I concur with your assessment of the market making in this stock. I am not sure if the problem is being part of the small cap NASDAQ, (probably because of volume; 2 bill market cap isn't small), or the apparent lack of institutional interest on the part of American investors--I've had this problem with other British ADR's.
Before threatening any legal action it might be appropriate to contact the management and get their side of the story. They can't like this situation--I am sure they would like greater interest in their company on the other side of the pond.
I tried e-mailing these folks a few days back on this and the e-mail was kicked back. . .told that is was out of the parameters of usual acceptances or some other drivel. . . maybe we need to write their chairman.
Per my earlier posts on this really inactive board (a comment on the stock), the company is undervalued. My suspicion, based on a Barrons piece several weeks ago, is that this company is still viewed as a Xerox analog. The new Rank may be unknown. . . it is certainly not seen as Hard Rock Cafe or a Casino firm. .
The casino being built by me in Hollywood is impressive. See the Rank.com website and note the Hollywood, FL site. I have spoken to some of the execs being brought in to run the operation: this will be a first class operation.
I am a patient investor. .. your issues are legitimate and I suspect that management needs to know that something may be amok here.
Good points. I'll see what I can do to track down some contact information. Anything I find, I'll post.
Meanwhile, let's keep the issue on the board and see if anyone else comes along with these same concerns. And let's push to get the spread narrowed, by some reasonable means.
Regarding the stock/company itself, it looks like a bargain to me too. The Hard Rock Casino in Vegas is the best, bar none. I like the timing, the valuation, EU growth opportunities etc etc. If they were US-based public company instead of ADR, they would trade at $20/share, I estimate.