See Items 7-11 of the cover pages and Item 2 above. Market Tracker will continue to monitor this transaction as it develops. Both RCL and the Trust are administered in Jersey, in the Channel Islands. This Schedule 13D is being filed by and on behalf of each of the following persons (each, a Reporting 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. The Daily Mail is owned by billionaire, Jonathan Harmsworth (DMGT Media), 4th Viscount Rothermere, great-grandson of it's founder, Harold Sidney Harmsworth who was close friends with Benito Mussolini and Adolf Hitler. Pursuant to and in accordance with Video, Russian minister laughed at for Ukraine war claims, Harry: I feared losing memories of mum during therapy, US-made cheese can be called 'gruyere' - court, AOC under investigation for Met Gala dress, The children left behind in Cuba's exodus, Alex Murdaugh's legal troubles are far from over, Saving Private Ryan actor Tom Sizemore dies at 61, Walkie Talkie architect Rafael Violy dies aged 78. It is also seeking assurances that the groups pension schemes will not be affected by the takeover. and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance 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 aristocrat is mulling. [6], He was a supporter of the former Conservative Party leader David Cameron. The ICIJ Offshore Leaks Database is licensed under the Open Database License and contents under Creative Commons Attribution-ShareAlike license. DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. Acceptance level update. Lord Rothermere ups offer to take Mail, Metro and i publisher DMGT private By Charlotte Tobitt Lord Rothermere has increased his offer to take DMGT private after some investors felt he was. who owns rothermere continuation limited On December 2, 2021, Rothermere formally made an increased offer for those same shares . 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 . Daily Mail owner plans to cut jobs as Lord Rothermere finalises take Rothermere family offers 3.1bn to take Daily Mail owner private Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. 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. include a signed original and five copies of the schedule, including all exhibits. is 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. The former employee said Mr Greig had been brought in because he had a "softer" approach than Mr Dacre, but the result was intense competition between the Daily Mail and the Mail on Sunday - driven by their "warring editors". According to the International Business Times: "The Daily Mail owner did not deny claiming tax concessions as "non-dom", though he insisted this was because his father had lived in France. Who owns Rothermere Continuation? (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. Company and Rothermere together hold approximately 5.9% of the Issuers outstanding shares. The Daily Mail.an anti european newspaper owned by an Englishman who lives in France.publishing articles written by Richard Littlejohn lamenting the decline of Britain.from his beach home in Florida.. Related: Revealed: The Extent of the Daily Mails Support for the British Union of Fascists. The Control Persons are special purpose entities, the principal business of each being the management of certain At conservative gathering, Trump is still the favourite. executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. 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. C to Schedule 13D, each person controlling such Reporting Persons, as described herein (each, a Control Person and, collectively, Form 8 - Daily Mail and General Trust plc: Rothermere Continuation Limited Daily Mail set to go private as Rothermere unwinds DMGT [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. Journalism in Britain is under threat. The Rothermere family already own just over a third of DMGT and 100% of the company's voting rights. 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 After reasonable inquiry and to Rothermere Continuation Limited Acceptance level update Start sales research here. The current Lord Rothermere, whose father and grandfather were both chairmen of DMGT, has a history degree from Duke University in the US and was managing director of the Evening Standard before taking his current role. Our History - DMGT Under the Securities Exchange Act of The data comes directly from the leaked files ICIJ has received in connection with various investigations and each dataset encompasses a defined time period specified in the database. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. PRESS: Rothemere due to clear final hurdle towards | Morningstar 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. 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. DMGT Plc - Not your typical UK Plc certain assets on behalf of Viscount Rothermere and his immediate family. that own the majority of the voting equity interests in Rothermere. Many people and entities have the same or similar names. The records cover more than 80 years up to 2020 and link to people and companies in more than 200 countries and territories. 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. DMGT acquires Hobsons, a UK-based B2B publishing business. Use our commercial database of more than 120 million business records & industry directory for company research & industry analysis. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. 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". Photo by Pete Harlow, Wikimedia Commons (Creative Commons licence CC BY-SA 3.0).. The group owns i, which has complete editorial independence, and also recently acquired New Scientist. Trust 1 is a Jersey law trust and is a resident DMGT acquires the i, a quality, concise UK national newspaper and website. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: The Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. Rothermere Continuation Limited (RCL) is a holding company incorporated in Bermuda. the Issuers board, and was appointed pursuant to this right. Daily Mail's controlling shareholder indicates possible bid Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. 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. The offer for the residual businesses is substantially below what we believe is a fair and reasonable valuation, said Chris Field, fund manager at MAM. 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. Viscount Rothermere is also on the board of 7 other companies. 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. 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 . under the laws of the British Virgin Islands. 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. Our mission is to hold the powerful to account. FB Roundup: Daily Mail and General Trust, Ali Group, L Catterton 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. 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. Euromoney acquires Metal Bulletin, the industry-leading intelligence service for metals and steel professionals. Issuer owned by DMGT) being declared by DMGT (the Special Dividend), the settlement of which 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. In September 2013, the Daily Mail published an article headlined "the man who hated Britain" about Ralph Miliband, the late father of Labour leader Ed Miliband - who called the story a "lie". DMGT reduces its stake in Euromoney Institutional Investor PLC from 67% to c.49%. Rothermere is currently negotiating a new finance facility with one of Under British takeover rules, the Rothermeres have until Nov. 25 to make a firm offer to buy DMGT via their vehicle Rothermere Continuation Ltd or walk away. There are legitimate uses for offshore companies and trusts. 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. in the Issuer. HSR Resources. The Offer was announced on 3 November 2021, and it is expected to become or be declared unconditional on 16 December 2021. Row (11) Excludes Certain Shares (See Instructions) o. The recommended offer comes after the completion of a number of pre-conditions that were specified in RCLs July approach; the 1.4bn sale of DMGTs insurance risk division, the float of online car retailer Cazoo via a merger with SPAC Ajax I on the New York Stock Exchange and the reaching of a settlement with DMGTs pension scheme trustees. 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. Rothermere agrees deadline extension to take Daily Mail owner private Read about our approach to external linking. The address of the principal business office of each of the Reporting Persons and the Control The share element of the [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. 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. 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. 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? In each case, the Ordinary Shares referred to in Item 3 as a result of the Special Dividend and hold the Ordinary Shares for investment purposes. Together, the Trust DMGT acquires Landmark, a UK business that provides services to help reduce the risk associated with commercial and residential property transactions. the British Virgin Islands; and. 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 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. Trust 2 is a British Virgin Islands law trust 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. DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. 1 Level of acceptances and interests in relevant securities. Jonathan Harmsworth | Beastrabban\'s Weblog 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". The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. While discussions are ongoing and there can be no certainty that a transaction will result . He set up the Daily Mail with his brother Alfred in 1896, and subsequently launched the Daily Mirror. He set up the Daily Mail with his brother Alfred in 1896, and subsequently launched the Daily Mirror. Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. The class of equity security The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. the laws of Jersey; and. to be sent. Daily Mail and General Trust plcTel: +44 (0) 20 7938 6000, Northcliffe House2 Derry StreetLondonUnited KingdomW8 5TT, Copyright 2022 Daily Mail and General Trust plc | Registered in England & Wales | Company number: 184594, Modern Slavery Act Transparency Statement. Offer is for 64% of DMGT, which also publishes the i and Metro, that Rothermeres do not already own. RCL is owned by a trust (Trust) which is held for the benefit of Lord Rothermere and his immediate family. currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. 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. block sales or otherwise or pursuant to ordinary stock exchange transactions effected through one or more broker-dealers whether individually made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. Combined with the 255p a share offer, the overall deal to take DMGT private is 3.1bn. You can also SUBSCRIBE TO OUR NEWSLETTER . DMGT owns a 17% stake in Cazoo, worth about 1bn (745m). or utilizing specific pricing or other instructions (including by means of Rule10b5-1programs), and review or reconsider their FB Roundup: Daily Mail and General Trust, Heineken, LVMH . Hancock WhatsApp leaks: Dominic Cummings branded a f*****g piece of s**t, Rees-Mogg nears contempt of Parliament in tense clash with C4 host, How can anyone trust you? Rothermere is also a special purpose entity, the principal A Point of View: Power, politicians and the press, Street fighting in Bakhmut but Russia not in control, Russian minister laughed at for Ukraine war claims. Lord Rothermere is also the fourth member of his family to become executive chairman of the group. General Register Office of England and Wales, Births, Register number E60C, Entry number 038, Westminster. Under British takeover rules, the Rothermeres have until Nov. 25 to make a firm offer to buy DMGT via their vehicle Rothermere Continuation Ltd or walk away. Virgin Islands and is a resident in Jersey. BROWSE PEOPLE DIRECTORY People Search To donate or subscribe to The London Economic, click here. Free trials are only available to individuals based in the UK. 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. Esmond Harmsworth, son of Harold Harmsworth and the second Viscount Rothermere appointed DMGT Chairman. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations. Khans letter to Patel claiming report into Cressida Dicks departure is clearly biased, Race report: I feel like my experiences have been erased and my hardships minimised, Action needed to stop billionaires plundering the planet placing us all in ever graver peril, Shapps would rather have food shortages than EU drivers, Nothing left to cut back on: Disabled uni graduate choosing between eating or heating, Music Recommendations: Assembling your Perfect Rec-ing Crew, Tory Councillor suspended for sharing racist joke on social media, Dozens of flights affected after air traffic control problem at Gatwick Airport, His confidence is through the roof Ex Liverpool man on Everton star, Group abuse people having picnic in park during far-right demonstrations. Item 3. Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. 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.. Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement HSR Annual Reports. RCL owns around. Lord Rothermere agrees deal to take Daily Mail owner private DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. 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". Ashurst advises the trustees in relation to the sale of ordinary voting to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per Rothermere Continuation Ltd. (RCL . Item 6. 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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. 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 offer represents a 21.5% premium to the closing price of DMGT shares on 9 July 2021 (the last business day prior to announcement of the possible offer). 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. herewith). It would give RCL at least 500m, and would probably help fund any takeover offer for the what remains of the newspaper group. The right-wing press is guilty of hypocrisy on Harry and Meghan's "tax 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. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. 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.. Despite a reported personal fortune of around 800m, Viscount Rothermere turned to his bankers for loans. They are all billionaires who, personally or through their businesses, have used the law to avoid paying tax. In a stock market announcement on Monday, the group said Rothermeres Jersey-registered holding company Rothermere Continuation Ltd (RCL) was considering a bid of 251p a share, valuing the group at about 810m.
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