Rangers CEO Calls Share Issue A Success, Fans Struggle To Meet Target
Scottish Third Division side Rangers CEO Charles Green insisted that the Rangers' share issue "was a big success – even though fans will struggle to meet half of his £10M ($16M) target for them," according to John Gardner of the Scotland DAILY RECORD. The Ibrox boss "ring-fenced £10M of shares for punters in the flotation," which ended at 1pm Tuesday. Only between £3M ($4.9M) and £5M ($8M) had been brought in from fans by Monday night. The overall target for the share issue was more than £20M ($33M), and Green insists that will be reached "due to an impressive response from institutional investors" (DAILY RECORD, 12/18). The SCOTSMAN reported the timing of the share issue -- close to Christmas -- coupled with the fact that application forms were sent to some fans late last week has "stymied some fans’ ability to invest." A minimum of £500 ($811) is required. Green blamed U.K. tax authority HMRC for the “awful” timing of the share issue, saying: “The main reason we are doing it (the share issue) is because in May when I was unveiled as the buyer of Rangers I made a promise to fans we would list this year and they would be allowed to buy shares" (SCOTSMAN, 12/18).
MCCOIST'S CONFIDENCE: In London, Ronnie Esplin reported Manager Ally McCoist has given Rangers' share issue "a vote of confidence by investing more of his own money in the Ibrox club." McCoist is already listed in the share offer prospectus as owning 1 million shares in the club, a stake of just under 3%. McCoist: "I have personally invested in the club. I think the best way to put it is that I have bought shares in the club as a fan, I haven’t bought them specifically as the manager" (LONDON TIMES, 12/18).
NEW TALKS: In Edinburgh, Ewing Grahame reported McCoist will meet with Green and his directors before the end of the year to "learn what his budget will be for new signings." The club’s embargo on new signings expires Sept. 1 and McCoist is "hoping to agree pre-contract deals with several targets" when the transfer window re-opens in January. However, the quality and quantity of players he’ll be able to approach "will be determined by the amount of money allocated to him by the Ibrox board" (SCOTSMAN, 12/18).