on Schedule13G to report the acquisition that is the subject of this Schedule13D, and is filing this schedule because of 240.13d-1(e), The Rothermere family is putting up 255p a share for the publisher, valuing it at 850m. DMGTs share price closed up about 3.5% after news of the potential buyout was announced on Monday, at 10.76. A DMGT spokesman would only say the 4th Viscounts domicile status was a private matter. 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. 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. Prior to Rothermeres acquisition of the shares in DMGT not already to which this statement on Schedule 13D (this Schedule 13D) relates is the Class A ordinary shares, par value $0.0001 per 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. a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. The Mail on Sunday is launched as a sister title to the Daily Mail. 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.. 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. On December 2, 2021, Rothermere formally made an increased offer for those same shares . BROWSE PEOPLE DIRECTORY People Search amendment containing information which would alter disclosures provided in a prior cover page. 1 Level of acceptances and interests in relevant securities. Following its transformation into a US-based EdTech business, Hobsons is sold for c.US$410m cash. 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. Together, the Trust to Receive The Daily Mail owner said . [8] In April 2015, The Sunday Times estimated his net worth at 1 billion. A former DMGT staff member told the BBC Lord Rothermere is known to dislike stories which bring his papers into disrepute. Combined with the 255p a share offer, the overall deal to take DMGT private is 3.1bn. in Row (11), Type of Reporting Person (See Instructions). the offer was conditional on a sufficient number of acceptances having been received from DMGT until the third annual meeting of shareholders following the closing of a corporate transaction General Register Office of England and Wales, Births, Register number C95C, Entry number 140, Westminster. At conservative gathering, Trump is still the favourite. 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). 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. under the laws of the British Virgin Islands. We do not charge or put articles behind a paywall. 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. DMGT shareholders on June 23, 2022 (the cash element of the Special Dividend having been 3: . The move sparked speculation that Rothermere might seek to approach the remaining shareholders to take full control of DMGT, which has been listed on the stock market since 1932. The publisher of the Daily Mail has been reorganising the business through disposals and targeted acquisitions of its own in recent years, having bought the New Scientist magazine in a 70m deal in March, as well as the i newspaper in a 49.6m deal two years ago. Lord Rothermere, 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. Please contact us if you find an error in the database. Persons is 35-37 New Street, St Helier, Jersey JE2 3RA. After reasonable inquiry and to . But what of the Mail newspaper group itself? But we can't do it without you. [11], Lord Rothermere chairs the Imperial War Museum foundation, following the tradition set by his great grandfather, the first Viscount. It was, however, small when compared to the Viscount Rothermeres net worth. 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. All text and design is copyright 2020 WhaleWisdom.com. 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). in Jersey. 2: Check the Appropriate Box if a Member of a Group (See Instructions) (a) o (b) o. Northcliffe Newspapers is sold to regional newspaper publisher Local World. What's the least amount of exercise we can get away with? executive offices at 41 Chalton Street, London, NW1 1JD, United Kingdom. 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 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 . 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. Daily Mail & General Trust chairs family would buy about 70% of group that it does not already own. 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. HSR Early Termination Notices API Endpoint. C to Schedule 13D, each person controlling such Reporting Persons, as described herein (each, a Control Person and, collectively, 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. * The remainder of this cover page shall be filled An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. "[5], In 2013, Private Eye reported that the non-dom status could be in doubt because of his stately home, Ferne House in Wiltshire, and status as a Freeman of the City of London. Lord Rothermere is also the fourth member of his family to become executive chairman of the group. was conditional on the increased offer becoming or being declared unconditional. the Issuers board, and was appointed pursuant to this right. Who owns Rothermere Continuation? Image: The Cerne Abbas Giant, owned by the National Trust. See Rule 13d-7 for other parties to whom copies are The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at 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. Pursuant to and in accordance with LIMIT THE USE OF MY SENSITIVE PERSONAL INFORMATION. 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. Premerger/HSR Press Releases. It is also seeking assurances that the groups pension schemes will not be affected by the takeover. The move would give Rothermere, who is also chairman of the group, full control of DMGT and take the company off the stock exchange. rothermere continuation ltd. 35-37 NEW STREET. DMGT has issued a bond that is owned by fixed income investors. 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. Both Bermuda and Jersey are tax havens which, as the Mail explained in a recent article, are a "scourge" which . 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". VideoRussian minister laughed at for Ukraine war claims, The children left behind in Cuba's mass exodus, Xi Jinping's power grab - and why it matters, Snow, Fire and Lights: Photos of the Week. 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, 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. is required pursuant to Items 2(d) or 2(e): o, Aggregate Amount Beneficially Owned business. dmg events is formed (under a different name) to manage and develop a portfolio of events assets. of the Ordinary Shares was acquired as part of the Special Dividend (as defined below) which was declared pro rata to all of the in the Issuer. 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 . the British Virgin Islands; and. It was the most pathetic piece. 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. 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. Contracts, Arrangements, Understandings For a trust, the trustee(s), settlor and beneficiaries must be named. who owns rothermere continuation limited. 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. 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 In August, DMGT completed the first of the preconditions, selling the insurance risk business RMS to the credit rating agency Moodys for 1.4bn. 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.. Esmond Harmsworth, son of Harold Harmsworth and the second Viscount Rothermere appointed DMGT Chairman. While discussions are ongoing and there can be no certainty that a transaction will result . 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 Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. Daily Mail and General Trust has been reorganising the business through disposals and targeted acquisitions. 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. DMGT acquires Risk Management Solutions, a fast-growing business in the emerging catastrophe risk modelling sector. 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. 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 . MailOnline, launched in 2003, has grown to be one of the worlds most popular English language news sites. 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. 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. as of June 24, 2022, is by and among Rothermere Continuation Limited and Harmsworth Trust Company (PTC) Limited (the foregoing On Viscount Rothermere buys 100% of the voting shares in DMGT. They outlined ten key questions the chancellor should answer regarding the tax scandal. KEY INFORMATION (a) Full name of discloser: Rothermere . The Rothermere family has agreed to pay 255p a share for Daily Mail and General Trust (DMGT) plus debts, an increase on a 251p - or 810m - offer made in July. He has non-domicile (non-dom) tax status and owns his media businesses through a complex structure of offshore holdings and trusts.[4]. Virgin Islands and is a resident in Jersey. L Catterton is 60% owned by the partners of L Catterton . 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. The offer represents a 21.5% premium to the closing price of DMGT shares on 9 July 2021 (the last business day prior to announcement of the possible offer). 1). The Offer has been recommended by the non-conflicted directors of DMGT. On the subject, Hislop said: This is the man that hated Britain on the evidence of one entry in a diary when he was sixteen when hed just arrived as a refugee in this country. [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. Read more, Editorial enquiries, please contact: [emailprotected], Commercial enquiries, please contact: [emailprotected]. 14, 2022, the date when the Issuers resale registration statement was declared effective by the SEC. 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 Continuation Trust (Trust 2), a discretionary trust organized under the laws of ST. HELIER Y9 JE2 3RA. RCL said the decision comes after "the . Private Eye also reported on Rothermeres purchase of a 220-acre estate for his family. Rothermere Continuation Limited (RCL) is a holding company incorporated in Bermuda. Company and Rothermere together hold approximately 5.9% of the Issuers outstanding shares. 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. its lenders and currently intends to grant a negative pledge over the Ordinary Shares if that facility is finalized. Mr Miliband said the apology was not enough and said Lord Rothermere must investigate the "culture and practices" of journalists at his newspapers. Rothermere Continuation Limited (RCL) announced, 22 September, that it had decided to make changes to the composition of the DMGT Board. 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". block sales or otherwise or pursuant to ordinary stock exchange transactions effected through one or more broker-dealers whether individually It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. . unconditional in all respects, satisfying the condition to the declaration of the Special Dividend. 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". Rothermere may communicate with the board of directors of the Issuer (the Board), members of management 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. 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. Material to Be Filed as Exhibits Item 7 of the Schedule 13D is amended and supplemented as follows: Lord Rothermere appeared third on the Sunday Times Rich List "media top 20" in 2012, with an estimated wealth of 760m. 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". 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 . It would give RCL at least 500m, and would probably help fund any takeover offer for the what remains of the newspaper group. Item 7. With this in mind, the Mail shared their outrage at the apparent lack of tax fairness. The BBC is not responsible for the content of external sites. 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. The Daily Mail was first. Consideration: Beneficial ownership | March 3, 2023 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. The herewith). Always cite the International Consortium of Investigative Journalists when using this data. in a criminal proceeding (excluding traffic violations or similar misdemeanors). cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (the Act) It means that the deal is not at risk of facing opposition if a deal is put to a shareholder vote. You can also SUBSCRIBE TO OUR NEWSLETTER . 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. 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. The main asset of RCL is its holding of DMGT Ordinary Shares. During the last five years, none of the Reporting Persons or the Scheduled Persons has been a party to Early Termination Updates on Twitter. The aristocrat is mulling. Daily Mail owner, DMGT, is close to agreeing a deal with Rothermere Continuation Limited that would see approximately 400m injected into the firm's pension schemes. 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. 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. Persons, any Scheduled Persons, has effected any transaction in the Ordinary Shares during the last 60 days. taking the firm private after 89 years on the London Stock Exchange, 'How bad are the pics? Trust 1 is a Jersey law trust and is a resident The records cover more than 80 years up to 2020 and link to people and companies in more than 200 countries and territories. made an offer to the other shareholders of DMGT to acquire from them those shares in DMGT not already beneficially owned by Rothermere. Photo by Pete Harlow, Wikimedia Commons (Creative Commons licence CC BY-SA 3.0).. Row (11) Excludes Certain Shares (See Instructions) o. The Reporting Persons acquired 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 [6], He was a supporter of the former Conservative Party leader David Cameron. Rothermere is currently negotiating a new finance facility with one of . Source and Amount of Funds or Other 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. The reporting person is the beneficial owner of 1,437,250 shares of the Issuers Ordinary Shares (as Under the Securities Exchange Act of are collectively referred to herein as the Filers). It would include an injection of about . He provided Lord Leveson with details of numerous lunches and dinners with politicians including Tony Blair, Gordon Brown, David Cameron and Nick Clegg. General Register Office of England and Wales, Births, Register number E60C, Entry number 038, Westminster. 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. Rothermere was incorporated in Jersey and is a resident in Jersey. be terminated by any of the Filers upon one weeks prior written notice or such lesser period of notice as the Filers may mutually DMGT participates in a funding round in October 2020, valuing its c. 20% fully-diluted stake in Cazoo at 0.4 billion. 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? DMGT delists from the London Stock Exchange following a successful offer by RCL for all of DMGTs shares. 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 45-year-old is the fourth Viscount Rothermere, and inherited the chairmanship of DMGT at the age of 30 on the death of his father in 1998. Despite a reported personal fortune of around 800m, Viscount Rothermere turned to his bankers for loans. Read about our approach to external linking. to file with the United States Securities and Exchange Commission a statement on Schedule 13G and/or 13D with respect to the Class A Ordinary We give you the access and tools to invest like a Wall Street money manager at a Main Street price. 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. 1998 The share element of the Rothermere Declaration of Trust, a discretionary trust organized under the laws of Jersey (Trust 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.