12 Jan 2015 12:13
FOR IMMEDIATE RELEASE
12 January 2015
RANGERS INTERNATIONAL FOOTBALL CLUB PLC
("Rangers" or the "Company")
Statement of intention not to make an offer under rule 2.8 of the City Code on Takeovers and Mergers
It was announced on 8 January 2015 that Robert Sarver had made a revised proposal to the board of Rangers that may or may not lead to an offer being made for the Company by Robert Sarver (or a vehicle to be established and controlled by him). It was announced by Rangers this morning that the board of the Company had rejected that revised proposal on the basis that they felt it unlikely that the approval of shareholders holding sufficient shares would be forthcoming, and that therefore the board did not intend to hold the general meeting that would be necessary to implement the proposal. The board did not make any counter proposal.
Robert Sarver today announces that as a result of the board's failure to provide a counter proposal or to engage in any meaningful negotiations with him, he does not now intend to make an offer for Rangers.
Robert Sarver commented:
"I'm disappointed the Rangers board has rejected my revised offer, which addressed the club's immediate and long-term needs. Clearly the current directors have a different path they want to go down. I hope for the sake of the club and the fans, who've been very warm and supportive towards me, that it works out. I wish the club and fans the best of luck. If they want my support in the future, then they only have to ask."
As a result of this announcement, Robert Sarver will, except with the consent of the Takeover Panel, be bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers (the "Code"). For the purposes of Rule 2.8, Robert Sarver reserves the right to announce an offer or possible offer for Rangers or participate in an offer or possible offer for Rangers and/or take any other action permitted pursuant to the Code within six months of the date of this announcement, in the circumstances described in note 2 to Rule 2.8 of the Code.
Enquiries:
The Big Partnership
Alex Barr 07962 135467/0141 333 9585 alex@bigpartnership.co.uk