stock Exchange, Rangers International Football Club report that Letham ‘retains the right to receive a premium payable on the Letham Facility of GBP 45,000 payable in cash on 23 February 2015 or at the option of Mr Letham, and subject to the Company having all necessary authority, in new ordinary shares of 1 p each in the Company at any time before 23 February 2015’.

Club chairman Sandy Easdale has also been repaid the interest-free loan of £500,000 he gave to the club, therefore the security over Edmiston House and Albion car park has been released.

Share.

About Author

scotzine

Andy Muirhead is the Editor of Scotzine and the Scottish Football fanzine FITBA. He is the Scottish Football columnist for The Morning Star and has written for a number of other publications including ESPN, Huffington Post UK, BT Life's a Pitch and has had his work featured in the Daily Record, The Scotsman and the Daily Mail.

Loading ...