Takeover Appeal Board decision on Rangers International Football Club plc and Mr King

Takeover Appeal Board decision on Rangers International Football Club plc and Mr King
This news analysis considers the recent decision of the Takeover Appeal Board (TAB) to dismiss the appeal by Mr David Cunningham King in relation to the finding by the Hearings Committee that Mr King and others acting in concert with him had acquired interests in shares carrying more than 30% of the voting rights of Rangers International Football Club plc(Rangers) and were therefore required to make a mandatory offer for Rangers in accordance with Rule 9 of the Takeover Code.
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Original news

Takeover Appeal Board issues decision on Rangers International Football Club plc, LNB News 13/03/2017 138

The Takeover Appeal Board has issued its decision in relation to the matter of Rangers International Football Club PLC (Rangers) and Mr David Cunningham King. The main issue on this appeal was whether interests in shares carrying more than 30% of the voting rights of a company were acquired by persons ‘acting in concert’, so as to trigger a mandatory offer under the Takeover Code (Code).

What is the background to this matter?

Messrs Letham and King had discussions from Summer 2014 onwards and they co-operated with each other in two successive proposals concerning Rangers:

  • a consortium funding proposal to provide a major injection of capital in the form of funding of £16m — had the proposal materialised, it would have resulted in the funders acquiring 33% of the enlarged share capital, but the proposal was rejected by the Rangers board of directors, and
  • a proposal to acquire a blocking stake of 25% of Rangers shares (again, this did not materialise)

On 31 December 2014, Messrs Letham, Taylor and Park acquired interests in shares in Rangers (at 20p per share) from Laxey Partners Limited, which, together with shares already

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