Wednesday, June 8 2011 : Rank Shareholders relinquish 15.6 percent to Malaysian property and investment holding firm
Malaysian-based All Global Investments Limited (AGIL), a wholly-owned subsidiary of Guoco Group Limited (Guoco) has announced that it now holds 56.4 percent of the existing share capital of UK online and land gambling group Rank PLC (Rank).
Rank rejected a mandatory takeover offer of 150 pence per share earlier this year from Guoco, its biggest investor holding a 40.8 percent stake at the time, saying it significantly under-valued the company.
The Guoco cash offer was conditional that valid acceptances from Rank shareholders were received which would result in AGIL carrying more than 50 percent of the voting rights.
Guoco has since continued building its stake in the company and has received valid acceptances from Rank Shareholders representing a further interest of 15.6 percent in the company.
The Rank Group has acknowledged the announcement and has "strongly advised" its shareholders to take no action while its Board carefully considers the situation.