Rangers International Football Club have issued another £2.2m in shares just in time to meet their commitments before the end of the tax year.
No name has yet been associated with the latest dilution but last month The Sun reported that Alan McLeish had ‘invested’ £1m into the club.
The latest share issue further dilutes the value of Dave King’s shareholding which the South African based ‘businessman’ is hoping to sell on to Club 1872. In 2017 Club 1872 took their stake in the club to 11% when they bought half of Mike Ashley’s 15% shareholding, since then their shareholding has been reduced to less than 6% of the company.
While gullible fans celebrate ‘stopping the 10’ there is a high price to be paid behind the scenes as a constant stream of wealthy blue noses provide a loan, have it converted into worthless shares that are then diluted further when the next investor comes along.
In October 2020 the Glasgow Times gave Stuart Gibson his 15 minutes of fame with:
A sense of adventure and a shrewd business brain has taken Stuart Gibson from Paisley across the world. The Far East is home for Gibson today, but his bonds with Glasgow are now financial as well as emotional following his £5million investment in Rangers.
The co-founder and co-CEO of logistics platform ESR, Gibson became the fourth largest shareholder in his boyhood heroes this month when he secured an 8.27 per cent stake as part of a rights issue that raised £8million.
The launch of ESR on the markets in Hong Kong last year was worth around £1.3billion and now Gibson is the latest money man to join the strong Ibrox investor pool.
This morning Gibson’s stake in the club has been reduced by the latest loan to equity as the club formed by Charles Green in 2012 continues to chase its tail.
As the fans celebrate their title win, in the Blue Room of Dignity they have to find ways of repaying Dave King’s loan, stumping up for a £9m delayed tax bill while hoping that Sports Direct don’t get their long-awaited compensation and costs for breach of contract in 2018.
CLICK HERE for the latest Companies House share issue.
An extra £2.2m of confetti. pic.twitter.com/jnUngTML8F
— David Low (@Heavidor) April 1, 2021