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 . 1 Level of acceptances and interests in relevant securities. DMGT Plc - Not your typical UK Plc * The remainder of this cover page shall be filled Under the Securities Exchange Act of are collectively referred to herein as the Filers). 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.. shareholders and, amongst other things, a special dividend (comprising cash and the shares in the Rothermere. Company and Rothermere together hold approximately 5.9% of the Issuers outstanding shares. currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. BROWSE PEOPLE DIRECTORY People Search on Schedule13G to report the acquisition that is the subject of this Schedule13D, and is filing this schedule because of 240.13d-1(e), Exhibit 1 Joint 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. Rothermere family offers 3.1bn to take Daily Mail owner private who owns rothermere continuation limited Lord Rothermere is also the fourth member of his family to become executive chairman of the group. Premerger Notification Office Blog Posts. the Control Persons), are: Trust 1 is a Control Person with respect to The Trust Always cite the International Consortium of Investigative Journalists when using this data. Just as Harold Harmsworth aka 1st Viscount Rothermere, used the Daily Mail to condition its readers with fascist and antisemitic articles throughout the 1930s, Jonathon Harmsworth u to be sent. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. We suggest you confirm the identities of any individuals or entities included in the database based on addresses or other identifiable information. distributed on December 30, 2021). All Rights Reserved. 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. 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'. 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. herewith). ': 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? MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. 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). 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. Home > Uncategorized > who owns rothermere continuation limited. 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 ST. HELIER Y9 JE2 3RA. 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. 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. Mr Miliband said the apology was not enough and said Lord Rothermere must investigate the "culture and practices" of journalists at his newspapers. 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. The Reporting Persons intend to review on a continuing basis their investments This Joint Filing Agreement may Contracts, Arrangements, Understandings [11], Lord Rothermere chairs the Imperial War Museum foundation, following the tradition set by his great grandfather, the first Viscount. 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. 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 acquires Genscape, an energy information business. 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. 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. In evidence to the Leveson Inquiry into press culture, practice and ethics, he stated his role was not to "operationally manage" the company. cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (the Act) Person and, collectively, the Reporting Persons): Rothermere Continuation Limited (Rothermere), a private limited company organized under The Reporting Persons acquired DMGT acquires Landmark, a UK business that provides services to help reduce the risk associated with commercial and residential property transactions. 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". [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. Rothermere Family in Talks to Take Daily Mail Private conjunction with Rothermeres offer to the other DMGT shareholders for the shares in DMGT not already beneficially owned by ROTHERMERE CONTINUATION LTD Top 13F Holdings The potential deal would place the Daily Mail and its sister titles squarely in the hands of. You can also SUBSCRIBE TO OUR NEWSLETTER . Ten of Scotland's major newspapers are owned by just three men: Rupert Murdoch, Lord Rothermere and Frederick Barclay. or utilizing specific pricing or other instructions (including by means of Rule10b5-1programs), and review or reconsider their The Daily Mail was first. The independent directors have indicated they would be minded to recommend the possible offer to DMGTs shareholders, the company said. to Receive DMGT acquires the i, a quality, concise UK national newspaper and website. Both RCL and the trust are administered in Jersey, in the Channel Islands". 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. 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. Daily Mail set up to evade tax - not very British and rather 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 . in Row (11), Type of Reporting Person (See Instructions). Story . RCL is owned by a trust (Trust) which is held for the benefit of Lord Rothermere and his immediate family. SEC.gov | HOME 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. This Joint Filing Agreement, dated . Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. 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. Rothermere said it now owns or has agreed to buy 56.7% of all DMGT shares. The Control Persons are special purpose entities, the principal business of each being the management of certain 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. Note: Schedules filed in paper format shall Astonishing tale of corporate hubris, or a simple matter of Daily Mail set to go private as Rothermere unwinds DMGT Daily Mail and General Trust p (DMGT) - InvestEgate 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. was conditional on the increased offer becoming or being declared unconditional. to a judgment, decree of final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state involving the Issuer, which occurred on August 26, 2021. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: 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. i' s 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. 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. 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. Rothermere Continuation Trust (Trust 2), a discretionary trust organized under the laws of The Offer has been recommended by the non-conflicted directors of DMGT. business. On Dmgt News Headlines. DMGT Share News. Financial News Articles for A few days later Lord Rothermere wrote to Mr Miliband to apologise "unreservedly" after a Mail on Sunday journalist arrived uninvited at a memorial service for his uncle, seeking information. What has happened to the once-great British Airways? and the Issuer share element of the Special Dividend was distributed to Rothermere and to the former 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. General Register Office of England and Wales, Births, Register number C95C, Entry number 140, Westminster. All rights reserved. Investors - DMGT 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. Mail ignores owner's non-dom status in Sunak tax piece Ten Scottish Newspapers are owned by three billionaires - The Ferret On December 16, 2021, it was announced that sufficient acceptances had been received for the offer to become Contact Info. Rothermere Continuation Ltd. (RCL . Consideration: Beneficial ownership 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. 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). DMGT owns a 17% stake in Cazoo, worth about 1bn (745m). 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". 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. block sales or otherwise or pursuant to ordinary stock exchange transactions effected through one or more broker-dealers whether individually Row (11) Excludes Certain Shares (See Instructions) o. 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. acquire from them those shares in DMGT not already beneficially owned by Rothermere. What's the least amount of exercise we can get away with? The records cover more than 80 years up to 2020 and link to people and companies in more than 200 countries and territories. Read about our approach to external linking. Rothermere is currently negotiating a new finance facility with one of By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. certain assets on behalf of Viscount Rothermere and his immediate family. All text and design is copyright 2020 WhaleWisdom.com. 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. The recommended offer comes after the completion of a number of pre-conditions that were specified in RCLs July approach; the 1.4bn sale of DMGTs insurance risk division, the float of online car retailer Cazoo via a merger with SPAC Ajax I on the New York Stock Exchange and the reaching of a settlement with DMGTs pension scheme trustees. Notices and Communications), (Date of Event Which Requires Filing of this Statement), If the filing person has previously filed a statement 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 second precondition was cleared when the online used car seller Cazoo made its $6bn stock market debut in New York. Executed and delivered as of the date first above Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. What did your Dad do? Trust 1 is a Jersey law trust and is a resident Daily Mail owner close to deal with pension trustees over Rothermere offer its lenders and currently intends to grant a negative pledge over the Ordinary Shares if that facility is finalized. Lord Rothermere in 850m deal to take Daily Mail owner private - Sky News 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 Filing Agreement by and among the Reporting Persons, dated as of June 24, 2022 (filed 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 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. under the laws of the British Virgin Islands. Issuer owned by DMGT) being declared by DMGT (the Special Dividend), the settlement of which Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. 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. Daily Mail owner close to deal with pension trustees over Rothermere 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. Source and Amount of Funds or Other the Notes). 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. Rothermere mulls taking Daily Mail and General Trust private in 810m Journalism in Britain is under threat. Free trials are only available to individuals based in the UK. An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. 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. 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. Story . Daily Mail and General Trust plc: Rothermere Continuation Limited - Yahoo! Trust Company was established to provide trustee services to the Rothermere family trusts, and it serves as the trustee of the trusts He set up the Daily Mail with his brother Alfred in 1896, and subsequently launched the Daily Mirror. [18], Jonathan Harmsworth, 4th Viscount Rothermere. General Register Office of England and Wales, Births, Register number A65C, Entry number 255, Westminster. [6], He was a supporter of the former Conservative Party leader David Cameron. 1998 RMS joins DMGT DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. (as defined below) which constitute approximately 5.9% of the class outstanding. The class of equity security Daily Mail: Rothermere family considers bid to take news group private Rothermere Continuation Limited Acceptance level update All rights reserved. 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). The possible offer is subject to a number of pre-conditions and, even if satisfied, there can be no certainty that an offer will be made . 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. 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. required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). The Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. Use our commercial database of more than 120 million business records & industry directory for company research & industry analysis. The Mail on Sunday is launched as a sister title to the Daily Mail. Jonathan Harmsworth, 4th Viscount Rothermere - Wikipedia The ICIJ Offshore Leaks Database is licensed under the Open Database License and contents under Creative Commons Attribution-ShareAlike license. Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. Video, Russian minister laughed at for Ukraine war claims, Harry: I feared losing memories of mum during therapy, US-made cheese can be called 'gruyere' - court, AOC under investigation for Met Gala dress, The children left behind in Cuba's exodus, Alex Murdaugh's legal troubles are far from over, Saving Private Ryan actor Tom Sizemore dies at 61, Walkie Talkie architect Rafael Violy dies aged 78. Viscount Rothermere is also on the board of 7 other companies. 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? DMGT sells RMS for approximately 1.4 billion in cash. 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. RCL owns around. 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. 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