Good evening,

A late report today, my apologies.

Probably like most people, I'm still struggling to take in all the changes that are possible or likely in the new Trump era which is beginning soon. The Dow Jones Index has just hit a new all-time high. So why were we all so worried about a Trump victory? It's not looking more like a fear of the unknown, and a large degree of group-think. Why would a business-friendly new President, with a stated intention of drastically reducing corporate taxes & red tape, be a bad thing for shares?

Bond yields seem to have been an even bigger mover than equities, rising strongly. I spoke to one UK company CEO last week, who told me that their pension deficit had shrunk by a quarter in just one month (October). So if we are now coming to the end of this bizarre era of ultra-low interest rates, then companies with big pension deficits could see a decent revival in their share prices perhaps?




Johnston Press (LON:JPR)

Share price: 15.5p (up 18.1% today)
No. shares: 105.9m
Market cap: £16.4m

(at the time of writing, I hold a long position in this share)

Response to press speculation - this follows a Sunday Times article which got wind of an imminent disposal of JPR titles in East Anglia;

The Board of Johnston Press plc (the "Company" or "Group") notes the recent media speculation and confirms it is in late stage discussions with Iliffe Media surrounding the potential disposal of certain titles.

The Company has previously announced that as part of its portfolio review, a number of brands had been identified that were not part of its long-term future and a process has been initiated to explore the potential sale of these assets to identified parties.

This disposal process is ongoing and a further announcement will be made when appropriate. Shareholders are advised that there can be no certainty that the disposal process will lead to any definitive agreements concerning any possible disposals or as to the timing or terms of any such agreements.


The last paragraph is just a generic one,  Of more interest, is that the first paragraph both names the buyer (which is apparently backed by one of Britain's richest families) , and indicates that it is in late stage discussions - so hopefully this deal will…

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