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King’s stay of execution over contempt charge

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Dave King’s legal team has managed to delay his Contempt of Court charges until the middle of August.

A brief hearing was heard today at the Court of Session this morning called by the Takeover Panel over the South African based criminal’s refusal to make a 20p offer to shareholders.

King swept to power at Ibrox in March 2015 but despite warnings from fellow investors took their combined shareholding above the 30% threshold.

City regulations demand that an offer is then made to the remaining shareholders to sell out at the minimum price paid by the concert party.

King has tried every excuse from not working with the Three Bears to ignorance of city regulations and has finally settled for not being able to set up a UK bank account.

The TOP has given him every opportunity to comply but were forced to start contempt proceedings in June.

Covering today’s hearing Easyjambo on the Scottish Football Monitor reported:

CoS update. Two day proof hearing to be held n front of another commercial judge, possibly on 14th August unless the two parties can agree on how an offer will be progressed before then. Lord Bannatyne keen to see the matter concluded.

The TOP QC made reference to King’s statement earlier this week. Lord Bannatyne confirmed that he had read it in the Times. 

Lord Davidson again put forward King’s argument that TOP had delayed matters by insisting on the funds being in a UK account.

I don’t think Lord Bannatyne was overly impressed by that argument given what has been said and done previously.

STV reported Lord Ballantyne saying: “The court and indeed the panel has no interest in how Mr King goes about this -as long as it is compliant.

“It is a matter of complete disinterest to the panel how he makes the offer – it doesn’t matter what trust he uses or how he raises the funds. It is about compliance with the code.”

Before that hearing King has to face a ruling from England on his refusal to provide Sports Direct with details of their new retail and distribution deal which Mike Asley’s firm are entitled to match.

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