All rights reserved. Sc 13d/A FB Roundup: Daily Mail and General Trust, Ali Group, L Catterton Check the Appropriate Box if a Member of Daily Mail and General Trust plc Intends to Declare Special Dividend Rothermere may communicate with the board of directors of the Issuer (the Board), members of management In each case, They outlined ten key questions the chancellor should answer regarding the tax scandal. 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 . The Daily Mail was first. There are legitimate uses for offshore companies and trusts. While discussions are ongoing and there can be no certainty that a transaction will result . 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 Offer was announced on 3 November 2021, and it is expected to become or be declared unconditional on 16 December 2021. Premerger/HSR Press Releases. a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings 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 The Daily Mail was first. 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 We depend on the generous support of readers like you to help us expose corruption and hold the powerful to account. DMGT owns a 17% stake in Cazoo, worth about 1bn (745m). 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 . Always cite the International Consortium of Investigative Journalists when using this data. Pending the closure of both deals, DMGT's controlling shareholder Rothermere Continuation Ltd (RCL), the family's Jersey-registered trust, told the DMGT board it would be prepared to make a possible cash offer of about $1.1 billion to acquire all shares not already owned by RCL. Trust Company was established to provide trustee services to the Rothermere family trusts, and it serves as the trustee of the trusts MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Free trials are only available to individuals based in the UK. Except as set forth in Item 3 above, none of the Reporting Persons or, to the best knowledge of the Reporting Daily Mail owner close to deal with pension trustees over Rothermere Business Directory - Dun & Bradstreet 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 to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per 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. . Virgin Islands and is a resident in Jersey. Market Tracker will continue to monitor this transaction as it develops. the Notes). Filing Agreement as an exhibit to such statement, as required by such rule. 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. Private Eye also reported on Rothermeres purchase of a 220-acre estate for his family. Dmgt News Headlines. DMGT Share News. Financial News Articles for 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. The class of equity security 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". required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). 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. 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. 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. Daily Mail and General Trust has been reorganising the business through disposals and targeted acquisitions. RMS being offered for sale by owner DMGT - Reinsurance News Check if the Aggregate Amount in In accordance with the provisions of General Instruction C to Schedule 13D, 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. 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. Investors - DMGT 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. 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. 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'. the offer was conditional on a sufficient number of acceptances having been received from DMGT DMGT participates in a funding round in October 2020, valuing its c. 20% fully-diluted stake in Cazoo at 0.4 billion. 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. Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. DMGT acquires Hobsons, a UK-based B2B publishing business. 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, One change he has instituted since becoming chairman is requiring directors to retire at age 75. 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. Consideration: Beneficial ownership The cash proceeds of the deals 610p a share would be distributed to DMGT shareholders through a special dividend. Exhibit 1 Joint Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. 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. Last edited on 11 February 2023, at 21:23, "Rothermere: 'DMGT remains committed to journalism', "How much is Daily Mail owner Lord Rothermere worth? 2: Check the Appropriate Box if a Member of a Group (See Instructions) (a) o (b) o. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. The address of the principal business office of each of the Reporting Persons and the Control 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. The percentage calculation assumes that there are currently 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? MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. 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. Ten Scottish Newspapers are owned by three billionaires - The Ferret By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. 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 . Person and, collectively, the Reporting Persons): Rothermere Continuation Limited (Rothermere), a private limited company organized under They are all billionaires who, personally or through their businesses, have used the law to avoid paying tax. Many people and entities have the same or similar names. as of June 24, 2022, is by and among Rothermere Continuation Limited and Harmsworth Trust Company (PTC) Limited (the foregoing 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. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. The company was incorporated in 1995 and is based in Hamilton, Bermuda. 1998 RMS joins DMGT DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. Viscount Rothermere is also on the board of 7 other companies. 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 . assets on behalf of Viscount Rothermere and his immediate family. DMGTs c.17% fully-diluted stake valued at 0.9 billion. 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. distributed on December 30, 2021). herewith). Both RCL and the trust are administered in Jersey, in the Channel Islands". 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. Ten of Scotland's major newspapers are owned by just three men: Rupert Murdoch, Lord Rothermere and Frederick Barclay. and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance The group owns i, which has complete editorial independence, and also recently acquired New Scientist. The Control Persons are special purpose entities, the principal business of each being the management of certain 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. 1 HSR Annual Reports. RCL said the decision comes after . During the last five years, none of the Reporting Persons or the Scheduled Persons has been convicted The issuer is solely responsible for the content of this announcement. Daily Mail's controlling shareholder indicates possible bid 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. to Receive Lord Rothermere in 850m deal to take Daily Mail owner private - Sky News It means that the deal is not at risk of facing opposition if a deal is put to a shareholder vote. 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. Note: Schedules filed in paper format shall DMGT acquires New Scientist, one of the worlds leading science publishing titles. Source and Amount of Funds or Other the increased offer were satisfied in due course, including the declaration of the Special Dividend, 1 Level of acceptances and interests in relevant securities. 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. Profile: Lord Rothermere, Jonathan Harmsworth - BBC News 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. Early Termination Updates on Twitter. Read about our approach to external linking. Lord Rothermere finalises deal to take DMGT private - Press Gazette 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. 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 . and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former dmg ventures established to manage DMGTs minority and early-stage investments. 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. The third precondition was reaching agreement with DMGTs pension trustees which has resulted in a 412m payment into its three main schemes. 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. RCL said the decision comes after "the . 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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? rothermere continuation ltd. 35-37 NEW STREET. Premerger Notification Office Blog Posts. Rothermere is currently negotiating a new finance facility with one of See 2(a) and 3 below (c) Name of offeror/offeree in relation to whose relevant securities this form relates: The aristocrat is mulling. 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. Notices and Communications), (Date of Event Which Requires Filing of this Statement), If the filing person has previously filed a statement Together, the Trust Lord Rothermere was educated at Gordonstoun School and Duke University.[2]. [10] A representative of Lord Rothermere refused to confirm or deny the story, although a spokesman for Cameron confirmed that he had tried to persuade both Dacre and Rothermere over the vote. At conservative gathering, Trump is still the favourite. Trust 2 is a British Virgin Islands law trust 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 3: . DMGT Plc - Not your typical UK Plc This Joint Filing Agreement may 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. 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. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent The Mail on Sunday is launched as a sister title to the Daily Mail. 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. Daily Mail owner close to deal with pension trustees over Rothermere offer Lord Rothermere to take charge of DMGT as CEO steps down The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at On November 3, 2021, Rothermere formally made an offer to the other shareholders of DMGT to Viscount Rothermere - Biography - MarketScreener.com 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. . View our Privacy PolicyandTerms & Conditions, TheLondonEconomic.com Open, accessible and accountable news, sport, culture and lifestyle. 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 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. 14, 2022, the date when the Issuers resale registration statement was declared effective by the SEC. It was, however, small when compared to the Viscount Rothermeres net worth. On Petition Boycott the Daily Mail - Call for Inquiry into owner 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. Viscount Rothermere currently serves on DMGT sells RMS for approximately 1.4 billion in cash. 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 Rights Reserved. Row (11) Excludes Certain Shares (See Instructions) o. 1998 Metro Metro is launched as a free newspaper serving urban markets across the UK. Our mission is to hold the powerful to account. 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. Lord Rothermere is also the fourth member of his family to become executive chairman of the group. HSR Resources. unconditional in all respects, satisfying the condition to the declaration of the Special Dividend. 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. To donate or subscribe to The London Economic, click here. General Register Office of England and Wales, Births, Register number A65C, Entry number 255, Westminster. The Trust Company is a special purpose entity, the principal business of which is the management of The Special Dividend was declared by DMGT in Executed and delivered as of the date first above See Rule 13d-7 for other parties to whom copies are Lord Rothermere is already the controlling shareholder of DMGT through a 28% stake owned by his family trust, RCL. L Catterton is 60% owned by the partners of L Catterton . matters. We only ask you to donate what you can afford, with an option to cancel your subscription at any point. Lord Rothermere agrees deal to take Daily Mail owner private - Yahoo! 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. Despite a reported personal fortune of around 800m, Viscount Rothermere turned to his bankers for loans. Contracts, Arrangements, Understandings MailOnline overtakes New York Times as the most visited English language newspaper website in the world. 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. 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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. was conditional on the increased offer becoming or being declared unconditional. The Rothermere family has made an offer to take the publisher of the Daily Mail, i and Metro private in a 3.1bn deal, in a move that will end a 90-year run as a publicly listed company on the London Stock Exchange.
who owns rothermere continuation limited