Still no sign of cash from chairman
Ibrox chief King facing possible contempt hearing
Dave King: facing possibility of more legal action (pic: SNS Group)
Rangers chairman Dave King faces possible contempt of court proceedings after failing to comply with a Takeover Panel order.
Papers were served last month on the South Africa-based businessman who was ordered in December to launch a 20p per share offer for the remainder of the club’s shares after the Panel ruled he had acted in concert with other investors to acquire the Ibrox club in March 2015.
The chairman of the Takeover Panel hearings committee, Michael Crane QC, has since rejected King’s request to review a decision to refuse to grant him more time to produce proof of funds.
Rangers’ biggest shareholder has previously claimed his offer had been delayed amid difficulties in securing clearance from the South African authorities to transfer money needed to underwrite his £10.75m bid.
In a document today the Panel stated its intention to initiate contempt proceedings were Mr King to fail to procure the publication of an offer in accordance with the code within the time stipulated.
In a statement today the Panel says Mr King “produced no evidence to show that he had instructed Investec to seek the necessary exchange control consents or to confirm its willingness to receive the consideration monies into a UK account with a view to giving the requisite cash confirmation.
“It is noteworthy that, in his submissions of 18 June 2018 Mr King does not maintain that he has now instructed Investec to do this.”
King earlier lost two challenges to the panel’s order in the Court of Session in Edinburgh.