23 Mar 2015 13:57
23 March 2015
Rangers International Football Club plc
("Rangers", or the "Company")
Loan Agreement
The Company is pleased to announce that it has entered into loan agreements with Douglas Park, George Letham and George Taylor for facilities totalling £1.5m. The proceeds of the loans are available generally for the purposes of the Company and will be used for working capital. The loans are being made available until 31 December 2015 which will provide the Company with time to deliver a longer term funding solution. No interest or fees are to be charged in respect of the facilities and the loans are being provided on an unsecured basis.
Provision of the loans is classified as a Related Party Transaction under Rule 13 of the AIM Rules for Companies. The independent directors of the Company (being its Board with the exception of Mr Park who is excluded from such decisions being a related party in respect of the loans) consider that the terms of the loans are fair and reasonable insofar as the shareholders of the Company are concerned.The Company also announces that it has ceased the process of satisfying the conditions for drawdown of the second tranche of the facility announced on 27 January 2015 with SportsDirect.com Retail Limited and associated companies.
Ends
For further information please contact:
Rangers International Football Club plc | Tel: 020 7148 6143 |
Paul Murray | |
Newgate |
Tel: 020 7148 6143 |
Roddy Watt |