The Times: "Newcastle's share price jumped over 5% yesterday on a day of unusually active trading.
"At the close Newcastle had a market capitalisation - paper value - of £94.5m, about 15% more than on Monday.
"The identity of the purchaser is unknown but it is understood not to be the chairman, Freddy Shepherd, who is believed to want to buy out his fellow board members Sir John Hall and his son Douglas.
"Shepherd has around 29% of Newcastle shares, the Halls 41%, but since the confirmation in January that the Belgravia group are not interested in a buy-out despite discussions, trading has been flat.
"Yesterday's activity is sure to lead to speculation."