A local newspapers owner has reportedly upped his stake in the publisher of The Scotsman and numerous Scottish local newspapers: Johnston Press.
It is understood that Sir Ray Tindle has increased his holding in Johnston Press by two per cent, to 6.36 per cent, to make him the third-largest shareholder in the company, behind Malaysian billionaire Ananda Krishnan's PanOcean Management with 20 per cent and an investment company, Orbis Holdings, with 10.7 per cent.
He is quoted, telling The Times: ”My opinion is that newspapers are undervalued at the moment. I know that people out in the sticks still stand by their local papers.”
He is further quoted saying: “[Johnston Press] have a lot of papers, good papers …A small upturn in the economy would put the business 'back on the straight and narrow'. They are undervalued, so I decided to buy.”
Tindle Newspapers publishes 220 weekly local newspapers in England and Wales.
Johnston Press shares are currently trading at 5p.