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8 January 2015

Revised Proposal Relating to Rangers International Football Club plc

Further to the announcement on 6 January by the board of Rangers International Football Club plc ("Rangers") of their rejection of his initial proposal, Robert Sarver confirms that he has made a revised proposal to the board. The revised proposal involves investing up to £20 million for a majority shareholding by way of a placing of new ordinary shares in Rangers at 20 pence per share ("Placing") followed, if the Placing is completed, by a mandatory offer for the remaining issued and to be issued ordinary share capital under Rule 9 of the City Code on Takeovers and Mergers ("Code") at 20 pence per share. As part of the revised proposal £6.5 million would be made available to Rangers in immediate short-term funding by way of a secured loan to be repaid in 90 days or out of the proceeds of the Placing. Nothing in this announcement constitutes an announcement of a firm intention to make an offer for the purposes of Rule 2.7 of the Code and there can be no certainty that any offer will be made. Mr. Sarver, who has owned the successful Phoenix Suns NBA franchise since 2004, is CEO of the $10 billion Western Alliance Bancorporation. He has already provided proof of funds to the Rangers board. Speaking from Phoenix, Arizona, Mr. Sarver commented: "This revised proposal hopefully helps the board deal with its short-term cashflow crunch and also addresses my desire to see the club on a solid long-term financial footing. It would also enable Rangers to repay the loans from Mike Ashley and Sandy Easdale, and free it of debt. "I know, of course, that there are various groups of prominent fans who have been working hard for a long time to bring change to the club and they can rest assured that, if my proposal is accepted, I am committed to building a strong partnership with fans and key stakeholders to do what is best for the club. "I look forward to receiving the response of the Rangers board."

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12207694.html

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