News: Deals: Reports

Johnston Press PLC & Gromwell Ltd	Update Date: 06/03/08
Date Announced: 05/14/08
Value (million $USD): 84.6 million U.S. Dollar 43.4 million British Pound

Status: Pending

TRANSACTION DETAILS
Date Announced	05/14/08
Date Originally Announced	05/14/08
Format	Acq. Part. Int.	Acquisition techniques	Privately Negotiated Purc
Attitude	Neutral	Agency	n/a
Value	84.6 million U.S. Dollar 43.4 million British Pound	Advisor Fees	n/a

SYNOPSIS

UK - Gromwell Ltd (GL), a wholly-owned unit of Usaha Tegas Sdn Bhd, agreed to acquire an 11.1% stake, or 32 mil ordinary shares, in Johnston Press PLC (JP), an Edinburgh-based publisher of newspapers and websites, from members of the Johnston Press family, family trusts, and other undisclosed sellers, for 1.358 British pounds ($2.644 US) per share, or a total value of 43.44 mil pounds ($84.565 mil), in a privately negotiated transaction. Upon completion, GL was to own 10% of the increased share capital of JP. Concurrently, GL agreed to acquire a 10.92% stake, or 31.5 mil ordinary shares, in JP, in a privately negotiated transaction.

TARGET
Name	Johnston Press PLC (London : JPR)
Industries	Periodicals: publishing, or publishing & printing; Miscellaneous publishing
City	Edinburgh
State	n/a
Nation	United Kingdom
Incorporated in	n/a
Public Status	Public
Business Description	Johnston Press PLC, based in Edinburgh, UK, publishes newspapers and websites, which is solely focused on the regional press sector. The Group publishes 318 local and regional newspapers across the UK and the Republic of Ireland (RoI), including 18 daily, 164 paid-weekly, 134 free-weekly and 2 Sunday titles. It also publishes a range of other publications, such as lifestyle magazines and classified directories. The company was founded in 1767.
Advisors	Deutsche Bank AG
Target Sales	1.21 billion U.S. Dollar 607.5 million British Pound

ACQUIROR
Name	Gromwell Ltd
Industries	Management consulting services
City	n/a
State	n/a
Nation	United Kingdom
Incorporated in	n/a
Public Status	Subsidiary
Business Description	Gromwell Ltd provides consulting services. The company is headquartered in the UK.
Advisors	UBS Investment Bank
Acquiror Sales	n/a

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