{"id":233,"date":"2024-06-27T17:04:43","date_gmt":"2024-06-27T14:04:43","guid":{"rendered":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/rank-group-raises-70-million-to-fortify-finances\/"},"modified":"2024-06-27T17:04:43","modified_gmt":"2024-06-27T14:04:43","slug":"rank-group-raises-70-million-to-fortify-finances","status":"publish","type":"post","link":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/rank-group-raises-70-million-to-fortify-finances\/","title":{"rendered":"Rank Group Raises \u00a370 Million to Fortify Finances"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/TVJOyArnq3s\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The company that operates Mecca Bingo and Grosvenor Casinos, Rank Group, has secured \u00a370 million through a placement and subscription.<\/p>\n<p>Rank Group has issued 76,736,762 shares at 90 pence each through investment firms Peel Hunt and Goodbody Stockbrokers, a 4.3% premium to Rank&#8217;s closing price of 86.9 pence on the previous day (November 5).<\/p>\n<p>Furthermore, Rank has subscribed for an additional 1,009,258 new ordinary shares at the same price using the PrimaryBid platform.<\/p>\n<p>The total of 77,746,020 shares issued represents 19.9% of Rank&#8217;s share capital and is the maximum amount that could be issued to raise funds.<\/p>\n<p>The company stated that it will utilize the funds to &#8220;fortify the company&#8217;s financial position&#8221; and &#8220;provide ample operating capital to navigate this challenging market environment,&#8221; and to continue restructuring its operations, reiterating its statement made the previous day when it announced it was exploring a placement.<\/p>\n<p>Additionally, the company announced that in the quarter ending September 30 (its first quarter of fiscal year 2020-21), the group&#8217;s comparable gaming revenue decreased by 52% and total net gaming revenue declined by 47%, with revenue decreasing in all divisions, including the digital division. <\/p>\n<p>The Grosvenor locations owned by Rank Group experienced a substantial 74% reduction in income, while Mecca Bingo saw a 45% decrease. International earnings dropped by 26%, while digital revenue was down 3% compared to the same period in the 2019-20 financial year.<\/p>\n<p>The company pointed out that Grosvenor locations were shut down for a significant portion of the quarter but stated they performed &#8220;above expectations&#8221; after reopening on August 15, although the 10pm curfew enforced in September had a &#8220;noticeable impact&#8221; on the end of the quarter.<\/p>\n<p>The company mentioned that Mecca also performed above expectations after reopening on July 4.<\/p>\n<p>In the meantime, the decrease in digital revenue was primarily attributed to the closure of retail operations, resulting in a lower contribution from its &#8220;more valuable multichannel customers,&#8221; while tighter affordability restrictions during the pandemic also played a part.<\/p>\n<p>Rank&#8217;s income is likely to continue to be affected as UK land-based casinos and bingo halls are now required to close again in a new nationwide lockdown starting on November 5 until at least December 2. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company that operates Mecca Bingo and Grosvenor Casinos, Rank Group, has secured \u00a370 million&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Rank Group Raises \u00a370 Million in Share Placement<\/title>\n<meta name=\"description\" content=\"Rank Group secures \u00a370 million through a share placement and subscription, issuing 76.7 million shares at 90 pence each.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/rank-group-raises-70-million-to-fortify-finances\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Rank Group Raises \u00a370 Million to Fortify Finances\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Rank Group secures \u00a370 million through a share placement and subscription, issuing 76.7 million shares at 90 pence each.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/rank-group-raises-70-million-to-fortify-finances\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Go-To Destination for Licensed Casino Games &amp; 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