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the RNS would suggest that a special dividend is the least shareholders can expect at year end. However the statement did not also rule out closing the company and returning cash to shareholders, but that is probably unlikely. All eyes will be on the final results to see how cash preservation is going. However there seems to be no sign of any change in their part of the PV market so it is hard to see how they can ever return to profitability

I thought this was ex-divi today? Didn;t seem to fall by that amount at the start of the day. If it is correct then it is good news that the SP is actually up on the day?

one of the resolutions at the AGM was to authorise a share buy-back programme. Do others know if this is a standard procedure - ie a 'general' power that AGMs vote to give board of directors - or whether this suggests that the company will use some of its cash reserves to buy back shares over the course of the next few months?

No idea Trixie. Unless one of the big institutional investors has decided they have had enough and are selling at a big loss. However, with the SP this low, the % falls start to become greater for every unit point it falls

I am amazed the SP is holding up so well today. The poor cash position and deferred pension payments don;t really augur well. I guess they're likely to be able to borrow at reasonable rates for some time to come, but these were very poor results overall. Maybe 35p was the real bottom for this share, but I can;t see it going above 50p any time soon.

net debt is falling, but cash in bank just £15 million - down from over £100 million last year. Unless this is an accounting quirk it would seem as if their cash-flow is very poor. Does this mean if the NOTW hadn;t closed then they would have had to have borrowed more money just to stay afloat. Poor results overall - and I think it will be at least two more years until the dividend is restored, if then.

totally agree with you - but sadly I am not on the board of directors! I am just speculating on the reason for the SP fall, and if, as London03 suggests, it is not a major shareholder selling, then I think it is to do with worries about Thurs results, and no mood music about the reintroduction of the dividend. I suppose because TNI is now a small cap then stop-losses can get triggered on small SP falls (like the Deutche Bank downgrade) which in turn triggers more stop losses and the SP falls further than it should.

could be the Deutche Bank downgrade, or could be nervousness about the ongoing impact of the Sun on Sunday on sales and advertising revenue. The business papers today reported that four institutions hold 42% of the shares - so the real question is who is selling? I suspect it is nervous smaller shareholders. Or maybe some insiders have got wind that the final results on Thurs aren;t too hot, or those hoping for the reintroduction of the dividend know it won't now happen. I guess we'll know more by 8am on Thurs!

You're absolutely right Bonz. However I bought in at about 47p before the hacking scandal came out - and always regarded the closure of the NOTW as a bonus. It was never likely that the extra sales would be sustained in the long run. Hopefully the management will have used the extra 'bonus' revenue to pay down debt. The key questions is whether - on a P/E of about 1.5 - this company is undervalued and there is SP growth likely in the medium term. My view is 'yes', especially if they reinstate a modest dividend. I suspect the final results in March will be more crucial to TNI's SP than the early sales figures of the Sun on Sunday which are bound to total between 2.5 to 3 million.

and TNI's sunday papers will definitely be hit by the new Sun on Sunday - announced by Murdoch today

SP falling as Piers Morgan gives evidence to Leverson. I would have thought the possibility of TNI being complicit in phone hacking was now priced in. what do others think?

Likely to be profit taking - and coverage of Leverson enquiry. That is starting to feel like "old news" now, and while TNI may find some of its staff were involved in the past it is surely nothing like at the NoTW. The longer this goes on the longer it will be before News International even contemplate a 'Sun on Sunday'. Right now it is hard to imagine they'd get away with that within 5 years let alone 5 months. So good news for Sunday Mirror and People. I'm holding tight and looking at 60p SP at the end of Dec

The SP has gone up 40% since the low point in early august. so I expect there will be some profit taking by quite a few people in the run-up to the interims long-term holders should keep holding!

due on the 10th Nov

I would say 'yes' London03. Northcliffe has pulled their media buying contract with Mediaforce and given it to TNI instead. So presumably whatever sales commission MediaForce was getting is now going TNI's way. More importantly the TNI mediabuyers will now being buying on behalf of both company's publications and websites, so may be able to secure larger ad buys, and secure some national promotions across both company's various regional and local newspapers. Time will tell of course, but I regard this as a positive.

Good prediction! I am seriously worried that this company is heading for a slow death. Can anyone else understand why the directors are not buying more stock at these low prices? That sends a very bad signal to the market. I am holding - for better or worse - but what do others think?

Better than I feared. Cash position perhaps worse - which has surely influenced the decision to not award a dividend, but earnings higher than I was expecting

Yoyo- any return to, or hint of a return to dividend payments, would help the SP. A 2p per share dividend would only cost the company just over £5 million and they reported £110m in cash in their final results. projections on advertising spend will also help. If we started to see positive news on overall advertising spending then this stock - along with others - could rise

Up about 10% so far today - almost certainly in response to major companies pulling their advertising from News of the World. However it remains to be seen what effect this will have on circulation. Will readers desert the Sun/NotW for good - or is it a temporary blip?

Thank you Yoyo - well spotted! There is pressure on a lot of councils to stop producing their own 'propaganda sheets' that are then distributed at local tax-payer expense, and instead support their local newspapers. Trouble is that most local newspapers are unrelently hostile to local Councils (of all political persuasions) so officers and politicians want to control the message more. But despite that I think we will see more of this kind of deal done. It will make a difference at the margins - though more to boost local paper advertising revenue than circulation.