Johnston Press PLC Reduction of Pension Deficit (8612N)

TIDMJPR

RNS Number : 8612N

Johnston Press PLC

03 February 2016

3 February 2016

Johnston Press plc

Reduction of Pension Deficit

Johnston Press plc ("the Group"), one of the leading local media groups in the UK, announces the results of its pension study for the purpose of assessing the liabilities of the Johnston Press Pension Plan (the "Scheme").

The Board is pleased to advise that the findings of the study are expected to reduce the present value of the Scheme's deficit by some GBP50m at 2 January 2016 under IAS 19.

In addition, following a change to the Scheme rules agreed by the Scheme trustees, the Group will now be entitled to participate in any surplus when the Scheme closes. As a result, the application of IFRIC 14, which resulted in an additional liability of GBP3m at 3 January 2015, will not be required.

The Scheme deficit at 3 January 2015 was GBP90m. These adjustments, taken together, reduce the Scheme deficit by some GBP53m.

Full details of the study and assumptions used in calculating the changes to the Scheme deficit will be presented in the preliminary announcement of results for the 52 weeks to 2 January 2016 expected to be announced on 22 March 2016.

Enquiries

 
 Johnston Press 
 Ashley Highfield, Chief 
  Executive                 020 7612 2601 
 David King, CFO            020 7612 2602 
 
 Bell Pottinger 
 Dan de Belder              020 3772 2561 
 Zoë Pocock            020 3772 2574

This information is provided by RNS

The company news service from the London Stock Exchange

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February 03, 2016 02:00 ET (07:00 GMT)

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