who owns rothermere continuation limited
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. By 2001 a new Ferne House had been built in the grounds to a 40m design by renowned Palladian-style architect Quinlan Terry. Harmsworth, the 3rd Viscount Rothermere. Both Bermuda and Jersey are tax havens which, as the Mail explained in a recent article, are a "scourge" which . Including the Special Dividend and the 2021 Proposed Final Dividend, the Offer values DMGT at about 3.1 billion. 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. While discussions are ongoing and there can be no certainty that a transaction will result . C to Schedule 13D, each person controlling such Reporting Persons, as described herein (each, a Control Person and, collectively, DMGT reduces its stake in Euromoney Institutional Investor PLC from 67% to c.49%. The Reporting Persons reserve the right, based on all relevant factors and subject to applicable law or other restrictions, at The Daily Mail was first. 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. 2: Check the Appropriate Box if a Member of a Group (See Instructions) (a) o (b) o. Ten of Scotland's major newspapers are owned by just three men: Rupert Murdoch, Lord Rothermere and Frederick Barclay. Under the Securities Exchange Act of Viscount Rothermere is also on the board of 7 other companies. 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. Euromoney Magazine is launched as a business-to-business magazine focused primarily on the international finance sector. [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 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. You can also SUBSCRIBE TO OUR NEWSLETTER . 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 . Premerger/HSR Press Releases. 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. ST. HELIER Y9 JE2 3RA. On November 3, 2021, Rothermere formally made an offer to the other shareholders of DMGT to 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. According to Mr Greenslade, the DMGT chairman "has ignored the legion of complaints about the Mail's nastiness" and "never betrayed any sign of concern about the criticisms". Company and Rothermere together hold approximately 5.9% of the Issuers outstanding shares. 3: . They outlined ten key questions the chancellor should answer regarding the tax scandal. 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'. 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.. 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 third precondition was reaching agreement with DMGTs pension trustees which has resulted in a 412m payment into its three main schemes. The current Lord Rothermeres father loved Great Britain so much he went to live in France as a tax exile. Executed and delivered as of the date first above 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 . a Group (See Instructions) (a) o(b) o, Check if disclosure of legal proceedings DMGT said it has received a number of inquiries for RMS, which it bought in 1998. 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 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. acquire from them those shares in DMGT not already beneficially owned by Rothermere. Daily Mail & General Trust chairs family would buy about 70% of group that it does not already own. L Catterton is 60% owned by the partners of L Catterton . The cash proceeds of the deals 610p a share would be distributed to DMGT shareholders through a special dividend. Both RCL and the Trust are administered in Jersey, in the Channel Islands. 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 Offer"). 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. An earlier version incorrectly said RCL was registered in Bermuda; the company is in fact administered in Jersey. Contracts, Arrangements, Understandings required by Item 2 of Schedule 13D is provided on Schedule I-IV and is incorporated by reference herein (the Scheduled Persons). 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. RCL already has a 30% stake in the group which also owns the Metro and i newspaper titles and holds all of the vote-bearing shares in DMGTs two-tier stock structure. The Third Viscount Rothermere, Vere Harmsworth, appointed DMGT Chairman. 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 . It is also seeking assurances that the groups pension schemes will not be affected by the takeover. Rothermere is also a special purpose entity, the principal The TLE shop is also now open, with all profits going to supporting our work. All conditions for 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. DMGT acquires the i, a quality, concise UK national newspaper and website. DMGT acquires New Scientist, one of the worlds leading science publishing titles. The Right Honourable Jonathan Harold Esmond Vere Viscount Consideration: Beneficial ownership 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. 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. DMGT acquires Hobsons, a UK-based B2B publishing business. Last edited on 11 February 2023, at 21:23, "Rothermere: 'DMGT remains committed to journalism', "How much is Daily Mail owner Lord Rothermere worth? DMGT participates in the successful Zoopla Property Group IPO and sells 40% of its stake. What's the least amount of exercise we can get away with? 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. This article was amended on 14 July 2021. 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. 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. matters. DMGT acquires Trepp, a US-based business providing valuation and data solutions for the commercial mortgage-backed securities (CMBS) market. Rothermere is currently negotiating a new finance facility with one of Both RCL and the trust are administered in Jersey, in the Channel Islands". 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 . 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 DMGT, being a subsidiary of Rothermere, has the right to appoint a director to the Issuers board currently 760,872,476 outstanding shares of Ordinary Shares of the Issuer, based on information received from the Issuer prior to filing. Lord Rothermere is already the controlling shareholder of DMGT through a 28% stake owned by his family trust, RCL.