£11m Rangers offer on the cards from Dave King
Rangers chairman Dave King has been ordered to make an £11million offer to buy the remaining shares in the club, according to a report.
The BBC Sport website claim that a Court of Session judge ruled on Friday that King needs to offer investors 20p per share for the share capital not already controlled by him and three partners.
The ruling comes as a consequence of an action brought by the Panel on Takeovers and Mergers.
The financial watchdog claimed that King did not comply with the terms of the 2006 Companies Act.
Legislation dictates that entrepreneurs who hold a 30 per cent stake in businesses are compelled to make an offer to investors to buy remaining shares.
It was argued that King acted in concert with businessmen George Letham, George Taylor and Douglas Park to acquire more than 30 per cent of voting rights in Rangers in late 2014.
Advocate James McNeill QC previously told Lord Bannatyne that the Panel On Takeovers and Mergers believes the Ibrox boss hasn’t complied with the law.
During the case, lawyers acting for King said the chairman could not afford to buy back shares at 20p per voting right.
The money to buy the shares came from offshore trusts which were in the name of Mr King’s family.
Lawyers acting for King said he didn’t have the money needed to buy back shares at 20 pence per voting right.
Mr King’s legal team also argued that the shares were acquired by cash from his family’s trusts. The businessman claimed he didn’t have direct control over these trusts.
In other Rangers news, Football Insider can exclusively reveal the Glasgow club have opened talks about signing defender in the January window.
We’ve launched a << BREAKING NEWS FEED>> exclusively for your club. ‘Like Us’ on Facebook by clicking here if you want 24/7 updates on all Rangers breaking news