DAILY MAIL AND GENERAL TRUST PLC Update on expected timing of settlement of the Share Element of the Special Dividend
Transparency directive : regulatory news
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Daily Mail and General Trust plc (54HB,DMGT)
31 March 2022
Daily Mail and General Trust plc ('DMGT')
Update on expected timing of settlement of the Share Element of the Special Dividend
On 14 December 2021, the Non-conflicted DMGT Directors declared a Special Dividend, comprised of a Cash Element and a Share Element, to all shareholders on the register of members of DMGT as at 6.00pm on 16 December 2021. Settlement of the Cash Element occurred on 30 December 2021.
The Share Element is comprised of DMGT's holding of shares ('Cazoo Shares') in Cazoo Group Ltd ('Cazoo'), equivalent to approximately 0.5749 shares in Cazoo per DMGT share. At its declaration, the distribution of the Share Element was expected to occur in the first half of 2022 and the timing was uncertain due to it being subject to several restrictions. The constitutional lock-up period, to which the Cazoo shares held by DMGT were subject, expired in February 2022. On 21 March 2022, Cazoo announced that the release of the company's fourth quarter and fiscal year 2021 results is expected to occur on 7 April 2022 and that the release of the company's first quarter fiscal year 2022 results is expected to occur on 3 May 2022.
At this stage, the current expectation is that the settlement of the Share Element of the Special Dividend will occur in May 2022. This will follow the filing with the US Securities Exchange Commission by Cazoo of a prospectus supplement that incorporates the company's first quarter fiscal year 2022 results. The timing of the settlement of the Share Element does, however, remain uncertain as it is still subject to the expiry of any US securities law restrictions which may apply to the transfer by DMGT of the Cazoo Shares, including ensuring that Cazoo's resale registration statement on Form F-1 is effective and usable by DMGT at the time of settlement. DMGT will make a further announcement on the expected timing for settlement when there is greater certainty.
For further information
Notes
Former DMGT shareholders are referred to the offer document in relation to the recommended cash offer for all of the issued and to be issued DMGT A Shares not already owned by RCL, published on 6 November 2021 (the 'Original Offer Document') and to the final offer document in relation to the recommended increased and final offer (the 'Final Offer') published on 2 December 2021 (the 'Final Offer Document'). Capitalised terms in this announcement have the meanings given to them in the Original Offer Document and Final Offer Document.
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| ISIN: | XS0306155499, GB00BJQZC279 |
| Category Code: | MSCL |
| TIDM: | 54HB,DMGT |
| LEI Code: | 4OFD47D73QFJ1T1MOF29 |
| Sequence No.: | 152648 |
| EQS News ID: | 1315621 |
| End of Announcement | EQS News Service |
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