Shares blow for chairman
King facing £12m bill over Ibrox takeover
Mr King was judged to have been working as a “concert party” with the so-called Three Bears investors when they bought shares.
The Takeover Appeal Board ruled that Mr King hadn’t acted as an individual when he, George Letham, George Taylor and Douglas Park bought shares in the company.
It means he may now be liable to buy all the shares in the holding company Rangers International Football Club, held by other shareholders – at 20p a share.
It said that he breached the rules when the share-buying passed the 30% threshold that triggers a mandatory takeover bid for all the shares in a company.
Mr King told the club’s website: “Today’s decision by TAB is part of the price I have had to pay for being determined to rescue Rangers Football Club from its previous regime and the drastic consequences of their actions. I do so willingly.”
He added: “I do not believe that there is any substantial group of RIFC shareholders that would be willing to sell its shares in RIFC at the price at which the TAB has determined I should make an offer.
“20p is not a price that I personally believe represents a fair price for RIFC’s shares, nor is it the price at which shares in RIFC are currently trading.”