London midday: Stress test results cast shadow
18th Jul 2011 12:15
Stocks are firmly in the red after Friday's European Banking stress tests. Eight European banks failed stress tests drawn up by the European Banking Authority (EBA). Five Spanish banks - Catalunya Caixa, Pastor, Unnim, Caja3 and CAM - and two from Greece - ATEbank and EFG Eurobank - were deemed not
Read moreBurke and Chair surprise at Rank
4th Jul 2011 08:23
The Rank takeover saga continues, with bidder Guoco Group finally doing something the Rank board approves of with its new mechanism for the close of the offer, prompting Rank's former chief executive Ian Burke to get back on board. Burke, who resigned as chief executive of Rank last week, has rejoi
Read moreFinal countdown for Rank
29th Jun 2011 08:03
Following the shock resignations on Tuesday of chief executive Ian Burke and finance director Paddy Gallagher, the independent directors of gaming group Rank have had another change of heart over the bid from Guoco Group. Having consulted with a number of significant shareholders and taking on boar
Read moreRank Group makes another U-turn
27th Jun 2011 12:41
Mecca Bingo clubs operator Rank Group's board has recanted its decision to grudgingly recommend Guoco Group's bid, largely because of uncertainties about the continued stock exchange listing of Rank's shares. The Blue Square online betting firm owner said that Guoco will not provide an "uncondition
Read moreFriday tips round-up: Rank, Chemring, Soco International...
24th Jun 2011 06:47
It is game over for Rank Group. Despite its misgivings, the company has told shareholders to accept a ridiculously low offer from the Malaysian billionaire Quek Leng Chan. The assumption was that the 150p a share offer would fail, leaving outside shareholders with a small majority. For some reason i
Read moreRank accepts Guoco takeover
23rd Jun 2011 15:35
The board of casino and bingo group Rank has succumbed to a takeover offer from Malaysian investment firm Guoco. Rank advised shareholders against the takeover last month, saying that the 150p-a-share bid fails to reflect the company's underlying value and prospects. It re-iterated that point today
Read moreRank confident of immediate prospects
23rd Jun 2011 07:29
Casino and bingo hall operator Rank said total group revenue for the 25 weeks to 19 June 2011 rose by 4% as it remains confident in immediate prospects and the achievement of its longer-term ambitions. Revenue at Grosvenor Casinos rose 13% in the ten weeks to 19 June with customer visits up 12% an
Read moreGalliford Try chairman designate lays foundations
16th Jun 2011 15:21
Galliford Try's chairman-designate Ian Coull has started building a stake, spending nearly £50,000 on shares in the construction firm. He took 10,000 shares at 497.75p a time. Coull, 60, who will be replacing David Calverley, 68 in the chairman's seat, is chief executive of SEGRO Europe's largest
Read moreFTSE 250 movers: African Barrick Gold spooked by supertax reports
8th Jun 2011 15:33
Mining firm African Barrick Gold has taken a tumble after it responded to reports of a new "Super Profits Tax" on the mining industry in Tanzania, saying it is unaware of any such tax. Falling metals prices is most likely partly attributable to the fall as well. Meanwhile, Punch Taverns is a high r
Read moreGuoco wins majority stake in Rank
8th Jun 2011 15:14
Rank has revealed that the 150p per share offer for the company by Malaysian investment firm Guoco Group has been declared unconditional, just a month after Rank said that the price "significantly undervalues" the group. In May, the casino and bingo hall operator advised its shareholders against ac
Read moreBroker tips: Punch, Rank, Britvic
8th Jun 2011 13:00
Matrix has kept its 'hold' rating and target price of 78p on Punch Taverns, despite the pub operator reporting third quarter figures ahead of expectations. The broker says that while shares should tick up on Wednesday after the results, the valuation of Punch is more dependent on the shape of the b
Read moreBroker snap: Rank offer goes unconditional, Panmure Gordon disappointed
8th Jun 2011 12:46
Guoco's offer for casino and bingo hall operator Rank Group has gone unconditional, prompting Panmure Gordon to put its 'buy' rating and target price of 204p on Rank under review, saying that this is a very disappointing outcome. It was revealed today that Guoco's 150p per share offer has received
Read moreBroker tips: Rank, Thomas Cook, N Brown
10th May 2011 12:33
Credit Suisse highlights an "attractive story" and "sensible valuation" at casino and bingo hall operator Rank, but keeps its 'neutral' stance saying that the stock is lacking near-term catalysts. Last week, Guoco acquired an additional 11.6% shareholding, taking its stake to 40.8% and forcing a ma
Read moreBroker snap: Rank lacking near-term catalysts
10th May 2011 12:06
Credit Suisse highlights an "attractive story" and "sensible valuation" at casino and bingo hall operator Rank, but keeps its 'neutral' stance saying that the stock is lacking near-term catalysts. Last week, Guoco acquired an additional 11.6% shareholding, taking its stake to 40.8% and forcing a ma
Read moreLondon close: Lower finish for FTSE 100
9th May 2011 16:44
The top share index closed in the red despite a bright start to the day, continuing the volatile performance seen last week. Energy supplier Centrica is a struggler after saying it expects profits growth in 2011 to be more subdued than previously anticipated due to the new tax regime on UK oil pro
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