Rangers: Dave King to launch appeal against share offer ruling
Rangers chairman Dave King is to appeal against a Court of Session ruling ordering him to make a share offer totalling around £11m.
Lord Bannatyne ruled in favour of the Takeover Panel that King acted in concert with other shareholders when he bought a controlling stage in 2015.
King was ordered to offer investors 20p per share for the share capital not controlled by him and three partners.
He now intends to challenge that ruling, though.
The South African was ordered to 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 owns around 15% 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."