Contempt case dismissed
BY ALAN McEWEN RANGERS chairman Dave King was hit with a six-figure legal bill yesterday over his contempt of court case.
During a hearing at the Court of Session in Edinburgh, judge Lady Wolffe dismissed the contempt case against him, lifting the threat that he could be fined or jailed.
But she ruled King would have to stump up the legal expenses for the financial watchdog who brought the court action, as well as his own fees, which could reach an estimated £250,000.
The entrepreneur had faced being held in contempt by a judge over a failure to make a multimillion-pound offer to buy out club shareholders.
The Takeover Panel said a mandatory buyout offer was triggered when King and three businessmen acquired a combined 34 per cent stake in the club in 2014.
The panel took him to court after King flouted its demand that he offer 20p a share to purchase the remainder.
He then proceeded to make a court-ordered offer worth a potential £19million in January, just hours before a deadline.
In the end, he was let off from having to shell out after minority shareholders rejected the offer.
King’s lawyer, Jonathan Mitchell QC, said his client had always intended to comply with the takeover code but had sought to “renegotiate the terms”.
David Johnston QC, representing the Takeover Panel, said the court action had to be raised to protect the panel’s “credibility”.