- Trian confirms interest in Rentokil
- Ashtead chief executive flies the flag
- Chapel Down director buys shares
US activist investor Trian Fund Management, a vehicle controlled by billionaire Nelson Peltz, significantly raised its stake in UK pest control and hygiene business Rentokil Initial (RTO) earlier this month shortly after securing a board spot for its head of research.
According to company filings, Trian bought 7,500,000 shares at a price of 413.4p on 11 December 2024 for a total of £31 million.
The purchase takes Trian's overall holding in Rentokil to 64.6 million shares or a 2.5% stake, confirming its top 10 position on the shareholder list.
When it first bought shares in June, Trian said it had 'reached out to Rentokil to discuss ideas and initiatives to improve shareholder value'.
RALLYING ROUND
Brendan Horgan, chief executive of FTSE 100 equipment rental group Ashtead (AHT), showed he was still confident in the firm's prospects by adding to his shareholding this month.
Horgan acquired 4,000 shares at a price of £53.20 for a total consideration of £212, 800 on 11 December, the same day the company announced it would buy back up to $1.5 billion of its own stock.
A day earlier, the group published its half-year results, which missed market estimates, and lowered its full-year outlook for rental revenue growth, leading analysts to cut their 2025 and 2026 earnings forecasts and causing the shares to tumble.
GLASS HALF-FULL
A person closely associated with Michael Spencer, non-executive director of England’s largest winemaker Chapel Down (CDGP:AIM), IPGL Limited bought 500,000 shares at 35p for a total value of £175,000 on 16 December.
Following the share purchase, IPGL Limited holds 46,145,250 ordinary shares, equivalent to 26.9% of the company’s issued share capital.
The company put itself up for sale in June, but conceded in late October there were no deals on the table which would create more value than it remaining a stand-alone operation.
On a brighter note, the 2024 harvest was described as 'high quality' and on a par with 2019 which was a successful vintage for the Tenterden-based business.
