Sign In
Last checked at 
28 Jun 2011 11:18
The Rank Group Plc
- Executive Resignations
The Rank Group Plc ("Rank" or the "Group") announces that both Ian Burke, chief executive of Rank since March 2006, and Paddy Gallagher, finance director of Rank since June 2008, have resigned from the board with immediate effect.
Both Ian and Paddy have also given notice to terminate their employment as, respectively, chief executive and finance director and will remain with Rank so as to ensure an orderly handover to their respective successors when they have been identified.
Following the announcement by the board yesterday in relation to the offer for the Group by Guoco Group Limited (the "Offer"), Ian and Paddy have expressed to the board their view that, given the feedback received from institutional shareholders since the announcement, coupled with the advice from the Group's brokers' in light of this feedback as to the possible level of acceptances of the Offer, it is now more than likely that the Offer will result in a cancellation of the listing of Rank's shares on the Official List and the admission to trading of Rank's shares on the London Stock Exchange's main market for listed securities.
The board is convening urgently to discuss these latest developments with its advisers and a further announcement will be made shortly.
28 June 2011
Website: www.rank.com
Enquiries:
The Rank Group Plc
Dan Waugh, director of investor relations 01628 504 053
Press enquiries:
FD
Ben Foster/Marc Cohen 020 7831 3113
Follow the stocks
