Rentokil Initial Regulatory News (RTO)

17 Oct 2005 14:00

Rentokil Initial PLC17 October 2005 Response to statement from Raphoe Management Ltd The Board of Rentokil Initial plc ("Rentokil" or the "Company") notes theannouncement made today by Raphoe Management Limited ("Raphoe") and inparticular the characterisation of Raphoe's failure to find support and/orfinancing for an offer for the Company. Rentokil always maintains an open dialogue with its shareholders, but -Raphoe'sinference that the Board is discussing implementing Raphoe's proposals - with orwithout any changes to Robinson's excessive package - is just plain misleading. The Board remains strongly supportive of the current management team and sees nomerit in destabilising a recovery programme that is well underway and alreadybeginning 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 financingfor a bid but we are surprised that Robinson claims to have brokered discussionsbetween our Board and our shareholders on the subject of his remuneration. Thatis simply not true. Our focus remains on returning Rentokil back to long term profitable growth andon maximising value for Rentokil shareholders. We see no part for Robinson inthat." 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