DAILY MAIL AND GENERAL TRUST PLC Completion of sale of RMS

Transparency directive : regulatory news

15/09/2021 14:30

Daily Mail and General Trust plc (DMGT)
Completion of sale of RMS

15-Sep-2021 / 13:30 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


15 September 2021

 

Daily Mail and General Trust plc (DMGT)

Completion of sale of RMS

 

DMGT announces the completion of the sale of RMS, its Insurance Risk business, for approximately £1,425m in cash.  This follows the announcement on 5 August 2021 of the agreement to sell RMS to Moody's Corporation, a global integrated risk assessment firm.

Following the listing of Cazoo Group Ltd announced on 27 August 2021, the completion of the sale of RMS satisfies another pre-condition¹ of the possible offer by Rothermere Continuation Limited for DMGT (the 'Possible Offer'), as set out in the announcement on 12 July 2021 of a possible major reorganisation².  DMGT continues its discussions with the trustees of DMGT's three pension schemes in relation to their funding arrangements.  The pension pre-condition is the remaining non-waivable pre-condition of the Possible Offer. 

 

 

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

 

 

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.

 

 

Notes

 

1 The possible offer for DMGT by RCL is subject to the following pre-conditions:

  1. completion of confirmatory due diligence by RCL to the satisfaction of RCL;
  2. RMS Completion;
  3. Cazoo Completion; and
  4. 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.

The pre-condition under (a) is waivable at the option of RCL.  Pre-conditions under (b), (c) and (d) are not waivable. The terms used under this note 1 have the definitions assigned to them under the Reorganisation Announcement².

 

2 The 'Reorganisation Announcement' was issued by DMGT on 12 July 2021. It announced a possible major reorganisation of DMGT, including a possible conditional special distribution and possible cash offer by Rothermere Continuation Limited ('RCL') to acquire the entire issued and to be issued share capital of DMGT not already owned by RCL. The announcement can be found at www.dmgt.com/investors.

 

 



ISIN: GB00BJQZC279
Category Code: PFU
TIDM: DMGT
LEI Code: 4OFD47D73QFJ1T1MOF29
Sequence No.: 122236
EQS News ID: 1233584

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1233584&application_name=news&site_id=symex

23/09/2021 10:24
15/09/2021 14:30
08/09/2021 12:14
08/09/2021 12:13
08/09/2021 12:08
27/08/2021 13:34
10/08/2021 13:27
10/08/2021 13:25
10/08/2021 13:06
09/08/2021 08:00

DAILY MAIL AND GENERAL TRUST PLC's latest news


23/09/2021 10:24
15/09/2021 14:30
08/09/2021 12:14
08/09/2021 12:13
08/09/2021 12:08
27/08/2021 13:34
10/08/2021 13:27
10/08/2021 13:25
10/08/2021 13:06
09/08/2021 08:00


Other stories

25/09/2021 20:08
25/09/2021 17:56
25/09/2021 06:03
25/09/2021 17:10
25/09/2021 19:08
25/09/2021 19:40
25/09/2021 15:35
25/09/2021 09:50
25/09/2021 16:35
25/09/2021 17:46
25/09/2021 16:02
25/09/2021 16:00
25/09/2021 18:37
25/09/2021 10:12
25/09/2021 19:41
25/09/2021 17:00
24/09/2021 17:48
25/09/2021 15:00
25/09/2021 18:22
24/09/2021 11:12
24/09/2021 21:30
25/09/2021 16:05
25/09/2021 13:00
25/09/2021 14:14
25/09/2021 18:46
24/09/2021 21:59
25/09/2021 19:15
25/09/2021 20:29
25/09/2021 18:57
25/09/2021 18:25
24/09/2021 04:01
24/09/2021 21:56
24/09/2021 11:22
24/09/2021 11:45
25/09/2021 17:30
25/09/2021 11:19
24/09/2021 18:14
25/09/2021 10:43