Share Name Share Symbol Market Type Share ISIN Share Description
Johnston Press LSE:JPR London Ordinary Share GB00BRK8Y334 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.25p +1.54% 16.50p 16.00p 16.25p 16.50p 16.00p 16.50p 531,041 12:15:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media 245.1 2.9 10.7 1.5 17.47

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Date Time Title Posts
27/10/201611:45Johnston Press Recovery 20096,940
04/2/201310:34I BUY SUPERGLASS-
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Johnston Press Daily Update: Johnston Press is listed in the Media sector of the London Stock Exchange with ticker JPR. The last closing price for Johnston Press was 16.25p.
Johnston Press has a 4 week average price of 14.64p and a 12 week average price of 12.67p.
The 1 year high share price is 72p while the 1 year low share price is currently 7.80p.
There are currently 105,877,777 shares in issue and the average daily traded volume is 759,467 shares. The market capitalisation of Johnston Press is £17,469,833.21.
mattab: Moody’s Investors Service has downgraded bonds in Johnston Press from Caa1 to Caa2 – the third lowest possible ranking – and changed its outlook on the ratings from stable to negative. From FT - 15th August. Certainly not impossible Dazza but it is the holders of the Bonds and their take on proceedings to buy them back at a significant discount that to me is something they will be far from impressed about. It may be in their best interests to take a haircut but that equity versus bondholders is something that will come into play if it isn't already but not in the public domain. JPR can afford to service the debt certainly I doubt however, there will be a prospect of a BID noting the stance of CA seemingly in alignment with the JPR's strategy of bond buyback at a significant discount. JPR will be able to service the debt and not breach any covenants I feel sure on that. Perhaps this run on share price could continue towards the 30's? Or could fall back? Can see both and tbh it could go either way. If it goes up I am pleased for long term holders, I am happy with my profit over a short timescale and know it has been a real tiring painful journey holding these for LTH's and reward for sticking with this genuinely ATB. Following this was my ex employer and the vast majority of my working life to date and it certainly will be interesting as to how this plays out that's for sure. GL all
mattab: I have sold crystalising a very healthy profit within a short timescale. Wishing all holders the best of luck. Seems CA are pushing for the bondholders to take a 30 per cent haircut. I recall the bondholder price as I think circa 50 per cent at the lowest was it MRX? The price has obviously moved up since the share price surge. Bondholders are highly likely to be far from impressed. Equity versus bondholders and JPR divestment awaiting news still on non core asset sales. It will be a race to sell and receive the monies from these sales to buy JPR bonds at the largest discount JPR with this in the public domain. The buyer(s) of the asset sales also know this and as JPR are looking to get a decent discount on the bonds will know JPR perhaps will accept low offers as JPR can get a discount with monies received on the bonds. The above news is nothing that is not in the public domain just that CA are wanting JPR to sell the non-core assets which JPR have already stated their intentions of anyway. This suggests to me that they are not locking horns and seem to be on the same side wanting the same strategy. Therefore they are not trying to oust AH and have a BID lined up in their strategy to force value, IMO which is why I sold and crystallised my profit selling into strength. Why couldn't JPR sell non core - total the monies received and buy the bonds back at a much steeper discount then inform the market that is what they have done? That would have a much more pronounced effect on the share price. It is kinda like playing poker with your hand shown at the table with all players knowing the full situation. Certainly value here for holders. Still awaiting RNS holdings but doubt CA will take their holding to 10 percent and force an EGM, think many new PIs in this at varying levels of recent weeks with the shifts, surges and pullbacks of the share price creating trading opportunities. ATB
mattab: Mister - doubt shorts closing out albeit one hell of a short even just taking it over a year of share price - detailed in news: Divestment news in the offing at latter stages to buy bonds at a steep discount Or News of CA meeting - take your pick - personally the latter - the former was just JPR's reiterated response from the Interims - had to smile we do not know why the massive share increase of yesterday - perhaps they don't - perhaps they should have stated prior share price is ridiculously low and the market re assessing the potential in the light of Broker reterated target of 160 pence - never took notice of these before - 20 times current price usually just gets a mention and little market reaction lol
mattab: Mr Highfield remains upbeat. “Our key shareholders are very supportive and come Christmas, I would expect we will have a lot more positive things to talk about,” he said. From the recent FT article. Key shareholders remain very supportive is the salient point IMO - if they did not attest to AH's divestment strategy - this would get hammered without any doubt. However this is not the case - yes very near record lows. News about buying the bonds in the public domain. This is the time to be onboard in and around this level - levels certainly two to three multiples put us at the higher 30 pence. If the Institutions are holding which looking at the volume that is a certainty - that's is circa 60 percent - further news of divestments - stated in the latter stages will materialise in due course - this really could spike up massively from these near lows - if at any anytime for JPR it is now from a predator. If there is an approach at least the MM have to move the share price to that area - if and how much is supposition of course and perhaps by Chrismas we could be multiples of where we are now on merit and justification. There is too much invested at current massive paper losses to just exit IMO. Circa 60 per cent combined Instituitionaly owned is epic looking at the value of equity. Holding and waiting - interesting times to hold of very recent - vastly different to the long term holders - my exit price personally dependent on news - easy two to three times current share price and likely to sell too early - tend to do was in TW - tripped money at just under 10 pence and before Brexit over £2. GL Those beleaguered and holding I strongly suggest hold. Plenty of upside I suspect certainly from this level
stdyeddy: It seems incredible doesn't it daz? But, look at the bonds - the spread has narrowed and the bonds now stand at HALF the face value. jpr's bond debt is currently valued at half of the original £200m; right now that's just over £100m without them doing anything! They've wiped £100m off their debt just by telling the market that the business is in bad shape. The value of the company comprises the debt (total liabilities)and the assets together (recently devalued) and this is expressed in terms of the share price. The worse the businesses prospects, the more the bond debt value goes down and paradoxically, jpr's financial situation becomes better (on paper). As the business prospects go down and the bonds go down, the current value of the business actually goes UP but the share price currently doesn't reflect it, because the potential for exploiting the debt reduction has not materialised plus the share price should reflect the long-term earnings potential for the business. This divergence between asset value and share price can't continue. Something is going to give.
mattab: Two Brokers on the 4th. Keeping targets prices at 180 and 200 pence. After the pension news these were at 47 pence. Compared to where we are today. More news on divestment sales, Directors buys perhaps even A.H. In fact him in particular would send a message to the market. More buying crossing thresholds from Institutions. Numis Broker stating JPR is a buy with a large multiple target price. Something to prove to the market that A.H.'s strategy is working. A takeover of course with a bid at many multiples of the share price, very common on a bombed out share by PI shareholders lol. Possibly a reality but suspect it would have to be short term and strike soon or on the backburner again. In any event the Institutions seem to be holding firm. Lowest ever share valuation - about to get lower - surely not. Board do have to display confidence to the market as for a statement de-crying the low share price - it certainly would get attention.
stdyeddy: Repeating yourself could be a sign of Alzheimers, so yes, you might be mad Matt. It's tempting though, to average down. I'd like to follow your example but unfortunately jpr tends to have a unique bounceless quality, more like a sack of cement than a rubber ball. Regarding the bonds Extratrader - you are right and I've made this point several times here. The mark-to-market value of the debt gives a false impression of the liabilities. However, the reason why buyers might not prefer the bonds is the obvious risk of default. When the bonds mature, jpr could reach an insurmountable crisis, fold and pay pennies to the bondholders. Project the earnings decline forward just three years and where will the business be? Will jpr be able to issue a new bond if the revenue prospects are far worse than what we are seeing today? Will a rights issue then be the only avenue for raising cash to pay off the bonds? Will the major shareholders finally give up at this point and reject a rights issue? Did Tindle take up his rights in the last rights issue? (I've forgotten but I think the answer might be 'no'. Someone please correct me and reference the evidence if this is wrong.) 2019 could be the point where the 'orderly default' described a long time ago by one visionary commentator on jpr, finally turns disorderly and as mali suggests, they switch off the lights. If the business carries on in its current form, that future scenario looks horrible, because we are not seeing any sign of a turnaround and everyone recognises this as a 'sunset industry' transforming to a fundamentally different low-value digital earnings model which will be unable to support £200m in debt. So most people posting here are looking and hoping for a resolution which works today - the temporarily discounted value of the bond debt represents an opportunity to clear the debt while the earnings appear high enough to justify a £130m investment (2 or 3 years earnings). And that is the reason why I'm so unhappy that Ashley and his team have not taken even a small bite out of the debt pile when they're getting 3 for 2 (£10m paid for bonds with a face-value of £15m), to demonstrate their determination to work this down over the next two years to maybe £100m, creating a more manageable cash raising project for 2019. Debt reduction was a stated key aim in the last annual report and they've broken this promise. IS THE i WORTH THE BROKEN PROMISE? Why has debt reduction been abandoned? Presumably because the i represented an opportunity at £24m which jpr couldn't resist. Now this would make sense if they can demonstrate the earning potential of the i and its impact on the overall group earnings as greater than the comparable effect on the debt. £24m spent on the debt pile now could have wiped out £36m in bond debt plus 5 interest coupons (8.625% annual interest, paid in two installments annually - 2 and 1/2 years left on the bonds) which I make roughly £7.7m in interest by the end of the term (2019). Will the i make more than £20m for jpr in that period? (£20m being the £12m current discount on the bounds plus the interest saved.) LACK OF COMMUNICATION Ashley's blithe spin on the 'transformational' effect of the i seems typical of his attitude to communicating with the investment community. I'd like to see hard numbers on what the i is achieving for jpr. Either those numbers aren't good or AH doesn't see it as important to have the shareholder community onside. Presumably the larger shareholders are aware of the wider plan if there is one. Understandably AH sees the share value as part of the debt pile in terms of the total enterprise value and consequently big moves on the shareprice don't register as a big move on the value of the whole business - the shareprice is unimportant; £12m market cap today (shareholder equity) against £205m in debt. And if the bonds move down, even that's good if there's a plan for buying back bonds in the near future. We are in the dark and I think it will stay that way. The deals for jpr's future will be done by the major holders and us PIs will simply need to be lucky and in the right place at the right time to make any money here. In the meantime the share price is an irrelevance as said by daz and others. It could be 5p or 15p or 1p depending on whether there are any chumps willing to buy and sell. jpr's board probably couldn't care less.
dazzaa: Love it 'eddy this is way BB's should be, cut and thrust,the trouble is, we don't know if Revera is selling up eveything now. I must admit I thought Chisholm's report was a tad biased and not evenly balanced, using, it must be admitted out of date facts and stats but the thrust of his report was clearly aimed to cloud our thoughts. We all have welcomed the fresh face of AH and his team some years ago and the task that was faced, just ask any of the culled and their families and it has to be admitted no fortunes have been made for any shareholder either. "In contrast, I reckon JP will rapidly be unable to pay their wages never mind their other liabilities". That is the flavour of the report, no stat to back that up! so really again spin, I would say today that JPR is in its best financial position in years, ok, the share price is low but cash flow is excellent, debt reduction outstanding whichever way you look at it. What do I know about corporate strategy not a lot so tell me ... if the major shareholders don't want to sell, It's making a profit, cashflow is paying down debt all be it slowly, does a low share price discriminate?... and make the company worthless? Now Kjell Aamot "our savior" I just wonder how he arrived in that position as a non-executive directorm no praise to AH for that parachute then, so lets hear more about him. If we judge JPR management by its share price, then, eddy they are indeed rubbish. Mrx lets yourself go on this one.
stdyeddy: So the answers are coming. Who is selling £150k of jpr a day? Revera Asset Management Limited. They appear to have paused today, so perhaps they're just limiting their exposure, but if we see large volume tomorrow/Monday, we might assume they're getting out altogether. They might have another £400k to go. What do they know? Well they've evidently taken a bad hit and probably lost more than half their stake. If they owned 5% of the business they've got an insider's view of what's going on and they don't see it getting better. They could be wrong, but as a major shareholder they've been able to pick up the phone to Ashley anytime and ask him why their investment is evaporating and what is he doing about it. I find it troubling that they don't like the answers enough to hang around. The next question is, who is buying apart from daz, mrsx and the handful of new correspondents here? (My coin-jar purchases are too small to count.) We don't see a pattern of stake-building do we, because the transactions are too small and varied. So is the answer, just us private investor chumps? Am worried about your takeover thesis at this point mrsx, because if there were ever a moment to be stake-building at jpr, now is it - one ii selling out and the price on the floor and sterling on the floor too. Next Jim Chisholm - this report of his has been getting a lot of coverage. Roy Greenslade has reprinted Chisholm's main points and I have to say they look hard to argue with, even if the details are partisan and selective. The last time I noticed Greenslade writing on jpr, he was too stupid to understand that a rights issue had depressed jpr's share price. Since then however, Ashley and co have managed to get the price back down to 17p post-consolidation 50 to 1. Greenslade can dust off his old piece on share price destruction and this time it'll stand up. Anyway, the main thrust of Chisholm's argument is that Ashley H and his team have performed poorly compared to their peers at Trinity and elsewhere, as evidenced by the slow growth of jpr's digital revenue and loss of quality in their news product, and that this has translated into devastating share performance. Well Ashley's team hasn't got everything wrong but on balance, I think Chisholm has a good point. Revera Asset Management must think he has about a million good points. So is this the beginning of a planned, concerted campaign to show that jpr's management team are rubbish and that a takeover at ANY price is what's needed to turn jpr around? And then the asset-strippers predicted by Mali walk in for 30p, sell off the i, Yorkshire Post, Scotsman and the printing presses to their friends, pay themselves huge salaries and bonuses, sell the hollowed out jpr trunk to a Dominic Chapell type chancer who sits on it for a few months and then folds it, and the bondholders get a few pennies in the pound back and the shareholders get nothing? Or is it simply that jpr's management team ARE rubbish and somebody's said so in writing? Or is it something else? I'm looking at that empty jar in my kitchen and wondering if it'll ever be full again.
nick rubens: This JPR share price, despite big RI take up not showing much confidence in mgmt.
Johnston Press share price data is direct from the London Stock Exchange
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