Johnston Press Share Discussion Threads

[ianio5691] 16/10/2017 09:32

Well its all certainly having a positive impact on our shareprice.....

Going up nicely.

Hold on tight folks!

[mitch74] 16/10/2017 09:26

Well there you have it: "...journalism is the new oil...". Interesting comments here and Big Rich sort of sounds like he is supportive...

The article from today's Times:

A Norwegian entrepreneur and investor who is seeking to oust the chairwoman at Johnston Press has set his sights on a wider shake-up the British media scene, with ambitions to buy the Metro newspaper and the Evening Standard.

Christen Ager-Hanssen, owner of the Swedish Metro newspaper, is set to go head to head with Camilla Rhodes at an extraordinary meeting to determine the future of one of Britain’s oldest newspaper groups.

Mr Ager-Hanssen, 55, whose investment firm Custos built up a 12.6 per cent state in Johnston Press between June and August, plans to write to the owner of The Scotsman, The Yorkshire Post, The Star in Sheffield, the i newspaper and about 200 other titles, on Thursday to demand the EGM. “Johnston Press is like a horse without a jockey,” he said. “The executives get well paid but are doing nothing to build the company. They have no plan. All they are doing is cost-cutting.”

Mr Ager-Hanssen, who rose to prominence during the dotcom boom, met Johnston Press officials in August and September. He has criticised the company for not investing sufficiently in building its digital engagement with readers and in harvesting data. “Big data is the new oil, journalism is the new oil,” he said.

He added: “Johnston Press is not the only one we are interested in. We would be interested in buying Metro and the Evening Standard in this country. But we are also in this for a global play. We will raise more capital and have backers that want to invest with us in this.”

He said that he had the support of other Johnston Press shareholders.

Richard Bernstein, founder of Crystal Amber, which owns 18.2 per cent of Johnston stock, said that he would respond to Mr Ager-Hanssen’s proposals once they had been officially put on the table.

“Certainly, we have become frustrated. We have had several meetings with management. We have come up with constructive proposals, but they have been rejected. Continuing with this endless talk is not getting us anywhere,” Mr Bernstein said.

While Daily Mail and General Trust has not officially put Metro up for sale, it is widely believed to be in play. It is by no means clear that Evgeny Lebedev, the Evening Standard’s owner, would welcome an approach from Mr Ager-Hanssen, not least having recently installed George Osborne, the former chancellor, as editor. Mr Lebedev has been mooted as a possible buyer himself for the Metro title.

What these moves indicate, however, is the extent of the challenge facing Johnston Press and other print newspaper groups in finding a sustainable business model amid declining print circulation and advertising.

Johnston Press reported a 3.1 per cent fall in revenue to £102.9 million in the six months to July 1 and warned that trading remained challenging. It has sold titles to strengthen its balance sheet but remains heavily indebted and is reviewing its financing options in relation to £220 million in senior secured notes due in 2019.

Johnston Press declined to comment. Last week it formed an ad hoc committee with bondholders and said that it would seek the involvement of its £600 million pension fund trustees to help to devise a rescue package.

[stdyeddy] 16/10/2017 09:03

Just the board of course. Am sure the workers would like to see change at the top.

[ianio5691] 16/10/2017 09:03

LOL..! :-)

[ianio5691] 16/10/2017 08:53

And also the Times...

(Can't get full article as not a subscriber...)





Empire builder prepares for battle over Johnston Press

Alexandra Frean

October 16 2017, 12:01am,
The Times

A Norwegian entrepreneur and investor who is seeking to oust the chairwoman at Johnston Press has set his sights on a wider shake-up the British media scene, with ambitions to buy the Metro newspaper and the Evening Standard.

Christen Ager-Hanssen, owner of the Swedish Metro newspaper, is set to go head to head with Camilla Rhodes at an extraordinary meeting to determine the future of one of Britain’s oldest newspaper groups.

Mr Ager-Hanssen, 55, whose investment firm Custos built up a 12.6 per cent state in Johnston Press between June and August, plans to write to the owner of The Scotsman, The Yorkshire Post, The Star in Sheffield, the i newspaper and about 200 other titles, on Thursday to demand the EGM. “Johnston Press is…

[ianio5691] 16/10/2017 08:49

And more.....








Ager-Hanssen plans to oust Johnston Press chairwoman at EGM


Simon Austin
By Simon Austin — 16 October 2017

Johnston Press’s second biggest shareholder has described the newspaper publisher as “like a horse without a jockey” and plans to force an Emergency General Meeting to oust the company’s chairwoman.

During the summer, Norwegian billionaire Christen Ager-Hanssen has built a 12.6% share in the company, which owns the Yorkshire Post and Sheffield Star.

The owner of the Swedish Metro newspaper says he is ‘very confident’ of getting enough support in his bid to replace Camilla Rhodes as chairman.

Richard Bernstein, head of the Crystal Amber activist fund, the company’s biggest shareholder with an 18% stake, has said he could back the Norwegian.

Ager-Hanssen said: “Johnston Press is like a horse without a jockey,” he said. “The executives get well paid but are doing nothing to build the company. They have no plan. All they are doing is cost-cutting.

“Shareholders want to see changes. The staff want to see changes. We need to deal with the debt.

“The board is sucking fees out of the company and not getting anything done. They are fee suckers. If we wait any more it will just hit the wall. What is most important is to have a clear route to a sustainable business.”

Bernstein added: “Clearly we are frustrated with the lack of progress. We have been engaging with the company for a year.”

Ager-Hanssen plans to install himself at the head of the board to trigger a major shake-up of management and strategy.

He has brought in Steve Auckland, a veteran newspaper executive, to oversee print operational changes alongside digital development of Johnston Press.

Auckland also intends to join the Johnston Press board as a non-executive director. Ager-Hanssen’s Mayfair-based investment fund, Custos, aims to refinance the company’s £220, bond debt with new, cheaper borrowing from Chinese investors.

According to the Daily Telegraph, Custos is seeking to further raise its stake by buying out other major shareholders such as Malaysian billionaire Ananda Krishna, who owns nearly 11%.

[ianio5691] 16/10/2017 08:47

Starting to get decent press coverage now....





Monday 16 October 2017 12:15am


'Who will back a horse without a jockey?': Johnston Press under fire from second biggest shareholder seeking to oust chair

Rebecca Smith

The second largest investor in Johnston Press, hoping to oust its chair, has criticised the board as failing to represent shareholders, and saying "they just take out the fees".

Christen Ager-Hanssen, whose private equity firm Custos owns the Swedish Metro newspaper, plans to seek an extraordinary general meeting of Johnston Press shareholders to oust chair Camilla Rhodes, on Thursday.

Read more: Johnston Press share price rises though profits continue to decline

Ager-Hanssen told City A.M. he had support from both shareholders and staff, and was confident the resolution will secure sufficient support. "Who will back a horse without a jockey?" he said.

The businessman wants to install himself at the head of the board to kick start a shake-up at the newspaper publisher. He has been speaking to shareholders including Richard Bernstein, head of the Crystal Amber activist fund, which is Johnston Press' biggest shareholder.

In May, Crystal Amber criticised the firm's remuneration policy and performance share plan proposals at Johnston Press' annual general meeting, with Bernstein saying an "all hands on deck approach" should be adopted, rather than thinking about bonuses. "Bonuses should be based on success," he added.

Today, Ager-Hanssen said: "What this company clearly needs is to move all its energy into creating the digital ecosystem of tomorrow. You can never cost cut yourself out of a problem. You need to grow."

He thinks the company needs to optimise the existing digital assets, and "reposition the offering towards advertisers by offering definitive marketing prowess", setting up "substantial transactional processes in new and sustainable branches of business".

Ager Hanssen's investment fund Custos previously outlined plans to refinance the firm's £220m bond debt.

Johnston Press has been working with advisers in its own restructuring effort, with the debt due for repayment in June 2019. Last week, the firm said it was in talks with bondholders about the potential formation of an ad hoc committee as part of the company's ongoing strategic review.

Johnston Press' chief executive Ashley Highfield said at the time that the firm was making "good progress" on its strategic review, and the bondholder talks marked "an important step in moving things forward".

Johnston Press could not be reached for comment.

[dazzaa] 15/10/2017 23:57

Yes I agree the week ahead will be interesting and that's only what we will be party to know. What magic spell does Camilla weave that someone spouts we have strong shareholder support etc ...... It must be difficult for the upstarts to convince the entrenched long term shareholders to jump on board but ....time will tell eddy, for sure they would have been spoken too? Some really good interesting posts coming in too.

[mrx9000] 15/10/2017 21:49

From recollection you only need 5% of the companies paid up share capital to be able to call an extra general meeting...

Custos and CA combined own over 30% now. I assume River is selling out, hence another 4% up for grabs and who knows what else is going on behind the scenes...

[dazzaa] 15/10/2017 17:55

So the board think they can win whatever is proposed to oppose them that's possible is it not. Who's fighting our corner ? % wise Custos, CA, and some other minority's are not enough to carry anything at the moment or am I wrong again?

[mrx9000] 15/10/2017 16:27

stdeddy: At a guess may see an increased holding by Custos earlyish next week. Custos and Bernstein combined I should imagine will force the necessary change... will see what happens next week or two.

[stdyeddy] 15/10/2017 16:09

Nice to see mrs x making a return to these shores btw. Seems we were wrong about the buy-out doesn't it?

[stdyeddy] 15/10/2017 16:07

And the chinese dazz! Why did no one else think to drag those suckers in!

[stdyeddy] 15/10/2017 16:06

It's true welshie, we have a new hero. More power to the viking. I always said the ginger beard was too shy and retiring. Anyway, real drama scheduled for this coming week.

I also have the distinct feeling that the RNSs and the share trades aren't lining up. Who else has bought? Apart from us mutts down here I mean.

[ianio5691] 15/10/2017 10:07

Great Telegraph write up. Thanks for postin link Brink.
Things are certainly hotting up - can't believe that with a sustained motivated buyer in the market that share price is still at these levels...

Not for much longer by the sounds of things though.

This is going to be an interesting ride!

GLA

[mrx9000] 15/10/2017 09:36

Can see Custos picking up another 5% or so in the coming week and then it depends on if anyone else cares to sell...

Veteran, Steve Auckland has engineered a lot of deals in his career...


Interesting and revealing article that in the Telegraph.

[welshwiz] 15/10/2017 06:12

Dazzaa
Bernstein is so full of sh4te.
Promises of agitation have come to nothing yet he thought he could have influence over Hur and was put in his place by Kerogen.
He thought he could ramp Hur and sell out his position for a healthy profit but was instead sucker punched with a low ball placing.
The Jpr agm was another opportunity to agitate instead he chose to baulk at the challenge.
Hanssen has done more in the short space of time that he has been involved than Bernstein would have ever imagined possible.

[brink1] 14/10/2017 20:32

another article in the telegraph:



Mr Ager-Hanssen has brought in Steve Auckland, a veteran newspaper industry executive, to oversee print operational changes alongside digital development of Johnston Press. Mr Auckland also intends to join the Johnston Press board as a non-executive director.

few others now showing support:
However, Richard Bernstein, head of the Crystal Amber activist fund, the company’s biggest shareholder with an 18pc stake, said he could back the Norwegian.

Mr Bernstein said: “Clearly we are frustrated with the lack of progress. We have been engaging with the company for a year.”

It is understood that Mr Ager-Hanssen also has the support of Sandy Adam, a Scottish property executive who owns around 2.5pc of Johnston Press.

According to City sources Custos is seeking to further raise its stake by buying out other major shareholders such as the Malaysian billionaire Ananda Krishna, who owns nearly 11pc.

[ianio5691] 13/10/2017 13:44

Some decent delayed buys showing now...
Pressure building. This gonna pop!

[debbie_does_dallas_twice] 13/10/2017 13:42

Should see Custos rns Today / Monday going up by another 5%

[ianio5691] 13/10/2017 13:41

RNS

River and Mercantile sold just over half of their holding....gone from 10m to less than 5m...

Guess whos bought those and just upped his holding even further...!

Game on

[netcurtains] 13/10/2017 13:40

....if only i held on a few more days ... lol
Still happy with 15% a profit is a profit.
Well done all you holders... Gut feeling is it will rise more but I'm out.