Completion of sale of RMS

DMGT manages a portfolio of companies that provide businesses and consumers with compelling information, analysis, insight, events, news and entertainment.

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Key Points: 
  • 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.
  • The terms used under this note 1 have the definitions assigned to them under the Reorganisation Announcement.



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.

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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



 
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