Johnston Press Share Discussion Threads

[philjeans] 27/9/2016 16:20

AC up to 6.7%

Nice - game on.

[mister md] 27/9/2016 16:17

well well well ... as expected (though a bit late) RNS !

[mister md] 27/9/2016 13:29

A few brave individuals taking the opportunity to top up at these levels (including me) ...

[nick rubens] 27/9/2016 09:44

Red today. But it had to happen after over 100% rise, though little comfort to long term holders.

[mister md] 26/9/2016 11:56

Wobbly stockmarkets today - back to level on JPR share price at the moment...

[the patient investor] 25/9/2016 13:21

Good try derampers. It is old hat stuff, amply factored in the price.
Sitting tightly on my "pension jpr" i greet you all from gorgeous sunny Italy

[mattab] 25/9/2016 12:44

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

[dazzaa] 25/9/2016 01:05

The company is in debt and it can be reduced, eliminated even, maybe a step too far, by purchasing the bonds at there prevailing discount Do the B/H 's have any choice in the matter of a haircut ? who cares, at 8.6 % + interest it was jam today I assume they can be bought until 2019 assuming JPR keeps to its covenants Would it be an impossible thought to see debt reduced (haircut) And the share price rise significantly due to that and the stimulatory advances from CA? And the talk of a take over ? And given Liberiam has a price of £ 1.60Assuming the receivers are not advancing to the gates as some postulate.

[mrx9000] 24/9/2016 22:00

I do get the impression that there is more to this than meets the eye. CA are wise owls. Interesting times ahead...

[mattab] 24/9/2016 18:45

Good post extrader - I do think certainly the stance of the Bondholders take on the strategy to buy the bonds at a discount is most important - as effectively it is a battle between equity and them. They may decide the take a haircut but they will be far from impressed that the bonds are classified as they are and still although worth more than they were with equity increase - are potentially a barrier - their collective stance IMO is pivotal as to where this goes equity wise. They are not going to roll over unless it is in their best interest to do so. Where and what is their retort in proceedings over the last few weeks? I know that is a salient and reasonable point to make.

[extrader] 24/9/2016 12:19

Hi mrx9000,

I'm not sure how the bondholders taking a suggested 30-40% haircut (ie loss of capital) can be considered 'a decent return'. Would you buy a bond on that basis ?

Bondholders normally rank above equity in any liquidation, so if JPR fold and 'there might not be a lot left for the bondholders', surely there'd be even less left for the shareholders ?

Look at AFR or GKP for recent examples of how these things tend to play out. The investment case for JPR is, surely, that its prospects are mispriced : that there are in fact enough assets/cashflow/potential to satisfy (perhaps at a discount) the bondholders and leave more for the equity-holders than Mr Market currently believes.

It would seem that Crystal Amber - on this interpretation - is acting rather like an old-fashioned asset-stripper, no ?

Nothing wrong with that, btw, if it can get away with it !

ATB

[mrx9000] 24/9/2016 12:02

Next week will be interesting imo.

[mrx9000] 24/9/2016 12:02

Matt: Bond holders have got a decent return already imo. It is a sensible strategy to take a haircut imo. If JP fold then their might be not a lot left for the bondholders, hence taking a haircut would be a win win for bith sides.

[mattab] 24/9/2016 09:05

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

[mister md] 24/9/2016 08:52

Thanks for posting, mrx9000

[mrx9000] 24/9/2016 07:23

I have always liked the i paper. I have recenyly looked into developments of the i and it looks very good. Just look at the specific job vacancies in london that they were advertising for e.g. video editors etc.

Gannett/Newsquest are very successful at implementing their national title usa today in a cut down form, into their regional titles, you then have the best of both worlds. Good local content and good national content. The only people who can do this in this country are the BBC and they are abysmal at it as well.

People want to read local news and hyperlocal news and this is not going away. The fact that they do it more online is not a real problem because you can monetise your sites. Newsquest etc have done this a bit better in regard ad block detection software for which I think JPs deal with SKY may prohibit this i am not sure. I dont think the deal has long to run anyway.

Going back to the i I can see the online site becoming very big indeed.

I have a feeling that next week may become rather interesting.

[the patient investor] 23/9/2016 14:03

Re national paper i agree, all the journalist already available

[netcurtains] 23/9/2016 12:21

If you think about it, a company with loads of regional titles is in a great position to develop a HUGE national newspaper using all its regional outlets and printing locations...

"I" could be huge and more importantly very profitable.

[netcurtains] 23/9/2016 11:32

The "I" circulation figures are doing well and I guess it uses surplus printing (so costs must be pretty low)....

Its probably all profit.

[netcurtains] 23/9/2016 11:28

Assets:

Billionaires love buying football teams and newspapers..

The Scotsman - Who knows Donald Trump might like to buy the Scotsman (it is right of centre).

[ffaffaa] 23/9/2016 10:55

many thanks to everybody

[mrx9000] 23/9/2016 10:42

Blimey, going to be a big volume day by the looks of it.

[mrx9000] 23/9/2016 10:38

Ffaffaa: Financial figures on advfn have always been wildly inaccuate.