The announcement this morning from Rangers International Football Club to the London Stock Exchange should come as no surprise to regular readers here.
The key point is that the Open Offer is not underwritten.
The notes accompanying the announcement spell out quite clearly the dire financial situation that RIFC now find themselves in.
If this Open Offer is a huge success then that £3.97 million (before expenses) will be used to pay of Mr Letham and the Easdales.
It will also be used to pay the VAT on the Season Ticket cash which is currently out of bounds.
I understand that accessing those monies contributed by loyal fans will allow the company to continue trading until October/November.
However the company will then have to raise an even greater amount.
I understand that yesterday basic wages were paid after the 11th hour intervention of a major shareholder.
However my information is that staff bonuses were not paid.
For the avoidance of doubt RIFC and their loss making subsidiary The Rangers Football Club (formerly Sevco Scotland Limited) are running on financial fumes.
This Open Offer, which does not have an underwriter, really has to be a stonking success.
These must difficult days for anyone who is emotionally thirled to the Ibrox brand.
However those who did not renew their Season Tickets must now know that they have contributed to this situation.