11 oct. 2019 - The Takeover Panel make an announcement indicating that David King will be 'cold shouldered' for four different Rules of The City Code on Takeovers and Mergers including misleading the investigation.

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76.From its earlier analysis in this ruling of the contraventions that it has found established, the Committee concludes that Mr King’s behaviour shows a clear propensity to disregard the Code and to comply with its Rules only when forced to do so by enforcement proceedings in the courts.

77.In summary, Mr King knew that in causing NOAL to acquire the holdings of Artemis and Miton on 2 January 2015 (along with some of River & Mercantile’s shares) he was, at least in the opinion of the party with whom he was acting in concert, incurring an obligation to make a Rule 9 offer. Yet he went ahead without consulting the Executive as to the implications of what he intended doing. When the Executive started to investigate, Mr King falsely denied any prior co-ordination between himself and the Letham group while at the same time failing to produce recent emails which he must have known would point strongly to concerted action of the sort he was denying. Mr King then ignored the ruling of the Board that he make a Rule 9 offer, thereby compelling the Executive, for the first time in the Takeover Panel’s history, to 22 recourse to the courts to enforce compliance with a ruling. Mr King then resisted enforcement on a ground rejected by the Court of Session namely, that he was unable to access the funds necessary to satisfy a Rule 9 offer, his assets being managed by trustees who acted independently and did not do his bidding. Yet when finally ordered by the Inner House to announce a Rule 9 offer he was able fairly promptly to arrange for Laird to be put in funds.
havehttp://www.thetakeoverpanel.org.uk/publication/view/2019-16-mr-david-king

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