Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. Last edited on 11 February 2023, at 21:23, "Rothermere: 'DMGT remains committed to journalism', "How much is Daily Mail owner Lord Rothermere worth? Rothermere is currently negotiating a new finance facility with one of Lord Rothermere is considering taking the Daily Mail private in a deal that could value the newspaper group at 810m, a move that would end a 90-year run as a publicly listed company on the London Stock Exchange. Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. distributed on December 30, 2021). 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 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. 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. [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. 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. 1998 RMS joins DMGT DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. Daily Mail and General Trust plc on 3 November 2021, it was announced that Rothermere Continuation Limited and the Non-conflicted DMGT Directors had reached agreement on the terms of a special. 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. 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(Nov 2): Daily Mail owner Lord Rothermere is on the verge of taking the newspaper private after closing in on a deal with its pension funds.Daily Mail & General Trust Plc and controlling shareholder Rothermere Continuation Ltd are "close to agreeing a deal with the trustees" of DMGT's three pension funds, the company said in a statement on Tuesday. 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". Under the Securities Exchange Act of 2 The group owns i, which has complete editorial independence, and also recently acquired New Scientist. It was the most pathetic piece. DMGT is listed on the London Stock Exchange. The Rothermeres 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 number of preconditions were met. ", "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 issuer is solely responsible for the content of this announcement. 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 Continuation Ltd. (RCL . 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. 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. It was, however, small when compared to the Viscount Rothermeres net worth. 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. He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. Pursuant to and in accordance with The Trust Company is a special purpose entity, the principal business of which is the management of made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. You can also SUBSCRIBE TO OUR NEWSLETTER . Why is Lord Rothermere taking Daily Mail and General Trust private? The Rothermere family already own just over a third of DMGT and 100% of the company's voting rights. 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 . in its capacity as a legal shareholder of DMGT ordinary shares. 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. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. The Reporting Persons intend to review on a continuing basis their investments Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement 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.. 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. dmg ventures established to manage DMGTs minority and early-stage investments. Lord Rothermere is already the controlling shareholder of DMGT through a 28% stake owned by his family trust, RCL. 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. Both RCL and the trust are administered in Jersey, in the Channel Islands". On MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Harmsworth held various positions in Associated Newspapers and was managing director of the Evening Standard, when the sudden death of his father in 1998 resulted in his becoming the controlling shareholder[3] and chairman of Associated and of its parent Daily Mail and General Trust just before his 31st birthday. 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. 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. 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. 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 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? that own the majority of the voting equity interests in Rothermere. 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. Rothermere said it now owns or has agreed to buy 56.7% of all DMGT shares. shareholders and, amongst other things, a special dividend (comprising cash and the shares in the Virgin Islands and is a resident in Jersey. Brothers Alfred and Harold Harmsworth edit, produce and oversee the launch of the Daily Mail. The company was incorporated in 1995 and is based in Hamilton, Bermuda. assets on behalf of Viscount Rothermere and his immediate family. Market Tracker will continue to monitor this transaction as it develops. (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 . 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". Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. DMGT said it has received a number of inquiries for RMS, which it bought in 1998. BROWSE PEOPLE DIRECTORY People Search 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. 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. And just like his hereditary title, this status passed as a domicile of origin Jonathan when he was born in 1967. DMGT sells its remaining stake in the company. Market Tracker is a unique service for corporate lawyers housed within LexisPSL Corporate. This post is by Guy Shrubsole. DMGT distributes its c.49% stake in Euromoney Institutional Investor PLC and 200m cash to shareholders. agree. Executed and delivered as of the date first above The takeover will require shareholder acceptances in respect of 90% of DMGTs A shares in issue and should the deal proceed, will consolidate Lord Rothermeres control over the publisher. The move would give Rothermere, who is also chairman of the group, full control of DMGT and take the company off the stock exchange. RCL said the decision comes after . of the Ordinary Shares was acquired as part of the Special Dividend (as defined below) which was declared pro rata to all of the 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). out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per After reasonable inquiry and to 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. 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. Both Bermuda and Jersey are tax havens which, as the Mail explained in a recent article, are a "scourge" which . 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. Issuer owned by DMGT) being declared by DMGT (the Special Dividend), the settlement of which Harmsworth Trust Company (PTC) Limited (Trust Company), a private trust company organized 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. and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance Please contact us if you find an error in the database. All Rights Reserved. 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. During the last five years, none of the Reporting Persons or the Scheduled Persons has been a party to 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). Northcliffe Newspapers is sold to regional newspaper publisher Local World. the British Virgin Islands; and. 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 Item 7. 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. 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 . 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). Private Eye also reported on Rothermeres purchase of a 220-acre estate for his family. The Company has been notified that Rothermere Continuation Limited has entered into a definitive agreement to acquire the entire shareholding of The Esmond Harmsworth 1998 Settlement in the. 2023 BBC. 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. It would give RCL at least 500m, and would probably help fund any takeover offer for the what remains of the newspaper group. The percentage calculation assumes that there are "[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. 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. Business Phone: 44 (0) 1534 870670. 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. 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. 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. Story . It emerged that in December 2006 he had pledged 8m DMGT shares he owned through a trust and DMGTs Bermudan parent company Rothermere Continuation Ltd. At the time these were worth more than 50m, though DMGTs announcement of the arrangement stated that this greatly exceeded the value of the loans. Rothermere was incorporated in Jersey and is a resident in Jersey. DMGT acquires the i, a quality, concise UK national newspaper and website. Early Termination Updates on Twitter. 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, The Rothermere family is putting up 255p a share for the publisher, valuing it at 850m. 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. and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former 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. a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings L Catterton is 60% owned by the partners of L Catterton .

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