Trinity Mirror Share Discussion Threads

[bc4] 10/9/2017 07:23

How does it help plug the deficit?

[smicker] 09/9/2017 11:31

Trinity Mirror: buying the Express titles is one way to plug the pension deficit.

This is the title of a piece in the FT. I dont have access so cant read it but it sounds interesting

[kazoom] 08/9/2017 23:24

As far as I understand it, they have a untapped £110m banking facility to start with and having easily repaid the loans related to the Local World acquisition I wouldn't think they would struggle to raise another loan if needed.

They've been clear for some time that they will make acquisitions when the fit is good, so I can't see that they would have been buying back shares if they thought there would be any need to issue more.

imho.

[twixy] 08/9/2017 19:44

TNI are calling the shots on this one; I don't see them struggling to fund this via debt and I would be amazed if the current shareholders supported anything else and a vote is required.

[gfrae] 08/9/2017 17:45

Price call suggests that they are going to be issuing new shares.....I hope not at this price!

[twixy] 08/9/2017 16:50

hd - Volumes were small; I am not going to read too much into that.

[harry_david] 08/9/2017 16:34

Somebody is negative going by the sudden sell off. No doubt the company has been doing the rounds today with the instos and getting a down sign. Or maybe a counter bid, though it is hard to see who that could be seeing Montgomery was unable to find the money.

[twixy] 08/9/2017 15:35

harry_david - Interestingly Northern & Shell haven't filed their 2016 accounts yet so hard to gauge the detail. I would be very surprised if TNI couldn't make significantly greater annual savings than GBP 5 -10 Million and hopefully structure a deal that enabled them to make milestone payments from cash flows.

[harry_david] 08/9/2017 14:52

According to FT Desmond's media had sales of £173 million and pre tax of £31 million in 2015. That would convert this year to about £130 million in sales and say £20 million in profit.
Allowing £5 to £10 million a year for the next two years in cost savings and say a net benefit of £10 million in better ad sales the net profit after interest added of say £6 million would increase from £118 million pretax to £148 million. After tax 43p per share.
Personally I hold for the digital potential. The Express and its family will increase Trinity's penetration of the U.K. market by 30% further cementing their existing leadership. This muscle will give them the ability to tackle the monopoly players like Google and Amazon.

[smicker] 08/9/2017 13:49

Looks like 130m and pension 21m

[cityconindex] 08/9/2017 12:39

Value when purchased by Desmond 125mln, what's the value now? Cost cutting will be the aim, and what's the impact of the pension deficit?

[philjeans] 08/9/2017 11:46

Brilliant idea and super opportunity.

Huge savings and synergy from combining presses, operations, back office and management roles. TNI very cash generative and could cease share buybacks and use surplus cash to service a large funding loan.

Massive digital opportunity at Express too to bring them up to TNI standards.

[kazoom] 08/9/2017 10:53

10-Jan-17
is at an early stage of discussions towards taking a minority interest in a new company comprising certain of Northern & Shell's assets.

8-Sep-17
is now in discussions to acquire 100% of the publishing assets of Northern & Shell and that it has ceased discussions to acquire a minority stake in a new company comprising the publishing assets of Northern & Shell.

Interesting development.

I'm not sure what a minority interest would really have done for them - limited opportunities for rationalisation and synergies, but with 100% ownership much more scope.

I would presume though that they would have to dispose of some of the titles (assuming the titles themselves are included in the definition of "publishing assets") in the name of press plurality.

[bc4] 08/9/2017 10:36

Trading update at the end of the month so will know more then,this was last years date

Trinity Mirror PLC Trading Update

30/09/2016 7:01am
Trinity Mirror (LSE:

[twixy] 08/9/2017 10:23

xxx - all good points - print will probably find it's level in a few years time, in the interim, lots of opportunity to squeeze efficiency and drive up digital consumption, which I think TNI are just starting do, especially with video and the premium value it delivers...

I'm surprised at the lack of volume today, given the rumour.

[xxx] 08/9/2017 10:13

It would be aimed at cost saving across digital platform and printing, is my guess.
It is however doubling down on a shrinking business.

It is interesting to compare the approach with Charlie Munger, who opted to move their paper digital, develop the property side and allocate the cash to buying a portfolio of shares as a ballast to a shrinking, though profitable business.ie. ensuring survival over uncertain growth.
Maybe that is why he is a billionaire and our CEO led his last company, HMV to insolvency, by doubling down on a shrinking business.

[twixy] 08/9/2017 10:06

grahamite - not sure I'd agree it's an odd marriage; I see it as extending reach into consumers that would currently not be attracted by TNI's brand portfolio.

It's an opportunity to extend reach and drive further efficiencies, hopefully resulting in a re-rating for the company.

[grahamite2] 08/9/2017 09:49

The Mirror and The Express is a very odd marriage. Presumably the editors would be given full independence, but still someone from management has to appoint the editors in the first place.

[bc4] 08/9/2017 09:47

It was ex divi yesterday all shares are ex divi on Thursday

[patience a virtue] 08/9/2017 09:33

Very quiet here, Ex divi today but no drop in price, news out re Northern & Shell acquisition, anyone has any idea on the price of the deal? Hope they do not overpay like what they did re the Local World.

[bc4] 25/8/2017 12:17

Ex divi date 7/sept payable on 29/sept