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Rank slides as it halts final dividend12 December 2007LONDON, England -- As reported by The Guardian: "Shares in the Mecca bingo and Grosvenor casinos group Rank slumped nearly 9% in early trading today as it axed its dividend and said it was slashing spending plans for next year because of poor trading and the consumer spending slowdown. "Rank has been hard hit by the smoking ban and the impact of new gambling regulations, which forced it to cut back on its high-prize fruit machines. "...In October, the group warned that profits could fall below last year's level, news which sent its shares crashing by 20%..." "...Rank shares, down 7.25p to 100p by midday, have been buoyed recently by bid speculation. The Malaysian gambling group Genting has built up a near 10% stake, as has property development company Richardsons Capital..."
Rank slides as it halts final dividend
is republished from Online.CasinoCity.com.
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