28th Oct 2013 14:19
LONDON (Alliance News) - Daily Mail & General Trust PLC said Monday that the scheme of arrangement, which will exchange the company's ordinary shares for non-voting shares, had been sanctioned by the High Court of Justice of England and Wales, the last step in Viscount Rothermere's consolidation of control of the company.
Applications have been made to suspend the trading of ordinary shares in the company as of 18:00 GMT Monday.
In August, Rothermere Continuation Ltd, a family trust that holds shares for Rothermere and his family, made an offer to buy the remaining voting shares in the company it does not already own from another family trust. Under the recommended scheme of arrangement, these ordinary shares will be swapped with non-voting A shares at a ratio of 100 ordinary shares to 112.5 A shares.
Applications have been made to the UK Listing Authority and London Stock Exchange to cancel the trading of DMGT ordinary shares on the main market. Applications for the admission of 268,538 new shares, which become A shares under the scheme, have also been made although the total number of A shares will not increase as a result of the scheme.
The company expects the trading of the new A shares to being on October 30.
Shares in DMGT were trading up 1.7% at 810.80 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Related Shares:
DMGT.L