Another 10% Stake Claimed in Rank
10th December, 2007
Just last week, we saw Genting, the Malaysian gaming giant take a solid 9.4% stake in the struggling gaming operator, Rank group. This sale gave hopes for the company who has been losing profits rapidly in the past year due to the smoking ban and taxation laws. The sale helped boost the stock last week, and after the Richardson family sale was announced today, things are looking up for Rank group.
The West Midlands property developer, which amassed a £500 million fortune through developments, and has spent close to £38 on the shares. The Richardson family insists that the move is purely a financial investment, and they have no interest in a takeover. Genting group said the same thing last week.
Lee Richardson, a director of the Richardson empire, said: “We have built up this stake over the past month. We think that the underlying assets are undervalued.”
With Rank group still in the struggling state it’s been in, perhaps the Richardson family and Genting group know something we don’t. What do you think about these recent investments? Share your wealth of knowledge with us at our Gaming Alerts Forum!
