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Rejection of Possible Offer

6 Jan 2015 07:00

RNS Number : 3488B
Rangers Int. Football Club PLC
06 January 2015
 



06 January 2015

Rangers International Football Club plc

 

("Rangers", "RIFC" or the "Company")

Rejection of Possible Offer

The Board of Rangers has considered the possible offer from Robert Sarver (or a vehicle to be established and controlled by him) ("Mr Sarver").

The proposal by Mr Sarver comprises a placing of 100 million shares at 18p ("Placing") which, if approved by shareholders at a general meeting, would be immediately followed by an unconditional offer at 18p pursuant to Rule 9 of the Code. The Placing would give Mr Sarver control of Rangers.

While the Directors welcome Mr Sarver's approach, they believe that, notwithstanding the current financial difficulties, the proposal does not adequately value a controlling interest in the Company and accordingly the resolution to approve the placing is unlikely to achieve the 75% majority required. The Directors do not intend to hold the General Meeting which would be necessary to implement the proposal.

The Company is managing its cash resources carefully and will require further funding before the end of January. The Directors are in discussions with Rangers' significant stakeholders with a view to arranging finance for the Club. This is likely to comprise loans in the short term and possibly equity in the medium term. The board has invited Mr Sarver to consider participating in a similar discussion alongside other supportive shareholders.

 

For further information please contact:

 

Rangers International Football Club plc

Tel: 0141 580 8647

David Somers

WH Ireland Limited

Tel: 020 7220 1666

Adrian Hadden / Paul Shackleton

Newgate Threadneedle

Tel: 020 7148 6143

Roddy Watt / Ed Treadwell

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
OREGMGGMFKNGKZZ
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