Johnston Press chairman buys again

Johnston Press chairman Ian Russell has nearly doubled his stake in the local newspaper publisher.

Russell acquired 1.3m shares at 7.65p each, taking his stake to 2.71m shares. The share purchase cost just over £99,000.

The Johnston Press share price has fallen by nearly three-quarters in the past year. Russell has been a consistent buyer of the shares over the period. He has made four previous purchases in the past year at a total cost of more than £57,000. The first of these purchases was at 19.25p a share and each one was at a progressively lower price.

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Russell joined the Johnston Press board in 2007. He is the former chief executive of Scottish Power.

Last week, John Fry said he would be stepping down as chief executive by March 2012.

At the same time, Johnston Press reported its first underlying operating profit increase, excluding acquisitions, since 2004. Operating profit increased to £72m during the year compared to £69.3m. Revenue for the year fell to £398.1m from £423.7m before.

The Yorkshire Post and Scotsman publisher said total advertising for the first nine weeks of 2011 fell 11.4% compared with a decline of 6.4% for the 52 weeks ended 1 January 2011.

Top Director Buys

Elementis (ELM) Director name: Mr David DutroAmount purchased: 212,625 @ 153.30p Value: £325,954

F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 250,000 @ 78.06p Value: £195,150

Johnston Press (JPR) Director name: Mr Ian M RussellAmount purchased: 1,300,000 @ 7.65p Value: £99,450

Hill & Smith Holdings (HILS) Director name: Mr Derek W MuirAmount purchased: 15,000 @ 299.25p Value: £44,888

RSM Tenon Group (TNO) Director name: Mr Arthur Leonard Robert (Bob) MortonAmount purchased: 100,000 @ 40.00p Value: £40,000

Gemfields (GEM) Director name: Mr Sean GilbertsonAmount purchased: 200,000 @ 16.88p Value: £33,760

Gemfields (GEM) Director name: Mr Ian T HarebottleAmount purchased: 200,000 @ 16.88p Value: £33,760

Standard Life European Private Equity Trust (SEP) Director name: Mr Jonathan Taylor Amount purchased: 20,000 @ 158.00p Value: £31,600

Hill & Smith Holdings (HILS) Director name: Mr Mark PeglerAmount purchased: 10,000 @ 302.97p Value: £30,297

Shaftesbury (SHB) Director name: Mr Hilary Riva Amount purchased: 6,450 @ 464.80p Value: £29,980

Top Director Sells

Unilever (ULVR) Director name: Mr Jean-Marc Hut Amount sold: 11,161 @ 1,820.00p Value: £203,130

British American Tobacco (BATS) Director name: Mr Nicandro DuranteAmount sold: 3,255 @ 2,366.00p Value: £77,013