On December 19th, with Johnston Press (JPR, 34.25p) at 12 p, prompted by non exec Ian Russell buying 800,000 shares at 12.25p, we wrote (article: “Johnston Press- option money worth spending?”)

“The jury will remain out on Johnston until the half year results in August 2009 at the earliest.  But the shares certainly won’t be trading at 12 1/4p by then. They will either be worth nothing, or above a pound.”

Nothing has happened to change that opinion. The shares have been as low as 5p, and as high as 41.5p.

One piece of news though supports our view, but is really being used as an excuse to write about Johnston Press: Mr Vickers, an Executive Director of Johnston Press,  bought 7843 shares at 25.5p on May 6th, taking his beneficial holding in the group to 97,000 shares.

So peanuts really. But positive not negative.

View on Johnston Press: Positive (no change)

Strength of signal: Weak (no change)