Johnston Press could ask shareholders for more cash

Johnston Press has confirmed it is looking at the possibility of issuing extra shares to investors to pump more capital into the indebted company.
 
The regional newspaper has responded to weekend press reports that claimed it was looking to raise £75m as part of a debt refinancing package.
 
In a statement to investors this afternoon, Johnston confirmed that "as part of a proposed refinancing of its debt facilities it is considering a range of options including a potential equity raising".
 
However it said the exact amount it was potentially seeking to raise had not been determined and there was "no certainty" that the rights issue would proceed.
 
Johnston Press is looking to negotiate a refinancing of its debt this year – which in last summer's full-year results stood at more than £300m.
 
Former Microsoft and BBC executive Ashley Highfield joined the publisher as chief executive in 2011 and has led a major restructuring to save costs and cut debt.

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