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RTO Rentokil Initial Plc

-7.00 (-1.66%)
07 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Rentokil Initial Plc LSE:RTO London Ordinary Share GB00B082RF11 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -7.00 -1.66% 414.60 14,709,037 16:35:17
Bid Price Offer Price High Price Low Price Open Price
415.10 415.30 420.20 412.90 420.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Disinfecting,pest Control Sv 3.71B 232M 0.0923 44.98 10.43B
Last Trade Time Trade Type Trade Size Trade Price Currency
18:37:17 O 32,099 415.67 GBX

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Date Time Title Posts
01/12/202312:45Rentokil Initial plc1,237
12/10/202219:22Longs to be processed -
12/4/201912:33Rentokil Initial Q1 18.04.19 Preview-
06/11/201519:22Buying Opportunity. Was pest control franchising part of their strategy?-

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Rentokil Initial (RTO) Most Recent Trades

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Posted at 07/12/2023 08:20 by Rentokil Initial Daily Update
Rentokil Initial Plc is listed in the Disinfecting,pest Control Sv sector of the London Stock Exchange with ticker RTO. The last closing price for Rentokil Initial was 421.60p.
Rentokil Initial currently has 2,513,000,000 shares in issue. The market capitalisation of Rentokil Initial is £10,433,976,000.
Rentokil Initial has a price to earnings ratio (PE ratio) of 44.98.
This morning RTO shares opened at 420p
Posted at 20/10/2023 12:56 by fenners66
As for buying Terminix - I looked at their published accounts at the time and without explanation that I could find, their accounts were awful and the transaction looked way over priced.

I posted on another thread I believe where RTO was being discussed that there did not seem a justification for the price and I expected it would take 3 years from then for the share price to regain the same as it was prior to announcing the transaction.

I am surprised it has recovered so well up to now - but if it goes back to my 3 year (or longer) timescale for the synergies to be reflected in the share price that would be what I expected then anyway.
Posted at 20/10/2023 12:52 by fenners66

You were describing RTO as a "bond proxy"
I chose to give some relevant examples from that days RNS to show its not.

I challenged your definition of RTO the whole company being a "bond proxy " because it is not and has not been at least in the last decade or more.

Other companies ,like CSN or PHNX or IMB are more akin to bond proxies. They have models that left to their own devices will generate lots of cash and pay high dividends but the business will decline over time.

RTO is nothing like them.

Choosing instead to focus on the short term organic growth (which is still growing !) is trying to move the goalposts after I challenged you.
As for organic growth we already know that post covid bed bugs will contribute.
The Welch govt banning glue traps for rats will likely result in growth of more expensive remedies.
Population growth / density and climate change world wide will most likely add even more pests to be controlled.

So in principal any idea that RTO should move to ex-growth without acquisitions is imo completely flawed.

As predicted you tried to defend your "bond-proxy" comment ...
Posted at 19/10/2023 09:26 by netcurtains
Yes in all seriousness RTO is at the forefront of saving humanity from extinction. With viruses and pests the right balance of hygiene and exposure to potential diseases is really important.
RTO is the only company that can save humanity from extinction. We will have all sorts of pandemics in the next ten years. RTO is our shield
Posted at 26/8/2023 10:33 by hedgehog 100
ASHI's proposed RTO is now intended to be a DOUBLE RTO, valued at over £175M. including the £135M. Cell Therapy valuation and ASHI's shell value:-

24/08/2023 07:00 UK Regulatory (RNS & others) Ashington Innovation PLC Heads of Terms Signed for the Acquisition of Calon LSE:ASHI Ashington Innovation Plc
"Heads of Terms Signed for the Acquisition of Calon Cardio-Technology Limited, subject to the Completion of the Reverse Takeover of Cell Therapy Limited
Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition company, is pleased to announce it has entered into a non-binding heads of terms agreement with Calon Cardio-Technology Limited ("Calon"), to acquire 100% of the outstanding shares in Calon in an all-share transaction. The acquisition is subject to the completion of the proposed reverse takeover of Cell Therapy Limited ("CTL") ...
Following recent discussions, on 23 August 2023 Ashington entered a non-binding heads of terms agreement with Calon for the acquisition of 100% of the issued share capital of Calon for a purchase price of GBP39 million, to be satisfied by the allotment and issue of new ordinary shares in Ashington Innovation PLC to the shareholders of Calon. ..."
Posted at 23/8/2023 19:58 by hedgehog 100
The shell company ASHI floated at 3p per share in June, market cap. £1.841M., compared to net cash of £717K., including its net IPO proceeds.

That didn't look cheap, but to its credit it has suspended (at 2.75p) for a RTO, valued at well over £100M., just two and a half months later:-

06/06/2023 08:01 UK Regulatory (RNS & others) Ashington Innovation PLC Ashington - Admission to trading on the LSE LSE:ASHI Ashington Innovation Plc

"Admission to trading on the London Stock Exchange

Ashington Innovation plc, a special purpose acquisition company ("SPAC") aiming to benefit from favourable price conditions for companies in the financial services technology (fintech) and deep technology (deep tech) sectors, is pleased to announce that its entire issued ordinary share capital, consisting of 61,397,900 ordinary shares, was admitted to the Standard Listing Segment of the Official List of the Financial Conduct Authority, and to trading on the London Stock Exchange's Main Market for listed securities at 8.00 a.m. today, under the ticker "ASHI". ...

About Ashington Innovation plc

Ashington Innovation PLC is a special purpose acquisition company (SPAC), formed with the intention of acquiring businesses operating in the technology sector, in particular the financial services technology and deep technology sectors.

The Company believes that in the increasingly fast-changing global environment there will be an abundance of opportunities to acquire existing businesses in the technology sector, and in particular businesses that possess and utilise proprietary technologies and own applicable intellectual property.

The Company is not limited to any specific geographic region in identifying its target companies. Both Jason Drummond and Jason Smart, directors of the Company, bring a wealth of experience in founding and building successful companies across a diverse range of sectors. "

17/08/2023 08:10 UK Regulatory (RNS & others) Ashington Innovation PLC Heads of Terms Signed LSE:ASHI Ashington Innovation Plc

"Heads of Terms Signed

Proposed Reverse Takeover of Cell Therapy Limited

Suspension of Listing

Conditional Acquisition of Cell Therapy Limited

Ashington Innovation (LSE:ASHI), the Special Purpose Acquisition Company (SPAC) established to acquire businesses primarily in the technology sector, is pleased to announce that the Company has entered into a non-binding term sheet (the "Term Sheet") with Cell Therapy Limited ("Cell Therapy") pursuant to which Ashington Innovation will acquire 100% of the total issued equity for GBP135 million in an all share transaction (the "Transaction"). Cell Therapy is a clinical stage biotechnology firm with a portfolio of patented cellular medicines with a lead program that successfully completed an early-stage human clinical trial in heart failure.

The Directors of Ashington Innovation consider the Transaction to represent a transformational, value enhancing transaction for shareholders, which is fully aligned with the Company's growth strategy. Cell Therapy's product and patent portfolio provides a platform to develop leading medicines, which have been validated in a human clinical trial and through granted patents in the US, UK, EU and Asia.

To fund the Transaction, Ashington Innovation will be seeking to carry out a placing of new ordinary shares to new and existing investors ("Placing") to raise funds of up to GBP3 million to finance the drug development program and working capital. As such, the Transaction is conditional, inter alia, on the completion of due diligence, definitive sale and purchase documentation, obtaining the necessary regulatory approvals from the FCA and the Takeover Panel, a successful Placing, and the passing of necessary resolutions to approve the Transaction by the shareholders of the Company at a duly convened general meeting.

Suspension of Listing

As the proposed acquisition, if it proceeds, will constitute a Reverse Takeover under the Listing Rules, the Company's ordinary shares shall be suspended pending the publication of a prospectus or an announcement that the proposed Transaction is not proceeding. Any restoration of the listing is subject to the approval of the FCA.

At this stage, there can be no guarantee that the proposed Transaction will complete nor as to the final terms of the proposed Transaction. Further announcements and updates will be made in due course.

Jason Smart, Founder of Ashington Innovation, commented: "We are delighted to have agreed a heads of terms to acquire Cell Therapy. During the past few months, we have reviewed numerous projects and believe the proposed acquisition meets our stated objective of identifying a potentially extremely valuable entity capable of sustainable development and with significant technological advantages. The directors believe that the regenerative medicine and biotechnology sector presents compelling opportunities to create value for shareholders and the proposed acquisition presents a high-quality target with an experienced and expert leadership. This is a very exciting opportunity to bring a scalable business with a strong track record to the public markets." "

Ashington Innovation (ASHI):-
Posted at 14/7/2023 14:42 by hedgehog 100
Shells subject to the £30M. RTO minimum, but that don't meet it, would no longer be eligible for the Main Market.

So they would probably therefore list on AIM, and I don't see why this couldn't be via a direct transfer, with no full delisting in between.

This is what the shell ELEG seems to be proposing; ELEG floated last year, and suspended for a RTO last week:-

07/07/2023 08:00 UK Regulatory (RNS & others) Electric Guitar Plc Proposed RTO LSE:ELEG Electric Guitar Plc

"Heads of Terms signed

Proposed Reverse Takeover and Suspension of Listing

Reverse Takeover

ELEG is pleased to announce that as of 6[th] July 2023 it has entered into a non
-binding heads of terms to acquire (through a reverse takeover subject to
regulatory and shareholder approval and due diligence) all the outstanding
shares in 3radical Limited ("3radical") in an all-share transaction

The Transaction is in line with ELEG's strategy set out at the time of its IPO
last year. On completion of the Transaction, ELEG's intention is to cancel its
listing on the Standard List and seek admission of its ordinary share capital,
as enlarged following completion of the Transaction, to trading on the AIM
Market of the London Stock Exchange ("Admission").

The heads of terms place an initial valuation on 3radical of £3 million, subject
to adjustments.

Suspension of Listing

The Transaction, once completed, would constitute a reverse takeover under the
Listing Rules. As ELEG is not yet able to provide full disclosure under Listing
Rule 5.6.15, it has requested from the Financial Conduct Authority, and been
granted, a suspension of listing in its shares with immediate effect pending
either the issue of an announcement providing further details on the
Transaction, the publication of a prospectus, or an announcement that the
Transaction is not proceeding. ..."

Indeed, for a shell that has been listed on the Main Market for 18 months, like ELEG, this transfer could be fast tracked.

From Bird & Bird LLP, 17 August 2022, re transferring from the Main Market to AIM:-

"AIM Designated Market (fast track)
procedure for transfer to AIM Market
provided shares listed for at least 18
Posted at 24/6/2023 12:50 by hedgehog 100
One of mii favourite shells at the moment:-

Milton Capital (MII) 0.9p Market cap. £0.9M.

04/10/2022 07:10 UK Regulatory (RNS & others) Milton Capital PLC First Day of Dealings LSE:MII Milton Capital Plc

"Admission to a Standard Listing

and to trading on the Main Market of the London Stock Exchange

First day of dealings

Admission details

Milton Capital plc (LSE: MII) announces that 100,000,000 Ordinary Shares will today be admitted to the Standard Segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange. The placing of new ordinary shares has successfully raised a total of GBP950,000, at a placing price of GBP0.01 per share.


-- One Price for All - All investors have come in at the same IPO price; no Founder Shares or pre-IPO rounds; no warrants; no options.

-- No Advisory/Broking Fees - The Company's advisor and broker, Peterhouse Capital, has agreed to waive all advisory fees and commission on all funds raised at the IPO and will receive no annual retainer.

-- Capped listing and on-going costs -

- The IPO costs, including all accounting, legal, PR and Exchange fees, which amount to GBP55,955, have been capped at GBP50,000 by Peterhouse Capital and as such, post Admission, the Company will have net proceeds of GBP950,000 ;

- Total costs for the first full year after listing are also capped at GBP50,000.

-- No ongoing director salaries - The Company's directors will receive no salaries or consultancy fees; compensation will only be received by way of a success fee on the completion of an acquisition approved by shareholders.


The Company was formed to undertake one or more acquisitions of a majority interest in a company or business. Any such acquisition undertaken by the Company will be treated as a reverse takeover for the purposes of Chapter 5 of the Listing Rules.

The directors intend to search initially for acquisition opportunities in the technology sector. The theme focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology.

Megatrends are powerful, transformative forces that can change the global economy, business and society. They drive innovation and redefine business strategies and have a meaningful impact on how we live, how we spend our money and how we invest. The disrupters in particular have produced dynamic profits for early-stage shareholders.

Admission details

Prior to Admission, the Company had 5,000,000 Existing Ordinary Shares in issue and conditional on Admission issued 95,000,000 Placing Shares. All Existing Ordinary Shares and Placing Shares were issued at a price of GBP0.01 per share. ..."
Posted at 17/11/2022 18:06 by hedgehog 100
"SPACs that got their standard listing before the minimum MCap requirements changed to £30m have until Jun 23 before those rules apply."
"I understand the transitional arrangements mean shells listed before the rules changed have to complete and be trading by Jun 23, if under the £30m. This does still mean that the Standard listed clean shells are still a route to a main market listing for smaller companies, but not for much longer."

Sweet Karolina,

First of all, please could you clarify what you are saying, especially as your above two statements are slightly different.
Are you referring to a £30M. RTO by that deadline, or just any RTO?

Secondly, please could you provide a source and link, as the info. seems to be inconsistent with some info. I copied into post 998 above.

A requirement to complete a RTO by June 2023 would clearly require that the RTO process begins much earlier.

As regards the premium paid to a shell's cash for a RTO: it can vary enormously, and the waters can also be muddied if there is no RTO placing, because any RTO price is then in effect a 'deemed' price: a shell can RTO a target for a given share of the equity, and then 'deem' a value for the shell and the target.

Generally though, the RTO will also take account of cash spent by the shell, at least relatively recently, in pursuit of a RTO, and give a value of at least £250K. or so for the listing - though it can be multiples of that in some cases.
Posted at 16/11/2022 23:52 by sweet karolina2

I understand the transitional arrangements mean shells listed before the rules changed have to complete and be trading by Jun 23, if under the £30m. This does still mean that the Standard listed clean shells are still a route to a main market listing for smaller companies, but not for much longer.

Re MTFB, the interesting bit is why the shareholders voted for 0p rather than allow the RTO to proceed, ie not get 0p. Basically the BoD was the BoD who ran the company into the ground in the first place trousering fees all the way, and whereas shareholders were getting very little - effectively the shell was being valued at about the cost of an AIM listing (there was no cash left in it by the time it got to the GM, which is why it should be struck off by CH any day now - already past the date in first Gazette), the BoD were getting oodles of cheap warrants. They company did then IPO directly using the DD already done. It started at 20p (the proposed RTO price after 220 to 1 consolidation) went up to 30p and has since come back down to 20p.

Agree re CCAP had it not lost its listing, but all 5 AIM rule 15 shells lost their listings one way or another.

The only one that does look like it is going to make it back to trading onto the standard list is SPC - it has now issued the prospectus and called the GM. The company coming in is effectively paying about £3.5m for the listing when you deduct the remaining cash from what is being paid for the shell and its cash, adding back 10% for costs of raising cash. At the RTO and placing price (they needed more than was left in the shell) - 0.3p those who bought into the shell at the cheapest price it was trading at after becoming an AIM rule 15 shell and prior to suspension on announcing the RTO, have theoretically made 50% (they only actually make it if the sell and the share price does not tank, which I strongly suspect it will) however there were a few trades where people paid over 0.3p so they are already under water.

Of your clean shells that have got all the way to trading, what do you think is being paid for the listing ie the premium to cash left in the shell plus 10% at start of trading? I think the Greek pot company has way over paid for the shell and I think they have done that because they would not have made it on their own (the expanded MCap is over £30m and still would be if they had they not overpaid for the shell)

Your interest in clean shells with main market listings is very different to my interest in dirty AIM rule 15 shells which stink from a risk / reward perspective, especially those that will have no cash by the time they make it back to trading (if they make it back). I don't think many realise the difference and therefore blunder in.

I hope you don't mind me coming on your thread to highlight the difference.
Posted at 25/5/2022 19:15 by hedgehog 100
NZI was suspended for a RTO last week.

And it looks like a good one: a significant, profitable business in an exciting, buoyant space:-

19/05/2022 08:11 UK Regulatory (RNS & others) Net Zero Infrastructure Plc Proposed Acquisition and Suspension of Listing LSE:NZI Net Zero Infrastructure Plc
"NZI, a special purpose acquisition company formed with the intention to acquire
renewable or clean energy technology companies and to finance, develop and
promote those environmentally sound projects internationally, is pleased to
confirm that it has signed a non-binding letter of intent ("LOI") to acquire
the entire issued share capital of Taylor Construction Plant Limited and Solar
Highways Limited ("TCP" or "the Target"). TCP is a UK based infrastructure
services business, for a combination of cash consideration and new shares in
the Company (the "Proposed Transaction"). ..."

Anyone who was dumping NZI at barely 2p per share recently must be kicking themselves, as if the RTO goes ahead - which it's odds on it will - then a share price of 4p+ looks pretty much nailed on.

But challenging stock market conditions often throw up bargains like this: sometimes due to distressed sellers; but sometimes just due to people dumping at the bottom of a trough out of fear.

And shells in particular often have a fairly typical share price pattern: an initial spike, often fueled by punters who don't appreciate the timescales and dilution of RTOs, followed by a lengthy, steady decline as boredom, impatience, and reality sets in.
Which can then be followed by a RTO at a higher share price - sometimes much higher.

Experienced investors can use this pattern to their advantage, waiting patiently for the optimum point to buy in.

The more things change, the more they stay the same.

Which is why TMOR looks well worth a punt at/near its one penny 4th. March IPO price.

More Acquisitions (TMOR) 0.975p Market cap. £1.22M.
Rentokil Initial share price data is direct from the London Stock Exchange

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