Dezeen Ltd
- Digital content platform and publisher, Dezeen, is a popular and influential architecture and design magazine. Dezeen has grown rapidly since its launch in November 2006, with its audience growing year on year – by 2019 the average number of monthly visitors had risen to three million. Quantuma were instructed as the lead adviser on the company’s sale to Danish media company, JP/Politikens Hus Media Group (JPP).
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We were appointed as tax advisors to the company in order to assist the shareholders and management in putting in place a plan whereby the founder shareholders would allow an enhanced share of current and future sale proceeds to be paid to management in tax efficient manner. During our initial work it became apparent that the enterprise management incentive share option scheme already in place for key management had a number of serious flaws that could prejudice the transaction. We were tasked with resolving these issues as quickly and tax efficiently as possible. We successfully implemented a revised share option scheme, agreed a share valuation with HMRC and provided detailed advice on the tax implications for all parties in a matter of weeks.
- THE OUTCOME
The revised EMI share option scheme meant the key management received the outcome they expected and so supported the transaction, and we designed the most commercially appropriate arrangements to enhance returns to management. This allowed the transaction to complete on schedule.