BEARGER 1,830 Posted November 29, 2018 Share Posted November 29, 2018 https://www.bbc.co.uk/sport/football/46392223 Dave King: Rangers chairman set to give evidence in contempt of court hearing Rangers chairman Dave King was ordered to make an offer of 20p a share to other shareholders Rangers chairman Dave King is expected to give evidence at the Court of Session in Edinburgh on Friday on day two of his contempt of court hearing. The South Africa-based businessman was in court on Thursday to watch evidence from members of the Takeover Panel. The Panel is trying to force Mr King to abide by its code and make an £11m offer to buy out the rest of the club's shareholding. He is required to do so after being found guilty of working in concert with other shareholders to take control of the club in 2015. Before Lady Wolfe, Mr King's QC, Jonathan Mitchell, argued that few shareholders would be likely to take up the share offer of 20p per share as the recent share price has been higher. The Takeover Panel said shareholders have already expressed an interest to buy at 20p but refused to give more details, when asked. Senior judges rejected an appeal by Mr King in February against a court order requiring him to make an £11m offer for the remaining club shares. He missed a legal deadline for making an offer in April, before the Takeover Panel launched contempt proceedings against the 63-year-old in July. 0 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted November 29, 2018 Share Posted November 29, 2018 Isn't it strange that our chairman's affairs receive more coverage than our team's performances do. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,749 Posted November 29, 2018 Share Posted November 29, 2018 (edited) 2 hours ago, Gaffer said: Isn't it strange that our chairman's affairs receive more coverage than our team's performances do. Which - as it is a negative article - in turn can be marked as bias by that broadcaster above. That said, every scribbler in Scotland worth his ghrain will have a say about that soonish enough. Over on FF someone said that King will speak at court tomorrow. Edited November 29, 2018 by der Berliner 0 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted November 29, 2018 Share Posted November 29, 2018 If he wins this (which I hope he does for the sake of common sense), the TP reps should be given a roasting. Either way, they way they've behaved is ridiculous. 0 Quote Link to post Share on other sites More sharing options...
craig 5,199 Posted November 30, 2018 Share Posted November 30, 2018 2 hours ago, Gaffer said: If he wins this (which I hope he does for the sake of common sense), the TP reps should be given a roasting. Either way, they way they've behaved is ridiculous. He wont win it. Their rules are abundantly clear, regardless of whether they make sense or not. 1 Quote Link to post Share on other sites More sharing options...
compo 7,055 Posted November 30, 2018 Share Posted November 30, 2018 I think he's wasting money by fighting this . 0 Quote Link to post Share on other sites More sharing options...
Gaffer 1,665 Posted November 30, 2018 Share Posted November 30, 2018 8 hours ago, craig said: He wont win it. Their rules are abundantly clear, regardless of whether they make sense or not. I don't mean the breach of TP rules. They are clear and he should be punished for that. I'm referring to the contempt charge. That's the one that's nonsense given the shifting of sands from the TP. That's the one he should fight and could win. 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,830 Posted November 30, 2018 Author Share Posted November 30, 2018 https://www.bbc.co.uk/sport/football/46403987 Rangers chairman Dave King says some shareholders have links to organised crime 19 minutes ago From the sectionRangers Sharethis page Rangers chairman Dave King was initially ordered to make an offer of 20p a share to other shareholders Rangers chairman Dave King has told a court he suspects some shareholders in the club have links to organised crime. At the Court of Session of Edinburgh, King said he is now "100% committed" to making an offer for the remainder of the club's shareholding. He was ordered to do so after being found to have worked with others when taking control of the club in 2015. But King said he could not make an offer to four shareholders because of their links to criminal activity. He said that a Rangers board meeting last Monday concluded that the four could not transfer their stakes, adding of one that the were "engaged in criminal activities in the USA". King has been in dispute with the Takeover Panel, who applied to have the South African businessman held in contempt of court for refusing to comply. The Ibrox chairman had argued he should be allowed to ring-fence funding for the offer in South Africa but told the court, in front of Lady Wolfe, that after exhausting all options, he will now agree to transfer funds to the UK. The Takeover Panel want financial guarantees of around £19m to be held by a third party. As part of his evidence King also listed key shareholders who, he says, have told him the will not take up the offer. One of the investors mentioned was former chairman of the football board Sandy Easdale. Mr Easdale has since told the BBC he has given no such undertaking. 0 Quote Link to post Share on other sites More sharing options...
BEARGER 1,830 Posted November 30, 2018 Author Share Posted November 30, 2018 From The Rangers Observer Good to see that the hotline from stand up guy and top businessman Sandy Easdale to Pacific Quay, via Jack Irvine, is still in operation. Having been used so often to spread PR for the Easdales, Blue Pitch etc, you’d think McLaughlin might have learned his lesson. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,724 Posted November 30, 2018 Share Posted November 30, 2018 SHARE ISSUE DEAL Rangers chief Dave King halts legal proceedings against him after agreeing to bring up to £19m to UK to make share offer The Ibrox chief was facing contempt of court proceedings after failing to offer to buy the club's shares that he didn't own RANGERS chairman Dave King has halted legal proceedings against him after providing a judge with a formal undertaking to proceed with an offer to buy shares in the club. The 63-year-old businessman was facing contempt of court proceedings at the Court of Session in Edinburgh over his failure to comply with an order made by judge Lord Bannatyne. Legal watchdogs at the Panel on Takeovers and Mergers wanted Lady Wolffe to rule that the South African businessman had wilfully breached her colleague’s order. Lord Bannatyne had ruled that Mr King - the Gers majority shareholder - was obliged to offer to buy the equity that he didn’t control. But Mr King hadn’t met deadlines to make the offer prompting the panel to instruct lawyers to go to Scotland’s highest court. On the second day of proceedings at the court, Mr King told his lawyer Jonathan Mitchell QC that he was “100 per cent committed” to making the offer. After spending three hours on Friday giving evidence, Mr King’s lawyer told Lady Wolffe that his client had come to an agreement with the panel. The court heard that Mr King was committing himself to bringing up to £19million of his money to the United Kingdom from South Africa. This would be used to pay for the shares. The sum which will be taken to the UK might be lower than the £19million figure. This is because Mr King has spoken to shareholders who have given him assurances that they will not sell their shares to him at the 20 pence price. However, he will have to come to an agreement with the panel about the final sum. He also undertook to work with a financial institution which would provide verification that Mr King had enough money to make the offer. And he also undertook to ensure the offer would be made to Rangers shareholders by January 25 next year. Lady Wolffe then stopped the case against Mr King. She also arranged a hearing to be held on January 29 to see if the share offer had been made. However, Lady Wolffe also arranged for the contempt proceedings to be resumed against Mr King in the event that he didn’t make the offer. She told Mr King: “This proof will pause at this point but will continue on February 4 2019 and that is to make sure this is dealt with in a timely fashion. “That is a peremptory diet - you are obliged to attend unless otherwise excused. “The consequence of non attendance on that occasion without good excuse can have serious consequences.” Mr King said he understood and then left the court with his legal team. The case was originally brought to court over the actions of Mr King and the so called “three bears” - businessmen Douglas Park, George Letham and George Taylor - during their takeover of Rangers in late 2014. Investigators for the panel concluded that the quartet acted in concert to acquire 30 per cent of the shares in Rangers. Earlier today, he had told the court he feared some Rangers shareholders "had links to organised crime". The Ibrox supremo told his lawyer Jonathan Mitchell QC that he wouldn’t be able to make the offer to four shareholders at the club because they had links to serious criminal activity. He said that he participated in a Rangers board meeting last Monday which concluded with the directors stating that the four shareholders couldn’t transfer their stakes in any sale. Speaking about the four shareholders, Mr King said: “They’ve got links to organised crime.. money laundering.” Mr King added that the shares won’t be sold. Speaking about the conclusion of the board meeting, he added: “The company secretary has given the instruction that these shares cannot be transferred.” Speaking about one of the shareholders with suspected links, Mr King said: “They were engaged in criminal activities in the USA. There was an intervention from the authorities there and they were put in administration.” https://www.thescottishsun.co.uk/news/3562230/rangers-dave-king-case-stopped-19-million/?utm_medium=Social&utm_source=Twitter#Echobox=1543593735 1 Quote Link to post Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.