Shares slide is reversed

Jul 17 2008 by Peter McCusker, The Journal

REASSURANCES from newspaper publisher Trinity Mirror over its trading and pension fund position helped reverse a share price slide.

The firm’s stock was down by as much as 15% but recovered after the company said it was comfortably within debt covenants and had no liquidity issues with any of its pension schemes.

The company, which publishes more than 260 titles, including The Journal and The Daily Mirror, issued a profits warning in June saying advertising revenues were suffering a decline.

Trinity said yesterday: “There are no liquidity issues with any of our pension schemes and deficits continue to be funded in accordance with payment schedules agreed with the trustees of the various pension schemes.”

The firm said it had £425m of net debt as at June 29 this year, and was trading comfortably within the covenants for its debt facilities.