By its decision dated 13 March 2017, the Takeover Appeal Board (TAB refused the appeal of Mr Dave King, Chairman of Rangers International Football Club (RIFC), against the Ruling of the Hearings Committee of the Takeover Panel, which ruled that, for the purposes of Rule 9 of the Takeover Code, Mr King was “acting in concert” with Mr George Letham and others when he and they acquired a combined 34% shareholding in RIFC via share purchases made on 31 December 2014 and 2 January 2015.