Business
Rank Board Response to Extension of Offer
Rank Board Response to Extension of Offer.
About this update from Rank Group Plc
[{"type":"text","content":"\n \nRNS Number : 6808J Rank Group PLC 04 July 2011 \n\n4 July 2011\n \nThe Rank Group Plc (\"Rank\")\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \nResponse to Extension of Offer by Guoco Group Limited (\"Guoco Group\")\nBoard Appointment\nChange of Rank Board Recommendation\n \nSummary\n \n- Rank welcomes the announcement of the extension of the Offer by Guoco Group and the new mechanism for the close of the Offer\n \n- New mechanism addresses the Board's concern regarding the uncertainty and risk facing Rank shareholders\n \n- Rank shareholders now have a genuine choice between the potential future benefits of holding their shares in a listed Rank and the ability to receive 150p per share\n \n- Ian Burke has rejoined the Board of Rank as Chief Executive and is to become Chairman and Chief Executive on close of the Offer\n \n- In addition, the Board has received helpful assurances from Guoco Group regarding the operation of a listed Rank following the close of the Offer\n \n- The Board continues to believe that the Offer substantially undervalues Rank and fails to reflect its underlying value and prospects\n \n- The Board believes that Rank shareholders who have accepted the Offer between 17 June 2011 and 1 July 2011 should submit indications of withdrawals\n \n- Independent Directors now recommend shareholders reject the Offer\n \nThe announcement below sets out Rank's understanding of the extension of the Offer and the new mechanism for its close as announced by Guoco Group on 30 June 2011. Importantly, the announcement also sets out the Board's views on the Offer and the Board's recommendation to Rank shareholders.\n \nIan Burke, Chief Executive of Rank, said:\n \n\"I am pleased to rejoin the Board. Guoco Group's announcement regarding the extension of the Offer and the mechanism to close it has addressed concerns that had provided significant uncertainty for shareholders.\"\n \n\"Along with the Board, I am excited about the future for Rank and providing all shareholders with the ability to benefit fully from the substantial opportunities for growth and value creation that are availa...