Rentokil Initial PLC
17 October 2005
Response to statement from Raphoe Management Ltd
The Board of Rentokil Initial plc ('Rentokil' or the 'Company') notes the
announcement made today by Raphoe Management Limited ('Raphoe') and in
particular the characterisation of Raphoe's failure to find support and/or
financing for an offer for the Company.
Rentokil always maintains an open dialogue with its shareholders, but -Raphoe's
inference that the Board is discussing implementing Raphoe's proposals - with or
without any changes to Robinson's excessive package - is just plain misleading.
The Board remains strongly supportive of the current management team and sees no
merit in destabilising a recovery programme that is well underway and already
beginning to demonstrate positive results.
Brian McGowan, non-executive Chairman of Rentokil, said today:
'We are not surprised that Raphoe has failed to find support and/or financing
for a bid but we are surprised that Robinson claims to have brokered discussions
between our Board and our shareholders on the subject of his remuneration. That
is simply not true.
Our focus remains on returning Rentokil back to long term profitable growth and
on maximising value for Rentokil shareholders. We see no part for Robinson in
that.'
Enquiries:
John Sunnucks, Gill Ackers; Brunswick Group LLP: 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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