Rentokil Initial PLC
24 August 2005
Rentokil Initial plc to dispose of Initial Style Conferences
Following the review by the new Chief Executive, Doug Flynn, of Rentokil
Initial's businesses, the Board has decided to dispose of Initial Style
Conferences ('Style Conferences'), subject to achieving satisfactory value
through a sale process.
Style Conferences is the market leader in the provision of training and
conferencing venues in the UK. It was acquired as part of the BET group of
businesses in 1996 and has always been operated on a standalone basis.
Style Conferences has good profitability, high quality clients, strong
management and an attractive asset base founded upon freehold ownership of 21 of
the 29 centres that it operates. However, its business characteristics are
substantially different from other businesses within the Group. The Board,
therefore, believes that there may be alternative owners for whom Style
Conferences would be a better fit.
For reasons determined by Rule 21.1 of the City Code on Takeovers and Mergers, a
sale of Style Conferences, if agreed, may be subject to approval by Rentokil
Initial shareholders in general meeting.
Enquiries:
Rentokil Initial plc +44(0) 1342 833022
Mark Boyle, Group Acquisitions Director
Charles Grimaldi, Corporate Affairs Director
Greenhill & Co. International LLP +44 (0) 20 7440 0400
Simon Borrows
Edward Wakefield
Greenhill & Co. International LLP ('Greenhill & Co.'), which is regulated by the
Financial Services Authority, is acting for Rentokil Initial plc in connection
with its potential divestiture of Initial Style Conferences Limited and for no
one else and will not be responsible to anyone other than Rentokil Initial for
providing the protections afforded to customers of Greenhill & Co. nor for
providing advice in relation to this potential transaction.
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.