RFC.L Regulatory News (RFC)

Rangers International Football Club plc

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

Revised Proposal

The board of Rangers notes the announcement this morning by Robert Sarver of a revised proposal "Revised Proposal" which contains the following summary:

"The revised proposal involves investing up to GBP20 million for a majority shareholding by way of a placing of new ordinary shares in Rangers at 20 pence per share ("Placing") followed, if the Placing is completed, by a mandatory offer for the remaining issued and to be issued ordinary share capital under Rule 9 of the City Code on Takeovers and Mergers ("Code") at 20 pence per share. As part of the revised proposal GBP6.5 million would be made available to Rangers in immediate short-term funding by way of a secured loan to be repaid in 90 days or out of the proceeds of the Placing."

The Directors thank Mr Sarver for his continuing interest in Rangers. They are studying the Revised Proposal which was received last night, and are consulting with major shareholders, to understand whether the proposal is capable of being implemented. A further announcement will be made shortly.

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