Chairman offers to buy out owners by Burns Night
BY MICHAEL PRINGLE RANGERS chairman Dave King has declared he will make a £19million offer to buy out the rest of the club’s shareholders by Burns Night.
The details of a written undertaking given by the Gers’ chairman to the Court of Session last week were revealed on the club’s website yesterday.
It sets out his agreement to have the necessary consents in place to have funds transferred from South Africa, where he is based, by January 11 at the latest.
That will allow an offer to be made to shareholders by 5.30pm on January 25.
If every shareholder takes up the offer, it could cost him up to £19million.
The 63-year-old businessman became legally obliged to make an offer to buy all other shares in Rangers International Football Club PLC (RIFC) when he took control of the club with three other businessmen in 2015.
He acquired about 15 per cent but the Takeover Panel ruled he was part of a consortium that acquired 34 per cent of Rangers’ shares, exceeding the 30 per cent threshold that triggers a mandatory buyout.
At the Court of Session last week he finally agreed to make an offer for the remaining shares.
King told the court he didn’t expect a major uptake of his offer because he believes most fans with small shareholdings won’t sell.