RANGERS chairman Dave King is expected to finally comply with a court order to make a multi-million-pound offer to buy out the rest of the club's shareholders today.

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.

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Our sister title The Herald understands that the Rangers chief has complied with commitments on a series of timetabled preliminary steps and that there is an expectation he will make the offer by Friday's 5.30pm deadline and stave off any possible future court action.

Evening Times:

It 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.

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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."

The 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.

Evening Times:

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 last year.

Mr King's December undertaking involved ensuring that his company Laird Investments (Proprietary) Limited will make the cash confirmed offer by the 5.30pm deadline.

Rangers International Football Club plc has previously said that the funds for the offer, initially estimated to be at around £11m, were there and that Laird had been seeking South African government approval to allow the money for the offer to be transferred to the UK.

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As part of his agreement with the Takeover Panel, Mr King pledged to deal with one of the key outstanding issues, to get a third party by December 14 to 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.

He was also to have a legal advisor to ensure documentation in relation to the bid complies with the Takeover code was in place by 5.30pm on December 14.

Evening Times:

Mr King was also committed to taking "all such steps as a matter of urgency" to transfer the necessary funds from South Africa to the UK by 5.30pm on January, 11, next year.

Mr King's Laird firm had said in a March 29 announcement that the bid would be funded "using the receipt of dividends" amounting to £13,074,842.90 which was "to be declared on April 4".

A hearing was expected to be held on be held on Tuesday to see if the share offer had been made. Lady Wolffe said the contempt proceedings would be resumed against King in the event that he did not make the offer.

Mr King's QC, Jonathan Mitchell, had previously argued that few shareholders would be likely to take up the share offer of 20p per share as the recent share price has been higher.