FCA regulated institutions will still be able to deal with Rangers FC, should they want to associate themselves with the financially toxic soccer club, but as of today they can have no dealings at all with its chairman Dave King. The cold shoulder ruling was imposed by the Takeover Panel today.
55 is too young to die. But sadly it appears that lawyer Gary Withey has passed away suddenly and of natural causes. He was a controversial figure but a friend of mine and a saviour of this website.
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A month ago, Tom reported the Takeover Panel’s decision that Dave King should make a 20p offer for Rangers International Football Club (RFC) (HERE) and also commented on King’s ridiculous response (HERE). Well, King has point blank refused the request to make a bid but the Panel is not backing down without a fight.
Earlier today the Takeover Panel slammed the dodgy antics of Dave King on numerous counts and ordered him to launch a 20p per share, £14 million, bid for the 85% of Rangers (RFC) shares he does not own. King has responded with a statement of complete and utter horseshit showing that he holds the law of the UK in contempt. King has issued a statement via Rangers which it is worth dissecting for the half truths and bollocks it contains. The statement follows with my comments in bold.
The Takeover Panel has today slammed Rangers (RFC) supremo David King for breaching the UK Takeover Code as well as being a prize arse in not co-operating, indeed appearing to obstruct, its enquiry. The upshot is that he has now been told that he must launch a 20p per share offer for the 85.43% of Rangers he does not own by April 12. That will cost him up to £14 million if everyone accepts.
Rangers FC (RFC) has announced that it will postpone its ISDX stockmarket listing until the criminal cases against Charlie Green, Imran Ahmed, Craig Whyte and others are concluded. Pro tem Dave King and associates will bail the club out with short term loans. This is all to do with who owns Ibrox.
