Newgate Threadneedle handles Rangers Football Club IPO
Rangers Football Club's intention to float on the London Stock Exchange is being handled by Newgate Threadneedle.
Rangers FC: IPO plan announced this morning
The Scottish football club has announced this morning that it intends to seek admission to the AIM market of the London Stock Exchange.
Newgate is handling the IPO and all ongoing financial PR in a retained brief. The agency was appointed two months ago following a competitive pitch process and has been working behind the scenes to prepare for today's announcement.
Newgate MD Graham Herring is leading the account. He explained that the agency was already making plans about next year’s activities.
He said: ‘We’re handling the IPO process and there are also ongoing activities. It’s a very good opportunity.’
Herring will lead a four-strong team including client adviser John Coles.
The plan is for the club to raise up to £20m through an institutional investor placing and limited public offering.
The club explained that the funds raised would be used for ‘strengthening the player squad, improving and developing the club's properties and facilities, as well as providing additional working capital’.
It is anticipated that admission will become effective before the end of the year.
Commenting on the announcement Charles Green, chief executive of Rangers, said: ‘Rangers is debt-free and a huge club with enormous support and a 140-year track record of success on the domestic and international arenas. Our aim is to return the club to its glory days while ensuring it is run efficiently and profitably.’
The appointment will not affect Rangers’ existing relationship with Media House International, which continues to handle a media relations brief following its appointment last July.
This article was first published on prweek.com
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