Slaughter and May is advising Rothermere Continuation Limited on a definitive agreement to acquire the entire shareholding of The Esmond Harmsworth 1998 Settlement in the Daily Mail and General Trust plc ('the Company') ordinary voting shares. The agreement will increase Rothermere Continuation Limited's shareholding of ordinary voting shares in the Company from 59.9% to 89.2%. Rothermere Continuation Limited is owned by a trust for the benefit of the Viscount Rothermere and his immediate family.

Under this transaction, which was announced on 1 July 2013, The Esmond Harmsworth 1998 Settlement's ordinary voting shares will be exchanged for 'A' ordinary non-voting shares owned by Rothermere Continuation Limited in a share for share exchange at a ratio of 112.5 'A' ordinary non-voting shares for every 100 ordinary voting shares.

Slaughter and May is also advising Rothermere Continuation Limited on a possible offer to be implemented by Scheme of Arrangement and governed by the City Code for the remaining ordinary voting shares of the Company. Discussions are at an early stage and there can be no certainty that any offer will ultimately be made. No proposal would be made in respect of the 'A' ordinary non-voting shares.

CONTACTS

Corporate and Commercial: Martin Hattrell (partner), Tim Pitt (associate), Peter Sugden (associate), Tom Williams (associate); Tax: Tony Beare (partner), Emily Clifford (associate)