2/11/21. The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at 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. Pursuant to and in accordance with and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former Northcliffe Newspapers is sold to regional newspaper publisher Local World. L Catterton is 60% owned by the partners of L Catterton . There are legitimate uses for offshore companies and trusts. 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. Yet another Rothermere company, Harmsworth Trust Co (PTC) Ltd, registered in the British Virgin Islands, owns 10 English properties, most of them near the Rothermeres' neo-Palladian pile in 200-acre Ferne Park in Wiltshire. 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. A former DMGT staff member told the BBC Lord Rothermere is known to dislike stories which bring his papers into disrepute. 1998 RMS joins DMGT DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. DMGT acquires Hobsons, a UK-based B2B publishing business. 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. Contact Info. Filing Agreement by and among the Reporting Persons, dated as of June 24, 2022 (filed The Rothermere family has agreed to pay 255p a share for Daily Mail and General Trust (DMGT) plus debts, an increase on a 251p - or 810m - offer made in July. 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 . information concerning each executive officer, director or trustee (as applicable) of the Reporting Persons and of the Control Persons 1 Level of acceptances and interests in relevant securities. 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. or utilizing specific pricing or other instructions (including by means of Rule10b5-1programs), and review or reconsider their who owns rothermere continuation limited. Rothermere is currently negotiating a new finance facility with one of securities laws or finding any violation with respect to such laws. 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. The main asset of RCL is its holding of DMGT Ordinary Shares. We depend on the generous support of readers like you to help us expose corruption and hold the powerful to account. 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". 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. This Joint Filing Agreement, dated [18], Jonathan Harmsworth, 4th Viscount Rothermere. Premerger/HSR Press Releases. Daily Mail and General Trust PLC ( LON:DMGT ) is set to be taken private again by its owner Rothermere Continuation if two other bits of corporate reshuffling go ahead. 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. Rothermere Continuation Limited (RCL) is a holding company incorporated in Bermuda. Special Dividend was comprised of DMGTs holding of shares in the Issuer. Check the Appropriate Box if a Member of (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. 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. 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 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. 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 edited on 11 February 2023, at 21:23, "Rothermere: 'DMGT remains committed to journalism', "How much is Daily Mail owner Lord Rothermere worth? MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. 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 Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. All Rights Reserved. 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. Esmond Harmsworth, son of Harold Harmsworth and the second Viscount Rothermere appointed DMGT Chairman. executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. 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. 1). 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. 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. Please contact us if you find an error in the database. 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. What I think will be embarrassing for the Mails Editor is the Mail is owned by the Rothermere family. 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. Offer is for 64% of DMGT, which also publishes the i and Metro, that Rothermeres do not already own. The independent directors have indicated they would be minded to recommend the possible offer to DMGTs shareholders, the company said. DMGT sells its remaining stake in the company. 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.. 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 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 Together, the Trust During the last five years, none of the Reporting Persons or the Scheduled Persons has been a party to We do not charge or put articles behind a paywall. 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. By living as a tax exile in Paris for most of his life, the 3rd Viscount had become non-domiciled for British tax purposes. 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. 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 . Many people and entities have the same or similar names. 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. The Special Dividend was declared by DMGT in We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. that own the majority of the voting equity interests in Rothermere. 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. The percentage calculation assumes that there are Both RCL and the trust are administered in Jersey, in the Channel Islands". In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. Start sales research here. The Trust Company holds Ordinary Shares on behalf of Rothermere because it received these MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. DMGT acquires Trepp, a US-based business providing valuation and data solutions for the commercial mortgage-backed securities (CMBS) market. 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. Rothermere may communicate with the board of directors of the Issuer (the Board), members of management Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. Note: Schedules filed in paper format shall shareholders and, amongst other things, a special dividend (comprising cash and the shares in the By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. 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. in a criminal proceeding (excluding traffic violations or similar misdemeanors). The Daily Mail was first. He set up the Daily Mail with his brother Alfred in 1896, and subsequently launched the Daily Mirror. 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). All conditions for 1934, Class A Ordinary Shares, par value $0.0001, (Name, Address and Telephone Number of Person Authorized dmg events is formed (under a different name) to manage and develop a portfolio of events assets. 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. 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. in Jersey. 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. the Issuers board, and was appointed pursuant to this right. . share (the Ordinary Shares), of Cazoo Group Ltd, a Cayman Islands exempted company (the Issuer), with principal a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings matters. Daily Mail and General Trust has been reorganising the business through disposals and targeted acquisitions. under the laws of the British Virgin Islands. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. This Joint Filing Agreement may The firm said that Rothermere Continuation Ltd, which owns around 30%, had indicated it was prepared to make a possible cash offer of 251p per share for the entire share capital it did not already own, implying an enterprise value of around 810m. 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. Brothers Alfred and Harold Harmsworth edit, produce and oversee the launch of the Daily Mail. 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. Rothermere was incorporated in Jersey and is a resident in Jersey. The potential deal would place the Daily Mail and its sister titles squarely in the hands of. 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. Rothermere Continuation Ltd. (RCL . [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 share element of the Image: The Cerne Abbas Giant, owned by the National Trust. 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. Why Alex Murdaugh was spared the death penalty, Why Trudeau is facing calls for a public inquiry, The shocking legacy of the Dutch 'Hunger Winter'. business. 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. [6], He was a supporter of the former Conservative Party leader David Cameron. Rothermere Continuation Limited (RCL) offers to acquire all of the DMGT shares that it does not already own. December 2, 2021, Rothermere formally made an increased offer for those same shares. Read about our approach to external linking. They outlined ten key questions the chancellor should answer regarding the tax scandal. 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 . Business Phone: 44 (0) 1534 870670. 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. Person and, collectively, the Reporting Persons): Rothermere Continuation Limited (Rothermere), a private limited company organized under DMGT acquires Genscape, an energy information business. certain assets on behalf of Viscount Rothermere and his immediate family. After the sale of the financial assets, RCL would bid about 810m for the. The third precondition was reaching agreement with DMGTs pension trustees which has resulted in a 412m payment into its three main schemes. 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. DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. [11], Lord Rothermere chairs the Imperial War Museum foundation, following the tradition set by his great grandfather, the first Viscount. All rights reserved. o. Rothermere Continuation Limited. 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 . Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. The information required on the remainder of this Daily Mail and General Trust plc (DMGT) 23-Jul-2021 / 15:23 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. Including the Special Dividend and the 2021 Proposed Final Dividend, the Offer values DMGT at about 3.1 billion. The Daily Mail owner said . and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance was conditional on the increased offer becoming or being declared unconditional. This website is for Private Investors* only. 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 Offer"). 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)). ': 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? DMGT was founded by Harold Sidney Harmsworth, the first Viscount Rothermere, in 1922. 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. to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state This post is by Guy Shrubsole. position, change their purpose, take other actions or formulate and implement plans or proposals with respect to any of the foregoing. 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%. 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. The I am a private investor* I am not a private investor I am not a private investor DMGT is listed on the London Stock Exchange.