THE activist investor which has been steadily building up its stake in Johnston Press has declared its intention to help the Edinburgh-based newspaper publisher.
Crystal Amber, which this week increased its holding in The Scotsman and Yorkshire Post publisher to 6.74 per cent, told Reuters that it can help the company avoid a poor debt restructuring deal.
"We have a good track record of assisting companies," Crystal Amber founder Richard Bernstein told the agency.
Net debt at Johnston Press stood at £137.7 million when the company posted its interim results on August 4, down from £146m at January 2.
Crystal Amber, which also has a stake in STV, increased its stake in Johnston from 5.42 per cent to 6.74 per cent this week, when it lifted it holding to 7,140,430 shares from 5,740,430.
Shares in Johnston Press closed down three per cent at 20p.
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