High Court approves takeover of Scotsman owner National World
Media Concierge, which owns a number of Irish publications, already has 27.8% of National World's shares.
It offered to pay £65.1 million for the remainder, which represents a 53.3% premium to National World's closing share price from November 21 2024, the last business day before the beginning of the offer period.
The shares will be transferred at 23p each to Neo Media Publishing, a vehicle for Media Concierge to receive them.
READ MORE: Labour admit 'not a penny' of £200m Grangemouth rescue fund spent so far
National World's directors, who oversee a number of historic UK publications including the Yorkshire Post and the Scotsman, have backed the transfer, the company's lawyer Andrew Thornton KC said at a hearing on Thursday.
In written submissions, Thornton said the directors gave 'irrevocable undertakings to support the scheme'.
He also said that at a meeting in London on February 13, 'no scheme shareholders asked any questions or raised objections'.
A total of 26 of the 77 scheme shareholders attended the meeting, representing 67.9% of the total value of National World's shares, with 25 voting in favour.
Thornton added that trading in National World's shares has been illiquid, meaning they are difficult to sell without a loss in value.
The company therefore 'concluded that the scheme presents an attractive opportunity for the shareholders to realise their holdings'.
The barrister continued: 'The directors of the company have confidence in the company's continuing ability to succeed as an independent business.'
In approving the scheme, Justice Hildyard said: 'I consider that this scheme can and should be sanctioned. I say order.'
After the hearing, Media Concierge welcomed the High Court decision and confirmed that the formal transfer of ownership will take place on May 27.
Malcolm Denmark, Media Concierge's chief executive, said: 'The formal approval of the transaction marks the final step in the process, and we are pleased to be moving forward.
'National World is home to some of the UK's most respected and long-established regional media, and we believe there is significant potential for growth and renewal with the right focus and investment.
'As a long-term investor in the business, and with extensive experience managing local and regional news brands in Ireland, we understand both the challenges and the value of high-quality, community-based journalism.
'We greatly appreciate the dedication and professionalism shown by National World's teams throughout this period.
'Their commitment has ensured the business remains on a strong operational footing.
'We now look forward to working together to support and strengthen the business in what we believe can be an exciting new chapter.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Rhyl Journal
9 hours ago
- Rhyl Journal
Kemi Badenoch refuses to kick Liz Truss out of Conservative Party
The Tory leader suggested such a move would be 'neither here nor there' for voters' perception of the party. In a speech on Thursday, shadow chancellor Sir Mel Stride sought to distance the Conservatives from Ms Truss's mini-budget, saying the party needed to show 'contrition' to restore its economic credibility. In a furious response, Ms Truss accused Sir Mel of having 'kowtowed to the failed Treasury orthodoxy' and being 'set on undermining my plan for growth'. Asked by the BBC on Friday whether she would consider throwing former prime minister Ms Truss out of the Conservatives in a symbolic break with her short-lived, turbulent time in No 10, Mrs Badenoch replied: 'Is she still in the party?' Ms Truss, the former Conservative MP for South West Norfolk, is understood to be a Tory party member still. Speaking to the BBC, Mrs Badenoch said: 'What is really important is what Mel was saying yesterday. What he was saying was that the mini-budget did not balance. It wasn't tax cuts, it was the … £150 billion of spending increases on energy bills that did not make sense.' Pressed whether she believed the mini-budget had damaged the Conservative brand, Mrs Badenoch said: 'Well, look at what happened, people didn't understand why we had done that, and so our reputation for economic competence was damaged.' When asked again why she would not consider kicking Ms Truss out of the party, the Tory leader said: 'It is not about any particular individual. I don't want to be commenting on previous prime ministers. 'They've had their time. What am I going to do now? Removing people from a political party is neither here nor there in terms of what it is your viewers want to see.' After insisting Ms Truss was not in Parliament anymore, Mrs Badenoch said her party needed to 'focus on how we're going to get this country back on track'. 'What we have right now is a Labour Government, it's Keir Starmer. We need to stop talking about several prime ministers ago and talk about the Prime Minister we've got now and what he's doing to the country,' the Tory leader said. Ms Truss this week appeared in a video to promote the Irish whiskey brand of bare-knuckle fighter Dougie Joyce, who was once jailed for attacking a 78-year-old man in a pub in 2022.
North Wales Chronicle
9 hours ago
- North Wales Chronicle
Kemi Badenoch refuses to kick Liz Truss out of Conservative Party
The Tory leader suggested such a move would be 'neither here nor there' for voters' perception of the party. In a speech on Thursday, shadow chancellor Sir Mel Stride sought to distance the Conservatives from Ms Truss's mini-budget, saying the party needed to show 'contrition' to restore its economic credibility. In a furious response, Ms Truss accused Sir Mel of having 'kowtowed to the failed Treasury orthodoxy' and being 'set on undermining my plan for growth'. Asked by the BBC on Friday whether she would consider throwing former prime minister Ms Truss out of the Conservatives in a symbolic break with her short-lived, turbulent time in No 10, Mrs Badenoch replied: 'Is she still in the party?' Ms Truss, the former Conservative MP for South West Norfolk, is understood to be a Tory party member still. Speaking to the BBC, Mrs Badenoch said: 'What is really important is what Mel was saying yesterday. What he was saying was that the mini-budget did not balance. It wasn't tax cuts, it was the … £150 billion of spending increases on energy bills that did not make sense.' Pressed whether she believed the mini-budget had damaged the Conservative brand, Mrs Badenoch said: 'Well, look at what happened, people didn't understand why we had done that, and so our reputation for economic competence was damaged.' When asked again why she would not consider kicking Ms Truss out of the party, the Tory leader said: 'It is not about any particular individual. I don't want to be commenting on previous prime ministers. 'They've had their time. What am I going to do now? Removing people from a political party is neither here nor there in terms of what it is your viewers want to see.' After insisting Ms Truss was not in Parliament anymore, Mrs Badenoch said her party needed to 'focus on how we're going to get this country back on track'. 'What we have right now is a Labour Government, it's Keir Starmer. We need to stop talking about several prime ministers ago and talk about the Prime Minister we've got now and what he's doing to the country,' the Tory leader said. Ms Truss this week appeared in a video to promote the Irish whiskey brand of bare-knuckle fighter Dougie Joyce, who was once jailed for attacking a 78-year-old man in a pub in 2022.
Leader Live
9 hours ago
- Leader Live
Kemi Badenoch refuses to kick Liz Truss out of Conservative Party
The Tory leader suggested such a move would be 'neither here nor there' for voters' perception of the party. In a speech on Thursday, shadow chancellor Sir Mel Stride sought to distance the Conservatives from Ms Truss's mini-budget, saying the party needed to show 'contrition' to restore its economic credibility. In a furious response, Ms Truss accused Sir Mel of having 'kowtowed to the failed Treasury orthodoxy' and being 'set on undermining my plan for growth'. Asked by the BBC on Friday whether she would consider throwing former prime minister Ms Truss out of the Conservatives in a symbolic break with her short-lived, turbulent time in No 10, Mrs Badenoch replied: 'Is she still in the party?' Ms Truss, the former Conservative MP for South West Norfolk, is understood to be a Tory party member still. Speaking to the BBC, Mrs Badenoch said: 'What is really important is what Mel was saying yesterday. What he was saying was that the mini-budget did not balance. It wasn't tax cuts, it was the … £150 billion of spending increases on energy bills that did not make sense.' Pressed whether she believed the mini-budget had damaged the Conservative brand, Mrs Badenoch said: 'Well, look at what happened, people didn't understand why we had done that, and so our reputation for economic competence was damaged.' When asked again why she would not consider kicking Ms Truss out of the party, the Tory leader said: 'It is not about any particular individual. I don't want to be commenting on previous prime ministers. 'They've had their time. What am I going to do now? Removing people from a political party is neither here nor there in terms of what it is your viewers want to see.' After insisting Ms Truss was not in Parliament anymore, Mrs Badenoch said her party needed to 'focus on how we're going to get this country back on track'. 'What we have right now is a Labour Government, it's Keir Starmer. We need to stop talking about several prime ministers ago and talk about the Prime Minister we've got now and what he's doing to the country,' the Tory leader said. Ms Truss this week appeared in a video to promote the Irish whiskey brand of bare-knuckle fighter Dougie Joyce, who was once jailed for attacking a 78-year-old man in a pub in 2022.
