and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former 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 DMGT was founded by Harold Sidney Harmsworth, the first Viscount Rothermere, in 1922. 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. 2/11/21. in a criminal proceeding (excluding traffic violations or similar misdemeanors). In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. On 3 November 2021, Daily Mail and General Trust plc (DMGT), which owns Daily Mail, Mail on Sunday, the Metro and inews,announcedthat 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 (DMGTs controlling shareholder). 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". rothermere continuation ltd. 35-37 NEW STREET. Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. 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. Company and Rothermere together hold approximately 5.9% of the Issuers outstanding shares. 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). 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. 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. 2: Check the Appropriate Box if a Member of a Group (See Instructions) (a) o (b) o. Rothermere Continuation Limited. [9], The BBC's Newsnight programme at the end of January 2017 reported that former prime minister David Cameron had approached Lord Rothermere to sack Eurosceptic Paul Dacre, the editor of the Daily Mail in the run up to the 2016 EU membership referendum. Rothermere is also a special purpose entity, the principal herewith). Prior to Rothermeres acquisition of the shares in DMGT not already * The remainder of this cover page shall be filled The BBC is not responsible for the content of external sites. 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. All text and design is copyright 2020 WhaleWisdom.com. 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. 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. 2 On The inclusion of a person or entity in the ICIJ Offshore Leaks Database is not intended to suggest or imply that they have engaged in illegal or improper conduct. You can download a raw copy of the database here. He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism. The aggregate value holders of DMGT A Shares would receive under the terms of the Offer, the Special Dividend and the 2021 Proposed Final Dividend (if approved) would be 1263 pence per DMGT A Share. Image: The Cerne Abbas Giant, owned by the National Trust. 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. Like Mr Dacre, he told the inquiry there had been no phone hacking by journalists at the company's papers, and argued that self-regulation "protects the press from political interference". 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. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. The Rothermere family will offer shareholders 255p a share for DMGT plus debts, a higher price than the 251p a share they initially proposed in July. The Right Honourable Jonathan Harold Esmond Vere Viscount 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. 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". 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. the offer was conditional on a sufficient number of acceptances having been received from DMGT 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. LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. DMGT officially delisted. 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. Ten of Scotland's major newspapers are owned by just three men: Rupert Murdoch, Lord Rothermere and Frederick Barclay. shareholders and, amongst other things, a special dividend (comprising cash and the shares in the 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. This Joint Filing Agreement may 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. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. The Reporting Persons acquired 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. 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 Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. Northcliffe Newspapers is sold to regional newspaper publisher Local World. position, change their purpose, take other actions or formulate and implement plans or proposals with respect to any of the foregoing. Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. Last edited on 11 February 2023, at 21:23, "Rothermere: 'DMGT remains committed to journalism', "How much is Daily Mail owner Lord Rothermere worth? Majedie Asset Management, one of DMGTs largest shareholders controlling 4.6% of the companys class A shares, said that the business is worth at least twice the price offered. Public records show Infosys has received more than 50 million in UK public sector contracts since 2015 with Labour arguing Sunak should have registered an interest in the firm because of his wifes involvement. 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. Trust Company was established to provide trustee services to the Rothermere family trusts, and it serves as the trustee of the trusts Following a successful launch to market in 2019, DMGT increases its total investment in Cazoo to 117m. 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. 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. 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. Metro is launched as a free newspaper serving urban markets across the UK. 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. In addition, RCL has agreed that DMGT should recommend for approval, in accordance with its existing dividend policy, a final dividend in respect of FY 2021 (the 2021 Proposed Final Dividend). 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. 1998 You can also SUBSCRIBE TO OUR NEWSLETTER . 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. 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. 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. beneficially owned by it, Rothermere beneficially owned (and continues to own) all of the DMGT ordinary shares. 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 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 . 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. 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 1934, Class A Ordinary Shares, par value $0.0001, (Name, Address and Telephone Number of Person Authorized made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. Always cite the International Consortium of Investigative Journalists when using this data. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. Daily Mail & General Trust chairs family would buy about 70% of group that it does not already own. All conditions for 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. On December 16, 2021, it was announced that sufficient acceptances had been received for the offer to become block sales or otherwise or pursuant to ordinary stock exchange transactions effected through one or more broker-dealers whether individually It is also seeking assurances that the groups pension schemes will not be affected by the takeover. To donate or subscribe to The London Economic, click here. business of which is being the holding company of Daily Mail and General Trust plc (DMGT), a media and entertainment Rothermere Continuation Limited (RCL) offers to acquire all of the DMGT shares that it does not already own. DMGT acquires the i, a quality, concise UK national newspaper and website. to Receive 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. amendment containing information which would alter disclosures provided in a prior cover page. conjunction with Rothermeres offer to the other DMGT shareholders for the shares in DMGT not already beneficially owned by Mr Miliband said the apology was not enough and said Lord Rothermere must investigate the "culture and practices" of journalists at his newspapers. It means that the deal is not at risk of facing opposition if a deal is put to a shareholder vote. RCL owns around. Item 3. In accordance with the provisions of General Instruction C to Schedule 13D, Rothermere may communicate with the board of directors of the Issuer (the Board), members of management 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 . Rothermere Continuation Trust (Trust 2), a discretionary trust organized under the laws of Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. Harmsworth Trust Company (PTC) Limited (Trust Company), a private trust company organized 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 rarely gives interviews, but in 2004 he told the Independent his views were "not necessarily" those of the Daily Mail, but said he did not have the right to "second-guess" his editors. the increased offer were satisfied in due course, including the declaration of the Special Dividend, 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. 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. 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? 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 Reporting Persons intend to review on a continuing basis their investments 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. 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 main asset of RCL is its holding of DMGT Ordinary Shares. A former DMGT staff member told the BBC Lord Rothermere is known to dislike stories which bring his papers into disrepute. 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. 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. The potential deal would place the Daily Mail and its sister titles squarely in the hands of. 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. [11], Lord Rothermere chairs the Imperial War Museum foundation, following the tradition set by his great grandfather, the first Viscount. 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. 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 It would give RCL at least 500m, and would probably help fund any takeover offer for the what remains of the newspaper group. Viscount Rothermere is also on the board of 7 other companies. until the third annual meeting of shareholders following the closing of a corporate transaction This Joint Filing Agreement, dated Special Dividend was comprised of DMGTs holding of shares in the Issuer. Trust 1 is a Jersey law trust and is a resident Daily Mail & General Trust PLC - London-based newspaper publisher, including Daily Mail, Metro and i - Rothermere Continuation Ltd says Friday it owns or has acceptances for its takeover offer for . The information required on the remainder of this by Each Reporting Person, Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)o, Percent of Class Represented by Amount . 1 Viscount Rothermere currently serves on The Mail on Sunday is launched as a sister title to the Daily Mail. Trust 2 is a British Virgin Islands law trust See 2(a) and 3 below (c) Name of offeror/offeree in relation to whose relevant securities this form relates: The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. 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. o. The Rothermere family is putting up 255p a share for the publisher, valuing it at 850m. By living as a tax exile in Paris for most of his life, the 3rd Viscount had become non-domiciled for British tax purposes. the Control Persons), are: Trust 1 is a Control Person with respect to The Trust 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? 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. The Trust Company was incorporated in the British written. An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. . or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see 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 . The percentage calculation assumes that there are currently What's the least amount of exercise we can get away with? to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per 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. DMGT sells its remaining stake in the company. Since you are here, we wanted to ask for your help. Filing Agreement as an exhibit to such statement, as required by such rule. Story . The group owns i, which has complete editorial independence, and also recently acquired New Scientist. 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. currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. Including the Special Dividend and the 2021 Proposed Final Dividend, the Offer values DMGT at about 3.1 billion. All rights reserved. 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. The Rothermere family already own just over a third of DMGT and 100% of the company's voting rights. Use our commercial database of more than 120 million business records & industry directory for company research & industry analysis. In August, DMGT completed the first of the preconditions, selling the insurance risk business RMS to the credit rating agency Moodys for 1.4bn. 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. The Daily Mail was first. Except as set forth in Item 3 above, none of the Reporting Persons or, to the best knowledge of the Reporting 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. required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. dmg ventures established to manage DMGTs minority and early-stage investments. DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. DMGT acquires New Scientist, one of the worlds leading science publishing titles. Rothermere Declaration of Trust, a discretionary trust organized under the laws of Jersey (Trust Our mission is to hold the powerful to account. Trust 2 is a Control Person with respect to Rothermere. View our Privacy PolicyandTerms & Conditions, TheLondonEconomic.com Open, accessible and accountable news, sport, culture and lifestyle. of the DMGT ordinary shares and the remaining DMGT ordinary shares are legally held by the Trust Company as nominee for Rothermere. acquire from them those shares in DMGT not already beneficially owned by Rothermere. 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. 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. 2023 BBC. The same St. Lucian company also owns land and one further, unidentified property in the Kensington area. But what of the Mail newspaper group itself? In each case, And just like his hereditary title, this status passed as a domicile of origin Jonathan when he was born in 1967. MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. 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. [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. Lord Rothermere was educated at Gordonstoun School and Duke University.[2]. Rothermere was incorporated in Jersey and is a resident in Jersey. It was, however, small when compared to the Viscount Rothermeres net worth. 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. RCL said the decision comes after "the . Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: Read about our approach to external linking.