MD writes...

It is astonishing how shamelessly arrogant, greedy and frankly dangerous movers and shakers of the investment community have become. Non-bids are all the rage now: the latest is Gerry Robinson and his bid vehicle Raphoe's non-bid for Rentokill Initial.

The core message of Mr Robinson is, essentially, "Put me in charge for £50m or so (plus a salary) and I'll give you back your own money." Ah, yes - without saying how. Answer: by borrowing and issuing new shares - for Gerry.

Eh? Mr Robinson's record doesn't bear scrutiny: he doesn't grow businesses. Witness Granada and Allied Domecq, the latter a particularly good company, sold for a song earlier this year.

It emerged at the weekend that Franklin Templeton hold 15% or so of the shares and are nursing significant losses, yet support Robinson's strategy. Strategy? What strategy? Please, tell shareholders what you'll do differently. Clearly a reporting / measurement period must be drawing nigh for Franklin who will be compelled to declare a poor performance. Hasn't anyone told them that shares can go down as well as up?

Rightly, the incumbent Rentokill Initial management have told Robinson to get on his bike. Keep the faith, guys, and demolish his bid. When, or if, it arrives. The Take Over Panel [read: a tool of the investment banks] should start the clock and tell him to put up or shut up.

Meanwhile, the FSA [read: apparently looking after our interests] must step in and stop one set of self-interested investors getting privileged inside information on the books of Rentokil (and many other companies, it may be said) at everyone else's expense.

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