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See Items 7-11 of the cover pages and Item 2 above. business. However, if a deal is completed, the sale would take place in the third quarter of 2021, said the company, which owns the British newspaper, the Daily Mail. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions. DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. 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 . The aggregate value holders of DMGT A Shares would receive under the terms of the Offer, the Special Dividend and the 2021 Proposed Final Dividend (if approved) would be 1263 pence per DMGT A Share. Harmsworth, 53, Harolds great-grandson, has led the business through huge technological change as print newspapers have had to refocus their business models in the digital age. 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. Rothermere Continuation Limited's Acquisition Of The A Ordinary Shares conjunction with Rothermeres offer to the other DMGT shareholders for the shares in DMGT not already beneficially owned by We strongly urge shareholders not to accept the offer.. Harmsworth ran the businesses with sufficient skill that they remain firmly under family control today, majority ownership being voted by his grandson, Jonathan Harmsworth, 4th Viscount Rothermere (and a significant minority by Vyvyan Harmsworth, the 2nd Viscount's son by his third marriage). as of June 24, 2022, is by and among Rothermere Continuation Limited and Harmsworth Trust Company (PTC) Limited (the foregoing acquire from them those shares in DMGT not already beneficially owned by Rothermere. 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". We depend on the generous support of readers like you to help us expose corruption and hold the powerful to account. on Schedule13G to report the acquisition that is the subject of this Schedule13D, and is filing this schedule because of 240.13d-1(e), defined below) which constitute approximately .2% of the class outstanding. DMGT sells its remaining stake in the company. the British Virgin Islands; and. ST. HELIER Y9 JE2 3RA. * The remainder of this cover page shall be filled Harmsworth, the 3rd Viscount Rothermere. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. 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. 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. Consequently, DMGT shareholders will also receive a special dividend of 991p per share and a final dividend worth 17.3p a share, bringing the total value of the offer and investor payouts to 12.63 a share, just over 3bn including debts. In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. The group owns i, which has complete editorial independence, and also recently acquired New Scientist. to Receive and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance 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. 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. 1). What has happened to the once-great British Airways? According to the takeover documentation, the reduced cash payable under the special dividend in the firm offer is due to shareholders being offered a greater number of Cazoo shares and the additional contributions that will be made to DMGT pension schemes. required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). involving the Issuer, which occurred on August 26, 2021. of the Ordinary Shares was acquired as part of the Special Dividend (as defined below) which was declared pro rata to all of the There are legitimate uses for offshore companies and trusts. Rothermere readies 810m bid to take Daily Mail owner private But what of the Mail newspaper group itself? This Joint Filing Agreement, dated dmg events is formed (under a different name) to manage and develop a portfolio of events assets. Rothermere Declaration of Trust, a discretionary trust organized under the laws of Jersey (Trust Daily Mail owner close to deal with pension trustees over Rothermere offer . securities laws or finding any violation with respect to such laws. 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. The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. Consideration: Beneficial ownership Mail ignores owner's non-dom status in Sunak tax piece BROWSE PEOPLE DIRECTORY People Search DMGT is established to manage the family's newspaper interests. Rothermere Family in Talks to Take Daily Mail Private Trust 2 is a Control Person with respect to Rothermere. Read more, Editorial enquiries, please contact: [emailprotected], Commercial enquiries, please contact: [emailprotected]. Lord Rothermere to take charge of DMGT as CEO steps down The move sparked speculation that Rothermere might seek to approach the remaining shareholders to take full control of DMGT, which has been listed on the stock market since 1932. 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. We believe the terms of our offer to be fair, particularly bearing in mind not only the existing level of debt within DMGT at a time of increasingly difficult market conditions, but also the restrictions imposed on the operation of the business as part of the settlement with the pension trustees, said Rothermere. distributed on December 30, 2021). Prior to Rothermeres acquisition of the shares in DMGT not already 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. Use our commercial database of more than 120 million business records & industry directory for company research & industry analysis. Rothermere Continuation Limited's Acquisition Of The A Ordinary Shares In Daily Mail and General Trust plc November 6, 2021 Giulia Di Palma Tagged: Aimee Carroll-Hewitt Ashurst Karen Davies Lazard Theo Palmer Tim Rennie It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. [9], The BBC's Newsnight programme at the end of January 2017 reported that former prime minister David Cameron had approached Lord Rothermere to sack Eurosceptic Paul Dacre, the editor of the Daily Mail in the run up to the 2016 EU membership referendum. L Catterton is 60% owned by the partners of L Catterton . the Notes). This Schedule 13D is being filed by and on behalf of each of the following persons (each, a Reporting 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". 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). Viscount Rothermere is also on the board of 7 other companies. Daily Mail and General Trust plc: Rothermere Continuation Limited - Yahoo! 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. If DMGT is taken private it will leave Reach the parent company of the Mirror, Express and Star national titles and regional publications such as the Manchester Evening News as the only major UK newspaper group remaining as a publicly listed company on the London Stock Exchange. By living as a tax exile in Paris for most of his life, the 3rd Viscount had become non-domiciled for British tax purposes. that own the majority of the voting equity interests in Rothermere. See 2(a) and 3 below (c) Name of offeror/offeree in relation to whose relevant securities this form relates: 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 Trust Company holds Ordinary Shares on behalf of Rothermere because it received these An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. be terminated by any of the Filers upon one weeks prior written notice or such lesser period of notice as the Filers may mutually In accordance with the provisions of General Instruction C to Schedule 13D, By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. The move would give Rothermere, who is also chairman of the group, full control of DMGT and take the company off the stock exchange. Boris Johnson weighs offers for his return to journalism, Daily Mail out to stop traitor Sunak as Tory rivals vie for press backing, Nils Pratley on the plans to take Daily Mail news group private, bought the New Scientist magazine in a 70m deal in March. The Daily Mail was first. Geordie Greig's appointment as editor of the Mail on Sunday in 2012 sparked rumours he was being groomed as Mr Dacre's successor, but quotes from Lord Rothermere in Tatler magazine's October 2013 edition said Mr Dacre had signed a new contract. 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. The right-wing press is guilty of hypocrisy on Harry and Meghan's "tax [12], Rothermere married Claudia DeVriese, daughter of Terence J. Clemence, on 15 July 1993. Lord Rothermere to take charge of DMGT as CEO steps down General Register Office of England and Wales, Marriages, September quarter 1993, Westminster, Vol 15, page 1798. Since you are here, we wanted to ask for your help. 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. Market Tracker will continue to monitor this transaction as it develops. matters. DMGT officially delisted and cancelled trading from the London Stock Exchange, ending its 90 year history.Perhaps this tweet sums it up? This article was amended on 14 July 2021. Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. It is also seeking assurances that the groups pension schemes will not be affected by the takeover. 2/11/21. Public records show Infosys has received more than 50 million in UK public sector contracts since 2015 with Labour arguing Sunak should have registered an interest in the firm because of his wifes involvement. DMGT participates in a funding round in October 2020, valuing its c. 20% fully-diluted stake in Cazoo at 0.4 billion. o. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: 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. Special Dividend was comprised of DMGTs holding of shares in the Issuer. The Rothermere family will offer shareholders 255p a share for DMGT plus debts, a higher price than the 251p a share they initially proposed in July. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. 14, 2022, the date when the Issuers resale registration statement was declared effective by the SEC. Business Phone: 44 (0) 1534 870670. They outlined ten key questions the chancellor should answer regarding the tax scandal. Daily Mail and General Trust p (DMGT) - InvestEgate 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. 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. 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 . 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. Lord Rothermere agrees deal to take Daily Mail owner private - Yahoo! Ashurst advises the trustees in relation to the sale of ordinary voting Rothermere's representative told the media: "Over the years, Lord Rothermere has been leant on by more than one prime minister to remove Associated Newspapers' editors but, as he told Lord Justice Leveson on oath, he does not interfere with the editorial policies of his papers". Lord Rothermere in 850m deal to take Daily Mail owner private - Sky News to be sent. Offer is for 64% of DMGT, which also publishes the i and Metro, that Rothermeres do not already own. We only ask you to donate what you can afford, with an option to cancel your subscription at any point. Lord Rothermere was educated at Gordonstoun School and Duke University.[2]. Lord Rothermere, the biggest shareholder in the owner of the Daily Mail, has agreed an 850m buyout that will see the group taken private after 89 years on the stock market. I am a private investor* I am not a private investor I am not a private investor Rothermere agrees deadline extension to take Daily Mail owner private Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. 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. 1934, Class A Ordinary Shares, par value $0.0001, (Name, Address and Telephone Number of Person Authorized Rothermere Continuation Limited Acceptance level update Lord Rothermere is also the fourth member of his family to become executive chairman of the group. Under the Securities Exchange Act of The percentage calculation assumes that there are currently They are all billionaires who, personally or through their businesses, have used the law to avoid paying tax. RMS being offered for sale by owner DMGT - Reinsurance News On 3 November 2021, Daily Mail and General Trust plc (DMGT), which owns Daily Mail, Mail on Sunday, the Metro and inews, announced that it had agreed to the terms of a 2.7bn recommended offer from Rothermere Continuation Limited (RCL), a Bermuda registered company owned by a trust held for the benefit of Lord Rothermere and his immediate family 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. According to Mr Greenslade, the DMGT chairman "has ignored the legion of complaints about the Mail's nastiness" and "never betrayed any sign of concern about the criticisms". who owns rothermere continuation limited Petition Boycott the Daily Mail - Call for Inquiry into owner You can also SUBSCRIBE TO OUR NEWSLETTER . 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 . information concerning each executive officer, director or trustee (as applicable) of the Reporting Persons and of the Control Persons Daily Mail owner plans to cut jobs as Lord Rothermere finalises take 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. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. The Offer has been recommended by the non-conflicted directors of DMGT. Together, the Trust He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. [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. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Daily Mail's controlling shareholder indicates possible bid ROTHERMERE CONTINUATION LIMITED :: Jersey :: OpenCorporates assets on behalf of Viscount Rothermere and his immediate family. Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. was conditional on the increased offer becoming or being declared unconditional. Rothermeres to bring Daily Mail under family control in 2.7bn deal General Register Office of England and Wales, Births, Register number E60C, Entry number 038, Westminster. The class of equity security Home > Uncategorized > who owns rothermere continuation limited. (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. Rothermere pushes through Daily Mail purchase as | Morningstar Trust 2 is a British Virgin Islands law trust December 2, 2021, Rothermere formally made an increased offer for those same shares. Jonathan Harmsworth | Beastrabban\'s Weblog The owner of Britain's Daily Mail said on Tuesday it was close to agreeing a deal with its pension trustees that could see Rothermere Continuation Ltd pay them roughly 400 million pounds ($546 . In a stock market announcement on Monday, the group said Rothermere's Jersey-registered holding company Rothermere Continuation Ltd (RCL) was considering a bid of 251p a share, valuing the. Note: Schedules filed in paper format shall DMGT is listed on the London Stock Exchange. C to Schedule 13D, each person controlling such Reporting Persons, as described herein (each, a Control Person and, collectively, Always cite the International Consortium of Investigative Journalists when using this data. Lord Rothermere agrees deal to take Daily Mail owner private Rothermere Continuation Ltd. (RCL . Astonishing tale of corporate hubris, or a simple matter of ROTHERMERE CONTINUATION LTD SC 13D Filing Concerning CZOO on 2022-06-14 ': Messages reveal frantic hours after Hancock affair story breaks, 'The man is a narcissist': Tories despair as 'bully' Boris Johnson threatens Sunak's new start, Instagram midwife faces misconduct hearing over racially offensive posts, Maternity expert pulls out of conference accused of promoting 'normal birth' ideology, One of history's most famous psychological experiments was probably fake, Poverty complaints are 'bollocks' says Tory deputy chair: 'They dont know what poverty is', Ken Bruce's final show reminded us he doesn't just talk to everyone, he listens to them, too, Who hates my naked protests most? This has led RCL and the DMGT board to decide to implement a major reorganisation of the group by distributing the value created by the RMS sale and the Cazoo IPO in conjunction with the offer., He added: We believe the terms of our offer to be fair, particularly bearing in mind not only the existing level of debt within DMGT at a time of increasingly difficult market conditions, but also the restrictions imposed on the operation of the business as part of the settlement with the pension trustees.. 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.
