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Response to media speculation

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Daily Mail and General Trust plc (DMGT)
02-Nov-2021 / 09:26 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

2 November 2021

 

Daily Mail and General Trust plc (DMGT)

Response to media speculation

 

DMGT notes the press reports this morning regarding the possible offer by Rothermere Continuation Limited (RCL) for DMGT.  As announced on 12 July 2021, the DMGT Board has decided to implement a major reorganisation of DMGT, including the sale of its insurance risk business, Risk Management Solutions Limited, a special distribution to all shareholders of substantially all of the cash in the Group and its stake in Cazoo Group, and, subject to the satisfaction of certain pre-conditions, an offer for DMGT by its controlling shareholder, RCL.

 

The last of the non-waivable pre-conditions that remains outstanding relates to reaching a position with the trustees of DMGT's three pension schemes which is reasonably satisfactory to DMGT and RCL to ensure that the pension schemes are not adversely affected by the Reorganisation process and, in particular, by the settlement of the Special Dividend.

 

DMGT confirms that DMGT and RCL are close to agreeing a deal with the trustees of DMGT's three pension schemes.  The deal with the trustees includes, amongst other terms, a payment into the schemes of approximately £400 million.

 

This announcement does not amount to an announcement of a firm intention by RCL to make an offer for the DMGT Shares. There can be no certainty that an offer will be made even if the pre-conditions are satisfied or waived.  As announced on 28 October 2021, the Takeover Panel has consented to a further extension to the PUSU deadline until 5.00 p.m. (London time) on 25 November 2021.

 

 

For further information

 

For analyst and institutional enquiries:

 

Tim Collier, Group Chief Financial Officer

+44 20 3615 2902

Adam Webster, Head of Investor Relations

+44 20 3615 2903

 

 

For media enquiries:

 

Tim Burt, Teneo

+44 7583 413254

Doug Campbell, Teneo

+44 7753 136628

Jesse Matthews, Teneo

+44 7912 783513

 

Market Abuse Regulation

The information communicated in this announcement includes inside information.

 

About DMGT

DMGT manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment.  The Group takes a long-term approach to investment and has market-leading positions in consumer media, property information and events & exhibitions.  In total, DMGT generates revenues of around £1bn.

 

Person responsible for arranging the release of this announcement:

 

Fran Sallas, Company Secretary

+44 20 3615 2904

 


ISIN:

GB00BJQZC279

Category Code:

SPC

TIDM:

DMGT

LEI Code:

4OFD47D73QFJ1T1MOF29

OAM Categories:

2.2. Inside information

Sequence No.:

125791

EQS News ID:

1245401


 

End of Announcement

EQS News Service

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