Shareholders support Johnston’s £360m plan to fund turnaround

Oliver Smith
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SHAREHOLDERS yesterday backed the £360m refinancing of Johnston Press, which publishes the Scotsman and Yorkshire Post newspapers.

The plan will see the publisher reduce its £300m debt pile down to under £200m and enable Johnston to fund future growth.

“The refinancing of the business is another key milestone for the company and I am delighted to be announcing this capital refinancing plan,” said chief executive Ashley Highfield on 9 May when the plan was published.

The Edinburgh-based company aims to raise £140m through share issues and placings and issue £220m worth of bonds.

Johnston’s shares closed down 7.4 per cent at 15.75p following the vote which saw 99.65 per cent of shareholders back the proposal.