← back to all news Update: Johnston Press puts itself up for sale after strategic review Posted on Thursday 11th October 2018   |   0 comments

This morning’s statement in full:

Since commencing a strategic review of financing options first announced in March 2017, Johnston Press has focused on exploring all options available to it in relation to its £220 million outstanding 8.625% senior secured notes due for repayment on 1 June 2019.

Pursuant to this strategic review and in order to assess all strategic options to maximise value to its stakeholders, the Board of Johnston Press announces today that it has decided to seek offers for the company.

The Panel on Takeovers and Mergers (the “Takeover Panel”) has agreed that any discussions with third parties may be conducted within the context of a “formal sale process” (as defined in the City Code on Takeovers and Mergers (the “Takeover Code”) to enable conversations with parties interested in making a proposal to take place on a confidential basis.

The Company is not in discussions with any potential offerors or in receipt of any approaches at the time of this announcement. Parties with a potential interest in making a proposal should contact Rothschild. It is currently expected that any party interested in participating in the formal sale process will receive certain information on Johnston Press as part of Phase One, following which interested parties shall be invited to submit their proposals to Rothschild.

It is currently expected that any party progressing into Phase Two of the formal sale process will, at the appropriate time, enter into a confidentiality agreement with Johnston Press on terms satisfactory to the Board of Johnston Press and on the same terms, in all material respects, as other interested parties. Further announcements regarding timings for the formal sale process will be made when appropriate.

The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Takeover Code for so long as it is participating in the formal sale process.

Following this announcement, the Company is now considered to be in an “offer period” as defined in the Takeover Code, and the dealing disclosure requirements listed below, and other restrictions on dealing in the Company's securities, will apply.

There can be no certainty that any offer will be made for Johnston Press, nor that any transaction will be executed, nor as to terms of any such offer or transaction. The Board of Johnston Press reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate.

The Board of Johnston Press also reserves the right to reject any approach or terminate discussions with any interested party at any time. The Company will continue to update all stakeholders on the formal sale process and other aspects of the strategic review as and when appropriate.


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