Daily Mail and General Trust plc (54HB,DMGT)
Rothermere Continuation Limited
22 September 2022
FOR IMMEDIATE RELEASE
Rule 19.6(b) update on stated post-offer intention statement with regard to Daily Mail and General Trust plc (“DMGT”)
Rothermere Continuation Limited (“RCL”) announces that, further to the completion of its recommended offer for the issued and to be issued DMGT A Shares not already owned by RCL, which became unconditional on 16 December 2021, a different course of action has been taken from one of the post-offer intention statements made by RCL pursuant to Rules 2.7(c)(viii) and 24.2 of the Takeover Code (the “Stated Intentions”), as set out in its announcement 6 November 2021 and the related offer document published on 2 December 2021 (together the “Offer Documentation”).
This announcement is required under Rule 19.6(b) of the Takeover Code.
The relevant stated intention, as set out in the Offer Documentation, was that RCL did not intend, amongst other things, to make changes to the composition of the DMGT Board following completion of the offer save as described in the Offer Documentation.
Paul Zwillenberg, DMGT’s CEO, and DMGT, have agreed that Paul will be stepping down from the DMGT Board and from his role as Group CEO on 30 September 2022.
The decision comes after the successful implementation of a strategy Paul put in place on his arrival to create financial flexibility, focus the portfolio and improve operational performance, culminating with DMGT being acquired by RCL at the end of 2021 and subsequently delisted. Now, having successfully delivered on that strategy, Paul has decided that the time is right to step down.
Lord Rothermere said, “DMGT has been transformed under Paul’s leadership, setting the business up for an exciting future on our own terms. The fact he leaves behind a portfolio consisting only of market-leading businesses run by exceptional talent is testament to the integrity, vision and skill he brought to the role. I am immensely grateful to him for everything he has done over his six and a half years as CEO, as a partner and as a friend.
During Paul’s time as CEO he refocused the portfolio, putting us on a firm financial footing so we could take the company private, while driving technology modernisation throughout and championing the role of the free press in a rapidly evolving digital news ecosystem. I am absolutely delighted that he has agreed to stay on in the capacity of Senior Advisor to support me and the company as we look to the future.”
Paul Zwillenberg said, “I am immensely proud of what we have achieved for the company, the Rothermere family and shareholders. DMGT is an exceptional business with exceptional people. It has been my greatest privilege to have served as CEO and to have played a small part in DMGT’s remarkable story.
I would like to extend my heartfelt thanks to Lord Rothermere for his unwavering support. His vision, intuition and courage are unparalleled. Looking to the future, I know that under family ownership DMGT will continue to push boundaries on behalf of its consumers, customers and partners for decades to come.”
Fran Sallas, Company Secretary, DMGT 020 3615 2904
Sean Walsh, Global Chief Brand Officer, dmg media 001 646 678 2858
LEI Number: 213800AE1BBT5FYQGO52
3.1. Additional regulated information required to be disclosed under the laws of a Member State
EQS News ID:
End of Announcement
EQS News Service