OTHER four million shares have been issued in the Rangers holding company – at a cost of £1million.
The latest transaction in shares of Rangers International Football Club PLC closed yesterday and was reported to Companies House today.
A total of four million shares were allotted – and bought at 25 pence per share.
It is the second such deal this year, after five million shares – at a cost of £1.25million – went through in January.
Outfit Ibrox recently released its annual report, which highlighted an operating loss of £23.5million over the past 12 months.
Gers have said they need £7.5million before the end of the season, although the club are confident the funds will be raised.
An agreement between President Douglas Park and Vice President John Bennett was described in Rangers Annual Reportwhereby they would provide additional lending facilities.
He said: “They (Park and Bennett) will provide additional loan facilities as necessary to meet shortfalls against the above requirements and any additional amounts that may be required due to variances in cash flow forecasts. Treasury.
“The Board has reviewed the level and timing of additional funds that may be required and is confident that these amounts will be made available as and when required.”
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Auditors admitted in November that ‘material uncertainty’ remained over the club with losses since regime change six years ago totaling £80million, although since then the record sale of Nathan Patterson to Everton has taken place.
And we told you how the losses since 2012 amount to £100million.
South African businessman King has loaned his former club £5million, but the loan comes with an interest rate of 16%.
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