After the sale of the financial assets, RCL would bid about 810m for the. ST. HELIER Y9 JE2 3RA. The group owns i, which has complete editorial independence, and also recently acquired New Scientist. 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. [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. the British Virgin Islands; and. DMGT acquires the i, a quality, concise UK national newspaper and website. They are all billionaires who, personally or through their businesses, have used the law to avoid paying tax. Filing Agreement by and among the Reporting Persons, dated as of June 24, 2022 (filed It means that the deal is not at risk of facing opposition if a deal is put to a shareholder vote. Note: Schedules filed in paper format shall 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 is the chairman and controlling shareholder of the Daily Mail and General Trust, formerly "Associated Newspapers", a media conglomerate which includes the Daily Mail. 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. 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. 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. 14, 2022, the date when the Issuers resale registration statement was declared effective by the SEC. 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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. 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". KEY INFORMATION (a) Full name of discloser: Rothermere . Viscount Rothermere is also on the board of 7 other companies. written. (as defined below) which constitute approximately 5.9% of the class outstanding. 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. under the laws of the British Virgin Islands. Start sales research here. But what of the Mail newspaper group itself? 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. 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? matters. Lord Rothermere is also the fourth member of his family to become executive chairman of the group. by Each Reporting Person, Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)o, Percent of Class Represented by Amount On The same St. Lucian company also owns land and one further, unidentified property in the Kensington area. are collectively referred to herein as the Filers). The BBC is not responsible for the content of external sites. Early Termination Updates by email. We do not charge or put articles behind a paywall. Daily Mail & General Trust chairs family would buy about 70% of group that it does not already own. DMGT is 100% owned by Rothermere Continuation Limited (RCL) RCL has always owned the majority of DMGT's voting shares and, following a successful offer by RCL for all of the shares it did not already own, DMGT delisted from the London Stock Exchange in January 2022. HSR Resources. 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. December 2, 2021, Rothermere formally made an increased offer for those same shares. DMGT reduces its stake in Euromoney Institutional Investor PLC from 67% to c.49%. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. RCL already has a 30% stake in the group which also owns the Metro and i newspaper titles and holds all of the vote-bearing shares in DMGTs two-tier stock structure. 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. in the Issuer. DMGT sells RMS for approximately 1.4 billion in cash. 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. All conditions for Despite a reported personal fortune of around 800m, Viscount Rothermere turned to his bankers for loans. The Rothermere family has put forward a potential offer that would involve buying about 70% of the Daily Mail & General Trust (DMGT) group that it does not already own. Executed and delivered as of the date first above This article was amended on 14 July 2021. [17] Rothermere confirmed this in his testimony to the Leveson Inquiry. DMGT is established to manage the family's newspaper interests. Both RCL and the Trust are administered in Jersey, in the Channel Islands. Rothermere Continuation Ltd is the vehicle of DMGT's biggest shareholder Jonathan Harmsworth, Viscount. Earlier this year DMGT sold its share of car-buying platform Cazoo, which listed in New York via a special purpose vehicle, and disposed of its catastrophe modelling business RMS ahead of Lord Rothermere proposing the share buyback. The ICIJ Offshore Leaks Database is licensed under the Open Database License and contents under Creative Commons Attribution-ShareAlike license. 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. Read more, Editorial enquiries, please contact: [emailprotected], Commercial enquiries, please contact: [emailprotected]. Business Phone: 44 (0) 1534 870670. DMGT officially delisted and cancelled trading from the London Stock Exchange, ending its 90 year history.Perhaps this tweet sums it up? 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. Use our commercial database of more than 120 million business records & industry directory for company research & industry analysis. ", "Private Eye Street of Shame: Rothermere's patriot games", "The end of the affair: Dacre moves towards Cameron", "Barclay brothers named richest media figures in UK with 2.3bn fortune", "BBC: David Cameron tried to get Paul Dacre sacked as Daily Mail editor because of his Eurosceptic stance", "David Cameron 'asked Daily Mail owner to sack Paul Dacre over Brexit', contributions in Parliament by the Viscount Harmsworth, https://en.wikipedia.org/w/index.php?title=Jonathan_Harmsworth,_4th_Viscount_Rothermere&oldid=1138827522, Vere Richard Jonathan Harold (b. November 1994), Eleanor Patricia Margaret (b. November 1996), This page was last edited on 11 February 2023, at 21:23. The percentage calculation assumes that there are General Register Office of England and Wales, Births, Register number E60C, Entry number 038, Westminster. Story . Row (11) Excludes Certain Shares (See Instructions) o. 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. 3: . is required pursuant to Items 2(d) or 2(e): o, Aggregate Amount Beneficially Owned DMGT distributes its c.49% stake in Euromoney Institutional Investor PLC and 200m cash to shareholders. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. Item 6. The family, which founded the Daily Mail in 1896 and listed parent company Daily Mail and General Trust in 1932, has tabled a 255p per share offer valuing the newspaper business at 850m including debt. And just like his hereditary title, this status passed as a domicile of origin Jonathan when he was born in 1967. On December 16, 2021, it was announced that sufficient acceptances had been received for the offer to become the Ordinary Shares referred to in Item 3 as a result of the Special Dividend and hold the Ordinary Shares for investment purposes. [13] They have five children:[citation needed], In 2002, The Guardian reported that Rothermere had fathered at least one more child prior to his marriage. the Notes). 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. The Trust Company holds Ordinary Shares on behalf of Rothermere because it received these DMGTs c.17% fully-diluted stake valued at 0.9 billion. . dmg ventures established to manage DMGTs minority and early-stage investments. The Rothermere family is the largest shareholder with a 36 per cent stake in DMGT, which has been listed on the stock market since 1932. Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. We strongly urge shareholders not to accept the offer.. Company. It would include an injection of about . By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. 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. information concerning each executive officer, director or trustee (as applicable) of the Reporting Persons and of the Control Persons defined below) which constitute approximately .2% of the class outstanding. Check the Appropriate Box if a Member of A few years ago Ian Hislop went on a rant on Have I Got News For You after the Mail did a piece on Ed Milibands father claiming he was the man who hated Britain.. amendment containing information which would alter disclosures provided in a prior cover page. 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 . On November 3, 2021, Rothermere formally made an offer to the other shareholders of DMGT to 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". Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk, Original reporting and incisive analysis, direct from the Guardian every morning. 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. 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. Story . on Schedule13G to report the acquisition that is the subject of this Schedule13D, and is filing this schedule because of 240.13d-1(e), 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 . The Mail stood by its article but apologised for using a picture of Ralph Miliband's tombstone with the pun "grave socialist" on its website. 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. | March 3, 2023 Harmsworth won his five-month battle to take the publisher private last week after the owners of 57% of the shares opted for their recommended offer. The cash proceeds of the deals 610p a share would be distributed to DMGT shareholders through a special dividend. The Special Dividend was declared by DMGT in Jonathan Harmsworth, 53, Harolds great-grandson and the 4th Viscount Rothermere, has led the business through huge technological change as print newspapers have had to refocus their business models in the digital age. 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. DMGT shareholders on June 23, 2022 (the cash element of the Special Dividend having been 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 Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions. The Offer was announced on 3 November 2021, and it is expected to become or be declared unconditional on 16 December 2021. Shares, par value $0.0001 of Cazoo Group Ltd. beneficially owned by them from time to time. 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 herewith). Kudrat Agrawal / Trainee, Edward Beighton / Trainee, Maddy Tomlin / Trainee, Sean Lee / Trainee, Xiwan Wei / Trainee, One Bunhill RowLondonEC1Y 8YYUnited Kingdom, 2906-2909 China World Office 2No.1 Jianguomenwai AvenueBeijing 100004China, 47th Floor, Jardine HouseOne Connaught Place, CentralHong KongChina, 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, Sustainability and Climate Change Resources, Modern Slavery Slavery and Human Trafficking Statement, Go to Financial Regulation Weekly Bulletin, Go to Sustainability and Climate Change Resources. Always cite the International Consortium of Investigative Journalists when using this data. Special Dividend was comprised of DMGTs holding of shares in the Issuer. 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. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. I am a private investor* I am not a private investor I am not a private investor RCL is owned by a trust (Trust) which is held for the benefit of Lord Rothermere and his immediate family. The records cover more than 80 years up to 2020 and link to people and companies in more than 200 countries and territories. include a signed original and five copies of the schedule, including all exhibits. taking the firm private after 89 years on the London Stock Exchange, 'How bad are the pics? 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 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". Under the Securities Exchange Act of (Alliance News) - Rothemere Continuation Ltd is close to inking a deal with trustees of Daily Mail & General Trust PLC, which marks the final obstacle to the company's takeover of the London-based . Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: Metro is launched as a free newspaper serving urban markets across the UK. to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per 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. 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. See Rule 13d-7 for other parties to whom copies are Rothermere is currently negotiating a new finance facility with one of DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. 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. Persons is 35-37 New Street, St Helier, Jersey JE2 3RA. Prior to Rothermeres acquisition of the shares in DMGT not already the Issuers board, and was appointed pursuant to this right. to be sent. ROTHERMERE CONTINUATION LIMITED Company Number EXTUID_22647 Native Company Number 41260 Status Live Incorporation Date 7 July 1988 (over 34 years ago) Company Type RC - Registered Private Company Jurisdiction Jersey Registered Address 35-37 New Street St Helier Jersey JE2 3RA Jersey Previous Names BLACKSEA HOLDINGS LIMITED See 2(a) and 3 below (c) Name of offeror/offeree in relation to whose relevant securities this form relates: The offer follows from Rothermeres approach in July 2021 (see: Daily Mails controlling shareholder indicates possible bid) which offered shareholders 2.51 per share and a special dividend of 6.10 and Cazoo shares. Exhibit 1 Joint 2 MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. HSR Annual Reports. 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. The class of equity security 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 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. To donate or subscribe to The London Economic, click here. 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. . 2: Check the Appropriate Box if a Member of a Group (See Instructions) (a) o (b) o. [6], He was a supporter of the former Conservative Party leader David Cameron. It was, however, small when compared to the Viscount Rothermeres net worth. Ordinary Shares or other securities of the Issuer that it may own from time to time, in each case in open market or private transactions, DMGT was founded by Harold Sidney Harmsworth, the first Viscount Rothermere, in 1922. Original reporting and incisive analysis, direct from the Guardian every morning. Rothermere said it now owns or has agreed to buy 56.7% of all DMGT shares. Early Termination Updates on Twitter. In August, DMGT completed the first of the preconditions, selling the insurance risk business RMS to the credit rating agency Moodys for 1.4bn.
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