Rank’s comments supports the warning made by Digby Jones, CBI director general, last week that up to 20 UK companies were considering delisting from New York.
Peter Reynolds, head of investor relations at Rank, said: ‘If it (delisting) starts to happen and there is a real commercial benefit, then clearly that is an option we would look at,’ reported the Financial Times
Rank said it was on track to meet the SEC deadline to comply with Sarbanes-Oxley for reporting years starting on or after July 15.
But Reynolds questioned the fairness of the additional compliance costs when they were for the small portion of investors who held its shares through American Depositary Receipts listed in the US.
‘You have a situation where the majority of the shareholders subsidise the minority,’ he said. Reynolds estimated that about 5% or less of Rank’s equity was held through.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars