7 January 2013 Daily Mail and General Trust plc (`DMGT') Completion of disposal of Northcliffe Media to Local World DMGT announces that with effect from 30 December 2012, it has completed the disposal of Northcliffe Media, its regional newspaper business, to Local World. DMGT received cash proceeds of £52.5 million and shares representing a 38.7% stake in Local World, as indicated in the 21 November, 2012 announcement. The Iliffe family, owners of Yattendon Group, have sold Iliffe News & Media to Local World in exchange for a 21.3% shareholding in the new business and Trinity Mirror has acquired a 20% shareholding. The remaining Local World shares were purchased by other investors including Artefact Group, an Investment Fund associated with Lord Ashcroft, and Odey Asset Management. Northcliffe Media earned operating profits of £26 million from revenues of £213 million in the 12 months to September, 2012. DMGT also incurred £10 million of exceptional operating costs in respect of Northcliffe Media during the year. Local World's pro forma combined operating profits are £29 million on revenues of £249 million for the year to 30 September, 2012. DMGT has agreed with the Trustees of the Pension Funds affected that £30 million of the cash proceeds from the disposal will be paid into the Pension Funds. £15 million will be paid in the current financial year, of which approximately £5 million will be paid in respect of the Section 75 Employer's Debt which arises as a result of the employees of Northcliffe Media leaving the Pension Funds. This follows a reorganisation of the Group in 2011 under which responsibility for the majority of the liabilities was apportioned to DMG Holdings Limited. The remaining £15 million will be paid in the 2013/14 financial year. The Local World transaction follows the disposal in November 2012 of Associated Neswpapers' digital assets in central and eastern Europe for cash proceeds of € 32 million (£27 million). During the year to 30 September, 2012 these businesses accounted for £1.8 million of operating profit, £0.5m of share of profits from associates and £6 million of revenues. Investor/ analyst enquiries: Adam Webster, Investor Relations, DMGT +44 20 3615 2903 Media enquiries: Kim Fletcher / Will Carnwath, Brunswick Group LLP +44 20 7404 5959 About DMGT DMGT is an international group quoted on the London Stock Exchange with a portfolio of market-leading digital, information, media and events businesses. Group revenues are split broadly equally across the B2B and Consumer businesses. The B2B business comprises: • Risk Management Solutions • dmg::information • dmg::events • Euromoney Institutional Investor The Consumer business, known as Associated Newspapers, comprises: • The Daily Mail, The Mail On Sunday and MailOnline • Metro • Evenbase (Jobsite & Jobrapido) • Zoopla Property Group (52.3% stake) DMGT seeks out innovative solutions to customers' demands for information and supports a diverse group of high quality, entrepreneurial, media and information assets. DMGT's ambition is to provide the highest quality content and services, across the most attractive growth markets in innovative, responsible and sustainable ways, building on its track record of earnings and dividend growth. Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT www.dmgt.com Registered in England and Wales No. 184594 END -0- Jan/07/2013 12:17 GMT
DAILY MAIL & GENERAL TRUST PLC: Disposal
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