The feud between Dave King and the Takeover Panel has escalated, with a decision of its hearings committee indicating that contempt proceedings have been raised against Rangers’ chairman.
In December, the Court of Session ordered King to make an offer to Rangers shareholders of 20p a share.
King failed in an appeal against that decision and also failed to persuade the Takeover Panel to allow him more time to make the offer.
Now, as the panel announced it was refusing to convene its hearings committee to review that last decision, it appears King could face more serious issues.
Within the statement published today, the Panel says: “The executive went on to refer to an email of the previous day in which it had stated its intention to initiate contempt proceedings were Mr King to fail to procure the publication of an offer in accordance with the code within the time stipulated.
“It stated that, in the circumstances, it would initiate contempt proceedings in the Court of Session on 27 April 2018 if, by midnight on 26 April 2018, Mr King had failed to publish a code compliant offer.
“In the event, process in the contempt proceedings appears to have been served on Mr King in South Africa on 8 June 2018.”
Source: BBC NEWS