Friday 12 September 2014 19:09, UK
Rangers have raised £3.13m in their latest share offering - falling short of their target.
The Scottish Championship club had hoped to bring in just under £4m when they launched the issue two weeks ago.
Rangers revealed that several plc directors had increased their share, most significantly James Easdale, who purchased 215,606 of the 20p shares.
Rangers had set a minimum target of selling 15 million shares and exceeded that by 667,860.
A club statement read: "The successful completion of the Open Share Offer announced to the Stock Exchange today strengthens our financial position and provides funds which allow the Company to start implementing the strategy to rebuild and re-establish Rangers as a stable, sustainable and successful business to deliver both shareholder value and footballing success.
"The purchase of £3.13m of shares demonstrates the continuing commitment from our shareholders and we thank them for their ongoing support."
Meanwhile, the club have agreed an out-of-court settlement with former commercial director Imran Ahmad, who was suing the club for breach of contract.
The club confirmed in a statement: "Rangers have agreed formal terms of settlement with former commercial director Imran Ahmad regarding his current court action.
"The sum agreed is significantly less than the total amount which Mr Ahmad had been granted permission to arrest.”
