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SBD Global/August 22, 2013/Franchises

Former Scottish League 1 Rangers Dir Imran Ahmad Confirms Sale Of Club Shares

Scottish League 1 Rangers said that former Dir Imran Ahmad "has sold his shareholding in Rangers, the day after the exit of business partner Charles Green," according to the BBC. The League 1 side told the London Stock Exchange that Ahmad "no longer has a notifiable interest in the company's issued share capital." Green "agreed to stand down as a consultant following opposition from fans and board members." Rangers' statement about his shares follows last week's news that "two separate blocks of one million shares were sold for £425,000 each." That "was in addition to Laxey Partners, an Isle of Man hedge fund, increasing its stake to 4.99%" (BBC, 8/21). THE SCOTSMAN reported while Green’s official connection with Rangers "has been cut, the former chief executive remains the biggest individual shareholder in the club" with a stake of more than 7%. Green, who fronted the consortium which bought Rangers’ business and assets from administrators Duff & Phelps for £5.5M when the club went into liquidation last year, "is 'locked in' to owning his shares until December under stock exchange rules." He "has already committed to transferring a small percentage of his holding to Isle of Man-based hedge fund managers Laxey Partners, and will offer the remainder to Sandy Easdale" (SCOTSMAN, 8/21).
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