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
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For analyst and institutional enquiries:
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Tim Collier, Group Chief Financial Officer
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+44 20 3615 2902
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Adam Webster, Head of Investor Relations
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+44 20 3615 2903
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For media enquiries:
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Tim Burt, Teneo
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+44 7583 413254
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Doug Campbell, Teneo
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+44 7753 136628
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Jesse Matthews, Teneo
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+44 7912 783513
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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:
- completion of confirmatory due diligence by RCL to the satisfaction of RCL;
- RMS Completion;
- Cazoo Completion; and
- 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.
