a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings This has led RCL and the DMGT board to decide to implement a major reorganisation of the group by distributing the value created by the RMS sale and the Cazoo IPO in conjunction with the offer., He added: 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.. 2023 BBC. The current Lord Rothermeres father loved Great Britain so much he went to live in France as a tax exile. 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. 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. 1). or utilizing specific pricing or other instructions (including by means of Rule10b5-1programs), and review or reconsider their Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. Read about our approach to external linking. General Register Office of England and Wales, Births, Register number C95C, Entry number 140, Westminster. 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.. He then passed on the nom-dom status to his son who doesnt actually pay the normal amount of tax despite owning a newspaper thats owned through various tax companies in Bermuda. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. A Point of View: Power, politicians and the press, Street fighting in Bakhmut but Russia not in control, Russian minister laughed at for Ukraine war claims. 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. 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 . RCL owns around. 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. What I think will be embarrassing for the Mails Editor is the Mail is owned by the Rothermere family. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. RCL said the decision comes after . Mr. Rothermere is Chairman & Chief Executive Officer at Daily Mail & General Trust Plc, Chairman of dmg media Ltd. (a subsidiary of Daily Mail & General Trust Plc) and Executive Chairman for General Trust Plc. The 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. In 2013, Rothermere, who has until 9 August to make a firm offer for the business or walk away, first signalled that he might seek to take the business private by increasing his control of the family-held voting shares to almost 90%. LONDON, UK: Daily Mail and General Trust (DMGT) is in discussions in relation to the sale of its Insurance Risk division (RMS), while Rothermere Continuation Limited (RCL) prepared to make a possible cash offer to acquire the entire issued and to be issued share capital of DMGT not already owned by RCL. required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). Rothermere Continuation Ltd. (RCL . 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. Since you are here, we wanted to ask for your help. Rothermere is also a special purpose entity, the principal 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 issuer is solely responsible for the content of this announcement. We depend on the generous support of readers like you to help us expose corruption and hold the powerful to account. and/or other shareholders or other relevant parties from time to time with respect to operational, strategic, financial or governance This Schedule 13D is being filed by and on behalf of each of the following persons (each, a Reporting 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. 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. I am a private investor* I am not a private investor I am not a private investor Business Phone: 44 (0) 1534 870670. Row (11) Excludes Certain Shares (See Instructions) o. Contracts, Arrangements, Understandings the Notes). 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 TLE shop is also now open, with all profits going to supporting our work. until the third annual meeting of shareholders following the closing of a corporate transaction Jonathan Harmsworth, 53, Harolds great-grandson and the 4th Viscount Rothermere, has led the business through huge technological change as print newspapers have had to refocus their business models in the digital age. the British Virgin Islands; and. 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. [17] Rothermere confirmed this in his testimony to the Leveson Inquiry. 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". [18], Jonathan Harmsworth, 4th Viscount Rothermere. in Jersey. 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 . 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. 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. shareholders of DMGT for which a date of distribution of the share element of the dividend was determined and communicated on June The cash proceeds of the deals 610p a share would be distributed to DMGT shareholders through a special dividend. in a criminal proceeding (excluding traffic violations or similar misdemeanors). 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. The Fourth Viscount Rothermere, Jonathan Harmsworth appointed DMGT Chairman. The independent directors have indicated they would be minded to recommend the possible offer to DMGTs shareholders, the company said. out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent 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. DMGT sells its remaining stake in the company. 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. 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. An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. Mr Miliband said the apology was not enough and said Lord Rothermere must investigate the "culture and practices" of journalists at his newspapers. But what of the Mail newspaper group itself? In August, DMGT completed the first of the preconditions, selling the insurance risk business RMS to the credit rating agency Moodys for 1.4bn. It was the most pathetic piece. Our appraised valuation estimate of only the largest businesses within DMGT materially exceeds double the current offer price of 255p. The address of the principal business office of each of the Reporting Persons and the Control DMGT owns a 17% stake in Cazoo, worth about 1bn (745m). MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. in the Issuer. We give you the access and tools to invest like a Wall Street money manager at a Main Street price. Viscount Rothermere buys 100% of the voting shares in DMGT. 240.13d-1(f) or 240.13d-1(g), check the following box. He set up the Daily Mail with his brother Alfred in 1896, and subsequently launched the Daily Mirror. This ICIJ database contains information on more than 810,000 offshore entities that are part of the Pandora Papers, Paradise Papers, Bahamas Leaks, Panama Papers and Offshore Leaks investigations. Some information may have changed over time. Check the Appropriate Box if a Member of Issuer owned by DMGT) being declared by DMGT (the Special Dividend), the settlement of which 2021 Associated Newspapers Limited. Source and Amount of Funds or Other 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. the Issuers board, and was appointed pursuant to this right. [7], He ranked fourth in the Publishing, Advertising, and PR section of The Sunday Times Rich List of 2013 with an estimated wealth of 720 million. the Ordinary Shares referred to in Item 3 as a result of the Special Dividend and hold the Ordinary Shares for investment purposes. MailOnline overtakes New York Times as the most visited English language newspaper website in the world. (as defined below) which constitute approximately 5.9% of the class outstanding. of the Ordinary Shares was acquired as part of the Special Dividend (as defined below) which was declared pro rata to all of the the Control Persons), are: Trust 1 is a Control Person with respect to The Trust The Special Dividend comprises cash and the shares DMGT owns in NYSE-listed Cazoo Group Limited. The information required on the remainder of this Rothermere Continuation Ltd is the vehicle of DMGT's biggest shareholder Jonathan Harmsworth, Viscount. 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). By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. under the laws of the British Virgin Islands. 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. Rule 13(d)(1)(k) promulgated under the Securities Exchange Act of 1934, as amended, the Filers hereby agree to file a single statement the increased offer were satisfied in due course, including the declaration of the Special Dividend, of the DMGT ordinary shares and the remaining DMGT ordinary shares are legally held by the Trust Company as nominee for Rothermere. You can download a raw copy of the database here. matters. The share element of the Read about our approach to external linking. The Daily Mail was first. General Register Office of England and Wales, Marriages, September quarter 1993, Westminster, Vol 15, page 1798. 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 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 reporting person is the beneficial owner of 44,898,183 shares of the Issuers Ordinary Shares currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. 1998 Metro Metro is launched as a free newspaper serving urban markets across the UK. Filing Agreement as an exhibit to such statement, as required by such rule. 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 . . conjunction with Rothermeres offer to the other DMGT shareholders for the shares in DMGT not already beneficially owned by 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. [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. 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. Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. Both RCL and the Trust are administered in Jersey, in the Channel Islands. DMGT acquires Genscape, an energy information business. Photo by Pete Harlow, Wikimedia Commons (Creative Commons licence CC BY-SA 3.0).. Trust Company was established to provide trustee services to the Rothermere family trusts, and it serves as the trustee of the trusts the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. 1934, Class A Ordinary Shares, par value $0.0001, (Name, Address and Telephone Number of Person Authorized BROWSE PEOPLE DIRECTORY People Search The Mail on Sunday is launched as a sister title to the Daily Mail. DMGT acquires Hobsons, a UK-based B2B publishing business. The Offer has been recommended by the non-conflicted directors of DMGT. By living as a tax exile in Paris for most of his life, the 3rd Viscount had become non-domiciled for British tax purposes. Journalism in Britain is under threat. The same St. Lucian company also owns land and one further, unidentified property in the Kensington area. Well, Daily Mailproprietor Lord Rothermere is also a famous exponent of non-dom tax rules. ", "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. include a signed original and five copies of the schedule, including all exhibits. What's the least amount of exercise we can get away with? Item 6. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: 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. 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. Trust 1 is a Jersey law trust and is a resident He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. The potential deal would place the Daily Mail and its sister titles squarely in the hands of. One change he has instituted since becoming chairman is requiring directors to retire at age 75. Acceptance level update. The. 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. RCL said the decision comes after "the . Lord Rothermeres RCL holds all of the vote-bearing shares in DMGTs two-tier stock structure, which means that the deal is not at risk of being blocked when the deal is put to a shareholder vote. The former employee said Mr Greig had been brought in because he had a "softer" approach than Mr Dacre, but the result was intense competition between the Daily Mail and the Mail on Sunday - driven by their "warring editors". The BBC is not responsible for the content of external sites. We do not charge or put articles behind a paywall. DMGT is listed on the London Stock Exchange. Exhibit 1 Joint distributed on December 30, 2021). . certain assets on behalf of Viscount Rothermere and his immediate family. 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. 1 Level of acceptances and interests in relevant securities. or Relationships with Respect to Securities of the Issuer. Except as set forth in Item 3 above, none of the Reporting Persons or, to the best knowledge of the Reporting What did your Dad do? 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". See Rule 13d-7 for other parties to whom copies are 1 agree. RCL is owned by a trust (Trust) which is held for the benefit of Lord Rothermere and his immediate family. 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 Special Dividend was declared by DMGT in KEY INFORMATION (a) Full name of discloser: Rothermere . 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. o. The Trust Company holds Ordinary Shares on behalf of Rothermere because it received these Lord Rothermere is already the controlling shareholder of DMGT through a 28% stake owned by his family trust, RCL. 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. | March 3, 2023 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. This Joint Filing Agreement may digitGaps report on Rothermere Continuation Limited delivers a detailed in-depth and comprehensive insights of the company, its history, corporate strategy, its businesses and structures, and company operations by examining its performance in local market and global economy. Slaughter and May is advising Daily Mail and General Trust plc (DMGT) on the reorganisation of DMGT, which comprises a cash offer by Rothermere Continuation Limited (RCL) for all the non-voting shares in DMGT (DMGT A Shares) not already owned by RCL (the Offer), and a proposed special distribution to all shareholders of DMGT (the Special Dividend). The MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. Rothermere Declaration of Trust, a discretionary trust organized under the laws of Jersey (Trust DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. L Catterton is 60% owned by the partners of L Catterton . Company. 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.
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