Rangers chief Dave Monarch could face an £11m takeover bill
But the tycoon disputes investigators’ contends saying that a company which holds some of his own shares was “uncommitted” of him.
Yesterday, advocate James McNeill QC told the Court of Session in Edinburgh that the 2006 Throngs Act dictates that entrepreneurs who hold a 30 per cent stake in houses are compelled to make and offer to buy remaining shares.
He said that fiscal investigators believe they have established that Mr King took “in concert” with three wealthy fans who are nicknamed “the Three Cheers”.
The QC said that Mr King teamed up with George Letham, George Taylor and Douglas Woodland to acquire more than 30 per cent of voting rights in Rangers in belatedly 2014.
Mr McNeill said financial investigators had concluded that Mr King was in put down of the shares and therefore should be liable to make an offer for the remaining splits.
However, the South Africa-based businessman has declared he did not act with the three other businessmen.
He told the investigators that 14 per cent of the portions were controlled by a company called New Oasis Asset Management Small (NOAML), which was registered in the British Virgin Islands.
Mr King allegedly reported investigators that these shares were purchased using cold hard cash from his family trust.
The businessman said the company was independent from him. Come what may, the court heard that financial investigators had obtained emails expo that Mr Letham had been in touch with him over the share procure.
Investigators also concluded that Mr King controlled New Oasis Asset Executives Limited shares and was therefore liable to follow company law and make an put on the market at 20 pence per share.
Mr McNeill said financial investigators had concluded that Mr Prince was in control of the shares
Urging Lord Bannatyne to pass the order, Mr McNeil mentioned: “Mr King is, in fact, in control of the voting rights. The court should be gratified that it can make an order seeking compliance under the legislation.”
The Panel On Takeovers and Unions regulates deals in the UK and started proceedings in Edinburgh after Mr King rejected an order to make an offer for the remaining shares – this is despite the as a matter of actual fact that the club is no longer listed.
Mr McNeil said that on December 31, 2014, the Three Put up withs purchased 16.23 per cent of shares in Rangers.
He said that Mr Regent contacted financial services firm Cantor Fitzgerald and instructed that 14.73 per cent of the parts in Rangers be purchased and held by NOAML.
The QC said the four men acted “in concert” with each other and that reveal of this came from an email that had been sent from Mr Letham to Mr Prince which had been obtained by the financial watchdogs.
Mr McNeill added: “It elucidates that the people were aware of the mandatory offer provision when the 30 per cent obstruction was met.”
The hearing continues.