The decision follows US firm Harris Associates' announcement that it had marginally increased its share by one percentage point in Johnston Press, which owns the Yorkshire Post and the Herald in Scotland, to 9.18%.
Harris Associates has been steadily increasing its holding in Johnston Press, which is the UK's second-largest regional publisher, gradually growing its investment in the first three-months of 2006. The US fund manager also has an 11.2% shareholding in Trinity Mirror.
Last week, Johnston Press released its latest trading update prior to its August interim report, saying there had been "no discernible improvement" in like-for-like advertising conditions since its last update on March 8.
Johnston Press reported a 10.5% slide in ad revenues for the first two months of 2006, with a marked fall in the employment, motors and display sectors, reflecting what it described as "relatively difficult conditions being experienced in the relevant markets, higher unemployment and lower vacancies".
The group added that the vast majority of downturn was cyclical rather than structural in nature, and typical of a torrid last 12 months for the press ad market, which has experienced high migration to the internet.
However, the group was confident of an increase in its contract printing share, following the acquisition of The Scotsman Publications from the Barclay brothers in December 2005 for £160m.
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