A RANGERS investor has refuted claims he has said he would not take part in a court-ordered shares purchase bid by club chairman Dave King - who was at the centre of contempt of court action over his failure to make the offer.
Former football board chairman Sandy Easdale has said he has never been approached about selling his shares.
It comes as Mr King in defending claims of contempt of court brought by the Takeover Panel financial watchdog listed important shareholders who it was claimed had already told him they would not take up the offer.
A spokesman for the Easdales said: "Despite Mr King's evidence, at no time has Sandy Easdale given him an assurance that he would not sell his shares for 20p as stipulated by the Takeover Panel.
"Neither Mr Easdale nor his brother James have ever spoken to Mr King on this matter."
Sandy Easdale, who left the boardroom after Mr King's Blue Knights took control three years ago but had remained the fourth biggest shareholder took no part in August's £12.6m fund-raising shares issue meaning his stake in the club became diluted. He is now the tenth biggest individual shareholders in the club, after his slice of the Rangers International Football Club plc pie went down from 6.45% before the share issue to 3.6%.
The case in front of Lady Wolfe was adjourned after the Rangers chief said he was now “100%” committed to making the multi-million pound offer which is required under takeover rules.
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The hearing was halted with another to be set forthe beginning of February after Mr King undertook to ensure the offer would be made to Rangers shareholders by January 25 next year.
The proceedings arise out of Mr King's failure to comply with a court order in December to make a bid for most of the club's shares after ruling he acted with other shareholders to take control in 2015, ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.
Lord Bannatyne supported the view of a financial watchdog that a formal takeover should have been triggered after the Three Bears group led by Mr King secured more than 30 per cent of the voting rights in Rangers four years ago.
Under Takeover Code rules, a written offer to buy shares of other shareholders had to be made within 28 days of a bid announcement being made on March 29 - but so far it has not been forthcoming.
The Ibrox chief has been fighting through the courts to stave off pressure to buy the shares, fearing the heavy financial toll it would place on him.
During one hearing in October, Mr King's advocate Lord Davidson of Glen Clova QC argued that the Rangers chief "is penniless" adding: "Any order wouldn't secure compliance. It won't. It is pointless."
Mr King has previously argued that a judge went "too far" in ordering him to make a mandatory offer at a price of 20p a share.
A written offer to shareholders had to be made within 28 days of a bid announcement being made on March 29. Mr King has previously said the bid made through his South African-based Laird Investments (Proprietary) Limited has been held up because he has yet to transfer funds to the UK.
One of the key outstanding issues still to be overcome by Mr King is to have a third party provide cash confirmation that the money for the judge-ordered bid for shares is actually there.
Under Takeover Code rules if the confirmation is given and the money is not there, the Panel can bring an action against the third party 'guarantor' to recover the money for shareholders.
But the court in the contempt case heard that Mr King is now committed to bring the money into the UK to pay for the shares.
The sum which will be taken to the UK might be lower than a £19 million figure previously quoted.
This is because the court heard Mr King had spoken to shareholders who have gave assurances that they will not sell their shares to him at the 20 pence price.
However, he will have to come to an agreement with the panel about the final sum.
He also undertook to work with a third party financial institution which would provide the verification.
The King-led takeover group – which included Park's Motor Group founder Douglas Park, Rangers Supporters Trust and Rangers First member George Taylor and Rangers fan George Letham – had always denied that they had acted 'in concert' to purchase shares in Rangers on December 31 2014 and January 2, 2015.
Earlier in the contempt hearing, Mr King argued that he could not make an offer to four shareholders because of claimed criminal links.
He said that a Rangers board meeting last Monday concluded that the four could not transfer their stakes, adding that one of them was "engaged in criminal activities in the USA".
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