In 2013, Rothermere, who has until 9 August to make a firm offer for the business or walk away, first signalled that he might seek to take the business private by increasing his control of the family-held voting shares to almost 90%. Premerger/HSR Press Releases. 1998 Metro Metro is launched as a free newspaper serving urban markets across the UK. Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. matters. Daily Mail & General Trust chairs family would buy about 70% of group that it does not already own. Mr. Rothermere is Chairman & Chief Executive Officer at Daily Mail & General Trust Plc, Chairman of dmg media Ltd. (a subsidiary of Daily Mail & General Trust Plc) and Executive Chairman for General Trust Plc. Ashurst advises the trustees in relation to the sale of ordinary voting shares in the Daily Mail & General Trust plc to Rothermere Continuation Limited | Ashurst People We bring together lawyers of the highest calibre; progressive thinkers driven by the desire to help our clients achieve business success. The reporting person is the beneficial owner of 1,437,250 shares of the Issuers Ordinary Shares (as Daily Mail seeks to delay court allegations of high-profile breaches of privacy, Ex-Lib Dem MP Simon Hughes makes phone-hacking claim against Daily Mail owner, Labour MP calls for Paul Dacre peerage to be delayed, Legal action by Doreen Lawrence and Prince Harry could mire Daily Mail for years, Doreen Lawrence, Prince Harry and others launch legal action against Daily Mail publisher, Lord Rothermere takes over as chief executive of Daily Mail owner, Daily Mail Australia to appeal Erin Molans win in defamation case over racism accusations, Erin Molan awarded $150,000 damages after winning defamation case against Daily Mail Australia, Daily Mail calling? Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: In each case, DMGT is listed on the London Stock Exchange. Story . 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. o. Lord Rothermere, the head of the family that founded the Daily Mail in 1896 and a director of Rothermere Continuation Limited (RCL), said: "The sale of RMS and the Cazoo IPO have delivered . Last month, under a regulatory amnesty following the well-publicised failure of Carphone Warehouse boss and Tory backer David Ross to declare his use of shares as security for personal loans, Rothermere came clean on his own similar arrangements. Company. 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. In accordance with the provisions of General Instruction DMGT shareholders on June 23, 2022 (the cash element of the Special Dividend having been Persons is 35-37 New Street, St Helier, Jersey JE2 3RA. acquire from them those shares in DMGT not already beneficially owned by Rothermere. The Reporting Persons intend to review on a continuing basis their investments RCL said the decision comes after . Many people and entities have the same or similar names. Daily Mail owner, DMGT, is close to agreeing a deal with Rothermere Continuation Limited that would see approximately 400m injected into the firm's pension schemes. 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 company has made 1.2bn from disposals in recent years of its stake in the property portal Zoopla, the education business Hobsons and the energy data firm Genscape. See 2(a) and 3 below (c) Name of offeror/offeree in relation to whose relevant securities this form relates: They wrote: Back in 1999 the young chairman of the Daily Mail and General Trust, the 4th Viscount Rothermere, aka Jonathan Harmsworth, bought a 220-acre estate called Ferne Park as home for his family, then comprising wife Claudia and two children under six. "[5], In 2013, Private Eye reported that the non-dom status could be in doubt because of his stately home, Ferne House in Wiltshire, and status as a Freeman of the City of London. Issuer owned by DMGT) being declared by DMGT (the Special Dividend), the settlement of which [7], He ranked fourth in the Publishing, Advertising, and PR section of The Sunday Times Rich List of 2013 with an estimated wealth of 720 million. The ICIJ Offshore Leaks Database is licensed under the Open Database License and contents under Creative Commons Attribution-ShareAlike license. What did your Dad do? The third precondition was reaching agreement with DMGTs pension trustees which has resulted in a 412m payment into its three main schemes. business of which is being the holding company of Daily Mail and General Trust plc (DMGT), a media and entertainment Except as set forth in Item 3 above, none of the Reporting Persons or, to the best knowledge of the Reporting Trust 1 is a Jersey law trust and is a resident Fourth-generation principal Jonathan Harmsworth (pictured), 54, is the 4th Viscount Rothermere, chairman of the DMGT and the holder of a 36% stake in the trust. He then passed on the nom-dom status to his son who doesnt actually pay the normal amount of tax despite owning a newspaper thats owned through various tax companies in Bermuda. the offer was conditional on a sufficient number of acceptances having been received from DMGT They outlined ten key questions the chancellor should answer regarding the tax scandal. On December 16, 2021, it was announced that sufficient acceptances had been received for the offer to become to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per The Offer was announced on 3 November 2021, and it is expected to become or be declared unconditional on 16 December 2021. Daily Mail & General Trust PLC - London-based newspaper publisher, including Daily Mail, Metro and i - Rothermere Continuation Ltd says Friday it owns or has acceptances for its takeover offer for . It was, however, small when compared to the Viscount Rothermeres net worth. We do not charge or put articles behind a paywall. Under the proposed deal, which is contingent on selling the RMS unit, Rothermere Continuation Ltd. would pay 251 pence per share in cash and a special dividend valued at about 610 pence per share which includes cash from the asset sale and a distribution of stock in online auto-marketplace startup Cazoo the London-based company said in . shareholders and, amongst other things, a special dividend (comprising cash and the shares in the unconditional in all respects, satisfying the condition to the declaration of the Special Dividend. Cazoo is aiming to list on the New York stock exchange this year, with DMGTs 16% stake worth about 800m at its current 5bn valuation. DMGT distributes its c.49% stake in Euromoney Institutional Investor PLC and 200m cash to shareholders. RCL said the decision comes after "the . DMGT was founded by Harold Sidney Harmsworth, the first Viscount Rothermere, in 1922. taking the firm private after 89 years on the London Stock Exchange, 'How bad are the pics? Brothers Alfred and Harold Harmsworth edit, produce and oversee the launch of the Daily Mail. Item 7. The move means that Paul Zwillenberg, DMGT's CEO, who has run the group since 2016, will be stepping down from both the Board and his role as Group CEO on 30 September. Rothermere. or Relationships with Respect to Securities of the Issuer. The issuer is solely responsible for the content of this announcement. DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. 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. Despite a reported personal fortune of around 800m, Viscount Rothermere turned to his bankers for loans. 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. include a signed original and five copies of the schedule, including all exhibits. to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state During the last five years, none of the Reporting Persons or the Scheduled Persons has been a party to Daily Mail and General Trust Rothermere Continuation Limited Recent Work Slaughter and May is advising Daily Mail and General Trust plc on the 3.1bn reorganisation of DMGT, comprising a recommended cash offer by RCL and a proposed distribution to all shareholders 3 Nov 2021 in its capacity as a legal shareholder of DMGT ordinary shares. HSR Early Termination Notices API Endpoint. Like Mr Dacre, he told the inquiry there had been no phone hacking by journalists at the company's papers, and argued that self-regulation "protects the press from political interference". DMGT acquires Genscape, an energy information business. (as defined below) which constitute approximately 5.9% of the class outstanding. 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. The Offer has been recommended by the non-conflicted directors of DMGT. Why is Lord Rothermere taking Daily Mail and General Trust private? Item 3. The 45-year-old is the fourth Viscount Rothermere, and inherited the chairmanship of DMGT at the age of 30 on the death of his father in 1998. (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. 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. Trust 2 is a Control Person with respect to Rothermere. This morning, "DMGT announced that its controlling shareholder, Rothermere Continuation Limited (RCL), had notified it of a possible offer for the entire share capital of DMGT not already owned by RCL. It is also seeking assurances that the groups pension schemes will not be affected by the takeover. 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)). 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. Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. Filing Agreement as an exhibit to such statement, as required by such rule. The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. agree. We only ask you to donate what you can afford, with an option to cancel your subscription at any point. [12], Rothermere married Claudia DeVriese, daughter of Terence J. Clemence, on 15 July 1993. On 2 December 2021, Rothermere Continuation Limited ("RCL") and the Non-conflicted DMGT Directors announced the terms of a recommended increased and final cash offer for all of the issued and to be issued DMGT A Shares not already owned by RCL (the "Final . The publisher of the Daily Mail has been reorganising the business through disposals and targeted acquisitions of its own in recent years, having bought the New Scientist magazine in a 70m deal in March, as well as the i newspaper in a 49.6m deal two years ago. He said he tried to "protect the independence" of editorial staff, and said Daily Mail editor Paul Dacre ensured the paper "reflects the views of his readership" - which he agreed were accurately described as "the values of Middle England". Jonathan Harmsworth, better known as Lord Rothermere, is the chairman of Daily Mail and General Trust (DMGT), which owns newspapers including the Daily Mail, the Mail on Sunday and Metro. 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. Harold Harmsworth made the Mail a very popular newspaper, but has been criticised for supporting Adolf Hitler as the Nazi party rose to power in Germany. Original reporting and incisive analysis, direct from the Guardian every morning. The information required on the remainder of this that own the majority of the voting equity interests in Rothermere. 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 . DMGT has issued a bond that is owned by fixed income investors. The Mail on Sunday is launched as a sister title to the Daily Mail. An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. This Joint Filing Agreement, dated Last month, the family's Jersey-registered holding company, Rothermere Continuation Ltd (RCL), announced that it was considering a 251p-a-share bid to buy DMGT, which also owns the Metro and i . You can download a raw copy of the database here. executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. on Schedule 13G and/or 13D (and any amendments thereto) on behalf of each of such parties, and hereby further agree to file this Joint RCL owns around. What I think will be embarrassing for the Mails Editor is the Mail is owned by the Rothermere family. The Daily Mail - which worried that the "complicated structure" of the Sussex businesses showed that "Meghan planned to keep her and Harry's business as opaque as possible" - is owned by Daily Mail General Trust, which was until 2020 owned by a holding company called Rothermere Continuation Limited, which was incorporated in . Rothermere Continuation Limited. digitGaps report on Rothermere Continuation Limited delivers a detailed in-depth and comprehensive insights of the company, its history, corporate strategy, its businesses and structures, and company operations by examining its performance in local market and global economy. The percentage calculation assumes that there are A multinational group, DMGT's operations extend far beyond journalism and include risk management, events and ownership of brands such as Wowcher and property website Zoopla. to file with the United States Securities and Exchange Commission a statement on Schedule 13G and/or 13D with respect to the Class A Ordinary Lord Rothermere is already the controlling shareholder of DMGT through a 28% stake owned by his family trust, RCL. Lord Rothermere said his role is not to "operationally manage" DMGT, Lord Rothermere at Margaret Thatcher's funeral, A source said there is fierce competition between the papers run by Paul Dacre and Geordie Greig, Russian minister laughed at for Ukraine war claims. on Schedule13G to report the acquisition that is the subject of this Schedule13D, and is filing this schedule because of 240.13d-1(e), . Please contact us if you find an error in the database. Including the Special Dividend and the 2021 Proposed Final Dividend, the Offer values DMGT at about 3.1 billion. All rights reserved. As the latest generation of the Rothermore dynasty expanded to four children by 2004, the Harmsworths had outgrown Terrys first effort and in August 2006, local council records show, obtained planning permission for new east and west wings. Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. 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. All conditions for Rothermere Continuation Limited ("Rothermere"), a private limited company organized under the laws of Jersey; and (ii) Harmsworth Trust Company (PTC) Limited ("Trust Company"), a private trust company organized under the laws of the British Virgin Islands. Both RCL and the Trust are administered in Jersey, in the Channel Islands. DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. But we can't do it without you. Rothermere Continuation Trust (Trust 2), a discretionary trust organized under the laws of He said he would usually "refer them back to Paul Dacre" but would sometimes raise an issue with the editor if a complaint appeared to have "merit". block sales or otherwise or pursuant to ordinary stock exchange transactions effected through one or more broker-dealers whether individually 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). DMGT acquires New Scientist, one of the worlds leading science publishing titles. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. It has been estimated Rishi Sunaks wifes non-dom status could have saved her 20 million in taxes on dividends from her shares in Infosys, an Indian IT company founded by her father. 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.
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