Dave King’s legal team have pleaded with the Court of Session to spare their client a jail sentence.
Almost three years after purchasing shares in Sevco in a concert party action with the three bears the South African based criminal could be facing his day of reckoning.
The evidence is stacking up against King who once paid over £40m to stay out of jail in South Africa.
Now turns to issue of practicality. Respondent’s position is that he does not have freed personal funds.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Counsel says information in affidavit shows link between King, Glencoe, Sovereign and NOAL. King claims not to be shareholder in Rangers.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Counsel looking at futility argument by respondent. Takes this to mean that no one would accept an offer of 20 pence per share.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Counsel says 70% of Rangers shareholders were disenfranchised by concert party. The order the Panel seeks is not to punish DK.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Counsel for DK begins by saying shareholders are not disenfranchised. They retain their vote. They can still sell if they wish.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
DK counsel: There is no efficacy to make order. Respondent has no funds to comply with order and offer of 20p will not be accepted.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
DK counsel asking what is the point of the order, in having DK held in contempt of court if he doesn’t then comply with order.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
DK counsel: Ultimately that would be a criminal offence – a rather dramatic outcome. Proposes no order should be made.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Lord B asks DK counsel whether price of shares is relevant? What is being debated is equality of treatment. DK counsel says it is.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
DK counsel: There is no evidence to suggest there are shareholders chomping at the bit to take a 25% haircut on their shares.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Counsel asked by Lord B why DK went ahead and made offer despite being warned by GL about potentially crossing 30% threshold.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
DK counsel says perhaps DK wasn’t fully aware of significance of consequence of crossing 30% or fully understands GL email.
— Alasdair Lamont (@BBCAlLamont) October 12, 2017
Despite email records showing correspondence between King, the three bears and the Rangers Supporters Trust the son of a policeman from Castlemilk initially denied that he was working with the other investors.
King later claimed that he had no involvement in the purchase which was made through New Oasis Asset Limited although the Sevco website explains that NOAL is managed by the King family.
Today in the Court of Session in Edinburgh King’s representatives firstly revealed that their client didn’t have the funds to comply with the Takeover Appeal Board then added that not many shareholders would be interested in selling at the 20p price requested.
Lord Bannatyne appeared highly suspicious of King’s team with the case continuing tomorrow.
