The main institutional shareholders in Newspaper Publishing, the holding company for The Independent and the Independent on Sunday have made it clear that they do not want to put any more money into the group.
Raymond Snoddy, writing in the Financial Times today says that most want to sell their interests during the planned refinancing. This means that Newspaper Publishing will have to concentrate its search on potential trade investors.
This comes at the same time as approval of a business plan that envisages a return to profit in the 1994-5 financial year and more substantial profits the year after. The business plan promises editorial improvements a sustained marketing campaign and improving the money raised by advertising.
The Telegraph Group, Mirror Group Newspapers, Associated Newspapers or United Newspapers are believed to be the possible choices of Andreas Whittam Smith as investors; the non-executive directors under Ian Hay Davison are pursuing alternatives. MAI is a possibility.
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