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WELCOME REFUND FOR RANK PLC

The British online and land gambling group Rank plc received a welcome financial boost totalling GBP 59.1 million this week, courtesy of Her Majesty's Revenue and Customs. The refund was in respect of overpaid VAT over a period of five-and-a-half years between January 2003 and June 2008, and has been returned to Rank following a VAT and Duties Tribunal ruling made in May this year, which Her Majesty's Revenue and Customs has appealed.
 
Rank anticipates the net cash benefit to be partially offset by gross profits tax and other related costs. The company said that the HMRC appeal would be heard by the High Court in the first half of 2009. If Her Majesty's Revenue and Customs is successful in its appeal, Rank may be required to return the payment with interest.
 
The case concerns the application of VAT on games of interval bingo in Rank's Mecca Bingo clubs. As a consequence of the Tribunal's ruling, Mecca Bingo has not paid VAT on any games of interval bingo since July 2008.
 
Rank Group does not at present intend to recognise the revenue or operating profit benefits of the repayment in the group accounts for 2008. The repayment will be used to reduce the group's net debt and will have no impact on the size of Rank's existing banking facilities, which will remain committed until 2012, said a company spokesman. 

The Tribunal's ruling is expected to result in an annualised cash benefit to Rank of around GBP 6 million.



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NBA : Warriors Win the West; NBA Finals Next - The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.

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NHL Odds: Lone Canadian Team Plays on Friday - “Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.

NBA Odds: Will Cavaliers Be Rusty in Game 1? - The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.

4 New Microgaming Releases in May 2017 - Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.

PKR Company Statement Update - Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.

Microgaming Wins The Spark Award 2017 - The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.

NHL Predators First Ever Conference Finals Appearance - With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.

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