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04 Mar 2019 | 07:47

Euromoney Institutional Investor supports Daily Mail and General Trust plan to sell stake

Information business group Euromoney Institutional Investor said Monday it supported Daily Mail and General Trust plan to sell its entire stake in the company.

This comes after Daily Mail and General Trust said Monday it would return all of DMGT's shares in Euromoney together with £200m of cash to certain holders of DMGT's 'A' ordinary non-voting shares. If the proposed distribution goes ahead, the existing relationship between DMGT and Euromoney would terminate and DMGT's representative directors on the Euromoney Board would step down, the company said. 'Euromoney supports DMGT's proposal. The proposed distribution would result in a more diversified shareholder base for Euromoney and we would expect it to result in increased liquidity in our shares, said Andrew Rashbass, Chief Executive Officer. 'This should benefit both existing shareholders and those joining the register as a result of the proposed distribution. It will also underline Euromoney's status as a fully independent company.'

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