Johnston Press Says Major Shareholder Sold Entire Stake Before Meeting

LONDON (Alliance News) - Johnston Press PLC late Wednesday said a ...

Alliance News 12 January, 2017 | 1:40AM
Email Form

LONDON (Alliance News) - Johnston Press PLC late Wednesday said a shareholder with a significant holding in the business has sold its entire stake.

The news company said Vidacos Nominees Ltd sold 12.6 million shares on Tuesday. Vidacos, Orbis Asset Management and Orbis Investment Management are all held under parent company Orbis Allan Gray Ltd.

Johnston Press confirmed the shareholding represented at least an 11% stake in the business, but not detail the exact stake held prior to the sale. Based on the company's issued share capital on Wednesday, the stake that was sold was equal to an 11.89% stake.

Johnston Press, as of November 8, 2016, said Orbis Investment Management Ltd was its largest shareholder with a 12.97% stake.

The sale was completed on Tuesday. Johnston Press held a general meeting on Wednesday, when shareholders approved the sale of Johnston Publishing East Anglia Ltd, which received minimal opposition.

Johnston Press shares closed 12% higher on Wednesday at 15.0 pence per share.

By Joshua Warner;; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved. 

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Johnston Press PLC 12.38 GBX -4.81 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.