Conrad Black, through the Hollinger Group, is being given the option to purchase most of the remaining shares owned by the Berry family – once sole owners of the Telegraph.
Under the agreement Hollinger can acquire the shares (7m) between 15th April and 24th October 1995. Lord Hartwell and Lord Camrose both directors of the Telegraph Newspapers Trust, which holds the family shares, will retire from the Telegraph board one year after the sale. The trustee currently hold 7.99m shares in the Telegraph, representing 5.91% of the capital.
No reason is being given for the sale.
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