15 Dec 2017 07:00
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 £1.5 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.