Dave King has managed to shift 2.25m of worthless shares to Club 1872 for £450,000- not a rand of which will go into Giovanni van Bronckhorst’s summer warchest.
In December 2020 the former Ibrox chairman announced a cunning plan to sell his entire stock of 65,422,893 shares to the gullible fan group.
Now, after 16 months of fundraising he just overs 63m shares left to sell.
This afternoon the fan group announced:
Club 1872 is pleased to announce the purchase of a further 2,250,000 shares in RIFC Plc, taking our total shareholding to 22,202,838. This represents 5.13% of the total issued share capital of RIFC Plc and returns Club 1872 to the position of 6th largest shareholder.
The shares were purchased for 20p per share at a total cost of £450,000 from New Oasis Asset Limited (Dave King’s family trust). This price represents a 20% discount on the most recent share issue of RIFC Plc.
The year from December 2020 to December 2021 saw Club 1872 take in the largest level of donated funds for a single year in the organisation’s history – a remarkable achievement in such trying times. This is testament to the incredible dedication our Contributors have for fan representation at Rangers and we thank them for their continued support.
That ‘major share purchase’ could quickly be diluted again by another equity swap by the board as they try to make ends meet with little prospect of group stage football in the Champions League.
King has recently been using his media network to undermine the Ibrox board, with no sign of any other offers for his shares it looks like he has decided that £450,000 from Club 1872 is as good as things are going to get.
If Club 1872 continue to purchase King’s shares at the current rate they will have completed the deal in 2059.
Toilet paper shares just about right for a $hit club.
Good farming land they bought. I reckon you could sell 20 bails a year !