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Rangers launches £4m fund raising

Rangers launches £4m fund raising

Scottish football club Rangers International has launched a £4 million share placing.

The club, which is a pick of River and Mercantile's UK equity head Hugh Sergeant, has issued an additional 19.9 million shares priced at 20p and said qualifying shareholders would be entitled to subscribe for new shares on the basis of 0.3 new ordinary shares for each existing ordinary share. Qualifying shareholders subscribing for their full entitlement under the offer may also request additional shares through Rangers' excess application acility. It said the open offer is subject to an aggregate minimum subscription of 15,000,000 new shares.

The issue price of 20p per share represents a discount of approximately 21.6% to the closing middle market price of 25.5p oer share on 28 August.

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