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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016