DMGT shareholders on June 23, 2022 (the cash element of the Special Dividend having been It was, however, small when compared to the Viscount Rothermeres net worth. Daily Mail and General Trust plc (DMGT) 23-Jul-2021 / 15:23 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. | March 3, 2023 In accordance with the provisions of General Instruction certain assets on behalf of Viscount Rothermere and his immediate family. Notices and Communications), (Date of Event Which Requires Filing of this Statement), If the filing person has previously filed a statement One day prior to the announcement of the firm offer, DMGT confirmed that RCL and DMGT were close to agreeing a deal with DMGTs pension scheme trustees, with one of the terms in agreement being a payment of approximately 400m into the schemes. A former DMGT staff member told the BBC Lord Rothermere is known to dislike stories which bring his papers into disrepute. The address of the principal business office of each of the Reporting Persons and the Control (a) Full name of discloser: Rothermere Continuation Limited ("RCL ")(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. Viscount Rothermere buys 100% of the voting shares in DMGT. As well as the Daily Mail and Mail on Sunday, the group also owns Metro newspapers and recently acquired The i newspaper and New Scientist. On Wednesday, DMGT said that shareholders will also receive a 568p a share special dividend, a 17.3p a share final dividend and 0.58 shares in Cazoo, worth a total of 2.28bn. I am a private investor* I am not a private investor I am not a private investor The Rothermere's Jersey-registered holding company Rothermere Continuation Ltd (RCL) initially proposed a 251p offer in July for the 64% of DMGT it did not already control, provided a. See Items 7-11 of the cover pages and Item 2 above. This Schedule 13D is being filed by and on behalf of each of the following persons (each, a Reporting Some information may have changed over time. Isabel Oakeshott HANGS UP on interviewer, Ambulance strikes suspended by GMB and Unison, Revealed: The Extent of the Daily Mails Support for the British Union of Fascists, Elevenses: Fear and Loathing in the New Conservatives. Rothermere said it now owns or has agreed to buy 56.7% of all DMGT shares. or utilizing specific pricing or other instructions (including by means of Rule10b5-1programs), and review or reconsider their DMGT acquires Landmark, a UK business that provides services to help reduce the risk associated with commercial and residential property transactions. If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at The sale of RMS and the Cazoo initial public offering have delivered excellent shareholder returns, but inevitably DMGT is now a considerably smaller group of businesses, with significantly greater exposure to consumer media, said Jonathan Harmsworth, the fourth Viscount Rothermere, who is the chair of DMGT. to Receive Read more, Editorial enquiries, please contact: [emailprotected], Commercial enquiries, please contact: [emailprotected]. Updated 9th Feb 2020 with more on Richard Drax and Viscount Rothermere.. Dorset is, I think, the loveliest and most intriguing of English counties: a place of ancient chalk downland that sprouts orchids and chalk figures . The takeover will require shareholder acceptances in respect of 90% of DMGTs A shares in issue and should the deal proceed, will consolidate Lord Rothermeres control over the publisher. LONDON, UK: Daily Mail and General Trust (DMGT) is in discussions in relation to the sale of its Insurance Risk division (RMS), while Rothermere Continuation Limited (RCL) prepared to make a possible cash offer to acquire the entire issued and to be issued share capital of DMGT not already owned by RCL. The. See Rule 13d-7 for other parties to whom copies are defined below) which constitute approximately .2% of the class outstanding. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. The declaration reveals that "RCL is owned by a trust which is held for the benefit of Viscount Rothermere (the chairman of the DMGT) and his immediate family. On December 2, 2021, Rothermere formally made an increased offer for those same shares . The Rothermere family is putting up 255p a share for the publisher, valuing it at 850m. VideoRussian minister laughed at for Ukraine war claims, The children left behind in Cuba's mass exodus, Xi Jinping's power grab - and why it matters, Snow, Fire and Lights: Photos of the Week. Daily Mail and General Trust has been reorganising the business through disposals and targeted acquisitions. Item 6. So once you start doing Im looking at your family it gets embarrassing and I think the Rothermere family, if you want to go further back, we get to the great grandfather who lets join in together ran the headline hoorah for the blackshirts.. RCL is owned by a trust for the benefit of theViscount Rothermere and his immediate family.In return, the Trust will receive non-voting "A" ordinary shares,at a ratio of 112.5 non-voting "A" ordinary shares for every 100ordinary voting shares held. RCL owns around. Jonathan Harmsworth, known as Lord Rothermere and the great-grandson of the newspaper's founder, is already the firm's controlling shareholder through his family trust. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. [12], Rothermere married Claudia DeVriese, daughter of Terence J. Clemence, on 15 July 1993. Story . taking the firm private after 89 years on the London Stock Exchange, 'How bad are the pics? It would include an injection of about . The stock exchange announcement offered no reasons why Rothermere Continuation Limited (RCL), the Jersey-registered holding company, has chosen this moment to say it may try to go fully. Jonathan Harold Esmond Vere Harmsworth, 4th Viscount Rothermere (born 3 December 1967), is a British peer and inheritor of a newspaper and media empire founded by his great-grandfather Harold Sidney Harmsworth, 1st Viscount Rothermere. It follows negotiations between DMGT, Rothermere Continuation Limited (RCL) and pension trustees, with the company agreeing to inject 412m into its various pension schemes as part of the offer. The independent directors have indicated they would be minded to recommend the possible offer to DMGTs shareholders, the company said. DMGTs pension scheme trustees may be the first to input in a takeover in Q4 2021, but they are certainly not the first this year, with Q3 2021 seeing pension scheme trustees involved in the bids for Morrisons and Ultra Electronics (see: Market Tracker Trend Report: Trends in Public M&A in Q3 2021 and Practice Note: Pension issues on a takeoverTakeover Code requirements (a subscription to LexisPSL Corporate is required)). . unconditional in all respects, satisfying the condition to the declaration of the Special Dividend. His great-grandfather, Harold Sidney Harmsworth, set up the Daily Mail along with his brother in the late 19th Century and was made the first Viscount Rothermere in 1919. Boris Johnson weighs offers for his return to journalism, Daily Mail out to stop traitor Sunak as Tory rivals vie for press backing, bought the New Scientist magazine in a 70m deal in March. The Rothermeres own approximately 30.3% of DMGTs non-voting shares and as a result of a deal completed in 2013, control all of the voting shares in the group. This Joint Filing Agreement, dated Rothermere Continuation Limited. Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. The reporting person is the beneficial owner of 1,437,250 shares of the Issuers Ordinary Shares (as Many people and entities have the same or similar names. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism. Lord Rothermere was educated at Gordonstoun School and Duke University.[2]. information concerning each executive officer, director or trustee (as applicable) of the Reporting Persons and of the Control Persons Daily Mail owner Daily Mail and General Trust (DMGT) exited the London market in January this year, following a successful privatisation push by the Rothermere family. The potential agreement with the pension trustees of DMGT's three schemes could pave the way for a buyout of the company by Rothermere, which would see it move to . Northcliffe Newspapers is sold to regional newspaper publisher Local World. The same St. Lucian company also owns land and one further, unidentified property in the Kensington area. 1998 Shadow justice secretary Steve Reed told the Today programme he absolutely believed Sunak had broken the ministerial code as theres a whole list of areas where the Chancellor appears to have failed to declare things he should have declared. It comes after DMGT and Rothermere Continuation Limited (RCL) reached agreement with trustees of the firm's pension funds, which will see Lord Rothermere inject 412 million into the schemes. 3: . We only ask you to donate what you can afford, with an option to cancel your subscription at any point. By living as a tax exile in Paris for most of his life, the 3rd Viscount had become non-domiciled for British tax purposes. The Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. RCL is owned by a trust (Trust) which is held for the benefit of Lord Rothermere and his immediate family. Rothermere is also a special purpose entity, the principal KEY INFORMATION (a) Full name of discloser: Rothermere . General Register Office of England and Wales, Births, Register number E60C, Entry number 038, Westminster. is required pursuant to Items 2(d) or 2(e): o, Aggregate Amount Beneficially Owned Lord Rothermeres RCL holds all of the vote-bearing shares in DMGTs two-tier stock structure, which means that the deal is not at risk of being blocked when the deal is put to a shareholder vote. Entity: ROTHERMERE CONTINUATION LIMITED Registered in: Bermuda Linked countries: Bermuda Agent: Appleby Search in: Appleby data is current through 2014 read more Incorporated: 01-APR-2013 Connections: Linkurious and Neo4j Officer (14) Intermediary (1) Address (2) Explore more from Paradise Papers Appleby The power players and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance The information required on the remainder of this * The remainder of this cover page shall be filled beneficially owned by it, Rothermere beneficially owned (and continues to own) all of the DMGT ordinary shares. or Relationships with Respect to Securities of the Issuer. Filing Agreement as an exhibit to such statement, as required by such rule. The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. In an article on Lord Rothermere, the Guardian's Roy Greenslade wrote that he "has laboured for years under the impression that Daily Mail editor Paul Dacre is some kind of irreplaceable journalistic genius". DMGT acquires Genscape, an energy information business. Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. Lord Rothermere, chairman of DMGT and director of RCL, said: The sale of RMS and the Cazoo IPO have delivered excellent shareholder returns, but inevitably DMGT is now a considerably smaller group of businesses, with significantly greater exposure to consumer media. Read more, The International Consortium of Investigative Journalists, Harmsworth Trust Company (PTC) Limited and Crestbrook Associates (PTC) Limited, each in their capacity as trustees of the Children's Fund, Harmsworth Trust Company (PTC) Limited as trustee of the Main Fund, Harmsworth Trust Company (PTC) Limited as Trustee of The Rothermere Continuation Trust, Canon's Court; 22 Victoria Street; Hamilton; HM 12; Bermuda. Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement DMGT officially delisted. Majedie Asset Management, an investor in DMGT with a 4.5% stake, said that Rothermere's revised offer was still not generous enough and has urged shareholders not to accept it. the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. However, the publisher of the Daily Mail said a potential offer was contingent on a number of factors, including a planned sale of DMGTs insurance risk business Risk Management Solutions, and the sale of its stake in the online car retailer Cazoo, which was valued at $7bn (5bn) after being snapped up by a special purpose acquisition company (Spac) in March. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject What has happened to the once-great British Airways? Since 1995, three years before the Hon Jonathan Harmsworth (as he then was) inherited the Daily Mail & General Trust plc empire from his father, the 3rd Viscount, the group has been controlled through a company, Rothermere Continuation Ltd, registered in Bermuda but run from Jersey. Our mission is to hold the powerful to account. Slaughter and May is advising Daily Mail and General Trust plc (DMGT) on the reorganisation of DMGT, which comprises a cash offer by Rothermere Continuation Limited (RCL) for all the non-voting shares in DMGT (DMGT A Shares) not already owned by RCL (the Offer), and a proposed special distribution to all shareholders of DMGT (the Special Dividend). [17] Rothermere confirmed this in his testimony to the Leveson Inquiry. The move would give Rothermere, who is also chairman of the group, full control of DMGT and take the company off the stock exchange. Just as Harold Harmsworth aka 1st Viscount Rothermere, used the Daily Mail to condition its readers with fascist and antisemitic articles throughout the 1930s, Jonathon Harmsworth u Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. Lord Rothermere rarely gives interviews, but in 2004 he told the Independent his views were "not necessarily" those of the Daily Mail, but said he did not have the right to "second-guess" his editors. On June 28, 2022, Rothermere entered into a financing agreement with DB UK Bank Limited (the "Bank") pursuant to Pursuant to the terms of the agreement, Rotheremere granted to the Bank a negative pledge over the Ordinary Shares. DMGTs share price closed up about 3.5% after news of the potential buyout was announced on Monday, at 10.76. Asked why politicians wanted to meet him, he said they "sometimes feel the paper's been hard on them" and asked him to "have some sort of influence". In addition, RCL has agreed that DMGT should recommend for approval, in accordance with its existing dividend policy, a final dividend in respect of FY 2021 (the 2021 Proposed Final Dividend). He is the chairman and controlling shareholder of the Daily Mail and General Trust, formerly "Associated Newspapers", a media conglomerate which includes the Daily Mail. Each of the Filers may be required News of the firm approach saw DMGT shares close at 11.22, a 3% increase to the 10.90 that shares closed at on 2 November 2021. Viscount Rothermere is also on the board of 7 other companies. DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. Following the RCL offer becoming unconditional, DMGT distributes 1.3 billion cash to all shareholders and declares the distribution of its holding in Cazoo (completed in June 2022). any time and from time to time, to acquire additional Ordinary Shares or other securities of the Issuer, dispose of some or all of the Since you are here, we wanted to ask for your help. The TLE shop is also now open, with all profits going to supporting our work. FORM 8 (OPD) PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER Rules 8.1 and 8.2 of the Takeover Code (the "Code") 1. i' s parent company DMGT has agreed to an 850m buyout by its biggest shareholder and chairman Lord Rothermere, taking the firm private after 89 years on the London Stock Exchange. Calculated on the basis that shareholders receive 2.55 per share, a special dividend consisting of 5.68 and 0.5749 shares in Cazoo for each DMGT share and subject to approval, a final dividend of 17.3 pence per share, the deal values the company at 2.7bn at 12.63 per share. The Daily Mail was first. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. Lord Rothermere acquired France as his "domicile of birth" upon his birth as his father acquired a French "domicile of choice" by becoming a tax exile in Paris.