Dave King has launched an amazing attack on the Takeover Panel just two days before a contempt charge is heard at the Court of Session.
For three years the South African based criminal has avoided making the 20p share offer to shareholders outside his concert party takeover.
Fellow bear George Letham warned King in an email about the need to keep their combined shareholding below 30% but typically the policeman’s son did what he wanted.
King has used every appeal process and stalling tactic but is now facing jail for refusing to carry out an order from the Court of Session.
Using the club website he stated:
I am also still dealing with the Takeover Panel (“TP”) following complaints by the old board and supporters of other clubs to hold me personally liable to make an offer for all the non-consortium shares of RIFC. This follows similar efforts to deny me fit and proper status with the SFA. Certain individuals believe that if they can disrupt the current board the recovery in Rangers fortunes over the last three years might be reversed. It is noteworthy that the SFA have still not approved Alastair Johnston’s fit and proper status despite his impeccable record as a businessman and as a protector of our Club during its darkest moments.
The initial TP ruling was strange in targeting me personally when I have never held any shares in my personal capacity. However, eventually the TP agreed that it would be practical if one of my trust companies in South Africa (“SA”) made the offer on my behalf. At the TP’s request cash of approximately GBP 11m was ring-fenced in a lawyer’s trust account to fund the offer. After agreeing to the public announcement of the offer by the SA company the TP changed its mind and asked that the funds be placed in an account in the UK. I agreed to this but explained to the TP that I have no account in the UK and would need time to open one and to get exchange control approval to transfer funds out of SA. The TP refused the necessary extension of time and instituted contempt of court proceedings against me for not complying with the original ruling to make a personal offer. That strange decision has now caused further unnecessary delay, with no end in sight. Fortunately, it does not affect the operations of the football club.
Litigation with the TP is another unwanted personal and financial cost to me of my initial decision to get involved with the Club again to assist in rescuing it from certain demise under the previous board. Since then, I have devoted far more time to Rangers than to my other business interests. This was necessary because those who benefited from the previous regime adopted every legal strategy to avoid losing the vice like grip they had on our Club. Supporters will remember that I faced another contempt of court application when Mike Ashley tried to put me in jail for standing up to Sports Direct. That is what we are up against.
King also faces legal action from Sports Direct at the end of this month for failing to disclose details of an offer from a third party to retail and distribute Sevco kit.
The South African based criminal has blamed the Sevco directors that he replaced in 2015 for the contract that he signed with Paul Murray in 2017!
