News & Opinion

Rothermere strengthens control of DMGT

Lord Rothermere agrees to buy outstanding voting shares in DMGT from his uncle.

Lord Rothermere yesterday agreed a deal which increases his controlling voting stake in DMGT to 89.2% from 59.9%. The deal sees the voting shares of Rothermere's uncle's trust, the Esmond Harmsworth 1998 Settlement, transferred to the share holding of Lord Rothermere and his immediate family, Rothermere Continuation Limited, and replaced with non-voting shares.

The voting share of Rothermere in the company could potentially increase further as he has offered to extend the swap of voting shares for non-voting shares to other family members and nominees, who own the remaining 10% of DGMT, at the same ratio as agreed with his uncle.

In total, Lord Rothermere and his family currently control 93% of the voting shares and 24% of the non-voting shares in DMGT. The Daily Mail was founded by Rothermere's relatives in 1896.

The deal is not expected to have any effect on the daily running of the company or its long term objectives.

Source: Financial Times and The Times

01/07/13

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