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RANK GROUP TO REMAIN LISTED FOR NOW
Wednesday July 13, 2011 : Rank shareholders withdraw 16.63 percent from Guoco offer
As of 17h00 (Tuesday), the Guoco Group had received valid acceptances equating to 47.32 percent of existing issued share capital (184,855,790 Rank shares) from Rank Group shareholders bringing to 71.53 percent the total number of Rank shares owned by Guoco Group members.
Despite assurances from Guoco that the company intended to maintain Rank's listing, Executive resignations and re-hire's and a number of Rank Board changes in recommendations, 16.63 percent worth of shares were withdrawn from the offer by Rank shareholders.
The Rank Board relayed its concern to its shareholders that should Guoco attain a 75 percent share hold on the company, there was a danger of the company being de-listed.
A Guoco Group spokesperson said it would continue to work with Rank and its shareholders to facilitate appropriate levels of liquidity.
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