Investors bugged by Rentokil results

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The outlook for UK pest control firm Rentokil is looking bleak as management reported poor second-half results in February and warned that first-half 2005 results will probably be even worse.

But there is a silver lining for debt investors. Rentokil’s new chief executive Doug Flynn looks set to take the most bondholder-friendly option for addressing the firm’s problems: muddling through and hoping that increased spending on sales and marketing will result in organic growth.

A planned asset dis

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