The Team

Dave King loses appeal against share offer
28/02/2018
Dave King loses appeal against share offer
In the long-running saga of the ills of the company that purchased Glasgow Rangers football Club we hear about the rejection of Dave King's appeal against an order that he's to make an offer for all the issued shares in the club.

Back in December, we told you about the Court of Session ruling that decided Dave King had acted along with others in amassing a shareholding of over 30% of the company (you can read that article by clicking here). Despite arguments that Mr King didn't have the money to make the offer, the court went against him.

The appeal judges refused Mr King's appeal and this now means he'll have to make an £11 million payment to all of the shareholders in the company that owns Rangers Football Club to buy their shares at a price of 20p each. Whilst it's highly unlikely any shareholders will accept an offer like this (mostly because the share price is currently trading above that level), Mr King's problem is that he has to have the £11 million available before the offer is made.

Mr King may decide to seek leave to appeal to the Supreme Court should he consider the appeal judges at the Court of Session made a mistake in law. We'll have to wait and see if he does that. If he fails to make the offer, as ordered, it will be very interesting to see what steps will be taken against him for failing to obey the order of the Court. Watch this space.....

Update: 31 March 2018
Dave King has announced that one of his Trust companies will fund and make the offer of purchase as ordered by the Takeover Panel (as endorsed by the decision  of the Court of Session in Scotland).