LONDON (Reuters) - Daily Mail & General Trust shares were down on Monday following the company’s capital reduction move as part of the British newspaper’s plan to distribute its 49-percent stake in Euromoney Institutional Investor to its shareholders.
As part of its plan, it will return all its shares in Euromoney along with 200 million pounds to DMGT shareholders.
The move reduced the number of A shares in DMGT from Monday and effectively reduced its share price by around 46 percent. Shares were priced around 645.5 pence following the adjustment.
At 0827 GMT, shares were at 641.5 pence, down 0.6 percent.
Reporting by Josephine Mason; Editing by Alison Williams