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The Rank Group has reached agreement to sell its Blankenberge, Belgium, casino and associated digital licence to Kindred Group.

The Rank Group plc who number the Grosvenor Casinos among their brands have released their latest trading statement for the quarter ending September 2019, that has just passed. In doing so the figures show a like-for-like net gaming revenue (‘NGR’) increase of 10% for the quarter, with total NGR across all verticals up by 9%. The bingo and casino giant Rank Group faces a major shareholder revolt over boardroom pay next month, despite its chief executive taking a steep salary cut during the first phase of the coronavirus pandemic. Global gaming supplier Novomatic has signed a new agreement with Rank Entertainment Holdings Group in Africa. Rank Holdings, which runs casinos in Sri Lanka and Africa, launched the Casino Marina Blantyre in Malawi on 22 October. Novomatic subsidiary, Novomatic Africa, has provided a number of products for the casino floor. Blankenberge has been Rank's only remaining casino venue in Belgium since it closed its Middlekerke operations in 2017. For the year to 30 June 2020, Blankenberge contributed £2.7m to group pre.

he disposal is subject to regulatory approvals by the Belgian Gaming Commission and the Blankenberge City Council and constitutes a Class 2 transaction for the purposes of the Listing Rules.

Having closed its Middlekerke operations in 2017, Blankenberge has been Rank’s sole remaining casino venue in Belgium. For the full year to 30 June 2020, Blankenberge contributed £2.7 million to Group profit before tax and reported gross assets of £4.2 million as at 30 June 2020.

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Rank successfully negotiated the renewal of its operating licence for Blankenberge in 2018 and has materially improved the venue’s performance in the period since then, increasing its attractiveness to potential purchasers. The online licence attributed to the venue has been operated under licence to Kindred since August 2012.

Total consideration for the sale of the business, which is subject to the regulatory approvals set out above, is £25m. Net proceeds will be used to reduce the group’s net debt position and for general corporate purposes. The group continues to review opportunities for maintaining appropriate levels of debt for the business. The disposal will also support management’s focus on Rank’s transformation 2.0 programme to drive improvement across its core businesses.

John O’Reilly, chief executive of The Rank Group Plc, said: “Today’s announcement of the sale of the Blankenberge casino secures the next chapter for a great venue in Belgium and a team that deliver an excellent customer experience to the local community. As a standalone casino, the business was non-core to Rank’s international growth plans and the £25m sale proceeds supports the group’s liquidity and future growth initiatives.”

The bingo and casino giant Rank Group faces a major shareholder revolt over boardroom pay next month, despite its chief executive taking a steep salary cut during the first phase of the coronavirus pandemic.

Sky News has learnt that a number of large institutional investors in Rank, which owns the Mecca and Grosvenor brands, are planning to stage a protest over the company's remuneration report and future pay policy at its annual general meeting.

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City sources said on Thursday that Rank had been 'red-topped' by the Investment Association's IVIS service - the strongest-possible alert to shareholders that they should consider opposing the company's proposals.

Institutional Shareholder Services (ISS), an influential voting advisory firm, has also recommended voting against Rank's board, which wants to hand big share windfalls to top executives a year earlier than previously promised.

According to ISS, the company also wants to amend the terms on which it can award shares to executives under a long-term incentive scheme set up in 2018.

'Expanded discretion under the proposed remuneration policy allows for amendments to be made to the outstanding block award, suggesting potential adjustments in light of disruption from COVID-19, though the company has committed to engaging with major shareholders prior to exercising this discretion.

'Overall, shareholder support is not considered warranted,' ISS said.

Any revolt by institutional shareholders will be diluted by the fact that Rank is majority-owned by a single Malaysian shareholder.

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Nevertheless, a big protest would be embarrassing for Rank after it furloughed thousands of its employees as a result of the COVID-19 crisis.

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On Thursday, Rank announced that it was selling its casino business in Belgium for £25m.

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A Rank spokesman declined to comment.