The group behind a purchase of two million Rangers shares claims it will not have any involvement in running the club. Laxey Partners Limited increased its stake in Rangers International Football Club plc on Monday by buying more than two million shares for around £840,000. The purchase, held on behalf of the firm by nominee shareholders Credit Suisse, saw Laxey’s stake in Rangers rise to around 4.99% of the company’s issued capital. It is not yet known who sold the stake to Laxey Partners, which is an Isle of Man-registered hedge fund. The firm, which is led by investment bankers Colin Kingsworth and Andrew Pegge, is believed to have paid £1m for one million shares as an initial investor in the newco Rangers last October. Mr Kingsnorth stated that his firm was not in talks with any of the separate factions vying for control of the club. He told STV: "We have not been in discussions with any of the various groups at Rangers but are keen to see the club stabilise. We won’t have any involvement in appointment of people or management. "We invested money in the club when it was needed and before it listed on the stock exchange. All the infighting and EGMs (extraordinary general meetings) need to end so the club can get on and run itself properly with the right financial support." As part of the deal, the group entered into an agreement to guarantee its shareholding is not diluted. It ensured if the share flotation price was lower than the £1 paid by Laxey, it would receive additional equity in Rangers International to ensure its stake was not devalued. It is understood that as a result of Rangers International’s 70p opening stock market flotation price, former Rangers chief executive Charles Green has agreed to transfer a chunk of his 7.7% shareholding in the company to Laxey. In a previous announcement to the London Stock Exchange, Rangers confirmed 714,285 shares owned by Mr Green would be transferred to Laxey in December this year, when his 12 month lock-in agreement over selling his shares expires. On Tuesday, in the notification to the exchange about its increased shareholding, Laxey Partners noted that its 4.99% holding in Rangers was its current position and did not include the shares due to be transferred to it from Mr Green. Mr Green purchased five million shares in Rangers at 1p each as part of an agreement entered into on October 31 last year. This came days after the deal with Laxey, which was dated October 19, 2012. John
Posted on: Tue, 13 Aug 2013 16:04:19 +0000