Slaughter and May is advising the Guoco Group on its participation in the equity raise of The Rank Group Plc

Slaughter and May, Hong Kong and London, is advising Hong Kong-listed Guoco Group Limited and certain affiliates (the “Guoco Group”) on their participation in the equity raise of The Rank Group Plc, a company listed on the London Stock Exchange (“Rank Group”).

Rank Group announced an institutional placing of new ordinary shares alongside a retail offer via the PrimaryBid platform on 5 November 2020 (the “Equity Raise”).

The Equity Raise is intended to raise gross proceeds of approximately £70 million. Completion of the Equity Raise, which represents c.19.9% of the existing issued share capital of Rank Group, is subject to shareholder approval for authority to allot and the disapplication of pre-emption rights, and also as a related party transaction in respect of the Guoco Group’s participation.

The Guoco Group has a majority shareholding in Rank Group, and has agreed to invest approximately £39.3 million in the Equity Raise. It has also undertaken to vote in favour of the shareholder resolutions of Rank Group seeking authority to allot and the disapplication of pre-emption rights for the Equity Raise (and to abstain from voting on the related party transaction resolution).