3 Feb 2016 07:00
3 February 2016
Johnston Press plc
Reduction of Pension Deficit
Johnston Press plc ("the Group"), one of the leading local media groups in the UK, announces the results of its pension study for the purpose of assessing the liabilities of the Johnston Press Pension Plan (the "Scheme").
The Board is pleased to advise that the findings of the study are expected to reduce the present value of the Scheme's deficit by some £50m at 2 January 2016 under IAS 19.
In addition, following a change to the Scheme rules agreed by the Scheme trustees, the Group will now be entitled to participate in any surplus when the Scheme closes. As a result, the application of IFRIC 14, which resulted in an additional liability of £3m at 3 January 2015, will not be required.
The Scheme deficit at 3 January 2015 was £90m. These adjustments, taken together, reduce the Scheme deficit by some £53m.
Full details of the study and assumptions used in calculating the changes to the Scheme deficit will be presented in the preliminary announcement of results for the 52 weeks to 2 January 2016 expected to be announced on 22 March 2016.
Enquiries
Johnston Press | |
Ashley Highfield, Chief Executive | 020 7612 2601 |
David King, CFO | 020 7612 2602 |
Bell Pottinger | |
Dan de Belder | 020 3772 2561 |
Zoë Pocock | 020 3772 2574 |