DAVE King and his Three Bears group will have a firm grip on Rangers if a bid to convert over £14m of club loans into shares gets the go-ahead, it has emerged.
The Rangers board are asking independent shareholders to agree to a 'waiver' that would prevent Mr King from again having to make another multi-million pound shares offer to other shareholders as he and his partners tighten their hold on the club.
In February, Mr King won a long battle to avoid paying out on a court-ordered shares offer, which could have cost him as much as £19m, after it just failed to get enough acceptances from shareholders to become valid.
Mr King was obliged to make the bid by the Takeover Panel financial regulator, which ruled he, and the Three Bears group of investors made up of Hong Kong-based investment banker George Taylor, Park's Motor Group founder Douglas Park and investment banker fan George Letham, had acted "in concert" to acquire more than 30% of the Ibrox club's shares when they took over the club from a group said to be allied to Sports Direct founder Mike Ashley in 2015.
The bid failure meant that those who accepted the 20p-a-share offer including former football board chairman Sandy Easdale and his family kept their shares.
Full story from here.. https://www.eveningtimes.co.uk/news/17688121.dave-king-group-set-for-controlling-interest-in-rangers/
Anyone heard anything about todays court ruling with Ashley?
Dave King
posted on 7/6/19
Can you feel my
posted on 7/6/19
Any update on the outcome?
posted on 7/6/19
comment by Miller (U9310)
posted 2 hours, 29 minutes ago
Any update on the outcome?
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Yes. It's worse than I thought
posted on 7/6/19
comment by Miller (U9310)
posted 4 hours, 58 minutes ago
Any update on the outcome?
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Decision yet to be made public.
posted on 15/6/19
http://www.bailii.org/ew/cases/EWHC/Comm/2019/1419.html
This will hurt your head but sounds like we may have lost this case against the fat rat.
posted on 15/6/19
comment by Bluebell (U7064)
posted 20 minutes ago
http://www.bailii.org/ew/cases/EWHC/Comm/2019/1419.html
This will hurt your head but sounds like we may have lost this case against the fat rat.
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Sounds like?
Absolutely battered senseless on all counts I’m afraid.
posted on 15/6/19
I will fooking batter you senseless
All mumble to me Ginger,my brief dealt with the paper work haha.
Auch well....
posted on 15/6/19
comment by Bluebell (U7064)
posted 3 hours, 54 minutes ago
I will fooking batter you senseless
All mumble to me Ginger,my brief dealt with the paper work haha.
Auch well....
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Apologies for being the harbinger of bad news mate. Doesn’t really matter as it all depends upon what the judge does. I imagine it will be to pay costs and adhere to the contract or stop selling through another method.
I don’t see SDI claiming losses or damages in there.
posted on 20/6/19
Yesterdays Gm results
https://rangers.co.uk/news/headlines/general-meeting-result-2/
posted on 20/6/19
comment by Bluebell (U7064)
posted 28 minutes ago
Yesterdays Gm results
https://rangers.co.uk/news/headlines/general-meeting-result-2/
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Paper dollars