RNS Number : 1650G
Rank Group PLC
09 May 2011
 



9 May 2011

 

The Rank Group Plc

 

The Board of The Rank Group Plc ("Rank" or the "Group") notes the announcement by Guoco Group Limited ("Guoco Group") that it has acquired an 11.6 per cent. shareholding in Rank at a price of 150 pence per share which will increase its shareholding to approximately 40.8 per cent. The Board also notes the mandatory offer made by the Guoco Group at 150 pence share per share as required under Rule 9 of the Takeover Code. The offer of 150 pence per share is final and will not be increased and represents a 0.8 per cent. premium to the closing price of 148.8 pence on 6 May, the day of the announcement by the Guoco Group.

 

The Guoco Group has reiterated its support for Rank and its executive management team by highlighting that Rank's excellent portfolio of businesses is well positioned for future growth.  Furthermore the Guoco Group stated that it looks forward to continuing its existing relationship with Rank.

 

The Board has considered the offer and believes that it significantly undervalues Rank and its prospects and, as a result, recommends that shareholders do not accept it.  Accordingly the Board recommends that shareholders take no action in relation to the offer from the Guoco Group.

 

Enquiries:




The Rank Group Plc


Dan Waugh

+44 1628 504 053



Goldman Sachs International


Nick Harper

+44 20 7774 1000



Financial Dynamics


Benjamin Foster

+44 20 7831 3113

 

Goldman Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Rank and for no-one else in connection with the offer and will not be responsible to any person other than Rank for providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the Acquisition or any other matters referred to herein.

 

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of Rank or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

 

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rank and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of Rank or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of Rank or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of Rank or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rank and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.

 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of Rank or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.  Opening Position Disclosures must also be made by Rank and by any offeror and Dealing Disclosures must also be made by Rank, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).  Details of Rank and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

 


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