The Takeover Appeal Panel returned to the Court of Session on Tuesday as Dave King continues to defy their order to make an offer of 20p for Sevco shares.
After three years in denial of city regulations King was ordered in March to make an offer to the shareholders outwith the concert party that snatched control of the club in 2015.
The South African based criminal has dragged his feet at every stage of the process after failing to find a NOMAD or come up with the share issue that he promised when he ousted the old austerity regime.
Despite claiming to have pumped in £30m to the tribute act King told selected reporters that he didn’t have a UK bank account while making a number of accusations against The Takeover Panel.
The Herald reports:
REGULATORS have brought fresh legal action over the failure by Rangerschairman Dave King to make a judge-ordered £11 million bid for most of the club’s shares.
It has emerged that representatives of the Takeover Panel were in the Court of Session on Tuesday in a private session in front of Lord Dougherty as the impasse over the issue continues.
Last month the Takeover Panel was granted a court order which forbid any attempt by Mr King’s South African-based Laird Investments (Proprietary) Limited from making the mandatory offer to thousands of shareholders without a third party confirming that the funds to support it are there.
The Rangers chief who says he has the funds in South Africa rather than the UK has since accused the Takeover Panel of “bullying” while confirming the club hoped to raise £6 million of fresh capital from a share issue “before June”.
The Rangers chief has already been told that he is in breach of takeover rules by failing to make the shares bid by a deadline of April 26.
During his chat to invited reporters following the appointment of Gerrard King admitted that he had no intention of making an offer in line with the TAP. At the same discussion the South African based criminal claimed that a June share issue would raise £6m.
Last week Club 1872 claimed that they were investing £1m in the share issue but no details or price has been published about the £6m offer which is aimed at providing funds to Steven Gerrard to stop eight-in-a-row.