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Rank to redeem 8¼% convertible preference shares
New York, Nov. 6 - The Rank Group plc said it will redeem all its outstanding 8¼% convertible cumulative redeemable preference shares on Dec. 9.
The London gaming and entertainment company had hoped to amend covenants in its £125 million 7¼% guaranteed bonds due 2008, but at a meeting on Nov. 6 it did not achieve the necessary majority of bondholders to make the change.
As a result, Rank also will redeem the guaranteed bonds, removing the last obstacle to redeem the convertible preference shares.
The convertible preference shares became redeemable on June 30 at £1 per share. The company has £227.5 million outstanding
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