Rentokil Initial PLC
12 September 2005
Clarification regarding weekend press statement
Rentokil Initial plc ('Rentokil' or the 'Company') has been asked to clarify the
following statement included in article published in The Daily Telegraph on 10th
September 2005.
The statement read: 'Last night, one senior Rentokil source said: 'If it wasn't
Gerry Robinson, you'd laugh. Even if he cocked it up and shares fell 50pc, he'd
still get £37.5m'.
The Company clarifies its understanding from Raphoe's statement of 8th September
2005 that Raphoe's proposal, if implemented, would see Raphoe rather than Sir
Gerry Robinson issued with Rentokil shares worth £76 million(1). According to
Raphoe's statement, Sir Gerry Robinson owns 72% of Raphoe. He would therefore
stand only to receive Rentokil shares worth £54.6 million(1) from Raphoe's
proposals, with the balance of consideration being attributable to other Raphoe
shareholders including Europa Partners. If the shares fell by 50%(1), Sir Gerry
would therefore stand to receive Rentokil shares worth £27.3 million, and other
shareholders Rentokil shares worth £10.6 million. The amounts stated here are
before any executive emoluments that Sir Gerry Robinson proposes are paid to
him, and before any share of any future capital return made to all Rentokil
shareholders. The actual amount received by Raphoe shareholders may be reduced
by professional and other costs incurred by Raphoe.
This clarification does not amend any of the Board's views on Raphoe's proposal
as published on 8th September 2005.
- ENDS -
The Directors of Rentokil accept responsibility for the contents of this
announcement. To the best of their knowledge and belief, having taken all
reasonable care to ensure that such is the case, the information contained in
this announcement is in accordance with the facts and does not omit anything
likely to affect the import of such information.
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(1) Using the share price as at close of business on 9th September 2005
This information is provided by RNS
The company news service from the London Stock Exchange