Finance Group Laxey Partners Increases Stake In Scottish Side Rangers To 16.3%

Finance group Laxey Partners has strengthened its grip on Scottish Championship side Rangers by increasing its stake in the club, according to Gary Ralston of the Scotland DAILY RECORD. The Isle of Man hedge fund is now the "largest shareholder at Ibrox" after increasing its stake to 16.3%. Laxey spent £1M ($1.6M) on five million shares in the "most recent share offering," with Rangers Dir Sandy Easdale also investing £500,000 ($820,000) in 2.5 million new shares. The "identity of the groups of individuals who purchased the remaining eight million shares remains a mystery." In total, 15,667,680 shares were sold, but Stock Market regulations "demand only companies or individuals with more than" 3% of stock need be declared (DAILY RECORD, 9/22).