Friday, 11 October 2019, 12:03
by Rangers Football Club
Takeover Panel Hearings Committee Ruling
I refer to the ruling that has been released by The Takeover Panel Hearings Committee in respect of the request by the Executive of the Takeover Panel to have me sanctioned for the delay in making a Rule 9 Offer to shareholders of RIFC.
The Takeover Panel’s Hearings Committee Ruling reflects my admitted breach of the strict terms of its City Code on Takeovers and Mergers (the Code.) The terms of the Code did not allow the Hearings Committee to properly consider the impact of the legal restrictions placed on me by my need to comply with the exchange control regulations of South Africa. This need arose following the Takeover Panel’s decision to require me to make an offer in my personal capacity even though I do not own shares in Rangers International Football Club (RIFC) in that personal capacity. This meant that because of the requirements on me as a South African citizen I was faced with a choice of non-compliance with the Code or non-compliance with the laws of the country that I live in.
In terms of its practical impact, the ruling of the Hearings Committee does not impact upon my personal or business activities – including RIFC. It applies solely to dealings in companies that are or are to be listed on the UK exchanges. For that reason alone I decided – even though I consider I have strong grounds for appeal – not to appeal this ruling. This now allows myself, RIFC and its shareholders to draw a line under this long and much protracted saga.
Rangers supporters already know that my problems with the Takeover Panel arose directly as a result of the steps I took to protect and safeguard Rangers Football Club from the forces that were bent on destroying it at that time. Indeed, the complaint against me was initiated by the RIFC Board at that time (chaired by David Somers) in an attempt to prevent my efforts – along with other notables – to bring about regime change. Despite this latest sanction (and having to spend more than 1 million in litigation costs) I have no regrets whatsoever that I chose to follow this path. The present resurgent state of Rangers is sufficient reward for me.
It is important to note that in its findings the Hearings Committee found no evidence of detriment to RIFC’s shareholders and further noted that any non-compliance by me with the rules of the Takeover Panel was not motivated by financial gain or commercial advantage. Quite the opposite. My investment was motivated – to quote the Hearings Committee – “solely for the love of the club."
RIFC and Rangers Football Club are not affected by the Hearings Committee’s ruling and the ruling does not impact upon my position as Chairman and a director of RIFC. I have ensured that RIFC has complied with the requirements of the Code throughout the period of my Chairmanship, notwithstanding that the Company is no longer listed. RIFC will continue to comply with the Code. The Takeover Panel has raised no concerns about RIFC’s compliance with the Code in the more than four and a half years since regime change.
Thoughts......
Dave King Statement.
posted on 11/10/19
Comment Deleted by Site Moderator
posted on 11/10/19
Should Scotland unite with Engerland and form a new team in football?
Mix the names up Eng and Land.
Sorted.🤣🤣
posted on 11/10/19
comment by My POV (U10636)
posted 3 hours, 24 minutes ago
comment by Dodgy Bob McMayday "The Most Violent Travel Agent in the World" (U21917)
posted 4 minutes ago
comment by My POV (U10636)
posted 4 minutes ago
Fans won’t care because of that quote about why he did it, and are top of the league.
King won’t care because, well, he’s Dave King.
As long as the end justifies the means for fans of most clubs, then this has little impact or meaning.
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Does it? I never read it tbh
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You should. Reading is a good thing.
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Schite team tho.
posted on 11/10/19
comment by Dodgy Bob McMayday "The Most Violent Travel Agent in the World" (U21917)
posted 3 hours, 18 minutes ago
comment by JukeboxJunkie (U10162)
posted 4 minutes ago
Does anyone actually care?
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I'm guessing you do
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Because I asked a question?
posted on 11/10/19
The Takeover Panel ruled Mr King had worked “in concert” with others in a three-day period around New Year's Day 2015 to acquire a stake of more than 30 per cent, the threshold requiring the launch of a full takeover offer.
In hearings with the panel, Mr King initially denied having acted with individuals including George Letham, another Rangers shareholder, to gain a controlling share in the club.
That was “later shown to be untrue” following the discovery of emails between the two men, which Mr King had told the panel were deleted and could not be recovered.
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He knew the harshest punishment they could give was this, so he did the concert party anyway.
Rich people don't get rich by being nice or following the rules. Dave's a lying cvnt, but he's Rangers' lying cvnt.
posted on 11/10/19
comment by My POV (U10636)
posted 5 hours, 32 minutes ago
Fans won’t care because of that quote about why he did it, and are top of the league.
King won’t care because, well, he’s Dave King.
As long as the end justifies the means for fans of most clubs, then this has little impact or meaning.
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Spot on
posted on 11/10/19
comment by WHEREZTHEMUNNEECUMINFAE (U12366)
posted 2 hours, 44 minutes ago
comment by Gingernuts (U2992)
posted 1 hour, 18 minutes ago
comment by 🇬🇧 elite.... the wolf wan (U16936)
posted 3 minutes ago
comment by Gingernuts (U2992)
posted 36 minutes ago
He’s a waffling bellyfart. Nothing new. About to be rse bullied by Ashley soon.
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And do you condone rse bullying? On that note, can you explain how he is about to be rse bullied by the fat waste of space that is Mike Ashley?
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As long as I’m doing the bullying I’m fine
Ashley will be suing over the breach of contract on strip sales as he was given permission by the judge a month or two ago.
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Will he aye ? Taking a while eh
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Not really. They have to put is some serious work to be able to substantiate the damages they will sue for. And then add all those costs onto the actual claim. I imagine they’ll be quite thorough.
posted on 12/10/19
Comment Deleted by Site Moderator
posted on 12/10/19
comment by Gingernuts (U2992)
posted 21 hours, 50 minutes ago
comment by WHEREZTHEMUNNEECUMINFAE (U12366)
posted 2 hours, 44 minutes ago
comment by Gingernuts (U2992)
posted 1 hour, 18 minutes ago
comment by 🇬🇧 elite.... the wolf wan (U16936)
posted 3 minutes ago
comment by Gingernuts (U2992)
posted 36 minutes ago
He’s a waffling bellyfart. Nothing new. About to be rse bullied by Ashley soon.
----------------------------------------------------------------------
And do you condone rse bullying? On that note, can you explain how he is about to be rse bullied by the fat waste of space that is Mike Ashley?
----------------------------------------------------------------------
As long as I’m doing the bullying I’m fine
Ashley will be suing over the breach of contract on strip sales as he was given permission by the judge a month or two ago.
----------------------------------------------------------------------
Will he aye ? Taking a while eh
----------------------------------------------------------------------
Not really. They have to put is some serious work to be able to substantiate the damages they will sue for. And then add all those costs onto the actual claim. I imagine they’ll be quite thorough.
----------------------------------------------------------------------
posted on 12/10/19
comment by WHEREZTHEMUNNEECUMINFAE (U12366)
posted 0 seconds ago
comment by Gingernuts (U2992)
posted 21 hours, 50 minutes ago
comment by WHEREZTHEMUNNEECUMINFAE (U12366)
posted 2 hours, 44 minutes ago
comment by Gingernuts (U2992)
posted 1 hour, 18 minutes ago
comment by 🇬🇧 elite.... the wolf wan (U16936)
posted 3 minutes ago
comment by Gingernuts (U2992)
posted 36 minutes ago
He’s a waffling bellyfart. Nothing new. About to be rse bullied by Ashley soon.
----------------------------------------------------------------------
And do you condone rse bullying? On that note, can you explain how he is about to be rse bullied by the fat waste of space that is Mike Ashley?
----------------------------------------------------------------------
As long as I’m doing the bullying I’m fine
Ashley will be suing over the breach of contract on strip sales as he was given permission by the judge a month or two ago.
----------------------------------------------------------------------
Will he aye ? Taking a while eh
----------------------------------------------------------------------
Not really. They have to put is some serious work to be able to substantiate the damages they will sue for. And then add all those costs onto the actual claim. I imagine they’ll be quite thorough.
----------------------------------------------------------------------
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Dam £1m cap 😁