Johnston Press seeking £75m from shareholders to help get debt under control
Johnston Press is attempting to bring its £300m debt back to manageable levels with a rights issue set to be launched in the coming weeks.
The Telegraph reports that the newspaper group is looking to raise at least £75m from shareholders and is hoping the recent report of an increase in operating profits – the first in seven years – and digital revenue will encourage investors.
Additionally, shares have steadily risen in the past 12 months from 16p to, most recently, 26p with the likes of Standard Life and JP Morgan Asset Management subsequently raising their stakes.
The company owns around 200 titles in the UK and Ireland, including The Scotsman and The Yorkshire Post, but is currently in talks about selling its 14 Irish newspapers for £7m.
A representative from Johnston Press was not available for comment at the time of writing.