Rangers chairman’s court hearing delayed

A hearing into whether Rangers chairman Dave King has breached a court order which compels him to make an £11 million offer to the club’s shareholders has been postponed.

The businessman was expected to give evidence at the Court of Session in Edinburgh yesterday into a case which has been brought to the legal facility by the Panel on Takeovers and Mergers.

The financial watchdog took the South African resident to Scotland’s highest civil court because it believed he didn’t comply with the terms of the 2006 Companies Act.

The legislation dictates that entrepreneurs who hold a 30 per cent in businesses are compelled to make an offer to investors to buy remaining shares.

In December 2017, the Court of Session ruled that Mr King hadtocomplywiththelawand make an offer for the shares. Last month judge Lord Bannatyne urged Mr King to comply with the order as quickly as possible or face a hearing into whether Mr King was in contempt of court.

However, yesterday, the hearing, which was scheduled to take place before judge Lady Wolffe, was cancelled at the last minute due to a legal issues.

Lady Wolffe scheduled proceedings to take place in October 2018. The case has arisen over the actions of Mr King and the so called “three bears” - businessmen George Letham, George Taylor and Douglas Park when they took the club over in late 2014.