11th Oct 2018 09:34
LONDON (Alliance News) - Johnston Press PLC, the publisher of the i, Scotsman and Yorkshire Post newspapers, said Thursday it has decided to put itself up for sale to maximise shareholder value and repay its outstanding GBP220 million 8.625% senior secured notes due on June 1, 2019.
Shares in Johnston Press were trading 4.8% higher at 3.40 pence each in morning trade in London, valuing the company at GBP3.9 million.
The media firm said it is not in discussions with any potential buyers or in receipt of any approaches at this time.
Johnston Press added there can be no certainty of an offer nor on its terms. It said it reserves the right to alter or terminate the sale process and reject any approach or terminate discussions with any interested party.
In August, the company recorded a 10% drop in half-year revenue to GBP93.0 million from GBP103.3 million the year before. Pretax profit for the six months ended June 30 totalled GBP6.2 million versus a loss of GBP10.2 million a year prior. The swing to profit was attributed to an accounting gain.
NM Rothschild & Sons Ltd is acting as financial adviser to Johnston Press in relation to the sale process.