25th Aug 2005 07:01
Rentokil Initial PLC24 August 2005 Rentokil Initial plc to dispose of Initial Style Conferences Following the review by the new Chief Executive, Doug Flynn, of RentokilInitial's businesses, the Board has decided to dispose of Initial StyleConferences ("Style Conferences"), subject to achieving satisfactory valuethrough a sale process. Style Conferences is the market leader in the provision of training andconferencing venues in the UK. It was acquired as part of the BET group ofbusinesses in 1996 and has always been operated on a standalone basis. Style Conferences has good profitability, high quality clients, strongmanagement and an attractive asset base founded upon freehold ownership of 21 ofthe 29 centres that it operates. However, its business characteristics aresubstantially different from other businesses within the Group. The Board,therefore, believes that there may be alternative owners for whom StyleConferences would be a better fit. For reasons determined by Rule 21.1 of the City Code on Takeovers and Mergers, asale of Style Conferences, if agreed, may be subject to approval by RentokilInitial 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 theFinancial Services Authority, is acting for Rentokil Initial plc in connectionwith its potential divestiture of Initial Style Conferences Limited and for noone else and will not be responsible to anyone other than Rentokil Initial forproviding the protections afforded to customers of Greenhill & Co. nor forproviding advice in relation to this potential transaction. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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