12th Sep 2005 15:03
Rentokil Initial PLC12 September 2005 Clarification regarding weekend press statement Rentokil Initial plc ("Rentokil" or the "Company") has been asked to clarify thefollowing statement included in article published in The Daily Telegraph on 10thSeptember 2005. The statement read: "Last night, one senior Rentokil source said: "If it wasn'tGerry Robinson, you'd laugh. Even if he cocked it up and shares fell 50pc, he'dstill get £37.5m". The Company clarifies its understanding from Raphoe's statement of 8th September2005 that Raphoe's proposal, if implemented, would see Raphoe rather than SirGerry Robinson issued with Rentokil shares worth £76 million(1). According toRaphoe's statement, Sir Gerry Robinson owns 72% of Raphoe. He would thereforestand only to receive Rentokil shares worth £54.6 million(1) from Raphoe'sproposals, with the balance of consideration being attributable to other Raphoeshareholders including Europa Partners. If the shares fell by 50%(1), Sir Gerrywould therefore stand to receive Rentokil shares worth £27.3 million, and othershareholders Rentokil shares worth £10.6 million. The amounts stated here arebefore any executive emoluments that Sir Gerry Robinson proposes are paid tohim, and before any share of any future capital return made to all Rentokilshareholders. The actual amount received by Raphoe shareholders may be reducedby professional and other costs incurred by Raphoe. This clarification does not amend any of the Board's views on Raphoe's proposalas published on 8th September 2005. - ENDS - The Directors of Rentokil accept responsibility for the contents of thisannouncement. To the best of their knowledge and belief, having taken allreasonable care to ensure that such is the case, the information contained inthis announcement is in accordance with the facts and does not omit anythinglikely to affect the import of such information. -------------------------- (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 ExchangeRelated Shares:
Rentokil Initial