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RankPlc : Burke's return as chief executive officer
Monday July 4, 2011 : Former ceo returns and adds chairman to his job description
Following last week's resignation of Rank Group chief executive officer, Ian Burke, All Global Investments Limited (AGIL), the wholly owned subsidiary of Guoco Group, released a statement today announcing Burke's return as chief executive officer.
Burke will additionally act as Chairman as well as chief executive officer once the deal is finalised.
In his fifth recommendation, Burke is now urging Rank shareholders to either withdraw their acceptances or to decline the Guoco Group offer.
"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 available to Rank. We believe that Rank is an excellent business with strong positions and trusted brands in fundamentally attractive markets. Now that certain risks and uncertainties have been removed, we do not believe that this is the right price at which to sell shares in Rank," Burke said.
The statement revealed that members of the Guoco Group, including AGIL, owned and had received shareholder acceptances representing 80.8 percent of Rank's existing share capital as of July 1 2011.
AGIL has changed its terms and extended the period allowing Rank shareholders to withdraw their offer acceptances until July 15 2011.
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