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Club 1872 completed its first purchase of shares from Dave King

Tue 05 January 2021 | 18:35

Rangers fans group Club 1872 buys first shares from Dave King

Club 1872 bought the first of shares from former Ibrox chairman Dave King.

.The company stated that the first part of their deal with Dave King went well and 1.25 million shares were traded. The company plans to increase its number of shares above five percent and eventually acquire 25 percent of the total shares.

Dave King agreed in a deal with the 1872 Club to sell all his shares for £13.3million.

A statement read: “

The deal with Dave King represents a hugely important strategic opportunity for Club 1872 over the next three to four years – it is likely to be the only major source of shares available to the organisation after the early part of this calendar year as RIFC moves to the sustainability phase announced by John Bennett at the RIFC AGM

.

“It was therefore essential that Club 1872 kick this deal off as agreed last year and make a strong start to our three-year campaign to attract legacy members.

“We are delighted to say that, in the couple of weeks our campaign was active prior to the Christmas break, we were able to sign up nearly 1500 new legacy members.

“We have spoken to Dave King over the festive break and are pleased to confirm that we have agreed with him that all share funding raised in the first six months of 2021, both from legacy and standard donations, can be made available to RIFC if they go ahead with a share issue on the terms that John Bennett announced at the AGM.

“We have also retained funds from our member contributions from 2020 to put towards any such share issue.”

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