RANGERS chairman Dave King has finally made a multi-million-pound offer to buy out the majority of the club's shareholders.
The mandatory offer was announced at around 1pm - four-and-a-half hours before the court deadlone.
The 63-year-old businessman, who had been defending claims of contempt of court over his failure so far to make the bid agreed to meet a series of deadlines in December with the Takeover Panel financial watchdog before finally fulfilling his pledge to make a bid to existing shareholders at 20p a share.
The Herald revealed that the Rangers chief had been understood to have complied with commitments on a series of timetabled preliminary steps and was expected to make the offer by today's 5.30pm deadline and stave off any possible future court action.
The offer comes after a Court of Session contempt of court case in front of Lady Wolffe was paused after the Rangers chief said he was now “100%” committed to making the multi-million pound offer which is required under takeover rules.
Mr King had gone through a lengthy battle through the courts to stave off pressure to buy the shares fearing the heavy financial toll it would place on him.
Shareholders have until 1pm on February 15 to take part in the offer.
Offer documents reveal that 11 shareholders including Ally McCoist and the fans group Club 1872 who hold 38 per cent of the club shares have made undertakings not to take up the offer.
The share offer would have cost Mr King £19 million but Laird say if all others that have not made undertakings took up the shares, Mr King would have to pay out nearly £8 million.
Court proceedings arose out of Mr King's failure to comply with a court order in December, 2017 to make a bid for most of the club's shares in April after a ruling he acted with other Three Bears shareholders to take control in 2015, ousting a board of directors said to be allied to Sports Direct founder Mike Ashley.
Mr King made a December undertaking that involved ensuring that his company Laird Investments (Proprietary) Limited will make the cash confirmed offer by the 5.30pm deadline.
Laird in a supporting statement said: "It is Laird’s intention, working collaboratively with the management and the independent sirectors, to enhance the position of Rangers Football Club and optimise long-term value for all Rangers International Football Club plc shareholders as a whole.
"Laird is mindful of the importance that RIFC shareholders place on an investment in the football club that they hold dear. Laird will work with RIFC to inform RIFC shareholders in a timely manner (where practicable with regard to commercially sensitive information and in line with regulatory requirements) with regard to any material strategic changes that are considered necessary and appropriate.
It said that the offer, which would not lead to changes to the continued employment of staff and management at the club.
In a letter to shareholders, John Bennett, chairman of the independent directors of RIFC said the offer provides an opportunity for shareholders to sell their shares in full for cash without dealing costs, at as time when the club is no longer listed on a recognised stock exchange and there "might be limited opportunities" to do future deals.
However he also indicated that the 20p price might not be good value as "offers for full control of a company’s outstanding shares are priced at a premium to the prevailing share price" which was estimated to be around the same as the offer.
In reasons not to take up the share offering, he said: "There will be shareholders who take the view that RIFC and Rangers Football Club should never again be controlled by a single party and that the best protection for Rangers Football Club is for there to be a multiplicity of shareholders, including a strong holding amongst Rangers supporters.
"The Independent Directors recognise that many shareholders will have acquired their shareholding in order to support Rangers Football Club and the Independent Directors continue to believe this is important and that shareholders who share this prime motivation should reject the offer. "
"The independent directors believe that there is still the possibility of significant upside in the RIFC Group’s trading and prospects.
"Football is not an investment for the cautious investor and there needs to be a clear understanding that, in addition to the usual business risk faced by every company, sporting risk and reward is also a significant factor for the RIFC Group’s prospects," said Mr Bennett
"The independent directors are comfortable with the balance between such risks and the potential rewards with regard to their own shareholdings in RIFC but such decisions are for each shareholder to make after their own analysis."
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