Scottish Third Division Club Rangers Look To Raise $44M In Share Sale
Scottish Third Division club Rangers is "aiming to raise" up to £27M ($44M) when it returns to the stock market this month, according to Keith Weir of REUTERS. The funds would "help to support the recovery of Rangers," which have been Scottish champions a record 54 times. They are now "playing in the lowly fourth tier of the Scottish game after their former parent company collapsed earlier this year." Rangers disclosed that EPL Newcastle United and retail chain Sports Direct Owner Mike Ashley has a stake of almost 9% in the club as part of its new ownership team. The club said that it anticipated a market capitalization of around £50M ($80.5M) upon flotation. The details were given in a document filed as "part of the process leading up to the market launch" (REUTERS, 12/5). In London, the BBC writes the flotation, according to the document, is "attracting investment from Hargreave Hale Limited, Artemis Investment Management LLP, Margarita Funds Holding Trust, Cazenove Capital Management Limited, Legal and General Investment Management Limited and Insight Investment Management (Global) Limited." Other investors include Richard Hughes, Imran Ahmad and Craig Mather (BBC, 12/5).