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Rank Group PLC - Maidenhead, Berkshire-based casino operator - Successfully raises planned GBP70 million from share offer at 90 pence each. Broker Peel Hunt places 76.7 million shares with existing and new institutional investors, and retail investors subscribe for 1.0 million shares. Of the placing shares, major shareholder Hong Leong takes 43.7 million, accounting for GBP39.3 million of the raise, or 56% of the total. Eight company directors buy just over 300,000 shares in total. The cash will be used to strengthen Rank's balance sheet, in order to maintain "appropriate liquidity covenant headroom" on its debt facilities under various trading scenarios. It also will provide "ample" working capital to operate through "this challenging trading environment".
Current stock price: 92.25p
Year-to-date change: down 67%
By Tom Waite; thomaslwaite@alliancenews.com
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