The Team

The latest twist in the Glasgow Rangers saga – and it’s not on the field!
28/04/2018
The latest twist in the Glasgow Rangers saga – and it’s not on the field!

The Takeover Panel announces Dave King has missed the deadline to issue offer for shares.
 

In the latest twist in the saga of the takeover of the owners of Rangers Football Club (Rangers International Football Club plc), we hear that the Takeover Panel instructed Rangers Football Club to make an announcement about the failure by Dave King to issue the offer for the remaining shares in the club not owned by him and his colleagues. These amount to just under 70% of the shares in the club.
 

For those not familiar with this story, Dave King is the Chairman of Rangers International Football Club plc, the company that owns Glasgow Rangers Football Club. The Takeover Panel, the Government Agency that oversees takeover and merger activity of publicly traded companies, decided that Mr King had acted along with three other people to gain control of over 30% of the shares in the company. When this happens, the person who orchestrates the takeover, in this case Mr King, has to make an offer for the entire shareholding in the company.
 

Dave King resisted this and fought this ruling through the courts. We reported on these events on our website and you can read about this case here and here.
 

The offer for shares was to have been made within 28 days of 29th March. Dave King proposes to use one of the Trusts (Laird Investments (Pty) Limited based in South Africa) in which he and his family are the beneficiaries to support the offer. The amount required for the purchase of the remaining shares should the remaining shareholders decide to sell, is just under £11 million and that has to be available in cash.
 

On its website, Rangers Football Club website, there are links to the various documents relating to the Offer to be issued by Dave King. There is also an explanatory note about the delay in the offer being made which reads:

“RIFC understands that Laird has the funds to make the offer in an Attorney client account and is seeking the necessary South African Government approvals to permit the cash required for the offer to be transferred to the United Kingdom to enable an appropriate third party to provide the cash confirmation required by Rule 24.8 of the Code.” You can read this announcement in full by clicking here.
 

It seems we’re close to the final chapter in this ongoing saga and we wait to see whether the shareholders who receive the offer will retain or sell their shares.