Rangers chairman Dave King plans to appeal court ruling
Saturday 23 December 2017 21:15, UK
Sky Sports News understands that Rangers chairman Dave King plans to appeal against Friday's court ruling which ordered him to make an £11m share offer.
King was told to make an offer for the remaining shares in the club after he lost a court case against the Takeover Panel on Friday.
The South African must submit an offer within 30 days after a written decision by Lord Bannatyne following an earlier hearing at the Court of Session in Edinburgh.
King was ruled to have acted in concert with George Letham, Douglas Park and George Taylor when they bought a combined stake of 34 per cent of the club in early 2015.
The Glaswegian is now liable to make an offer totalling almost £11m for the remainder of the shares.
King owns around 15 per cent of the Rangers International Football Club PLC shares through his family trust, New Oasis Asset Limited, and the judge rejected his claim that he did not have control over its assets.
Lord Bannatyne also dismissed King's argument that he could not afford to buy the shares and his assertion that the 20p share price set by the Takeover Panel was so far below the market price that shareholders would not accept it. Both arguments were deemed "irrelevant".
Rangers managing director Stewart Robertson insisted the decision would not impact the club's plans to hold a fresh share issue early next year.
He said on Friday: "It doesn't impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place."
