Daily Mail publisher to offload major stake in Euromoney

(Sharecast News) - Euromoney's relationship with the Daily Mail and General Trust (DMGT) was set to come to an end on Monday, as the newspaper publisher announced its intention to distribute all of its shares in the business information and financial publisher.The FTSE 250-listed Euromoney Institutional Investor said DMGT's shares in Euromoney amounted to about 49% of its issued share capital.If the proposed distribution proceeded, Euromoney said the existing relationship deed between DMGT and Euromoney would be terminated, and DMGT's representative directors on the Euromoney board would step down."Euromoney supports DMGT's proposal," said Euromoney chief executive officer Andrew Rashbass."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."Rashbass said it 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."A further announcement would be made following the class meeting of DMGT shareholders, Euromoney's board said.