Unlikely bedfellows - Bryan Mogridge, Greg Bright, George Kerr, Vadim Perelman and Crispin Odey, Lord Ashcroft, Lord Iliffe

I have seen reports that Torchlight (controlled by Pyne Gould Corp and ultimately controlled by George Kerr and Baker Street Capital Management) invested in distressed UK newspaper assets. I did not know whether it had any substance, but the recent published comments by management confirmed it (relevant section copied below).

When we mentioned it to our contact in Los Angeles (see previous post) he laughed (once again) and said, "You want to check", so we did.

The Guardian Newspaper in the UK reported, Local World was formed in 2012, valued at about £100m. Daily Mail and General Trust (UK newspaper group) sold some regional newspapers (Northcliffe) for £53m cash and a 38.7% stake. Trinity Mirror did not contribute any newspapers, but invested £14m in cash for a 20% stake. All the reports other reports (1, 2, 3, 4, 5, 6)  suggest the other investors are the Iliffe family (owners of small regional newspapers group Yattendon), a well known UK based hedge fund manager Crispin Odey and Lord Ashcroft (known as a backer of the UK’s Tory political party).




































 Local World’s own website lists three industry shareholders DMGT, Trinity Mirror and Yattendon.

A search of the official registrar in the UK (Companies House) http://www.companieshouse.gov.uk/ lists the shareholders as and in the following order,
Daily Mail and General Holdings Limtied
Trinity Mirror Plc
Artefact Group (Lord Ashcroft)
Odey Asset Management LLP (Crispin Odey)

If Pyne Gould chairman's statement is true then the only conclusion Iis that Pyne Gould, via Torchlight, muscled into the deal by striking a deal with the Artefact Group or Odey Asset Management. If true then they sure make for some strange bedfellows.

The Gentlemen

 

Crispin Odey - Lord Ashcroft - Lord Iliffe

 

 

 

 

 

Pyne Gould/Torchlight

Brian Mogridge, Greg Bright, George Kerr, Vadim Perelman

Odey Asset Management might have invested via one of its funds, which take money from the public and it is most likely that Torchlight invested in one of the Odey funds, which invested in Local World Media. That again would have been odd, because why would you pay another company to do your investment work for you? I'm afraid to say, it does not make much sense to me. Please email me if you have a better explanation.  

Cheerio!
jA

Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.