Rank Plc Directors Quit

The takeover of Rank Plc – the parent group of Mecca Bingo has taken yet another curious turn. The Chief Executive and Chief Financial Officers of the group have resigned with immediate effect. This came after the board of Rank performed yet another U turn in its recommendations to shareholders on Monday.

The situation as regards to the takeover is that there is a belief that Guoco Group Limited are now in a position to acquire the necessary shares to ensure that Rank Plc is de listed from the London Stock Exchange.

As there are a number of institutional investors, this situation would lead to them owning shares in a private company with little or no say in the running of the company and none of the protection that being publicly listed provides.

Guoco Group Ltd has previously indicated that their intention is to maintain the listing of Rank Plc however it seems that no one is taking any chances re this matter. The advice for shareholders at the present time seems to be, take what you can while it is on offer.

This does make you wonder as to how such an icon in the world of UK bingo could have been bought for what seems to be a bargain. We look forward to updating you with further news re the battle for Mecca Bingo as and when we receive it.

Written by Greg Jones for Online Keno.