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Dispatch of Share Plan Letters

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Daily Mail and General Trust plc (DMGT)
08-Nov-2021 / 10:31 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

FOR IMMEDIATE RELEASE

8 November 2021

 

 

MAJOR REORGANISATION OF DMGT

 

comprising

 

RECOMMENDED CASH OFFER

 

for

 

DAILY MAIL AND GENERAL TRUST PLC ("DMGT")

 

by

 

ROTHERMERE CONTINUATION LIMITED ("RCL")

 

And

 

PROPOSED DISTRIBUTION TO ALL SHAREHOLDERS

 

Dispatch of Share Plan Letters

 

On 3 November 2021, the Non-conflicted DMGT Directors and RCL announced that they had reached agreement on the terms and conditions of a special distribution by DMGT and a recommended cash offer for RCL to acquire the entire issued and to be issued share capital of DMGT not already owned by RCL (the "Offer"), to be implemented by means of a takeover offer as defined in Chapter 3 of Part 28 of the Companies Act 2006.

In conjunction with the Offer, the Non-conflicted DMGT Directors intend to declare a single distribution to all DMGT Shareholders who are on the register of members of DMGT at 6.00 p.m. (London time) on the Unconditional Date (the "Special Dividend"). In the event that the Offer does not become or is not declared unconditional, there will be no Special Dividend.

In addition, RCL has agreed that the DMGT Board should recommend for approval, in accordance with its existing dividend policy, a final dividend in respect of FY 2021 (the "2021 Proposed Final Dividend"). If approved, the 2021 Proposed Final Dividend is expected to be paid on or about 4 February 2022 to DMGT Shareholders on the register on 26 November 2021, regardless of whether the Offer becomes or is declared unconditional.

DMGT and RCL are pleased to announce that, in accordance with Rule 15 of the Takeover Code, they have today dispatched a joint letter to the holders of options under the DMGT 2006 Executive Share Option Scheme to provide information on how the Offer, the Special Dividend and the 2021 Proposed Final Dividend will affect their options and the arrangements applicable to those option holders, including details of proposals being made, independent advice in relation to such proposals and relevant dates and times. Letters have also been sent to the participants in the other DMGT Share Schemes to provide information on how the Offer, the Special Dividend and the 2021 Proposed Final Dividend will affect their rights under these schemes (together the "Share Plan Letters").

The Share Plan Letters will be available on DMGT's website at https://www.dmgt.com/investors.  The terms and conditions of the Offer and the procedures for acceptance ("Offer Document"), together with the related Form of Acceptance, were published on 6 November 2021.  The Offer Document, the Form of Acceptance and this announcement are available on DMGT's website at https://www.dmgt.com/investors.

Terms and expressions used in this announcement shall, unless defined herein or unless the context otherwise requires, have the same meanings as given to them in the Offer Document.  

Enquiries:

DMGT

 

Tim Collier, DMGT Group CFO

+44 (0) 20 3615 2902

Adam Webster, Head of Investor Relations

+44 (0) 20 3615 2903

 

 

J.P. Morgan Cazenove
(Lead Financial Adviser to DMGT in connection with the Offer; Joint Corporate Broker)

+44 (0) 20 7742 4000

Hugo Baring, Bill Hutchings

 

Jonty Edwards, James Summer

 

 

 

Credit Suisse
(Joint Financial Adviser to DMGT in connection with the Offer; Joint Corporate Broker)

+44 (0) 20 7888 1000

Antonia Rowan, James Green

 

Gillian Sheldon

 

 

 

Teneo
(PR/Media Adviser to DMGT)

 

Doug Campbell

+44 (0) 775 313 6628

Tim Burt

+44 (0) 758 341 3254

 

 

Lazard & Co., Limited
(Lead Financial Adviser to RCL in connection with the Offer)

+44 (0) 20 7187 2000

Nicholas Shott

 

William Lawes, Caitlin Martin

 

 

 

Goldman Sachs International
(Joint Financial Adviser and Corporate Broker to RCL in connection with the Offer)

+44 (0) 20 7774 1000

Charlie Lytle, Alex Garner, Owain Evans

 

 

 

Sanctuary Counsel
(PR/Media Adviser to RCL)

 

Robert Morgan

+44 (0) 755 741 3275

Ben Ullmann

+44 (0) 794 486 8288

 

The person responsible for arranging the release of this announcement for and on behalf of DMGT and RCL is Fran Sallas, DMGT Company Secretary (+44 (0) 20 3615 2904).

Disclaimers

J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised in the United Kingdom by the Prudential Regulation Authority (the "PRA") and regulated in the United Kingdom by the PRA and the Financial Conduct Authority (the "FCA"). J.P. Morgan Cazenove is acting as lead financial adviser for DMGT and no one else in connection with the Offer only and will not regard any other person as its client in relation to the Offer or any other matter referred to in this announcement and will not be responsible to anyone other than DMGT for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to the Offer or any matter or arrangement referred to herein.

Credit Suisse International ("Credit Suisse"), which is authorised by the PRA and regulated by the FCA and the PRA in the United Kingdom, is acting as joint financial adviser for DMGT and no one else in connection with the Offer only and will not regard any other person as its client in relation to the Offer or any other matter referred to in this announcement and will not be responsible to anyone other than DMGT for providing the protections afforded to clients of Credit Suisse, nor for providing advice to any other person in relation to the content of this announcement or any other matter referenced herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.

Lazard & Co., Limited ("Lazard"), which is authorised and regulated in the United Kingdom by the FCA, is acting as lead financial adviser to RCL, and no one else, in connection with the Offer, and will not be responsible to anyone other than RCL for providing the protections afforded to clients of Lazard nor for providing advice in relation to the Offer, or any other matter or arrangement referred to herein. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any matter, arrangement or statement contained or referred to herein or otherwise.

Goldman Sachs International ("Goldman Sachs"), which is authorised by the PRA and regulated by the FCA and the PRA in the United Kingdom, is acting as joint financial adviser to RCL, and no one else, in connection with the Offer, and will not be responsible to anyone other than RCL for providing the protections afforded to clients of Goldman Sachs nor for providing advice in relation to the Offer or any other matter or arrangement referred to herein. Neither Goldman Sachs nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Goldman Sachs in connection with the Offer, this announcement, any matter, arrangement or statement contained or referred to herein or otherwise.

Important information

This announcement is for information purposes only and is not intended to and does not constitute, or form part of, any offer or invitation to sell or purchase any securities, or the solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise nor shall there be any sale, issuance or transfer of securities of DMGT in any jurisdiction in contravention of applicable law. The Offer will be effected solely through the Offer Document which contains the full terms and conditions of the Offer. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in the Offer Document. Each DMGT A Shareholder is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer applicable to them.

Overseas Shareholders

Unless otherwise determined by RCL, the Offer is not being, and will not be, made, directly or indirectly, in or into or by the use of mails of, or by any other means (including, without limitation, electronic mail, facsimile transmission, telex, telephone, internet or other forms of electronic communication) of interstate or foreign commerce of, or any facility of a national securities exchange of any Restricted Jurisdiction, and will not be capable of acceptance by any such use, means or facility or from within any Restricted Jurisdiction.  Accordingly, unless otherwise determined by RCL, copies of the Offer Document and the Form of Acceptance and any related documents are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction and persons receiving such documents (including custodians, nominees and trustees) should observe these restrictions and must not mail, or otherwise forward, send or distribute any such documents in or into or from any Restricted Jurisdiction, as doing so may invalidate any purported acceptance of the Offer.  Any person (including custodians, nominees and trustees) who would, or otherwise intends to, or who may have a legal or contractual obligation to, forward the Offer Document, the Form of Acceptance and any related documents to any jurisdiction outside the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of any jurisdiction, seek appropriate advice and read the Offer Document before doing so. Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved this Offer, or passed upon the adequacy or completeness of the Offer Document. Any representation to the contrary is a criminal offence.

Notice to US holders of DMGT A Shares

The Offer relates to securities in a non-US company registered in England and Wales with a listing on the London Stock Exchange, and is subject to the disclosure requirements, rules and practices applicable to companies listed in the United Kingdom, which differ from those of the United States in certain material respects. The Offer Document has been prepared in accordance with U.K. style and practice for the purpose of complying with the laws of England and Wales and the rules of the London Stock Exchange. US shareholders should read the entire Offer Document. The financial information relating to DMGT included elsewhere in the Offer Document has been prepared in accordance with IFRS and has not been prepared in accordance with generally accepted accounting principles in the United States; thus it may not be comparable to financial information relating to US companies. The Offer is being made in the United States pursuant to Section 14(e) of, and Regulation 14E under, the US Securities Exchange Act of 1934, as amended, subject to the exemptions provided by Rule 14d-1 under the US Exchange Act and otherwise in accordance with the requirements of the Code. Accordingly, the Offer will be subject to disclosure and other procedural requirements that are different from those applicable under US domestic tender offer procedures. US shareholders should note that the Company is not listed on an American securities exchange, subject to the periodic reporting requirements of the US Exchange Act or required to, and does not, file any reports with the SEC thereunder.

It may be difficult for US shareholders to enforce certain rights and claims arising in connection with the Offer under US federal securities laws since the Company is located outside the United States and its officers and directors reside outside the United States. It may not be possible to sue a non-US company or its officers or directors in a non-US court for violations of US securities laws. It also may not be possible to compel a non-US company or its affiliates to subject themselves to a US court's judgment.

To the extent permitted by applicable law and in accordance with normal UK practice, RCL, J.P. Morgan Securities plc, Credit Suisse International, Lazard & Co. Limited, Goldman Sachs International or any of their affiliates holding an exempt status granted by the UK Takeover Panel, subject to restrictions under Rule 38 of the Code, may make certain purchases of, or arrangements to purchase DMGT A Shares outside the United States during the period in which the Offer remains open for acceptance, including sales and purchases of DMGT A Shares effected by J.P. Morgan Securities plc, Credit Suisse International, Lazard & Co., Limited or Goldman Sachs International, acting as market maker in the DMGT A Shares. These purchases, or other arrangements, may occur either in the open market at prevailing prices or in private transactions at negotiated prices. In order to be excepted from the requirements of Rule 14e-5 under the US Exchange Act by virtue of relief granted by Rule 14e-5(b)(12) thereunder, such purchases, or arrangements to purchase, must comply with applicable English law and regulation, including the listing rules of the FCA, and the relevant provisions of the US Exchange Act. Any information about such purchases will be disclosed as required in the United Kingdom and the United States and, if required, will be reported via a Regulatory Information Service of the London Stock Exchange and available on the London Stock Exchange website at www.londonstockexchange.com. To the extent that such information is made public in the United Kingdom, this information will also be publically available to shareholders in the United States.

The receipt of cash pursuant to the Offer and the receipt of the Special Dividend by a shareholder who is a US Holder will be a taxable transaction for US federal income tax purposes. The Offer Document further sets forth certain US federal income tax consequences of the Offer and the receipt of the Special Dividend under current US law. However, each Shareholder should consult and seek individual advice from an appropriate professional adviser.

Neither the US Securities and Exchange Commission nor any US state securities commission has approved or disapproved of this transaction or passed upon the merits of fairness of such transaction or passed upon the adequacy of the information contained in the Offer Document. Any representation to the contrary is a criminal offence.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of the offeree company. An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period. Relevant persons who deal in the relevant securities of the offeree company prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of the offeree company, save to the extent that these details 3 have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

 

 


ISIN:

GB00BJQZC279

Category Code:

OUP

TIDM:

DMGT

LEI Code:

4OFD47D73QFJ1T1MOF29

OAM Categories:

3.1. Additional regulated information required to be disclosed under the laws of a Member State

Sequence No.:

126256

EQS News ID:

1246980


 

End of Announcement

EQS News Service

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