Senior judges today rejected an appeal by Rangers chairman Dave King against a court order requiring him to make an £11 million offer for remaining club shares.
Lawyers for Mr King had argued that a judge went “too far” in ruling against him over the order that he make a mandatory offer at a price of 20p a share for all those not under his control and that of three other businessmen.
Mr King challenged Lord Bannatyne’s decision arguing that the judge erred in holding his impecuniosity is irrelevant and in rejecting the argument that evidence was necessary to establish his purported control of trust funds.
His counsel, Lord Davidson of Glen Clova QC, asked appeal judges at the Court of Session in Edinburgh to either dismiss the petition brought against Mr King by the takeovers and mergers panel or to send it back to Lord Bannatyne for an evidential hearing. The senior counsel argued that the judge’s belief of effective control by Mr King over the trusts was not supported by an analysis of materiel on which he relied.
Lord Davidson said that if an offer was to be made at below the current share price it did seem to be “a pointless exercise” which served neither the interests of the shareholders nor the public.