International edition
September 28, 2020

Ian Burke and Paddy Gallagher have stepped down from the board

Rank Group announced executive resignations

(UK).- The Rank Group announced 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.

B

oth Burke and Gallagher 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 in relation to the offer for the Group by Guoco Group, Burke and Gallagher 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.

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