TIDMRNK
RNS Number : 1781F
Peel Hunt LLP
18 February 2015
Not for publication, distribution or release directly or
indirectly, in whole or in part, in or into the United States,
Australia, Canada, Japan or Republic of South Africa or any other
jurisdiction in which offers or sales would be prohibited by
law.
Proposed placing of approximately 50,000,000 ordinary shares in
The Rank Group plc by GuoLine Overseas Limited ("GuoLine")
GuoLine Overseas Limited ("GuoLine"), a subsidiary of Hong Leong
Company (Malaysia) Berhad ("Hong Leong"), announces that it intends
to sell approximately 50 million ordinary shares ("Placing Shares")
in The Rank Group plc ("Rank" or the "Company") to institutional
investors (the "Placing"). The Placing Shares represent
approximately 12.8% of Rank's entire issued share capital.
The Placing will be conducted by means of an accelerated
bookbuilt secondary placing to institutional investors. The books
of the Placing will open with immediate effect. The final price at
which the Placing Shares are to be sold will be agreed by Peel Hunt
LLP ("Peel Hunt") and GuoLine at the close of the bookbuild
process, subject to a minimum price of 185 pence per Placing Share.
The results of the Placing will be announced as soon as practicable
thereafter. The timing of the closing of the books will be at the
absolute discretion of Peel Hunt but the books will, in any event,
be closed by 5pm on 18(th) February 2015. The Placing Shares are
expected to be sold on a T+5 basis.
Post completion of the Placing, the Hong Leong Group's remaining
stake in Rank is expected to comprise approximately 219.1 million
ordinary Rank shares, equivalent to approximately 56.1% of Rank's
entire issued ordinary share capital.
The Placing will significantly increase the free float in Rank
and is expected to improve liquidity in Rank's shares.
GuoLine, through GuocoCapital Limited, an affiliate of GuoLine
and a licensed corporation with the Securities and Futures
Commission of Hong Kong, has entered into a placing agreement with
Peel Hunt LLP ("Peel Hunt") under which Peel Hunt will act as sole
bookrunner in relation to the Placing.
Enquiries:
Peel Hunt LLP +44 (0) 207 418 8900
Al Rae (ECM) +44 (0) 207 418 8914
Alex Carter (Sales) +44 (0) 207 418 8970
Dan Webster (Corporate)
Richard Brown
George Sellar
The distribution of this announcement and the offer and sale of
the Placing Shares in certain jurisdictions may be restricted by
law. The Placing Shares may not be offered to the public in any
jurisdiction in circumstances which would require the preparation
or registration of any prospectus or offering document relating to
the Placing Shares in such jurisdiction. No action has been taken
by Hong Leong or by Peel Hunt or any of their respective affiliates
that would permit an offering of the Placing Shares or possession
or distribution of this announcement or any other offering or
publicity material relating to such securities in any jurisdiction
where action for that purpose is required. This announcement is not
an offer of securities or investments for sale nor a solicitation
of an offer to buy securities or investments in any jurisdiction
where such offer or solicitation would be unlawful.
This announcement is not for publication, distribution or
release, directly or indirectly, in or into the United States of
America (including its territories and dependencies, any State of
the United States and the District of Columbia), Australia, Canada,
Japanor Republic of South Africa or any other jurisdiction where
such an announcement would be unlawful. The distribution of this
announcement may be restricted by law in certain jurisdictions and
persons into whose possession this announcement or other
information referred to herein comes, should inform themselves
about and observe any such restriction. Any failure to comply with
these restrictions may constitute a violation of the securities
laws of any such jurisdiction.
The securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold in the United
States except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act. Neither this announcement nor the information contained herein
constitutes or forms part of an offer to sell or the solicitation
of an offer to buy securities in the United States. There will be
no public offering of any securities in the United Statesor in any
other jurisdiction.
In member states of the European Economic Area ("EEA") which
have implemented the Prospectus Directive (each, a "Relevant Member
State"), this announcement and any offer if made subsequently is
directed exclusively at persons who are 'qualified investors'
within the meaning of the Prospectus Directive ("Qualified
Investors"). For these purposes, the expression 'Prospectus
Directive' means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive, to the extent implemented
in a Relevant Member State), and includes any relevant implementing
measure in the Relevant Member State and the expression '2010 PD
Amending Directive' means Directive 2010/73/EU. In the United
Kingdom this announcement is directed exclusively at Qualified
Investors (i) who have professional experience in matters relating
to investments falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005, as
amended (the "Order") or (ii) who fall within Article 49(2)(A) to
(D) of the Order, and (iii) to whom it may otherwise lawfully be
communicated.
In connection with any offering, Peel Hunt and any of its
respective affiliates acting as an investor for its own account may
take up as a proprietary position any Placing Shares and in that
capacity may retain, purchase or sell for their own account such
Placing Shares. In addition they may enter into financing
arrangements and swaps with investors in connection with which they
may from time to time acquire, hold or dispose of Placing Shares.
Peel Hunt does not intend to disclose the extent of any such
investment or transactions otherwise than in accordance with any
legal or regulatory obligation to do so.
Peel Hunt which is authorised and regulated in the United
Kingdomby the Prudential Regulation Authority and regulated by the
Financial Conduct Authority, is acting on behalf of Hong Leong and
no one else in connection with any offering of the Placing Shares
and will not be responsible to any other person for providing the
protections afforded to any of their clients or for providing
advice in relation to any offering of the Placing Shares. Peel Hunt
will not regard any other person as its client in relation to the
offering of the Placing Shares.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Peel Hunt or by any of its affiliates or
agents as to, or in relation to, the accuracy or completeness of
this announcement or any other written or oral information made
available to or publicly available to any interested party or its
advisers, and any liability therefore is expressly disclaimed.
The price of shares and the income from them may go down as well
as up and investors may not get back the full amount invested on
disposal of the shares. Past performance is no guide to future
performance and persons needing advice should consult an
independent financial advisor.
This announcement includes statements that are, or may be deemed
to be, forward-looking statements. These forward-looking statements
may be identified by the use of forward-looking terminology,
including the terms "intends", "expects", "will", or "may", or, in
each case, their negative or other variations or comparable
terminology, or by discussions of strategy, plans, objectives,
goals, future events or intentions. These forward-looking
statements include all matters that are not historical facts. Any
forward-looking statements are subject to risks relating to future
events and assumptions relating to Rank's business, in particular
from changes in political conditions, economic conditions, evolving
business strategy, or the retail industry. No assurances can be
given that the forward-looking statements in this announcement will
be realized. As a result, no undue reliance should be placed on
these forward-looking statements as a prediction of actual results
or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAEAXFSPSEAF
Rank (LSE:RNK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rank (LSE:RNK)
Historical Stock Chart
From Apr 2023 to Apr 2024
