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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Johnston Press | JPR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.745 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.745 |
| Top Posts |
|---|
Posted at 12/11/2018 05:14 by mattab Likely yes - Bondholders v Viking et al. Never known one of these end well for shareholders, but from a personal point of view, want to protect my pension and want JPR as a going concern. Think it will be ppf tbh. Gl |
Posted at 01/11/2018 12:01 by bon voyage The one smouldering ember of Johnston Press that gives a glimmer of hope is the 25% holding of Custos. The tantalizing question that keeps impinging itself on the current JPR hiatus is this: Why has Ager-Hanssen responded to JPR putting up the for sale sign by upping his shareholding from 20% to 25% ? And I notice that he tweeted recently "Bon voyage" to the board of JPR ! He seems to tweet erratically but nevertheless has shown by his recent share purchasing action that he hasn't finished with Johnston Press. Waiting is never easy for PI's but I'm sure Christen is enjoying this sort of chess game! |
Posted at 24/10/2018 09:15 by mr donkeykong hellowho's that gusto person? someone buying jpr? Herb what's NT |
Posted at 22/10/2018 15:12 by mister md yep the pump & dump lunatics have definitely arrived after the KOOVs disaster last week - in fact the dump has probably already commenced... JPR is finished for shareholders |
Posted at 22/10/2018 14:44 by dave4545 I hope nobody gets sucked into this pump and dump.Go on JPR suspend it while the pumpers are still holding |
Posted at 22/10/2018 13:00 by glenbo1 Check JPRI wasn't dreaming |
Posted at 17/10/2018 00:55 by simliak Do jpr own many properties that can also be sold? |
Posted at 16/10/2018 10:21 by mali7 Instead of private equity buying it for token value £1, then strip off all liabilities and streamline operations and then comeback to market in 3-5years time and float again in IPO worth £300-£50Why always does share holders get jack all and jack all rights??? While management and private equity make millions no matter what! LOL - this system ain't ever changing.... Anyway lets see if I can place token price bid in....will email JPR, why should mrX buy it for £1??? |
Posted at 16/10/2018 10:19 by mali7 Instead of private equity buying it for token value £1, then strip off all liabilities and streamline operations and then comeback to market in 3-5years time and float again in IPO worth £300-£50Why always does share holders get jack all and jack all rights??? While management and private equity make millions no matter what! LOL - this system ain't ever changing.... Anyway lets see if I can place token price bid in....will email JPR, why should mrX buy it for £1??? LOL |
Posted at 17/2/2017 03:30 by stdyeddy karlos, jim, the outline of CA's jpr manifesto is contained within this Telegraph article from 5 days ago:brando and I have posted this link before. As I see it there are three inter-related challenges for jpr, CA and the other major shareholders and the first two of these are the focus of the Telegraph piece: 1. Appoint a new jpr board 2. Restructure the debt so that the interest payments become more manageable 3. Improve the quality of the core product to achieve maximum revenue from copy sales and advertising CA has engaged the jpr board over the last few months and Rich Bernstein is now raising the temperature and publicly calling for new management. The article says he 'told The Telegraph that he lacked faith in chief executive Ashley Highfield, and finance chief David King.' This is the strongest public statement so far from Bernstein, regarding the CEO and finance director and it's backed by a sensible rationale (read the article to see why). Prior to this there had been several news articles in recent months describing director/shareholder meetings. jpr directors were saying they're doing a great job; CA was saying politely that it has concerns. Now the gloves are coming off. Meanwhile CA is increasing its share stake presumably for tactical and commercial reasons: A. The greater the number of shares owned by CA, the easier it is for Rich B to achieve a majority shareholder vote for company actions such as appointing new board directors or agreeing new funding. It's about control. B. The greater CA's holding, the more profit they can achieve from a jpr recovery. It's about making money. In terms of shareholding, 30% is a key figure. If CA goes over this level I think it's likely that they are compelled by the city code to bid for the entire company. That might not be the best outcome for us here. A recovery or a debt restructuring will probably get the share price much higher than the offer CA might make to buy the whole company. Also, as several of us have mentioned before, it's not CA's usual way of doing things so I'll be surprised if CA launches a buyout. Obviously it's not impossible though. I'm guessing that the next significant event could be resignations by directors and/or a shareholders' meeting regarding a change of directors (challenge no.1). Either outcome will probably cause a massive spike to the share price because a new team endorsed by the largest shareholder (CA) is bound to be tasked with renegotiating the bond debt and success in that area could instantly increase the value of the share equity (challenge no.2). Arguably jpr's effective market cap is comprised of the shares plus the debt; reduce the debt and the shares rise (assuming profitability remains broadly constant). Once a new management team is in place they can tackle the ongoing quality issues (challenge 3). In the Telegraph, Rich B makes the point that AH and DK handled the last cash-raising and it ended badly for shareholders. Essentially all of the £140m equity injected via the rights issue has disappeared. These funding rounds under AH and DK have also been characterised by very high interest payments which have stymied recovery - vast amounts of the business profits are sucked out in interest. By my calculation there are still five coupons to be paid on the bond debt and these will amount to over £47m between now and June 1st 2019 (anyone, please let me know if my arithmetic is wrong). The Tele article ends with: “Realistically it looks as though the bondholders and the equity have to sit down and come to a settlement,” Mr Bernstein said. That sounds like a debt-for-equity swap to me but there might be other tactics available, instead or in combination with a swap. As an example, jpr managed to buy back £5m of the bonds in 2015 (see link below): hxxp://www.johnstonp There are two interesting aspects to the 2015 buy-back: 1. The bonds were bought 'on the open market' 2. The price paid represented a very small discount to the nominal value (98p against a £1 face value) Well things have changed since then. The open market price that I'm seeing reported is a bid/ask spread of 60/70p (see link below). hxxp://en.boerse-fra I wonder if it's possible for CA and a new jpr board to come up with alternative funding to buy back a large proportion of the bonds on the open market at those prices and effectively get 3 for 2, potentially wiping £70m of the bond debt if they bought it all and drastically reducing the £47m in coupon interest by finding lenders who'll accept a much lower interest rate. Even without a massive management reorganisation there's scope for significant debt reduction. jpr has some of the sale money from the East Anglian and Isle of Man titles burning a hole in its pocket plus there should be cash on hand from current profits. A slug of money, say £22m, spent on the bonds now might buy £33m in bonds (3 for 2), reducing debt by 15% and saving interest of over £7m between now and June 2019. That's allocating £22m now to achieve an £18m benefit (£11m bond discount plus £7m interest) in just two and half years and it's not even spending; it's doing the thing they promised to do two years back - reduce the debt mountain. I doubt the i is making that kind of return and they paid £24m for that. Repeat that buy- back in 2018 using asset sales and profits, and debt will be reduced to just four years earnings, raising the share price by my estimate to at least £1 - and probably higher - if profits can be maintained at recent levels. Where previously we would hear almost nothing from jpr between trading updates which then delivered nothing but bad news, we're now seeing CA call jpr management to account. So far nothing tangible has resulted but the changing frequency and tone of the discussion suggests that jpr will have to respond very soon with new management and new debt approaches. And every significant change should gradually push the share price back where it belongs. I hope that 40p will look laughably unambitious a year from now. |
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