Johnston Press PLC Sale of Isle of Man Newspapers Limited (1472D)

TIDMJPR

RNS Number : 1472D

Johnston Press PLC

04 July 2016

Johnston Press plc

Sale of Isle of Man Newspapers Limited

4(th) July 2016: Johnston Press plc ("Johnston Press" or "the Company"), is pleased to announce that it has today entered into an agreement for the sale of its titles on the Isle of Man to Tindle Newspapers Ltd, the UK based publisher, for GBP4.25m in cash ("the Disposal"), following a competitive tender process.

The Disposal, comprising the Isle of Man Examiner, Isle of Man Courier, Manx Independent and www.iomtoday.co.im, will be effected by the sale of the Company's subsidiary Isle of Man Newspapers Limited and is in line with the Group's previously stated divestment strategy to align resources to brands and geographies offering the greatest growth opportunities. Proceeds from the Disposal will support the Company's on-going investment in preferred markets and further deleverage the Company.

Isle of Man Newspapers Limited recorded a profit before tax of GBP598,000 (GBP632,000 before exceptional items) for the year ended 31 December 2015 and had gross assets of GBP1.78m at that date.

Chief Executive Officer of Johnston Press, Ashley Highfield, said:

"This disposal is further progress in executing our divestment strategy and allows the group to realise immediate value from our Isle of Man assets.

"I would like to thank the staff of our Isle of Man business for their loyalty and dedication over the years and we wish them well for a successful future."

Sir Ray Tindle, Chairman of Tindle Newspapers Ltd, added:

"We are most grateful to the Johnston Press team for all their assistance in bringing about this agreement and look forward to meeting the talented Isle of Man team who produce such excellent titles."

Enquiries

 
 Johnston Press 
 Ashley Highfield, Chief 
  Executive                 020 7612 2601 
 David King, CFO            020 7612 2602 
 
 Bell Pottinger 
 Dan de Belder              020 3772 2561 
 Henry Lerwill              020 3772 2570

Note: This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

This information is provided by RNS

The company news service from the London Stock Exchange

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