Rank Share Discussion Threads

[loganair] 24/6/2011 13:59

I think many investors are getting out as most of the trades today are SELLS.

[loganair] 24/6/2011 13:39

An interesting read:

Deloittes has appointed the former auditor of the Royal Bank of Scotland as its new global chairman.

Steve Almond, who was responsible for vetting the accounts of RBS between 2005 and 2009, has been promoted to the head of one of the "Big Four" audit firms.

It's argued Mr Almond's appointment will further hamper efforts to assess the faults of both global auditors and international accounting standards in the run-up to the financial crisis and beyond.

Alan MacDougall, head of Pensions & Investment Research Consultants said he found the appointment "disappointing".

He added: "Given the centrality of the audit to protecting the interests of shareholders, and given the amount of shareholder funds lost in the case of RBS including the rights issue in early 2008, this appointment requires some explaining to shareholders."

One investor said: "The Big Four have had their heads in the sand over the financial crisis. They failed to pick up on risks within the banks in the first place and rather than leading the charge for a thorough overhaul, they have collectively done their utmost to protect the status quo."

Another added: "The audit firms and the standards they operate are dominated by a tight group that has no interest in shining a light into the industry. The appointment of Mr Almond absolutely epitomises this."

Experts have warned that the International Financial Reporting Standards (IFRS) have dangerously distorted bank accounts since their introduction in 2005. Some believe top accountants should have spotted the problems.

[bill hunt] 24/6/2011 13:34

Loganair. Information only. No comment. The statement had just been released.

[scrapman] 24/6/2011 13:32

If you fancy having a pop at the FSA , I am more than happy to back you up ,

Though I feel I already know your response,

Good luck

[scrapman] 24/6/2011 12:23

Logan , I take it we have been well and truly mugged , think it may be time to reevaluate the whole of this investing lark , perhaps better to put funds with Goldmans , and be on the receiving end of their tactics,

[investoree] 24/6/2011 09:33

My shares are held in an ISA and although it was my intention to continue to hold them for the long term in the hope that some of the inherit value could be unlocked for the PI's as well as Gucco. However I now believe that PI's are again going to be shafted aided and abetted by Rank's BOD. I have until 29th June to decide what to do although the balance of risk in continuing to hold has been tipped even further towards Gucco. I agree with Loganair that the Goldbag Sacks of this world are responsible for most of its financial difficulties and ills and it would be nice if the Regulators were to make a concerted effort to create an even playing field between Institutions and PI's. Sadly I feel that this is a forlorn hope.

[loganair] 24/6/2011 09:17

Peel Hunt - How did that happen?!

In a surprising move the board of Rank has decided to recommend the 150p offer from Guoco. This is a very disappointing and frustrating turn of events for independent shareholders, and ultimately we consider this increases the odds on Guoco getting over 75% – something that looked highly unlikely a few weeks ago. Given this, it is very difficult to recommend buying the stock, despite the inherent value we believe exists within Rank.

How did that happen? In a surprising move, the board of Rank has recommended the 150p offer from Guoco. While accepting that the offer significantly undervalues the company, the board felt that the risk that the shares may be de-listed (with non-accepting shareholders potentially holding equity in a difficult to value and realise investment) meant that they had to recommend the offer. This is a very disappointing turn of events, and we would have hoped that the board simply highlighting the risk was sufficient, without having to recommend the bid and effectively push Rank into the hands of Guoco. We question how this was allowed to happen.

Odds on retaining listing have lengthened: Our interpretation of yesterday's
announcement is one of capitulation, and is likely to frighten many investors into accepting the Guoco offer. It is a great shame, as we believe there is significant inherent value within Rank that that independent shareholders are unlikely to see going forward. We reluctantly move to Hold.

[loganair] 23/6/2011 17:18

In the last week L&G have sold their 4% holding and JP Morgan have reduced theirs.

[loganair] 23/6/2011 17:10

bill hunt - If you don't mind me asking what is your interest in Rank?

Who do you represent?

As far as I'm a where post 1821 is your first post which is about selling out on the cheap.

I feel that the last RNS by Goldmans is a vailed threat to the shareholders who are yet to sell. If you don't sell now you'll be stuck with shares you'll not be able to sell at a future date.

[loganair] 23/6/2011 16:54

VAT refunds and financial position

Since the start of the year, Rank has received more than GBP160m in VAT refunds and associated interest and is now in a net cash position.

In total (since 2008), the Group has received more than GBP275m in overpaid VAT and associated interest, following successful litigation at both the First Tier VAT Tribunal and the High Court. Her Majesty's Revenue & Customs ('HMRC') has lodged a final appeal against these rulings with the European Court of Justice. HMRC's appeal will be heard later this month with a ruling anticipated by the end of 2011.

In addition, Rank has disclosed that it has submitted further claims for at least another GBP275m. The Group expects that these claims will be resolved over the course of the next two to three years.
--------------------------------------------------

Rank now has nett cash in the bank with a possible further £275m or around 60p per share rebate from HMRC.

Bascially this means that Guoco's bid is the equivalent of only the rebate from HMRC which means they have bought Rank itself for FREE.

Now Goldmans who represented Guoco during the stake building phase now operate on behalf of Rank say to accept the offer.

IMO a fair offer for Rank would be at least 220p per share, even may be as high as 250p.

As Goldmans both say and do, two fingers to the private investor we're only here for the big boys and to make as much money as possible.

Goldmans are the masters at this high fequency trading. I read a report that on average Goldmans hold shares for only 7 seconds making a fraction of a penny profit on each share held. Apparently this makes them up to $100m a day trading in the States.

Goldmans are the worse of financial institutions they stink, it's only all about trading and making money, nothing to do with investing.

Personally I would like to see Goldmans stripped of being able to trade on any exchange in the world. To them it's only about the transfer of wealth from the poor and the middle classes to the ultra-wealthy.

The world would be a far better place without the likes of Goldmans, Chase, JP Morgan, Rothchilds, Warburgs, BOA etc.

[bill hunt] 23/6/2011 16:21

RNS Number : 0098J

Rank Group PLC

23 June 2011

23 June 2011

The Rank Group Plc

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Response to Guoco Group's Offer Update and Change of Recommendation

The Rank Group Plc ("Rank" or the "Group") notes the announcement by Guoco Group Limited ("Guoco Group") on Friday, 17 June 2011 that its offer for Rank (the "Offer") will close for acceptances at 1.00pm (London time) on Friday, 1 July 2011 ("Closing Date") and will not be extended. The Board of Rank (the "Board") sets out below its views on the Offer and its recommendation to Rank shareholders.

The Board continues to believe that Guoco Group's final Offer of 150p per share substantially undervalues Rank and fails to reflect its underlying value and prospects. The Board believes that this position is reinforced by the trading update announced today.

However, the Board believes that it is important for Rank shareholders to understand that, while Guoco Group has announced its intention to maintain the listing of Rank's shares, if sufficient further shareholders accept the Offer such that the number of Rank shares held in public hands falls below the UK Listing Authority's listing eligibility threshold of a free float of 25 per cent., Guoco Group has reserved its right to consider all options available to it. These options may include the cancellation of the listing of Rank shares on the Official List and the admission to trading of Rank shares on the London Stock Exchange's main market for listed securities (the "Listing"). In the event of a cancellation of the Listing, Rank shareholders who did not accept the Offer would no longer be provided the protections available to them under the Listing Rules and would own shares in an unlisted company controlled by Guoco Group. This would significantly reduce the liquidity and marketability of Rank shares which have not been accepted into the Offer and the value of any such Rank shares may be significantly adversely affected as a consequence.

The Board does not currently believe that Guoco Group has received sufficient acceptances to seek the cancellation of the Listing of Rank shares. However, the Board has no certainty that this will continue to be the case at 1.00pm (London time) on the Closing Date and therefore there is no certainty that the Listing of Rank shares will be maintained following the closure of the Offer. Further, Rank shareholders will not know before the Closing Date whether the Listing of Rank shares will be maintained and, in the event that Guoco Group seeks the cancellation of the Listing of Rank shares (as it has reserved the right to do), then Rank shareholders who have not accepted the Offer by its closure will own shares in an unlisted company controlled by Guoco Group and will have no further opportunity to accept the Offer. In addition, their ability otherwise to dispose of their Rank shares following closure of the Offer will be materially restricted.

Accordingly, while the Independent Directors of Rank, who have been so advised by Goldman Sachs International, consider the Offer to substantially undervalue Rank, for the reasons stated above they recommend that shareholders accept the Offer, as they will be doing in respect of their own beneficial shareholdings. In providing advice to the Independent Directors, Goldman Sachs International has taken into account the Independent Directors' commercial assessments.

Enquiries:

The Rank Group Plc

Dan Waugh [phone]

Goldman Sachs International

Nick Harper [phone]

Financial Dynamics

Ben Foster [phone]

The Independent Directors, accept responsibility for the information contained in this document, except that the only responsibility accepted by them in respect of the information contained in this document relating to Guoco Group, its subsidiary undertakings and the directors of Guoco Group and/or any such subsidiary undertakings, which has been compiled from published sources, is to ensure that such information has been correctly and fairly reproduced and presented. Subject to the aforesaid, to the best of the knowledge and belief of the Independent Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this document for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of that information.

The "Independent Directors" are the Directors of Rank, whose names are set out the circular dated 26 May 2011, except for Tim Scoble.

Tim Scoble is a non-executive director of Rank and acts, and has done so since his appointment, as a representative of Guoco Group on Rank's Board. To manage this conflict of interest, Tim Scoble has not participated, and will not participate, in the Board's discussions or receive any information in relation to the Offer. Tim Scoble does not, therefore, accept responsibility for the views and opinions of the Independent Directors of Rank in relation to the Offer as set out in this announcement.

Goldman Sachs International, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Rank and for no-one else in connection with the offer and will not be responsible to any person other than Rank for providing the protections afforded to clients of Goldman Sachs International, nor for providing advice in relation to the offer or any other matters referred to herein.

Under Rule 8.3(a) of the City Code on Takeovers and Merger (the "Takeover Code"), any person who is interested in 1% or more of any class of relevant securities of Rank or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rank and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m. (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m. (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of Rank or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of Rank or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of Rank or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rank and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of Rank or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by Rank and by any offeror and Dealing Disclosures must also be made by Rank, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of Rank and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

This information is provided by RNS

The company news service from the London Stock Exchange

END

OUPPGUAWQUPGGWW

[loganair] 19/6/2011 14:37

Peel Hunt 08 June 2011

Where now for Rank?

Guoco has consistently voiced its support for Rank's management and strategy and has committed to maintaining the quote. The prospects and opportunities for the group also remain positive. What is less certain is Guoco's view on dividend growth and the potential return of capital to shareholders. In the shortterm, there may also be some selling pressure from those not willing to hold stock in a quoted subsidiary company.

Guoco offer unconditional. Whilst we expected some of the Genting followers to accept the mandatory 150p per share bid from Guoco, the 15.6% acceptances came as a surprise to us. As a consequence Guoco now owns 56.4% of Rank, the offer has been declared unconditional and remains open.

What does it mean for Rank? Thus far Guoco has been supportive of Rank's management and strategy and this was reiterated within the bid document. At the heart of the strategy is the focus on building the land-based casino business and we see no reason for this to change. Indeed, we don't see the change in ownership as affecting a possible future bid for Gala Casinos. However, we do recognise that there is a difference in being a company with a large minority shareholder to being an effective subsidiary.

What does it mean for shareholders? For some investing in what will effectively be a subsidiary company of Guoco will not be an attractive proposition. There is also the question of what Guoco's view is on dividend policy and any potential return of excess capital to shareholders. Ultimately Rank remains an attractive business with good long-term growth prospects. However, until Guoco's position on the elements highlighted becomes clearer we are putting our recommendation under review.

[scrapman] 07/6/2011 13:42

Logan , do you think there could be a "white Knight bid " ?

No idea who would be likely

[scrapman] 27/5/2011 08:43

Logan , much appreciate you views ,

fwiw , I will be holding for the duration ( lets face it few places any better )

[loganair] 26/5/2011 15:47

Peel Hunt

New news.

1) The ECJ is due to hear HMRC's VAT appeals in June and therefore conclusion before the year end is highly likely.

2) Additional VAT claims of at least £275m are to be made by the group.

3) The target for G casinos has been expanded from 20 by 2012 to 30 by 2015.

Assuming the outcome to no.1 is a loss for HMRC then the new news is all positive.

Good value. Management has done an excellent job at Rank and we would expect the mandatory offer to be rejected. With strong cash flow, organic investment opportunities and potentially acquisitions/return of funds to investors, there is still plenty to go for.

[loganair] 26/5/2011 15:34

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY

Investec Bank Plc - Purchases 218,029

A new hat in the ring! - who are they operating on behalf of?

[loganair] 26/5/2011 15:25

Interesting from my own brokers site - possible more VAT rebate due:

UPDATE: Rank Expects To Get Extra GBP275M VAT Refund In 2-3 Years

"Fundamentally, we do not believe it is the right price at which to sell shares in Rank", he added.

Peel Hunt analyst Nick Batram, said Rank's rejection highlights not only the inherent value of the business but also even greater upside, adding that the increased estimates for G Casino openings and further VAT claims of at least GBP275 million, is "well ahead" of his expectations.

Evolution Securities analyst James Hollins also agreed with Ranks view, urging investors to reject the bid adding. Hollins has a 'Buy' rating on the stock.

This means at their low Rank was valued around £300m, now it looks like HMRC are going to pay Rank back over £450m in over paid VAT. If only I had know this when they were trading at around 60p per share, I would have mortgaged my house and put the whole lot in to Rank.


How much cash does HMRC owe Rank in over paid VAT??? "further VAT claims of GBP275 million," It's getting rather silly the money the Government owes Rank.

[loganair] 26/5/2011 15:16

I haven't yet read the likes of Avia or FIL offering to sell their shares to Guoco.

Saying that the Pru have just reduced their holding by 230,825.

Honestly at the moment, until the VAT rebates are definately for good in the hands of Rank Guoco will doing any thing but sit on their hands.

[scrapman] 26/5/2011 08:02

Logan , you appear to think that Rank will still continue , ? I was thinking that Guoco will get over 51% and take them private ,