Rank the parent company behind Mecca Bingo and Grosvenor Casino has confirmed today that Ian Burke has rejoined the Board as Chief Executive and is also to become the Chairman on the completion of the Guoco offer. On Friday Guoco Group had received acceptances representing 44.86% of Rank shares and, as a result, owned or had valid acceptances for 85.69%. Shareholders have since started withdrawing their acceptances of the offer.

In the latest position Rank has confirmed that it has received ‘helpful assurances’ from Guoco. The Board continues to believe that the offer substantially undervalues Rank and fails to reflect its underlying value and prospects. Rank and its advisers have discussed a number of assurances that Guoco Group could provide to Rank shareholders. The Guoco Group has provided the following assurances to Rank shareholders:

* Guoco Group believes Rank is well positioned for future growth and is supportive of Rank's current strategic direction;

* Guoco Group believes that there are a number of potentially attractive investment opportunities for Rank and the expansion of the business should be an important priority for management;

* Guoco Group regards the payment of regular dividends as an important part of Rank's investment proposition and is supportive of Rank's dividend policy; and

* Guoco Group intends that Rank will continue to have strong, credible, independent directors, both on the Board and on the various Board committees.

Independent Directors now recommend shareholders reject the offer. Shareholders that accepted the offer between 17th June and 1st July should now withdraw the offer.

In the event Guoco Group receives sufficient valid acceptances to own 75% or more of Rank shares by July 15 those shareholders who haven't accepted the offer will have seven days to assess the potential risk of the cancellation of the listing and resulting concerns regarding owning shares in an unlisted company controlled by Guoco Group, and to decide whether to accept the Offer before it closes.

Guoco Group had received acceptances as at 1200 GMT on July 1 representing 44.86% of Rank shares and, as a result, owns or has valid acceptances for 85.69%. Guoco Group has also received indications of withdrawals of 4.93% of Rank shares, reducing the level of Rank shares owned or for which valid acceptances have been received by Guoco Group to 80.76%.

The decision to reappoint Burke was fully supported by the Guoco Group.