Statement by Rangers Chairman Dave King on the decision of the Takeover Appeal Board

The Takeover Appeal Board (TAB) has today ruled that I was acting as a concert party with George Letham, George Taylor and Douglas Park when we acquired shares in RIFC over 2 years ago.

The TAB requires that I, as the principal member of that group, must make an offer to acquire all of the shares in RIFC held by the rest of its shareholders at a price of 20p. I do not agree with TAB’s much delayed ruling nor follow its logic and I shall take the appropriate time to reflect upon it and consider the best course of action for myself, RIFC and its shareholders. My view on one individual not being able to exert undue influence on Rangers is already well known.

The complaint to the Takeover Panel was made by RIFC’s former Chairman, David Somers, as part of the old Board’s efforts to preserve their positions without regard to what was best for Rangers Football Club, its supporters and shareholders. Today’s decision by TAB is part of the price I have had to pay for being determined to rescue Rangers Football Club from its previous regime and the drastic consequences of their actions. I do so willingly.

It is my belief that the TAB has not understood the true nature of what occurred at Rangers and the tremendous role that the activism of supporters played in ensuring regime change. I am only one of a vast number of Rangers supporters and shareholders who fought to rescue our Club. The Rangers Football Club should never have become caught up in a takeover struggle. Those who placed it in that position bear a heavy responsibility.

I do not believe that there is any substantial group of RIFC shareholders that would be willing to sell its shares in RIFC at the price at which the TAB has determined I should make an offer. 20p is not a price that I personally believe represents a fair price for RIFC’s shares, nor is it the price at which shares in RIFC are currently trading.

I would anticipate that, if I was to proceed with an offer on the terms TAB require, it would be rejected by the overwhelming majority of RIFC’s shareholders and therefore not receive the level of acceptances necessary to proceed. I cannot see how making an offer that is doomed to fail can benefit RIFC’s shareholders.

TAB confirms in its decision (para 95) that it understands my position on this point but that the Rule to which they are giving effect “does not include considerations of whether the shareholders will benefit from an offer in a particular case”.

I will communicate further in due course.

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