3rd Sep 2012 07:00
3 September, 2012 Daily Mail and General Trust plc (`DMGT') DMGT sells remaining interest in DMG Radio Australia
DMGT announces that it has sold its remaining 50% in DMG Radio Australia (DMGRA) to Illyria, the private investment vehicle of Mr Lachlan Murdoch, which first acquired a 50% interest in November 2009.
DMGT has received A$100m (£65 m) in cash and, later in the year, will receive a further sum equivalent to 50% of the final DMGRA dividend for the year ending 30 September, 2012. DMGT will use the proceeds of the sale to reduce debt.
Martin Morgan, Chief Executive of DMGT, said: "Our partnership with Illyria over three years has been a success. Following an approach from Illyria, we decided now was an appropriate time to realise the value created by DMGRA's improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses".
DMGT was advised by Greenhill Caliburn and Corrs in Australia.
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT +44 20 3615 2902
Media enquiries:
Kim Fletcher / Will Carnwath, Brunswick Group LLP +44 20 7404 5959
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594 . Not for public release until 7.00 am on 3 September, 2012
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