Mirror Shares Crash Over Piers Hacking Claims

Trinity Mirror’s share price has crashed 12.5% this morning. It closed at 72p yesterday, opening at 65p when it was revealed overnight that the Mirror‘s publishers faced legal action over phone-hacking allegations, dropping again to 62p as the morning went on. £18 million was wiped from the value of the company. And there is more to come…

UPDATE: Trinity Mirror has a market capitalisation of £163 million, the group already has a pension fund deficit estimated to be £159.5 million, almost equal to the struggling media firm’s market capitalisation. Given News International has paid out some £200 million in hacking legal costs already the actual solvency of the firm could be in danger if claims mount up. Murdoch could afford to take the hit, Morgan’s old mates can’t…




Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

Trevor Kavanagh’s analysis of the Brexit process…

“Thanks to Mrs May and her useless Chancellor Phil Hammond, this will not come without pain. But we escape with imagination and true British grit or we will be boiled alive.

It means on this centenary Remembrance of our struggle against tyranny, we risk ceding non-military victory in Europe to the undemocratic forces of an unaccountable totalitarian regime.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.