Mountain out of a molehill: Reported Dave King bid at Rangers means nothing
Dave King has lost his appeal against making an offer for shares in the club not held by him or the ‘Three Bears’, according to the Daily Record, but in truth it doesn’t really mean anything.
King is reported to have to make an £11million bid for the 70% of the club owned by other shareholders but with the bulk of those held by Gers fans with little interest in cashing in, King could find himself only having to spend a tiny fraction of the overall amount.
The Gers chairman could find a small number of shareholders willing to sell-up however with the most recent share transactions taking place at 27p it wouldn’t make good business sense for institutional investors to sell up at 7p per share less than their current value.
While the South Africa-based businessman has indulged in his fare share of tyre-kicking over the last five years when it comes to Rangers – and some of his feeble attempts at getting out of having to make the 20p offer were cringeworthy – King has ponied up when needed over the last few years and has helped get the club to a far stronger position than it was under his Mike Ashley approved predecessors.
King will end up making the offer – either as an individual of through the New Oasis Asset trust fund who currently hold King’s shares – but the £11million fee being bandied about will be nowhere near the amount the Gers chairman ends up parting with.
In other Rangers news, Graeme Murty has revealed this Rangers star was angry and frustrated after the win over St. Johnstone
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