Takeover completed: Whyte buys Rangers.

06 May 2011 19:03
Club under new ownership. Details below.Much more to follow over the coming days.http://www.londonstockexchange.com/exchange/news/dow-jones/news-detail.html?newsId=20110506SN012065Wavetower Limited                                                       ("Wavetower" or the "Company")                             Acquisition of controlling interest in The Rangers Football Club P.L.C.    Wavetower is pleased to announce that it has today acquired 92,842,388 ordinaryshares, representing approximately 85.3 per cent. of the issued share capitalin The Rangers Football Club P.L.C. (the "Club"), for a consideration of £1.Wavetower acquired its interest in the Club (the "Acquisition") from Murray MHLLimited.The Acquisition would ordinarily have required Wavetower to make a generaloffer in cash under Rule 9 of the Takeover Code to all other shareholders inthe Club but, as the consideration paid by Wavetower for the shares acquired is£1, the Takeover Panel has granted Wavetower a dispensation from making such anoffer.Wavetower intends to post a circular to the Club's shareholders by 16 May 2011containing background information on Wavetower and other relevant information.Wavetower intends to maintain the Club's listing on PLUS Markets for a minimumof 12 months from the date of this announcement.Wavetower is 100% owned by Liberty Capital, a company which is ultimately ownedby Craig Whyte. Craig is a lifelong Rangers supporter and is very much lookingforward to guiding and assisting Rangers in its development over the comingyears.

Source: FOOTYMAD