New trustee board chairman

Quentin Woodley, of Woodley Pension Trustees Ltd, has succeeded Joanna Matthews as independent chairman of the board of MGN Pension Trustees Ltd, which oversees our pension scheme.

AMP chairman Deborah Thomas and secretary Gerald Mowbray will meet Quentin Woodley along with David Astley, the company’s group pensions manager (and trustee and secretary to the trustees) at an informal lunch to be arranged shortly.

There will be a full report in the Spring issue of Mirror Pensioner, due out mid-May

CMA enquiry into Mirror/Express merger

FOLLOWING the Competition and Markets Authority’s initial “enforcement order” on March 1, the CMA announced today (April 11, 2018) that it has launched a merger enquiry into the acquisition of certain assets of Northern & Shell Media Group Ltd by Trinity Mirror.

There’s more information on the CMA’s website at: https://www.gov.uk/cma-cases/trinity-mirror-northern-shell-media-group-merger-ingury

Phase 1 of the enquiry is an “invitation to comment”, and the CMA is considering “whether it is or may be the case that this transaction has resulted in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation has resulted in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services”.

The deadline for comments to the CMA from any interested party is April 25, 2018.

As is usual in such circumstances, the CMA has notified the Secretary of State for Digital, Culture, Media & Sport about the enquiry as there may be public interest considerations under the Enterprise Act.

Mirror merger gets the nod

TRINITY MIRROR GENERAL MEETING, February 27 2018, Museum of London Docklands, No.1 Warehouse, West India Quay, London E14 4AL

By RAY WEAVER

There were no surprises when a shareholders’ vote on Trinity Mirror’s takeover of the Express titles – including the Daily Express, Daily Star, Sunday Express, Daily Star Sunday, OK!, and New! – took place at a TM general meeting on February 27 (2018). The resolution – “To approve the proposed acquisition of the Northern and Shell publishing assets” – was overwhelmingly approved.

At the meeting, held at the Museum of London Docklands, TM chairman David Grigson reiterated Trinity’s strategy “to grow, build, protect and consolidate”, and said that acquiring Northern and Shell’s publishing assets is seen as part of that consolidation.

In answer to a question from the floor, he confirmed that Richard Desmond would hold the third largest shareholding in the new company but would not be offered a position on the board. It is estimated that by “removing duplications” the new company would see savings of £20 million by 2020.

He added that Northern and Shell’s circulation revenue in 2016 was £116 million, which represented 61 per cent of N&S total revenue.

Simon Fox, Chief Executive of TM, stated that the acquisition would “help the titles to become more successful” and that editors “will have full control”, adding that the TM Board “does not involve itself in editorial matters”.

Commenting on the pension schemes, group finance director Vijay Vaghela explained that as part of the deal, TM would be making an upfront payment of £41.20million to the Northern and Shell pension schemes.

Questioned from the floor, he agreed this payment would go a long way to wiping out the Northern and Shell pension scheme deficits, which at the end of 2016 were £31.30 million. He also acknowledged that, by comparison, the TM pension schemes were £377.60 million in deficit at end of 2017.

The new company will administer six pension schemes: MGN, TM and MIN (Trinity Mirror group), Express 98, Senior Management, and West Ferry Printers. Vijay Vaghela stated that the trustees of all six pension schemes had been consulted prior to the takeover being announced.

There was no representation at the meeting from the institutional shareholders, and a mere 24 ordinary shareholders attended.

After the meeting I asked David Grigson what the new company would be called. He told me the new name would be announced at or before the AGM on May 3, adding that “the new title would not include the word ‘Trinity’!”

 

Were you a Sporting Lifer?

… read all about it! Go to the Join Us drop-down menu above, then click on Members’ Noticeboard

In memory of Don Mackay

Daily Mirror legend DON MACKAY died last November from a rare blood cancer.

From Alastair McQueen: As you may know, it was decided to try to raise funds in Don Mackay’s memory to brighten up the bleak waiting room at Guy’s Hospital where Don spent so many hours and days as he fought the blood cancer which finally killed him.

£1,300 has been raised so far, but the fund will close at the end of this month (February 2018.) If you haven’t yet donated and would like to, details from Don’s widow Nichola McAuliffe are given below.

Let’s see if we can brighten the place for others afflicted by this terrible illness.

From Nichola McAuliffe: “If people would like to give, no matter how little, could they please make out their cheque or postal order to ‘MASTERSTROKE POLYCYTHAEMIA FUND 791’ and send it to: C/O Professor Claire Harrison, Haematology Dept., 4th Floor, Guy’s Hospital, Great Maze Pond, London SE1 9RT.

“Don had post polycythaemia myelofibrosis, and the funds will be used to renovate the grim waiting room where blood cancer patients spend hours waiting for treatment.

“Thank you – and please – nobody should feel obliged. Thank you, love Nichola x
PS I will let you know how much we raise.”

Fred’s a diamond geezer

Read all about Fred and Olive Lofthouse’s 60th wedding anniversary in Members’ Noticeboard

Atko memorial

A memorial service for PETER “ATKO” ATKINSON has been arranged at St Bride’s (Fleet Street, London, EC4Y 8AU) at 11.30am on May 3, followed by a reception (venue to be confirmed.)

The family would like an idea of numbers so if you would like to attend, please email Pete’s daughter Jude: [email protected]

If you know of colleagues who might like to be there but who don’t log on to this website, please pass the word.

 

Remember Don Cameron?

Don Cameron’s daughter Fiona has been in touch to say that Don would like to hear from his former Mirror colleagues. Go to Join Us>Members’ Noticeboard to find out more.

Merry Christmas!

We would like to wish all our members and their families a very merry Christmas, and a happy and healthy New Year and beyond.