Takeover Panel lines up for fixture with Rangers FC Chairman
The Takeover Panel has initiated proceedings to seek an order requiring Mr. David King, the Chairman of Rangers FC, to make an offer for the football club under Rule 9 of the Takeover Code. This is the first time the Takeover Panel has used its statutory powers under s. 955 Companies Act 2006 to seek enforcement by the Court where a person has not complied with the Takeover Code.
This follows Mr King’s failure to meet the 12 April 2017 deadline set by the Takeover Panel to make the offer. The deadline was set following the Takeover Panel’s finding that Mr King had acted in concert with three other individuals in the acquisition of more than 30% of the voting rights in Rangers FC.
Click here for the Takeover Panel announcement.