Johnston Press says it knows of “no reason” why its share price has risen today – adding it has received no plan as yet over the refinancing or restructuring of its debt after issuing a challenge to its biggest shareholder.

As reported earlier this week, the regional publisher had called on Christen Ager-Hanssen to come up with a “workable proposal” to refinance the business after he wrote to the company’s board over what he called “speculation among investors” about its future.

Christen, whose Custos Group investment vehicle owns more than 20pc of the company, claimed in his letter that the board may be planning to place JP into administration.

The company responded by challenging Mr Ager-Hanssen to come up with a “workable proposal” to refinance the business.

The company, whose titles include the i newspaper, The Scotsman and the Yorkshire Post, has been in discussions for months over ways of refinancing £220m worth of debt that becomes repayable on 1 June 2019.

JP has now issued a statement after its share price increased this morning from a low of less than 3p to a high of 8p.

The statement reads: “The board of directors of Johnston Press plc notes the rise in the company’s share price today and confirms that it knows of no operational or corporate or other reason for the price movement.

“The company continues to explore a number of strategic options for the restructuring or refinancing of its bonds and confirms that no agreement on these potential options has been reached. The company received a letter from Custos Group AS on Friday 20 July, and notes the press commentary on this over recent days.

“The company confirms that it is not in receipt of any plan or proposal from any party for a refinancing or restructuring of its debt. Further announcements will be made as appropriate.

“As stated previously, any proposal that results from these discussions will remain subject to negotiation and consent of relevant stakeholders, and there can be no certainty that a formal proposal will be forthcoming.”

Christen has declined to comment on JP’s statement, but previously told HTFP that he welcomed a dialogue with the company.