Daily Mail & General Trust PLC Closure of Xceligent (4367Z)
December 15 2017 - 1:00AM
UK Regulatory
TIDMDMGT
RNS Number : 4367Z
Daily Mail & General Trust PLC
15 December 2017
15 December 2017
Daily Mail and General Trust plc (DMGT)
Closure of Xceligent
On 30 November 2017, DMGT announced that the new management team
at Xceligent, the US Property Information business, was undertaking
a strategic review. This followed a reduction in the carrying value
of Xceligent to zero.
DMGT has now announced that, following completion of the
strategic review, the Board of Xceligent, Inc. has decided to file
for Chapter 7 liquidation.
Under US law, a Chapter 7 trustee with expertise in liquidating
companies will be appointed to distribute Xceligent's assets under
well-established statutory law and a federal judge with financial
expertise will oversee the proceedings in a public forum.
Full responsibility for all current litigation involving
Xceligent will be assumed by the Chapter 7 trustee. DMGT holds no
liability for any future costs associated with the litigation.
The guidance for FY 2018, given on 30 November 2017, remains
unchanged. The adjusted operating margin of DMGT's B2B portfolio of
businesses is still expected to be in the mid-teens, including
Xceligent's closure costs. DMGT does not expect to incur any
further exceptional cash costs relating to Xceligent.
The information communicated in this announcement includes
inside information.
For further information
For analyst and institutional
enquiries:
Tim Collier, Chief Financial
Officer +44 20 3615 2902
Adam Webster, Head of Management
Information
and Investor Relations +44 20 3615 2903
For media enquiries:
Paul Durman / Doug Campbell,
Teneo Blue Rubicon +44 20 7260 2700
About DMGT
DMGT manages a diverse, multinational portfolio of companies,
with total revenues of around GBP1.5 bn, that provide businesses
and consumers with compelling information, analysis, insight,
events, news and entertainment. DMGT is also a founding investor
and the largest shareholder of Euromoney Institutional Investor PLC
and ZPG Plc.
This information is provided by RNS
The company news service from the London Stock Exchange
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