22nd Jan 2009 15:22
22 January 2009 Daily Mail and General Trust plc (`DMGT') Disclosure by directors / person discharging managerial responsibility in respect of the use of shareholdings as security
Daily Mail and General Trust plc (DMGT) notes the publication of a statement by the FSA on Friday 9th January 2009 clarifying the disclosure obligations in respect of grants of security. As a consequence, it has undertaken a review of all shareholdings of directors and persons discharging managerial responsibility to identify any that fall under this clarification.
Accordingly under paragraph DTR 3.1.4(a) of the Disclosure and Transparency Rules, DMGT now announces and confirms that it has been aware of the following security arrangements:
a) By Rothermere Continuation Limited (RCL) in December 2006 over 8,000,000 DMGT Ordinary shares, but with an arrangement under which RCL continues to exercise the voting rights of these shares. The Viscount Rothermere, Mr Thomas Gillespie and Mr John Hemingway, all Directors of DMGT, are also Directors of RCL. The whole of the share capital of RCL is owned by a Trust in which the Viscount Rothermere is beneficially interested. The Viscount Rothermere, Mr Gillespie and Mr Hemingway are also Directors of the Trustee company.
Under the arrangements made with the bank concerned, RCL has the right at any time to exchange DMGT `A' Ordinary shares of equivalent value for the existing security. The value of the pledged shares substantially exceeds the outstanding amount of the loan, which is small when compared to the Viscount Rothermere's net worth.
b) By the same Trustee company as Trustee of a separate trust which on three occasions between September 2003 and March 2008 provided security over an aggregate of 3,895,118 A ordinary non-voting shares. This Trust is for the benefit of the Viscount Rothermere.
DMGT has been further informed that a company, holding 200,000 `A' Ordinary Non-Voting shares in which Mr Hemingway is deemed to have a beneficial interest, has a facility for which these shares form a part of the security. This facility was put into place prior to the introduction of the Disclosure and Transparency Rules in July 2005.
Enquiries:
Nicholas Jennings, Company Secretary, DMGT 020-7938-6625
Andrew Honnor, Tulchan Communications 020-7353-4200
DAILY MAIL & GENERAL TRUST PLCRelated Shares:
DMGT.L