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Rank Group PLC - Maidenhead, Berkshire-based operator of Grosvenor Casinos and Mecca bingo halls - Reaches agreement with UK tax collector HMRC over the amount of its VAT refund. Back in August, HMRC decided against appealing a tribunal ruling on a refund that Rank had claimed for VAT paid on slot machine income between 2006 and 2013. On Monday, Rank says it has agreed with HMRC on a GBP77.5 million refund, to be received "shortly". Rank previously had estimated the refund at GBP80 million; however, it also will receive GBP5.5 million in interest on the claim. Both amounts are subject to 19% corporation tax in the UK. Rank will use the cash to strengthen its balance sheet, it says, and to invest in its restructuring programme.
Current stock price: 154.20 pence, up 2.1% on Monday
Year-to-date change: up 11%
By Tom Waite; thomaslwaite@alliancenews.com
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