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.

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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 GBP1,425m 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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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 GBP1bn.

Notes

1 The possible offer for DMGT by RCL is subject to the following pre-conditions: a. completion of confirmatory due diligence by RCL to the satisfaction of RCL; b. RMS Completion; c. Cazoo Completion; and d. reaching a position with the trustees of DMGT's three pension schemes which is reasonably satisfactory toDMGT and RCL to ensure that the pension schemes are not adversely affected by the Reorganisation process and, inparticular, 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.

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ISIN:          GB00BJQZC279 
Category Code: PFU 
TIDM:          DMGT 
LEI Code:      4OFD47D73QFJ1T1MOF29 
Sequence No.:  122236 
EQS News ID:   1233584 
 
End of Announcement  EQS News Service 
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Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1233584&application_name=news

(END) Dow Jones Newswires

September 15, 2021 08:30 ET (12:30 GMT)