Am I alone in having noticed the plunging Johnston Press share price? As I write, it stands at just 3.9p, having fallen from 17p less than two weeks ago. That's a 77% slump.

Earlier this year, the price was touching 30p. It began to slip in early May. Then, when the publisher secured almost unanimous shareholder approval for its £360m refinancing plan on 27 May, it went off the cliff.

The London Stock Exchange graphic above tells the dramatic story of Johnston's new plight ahead of the completion of the refinancing, expected on 30 June.

Chief executive Ashley Highfield has relentlessly pursued a strategy designed to pull the company out of its debt doldrums and put it on a firmer financial footing.

To accomplish that, he negotiated a £360m refinancing package in order to slash Johnston's debt burden by more than a third (down to £197m). It included a £137.7m rights issue, the issuing of £220m in new bonds and a £25m revolving credit facility.

At the time, The Guardian quoted Highfield as enthusing: "The refinancing of the business is another key milestone for the company."

He was also able to report on a regional advertising partnership with BSkyB, which agreed to take a 1.6% stake in the company in return for a £5m investment.

But the City has clearly been unimpressed by Highfield's work because investors have taken flight. Although a reversal of fortunes could occur, not least because Johnston Press's newspaper portfolio remains profitable, it is going to take some time to restore the City's confidence.

Johnston is the fourth largest regional newspaper publisher by circulation with some 200 titles, including The Scotsman and the Yorkshire Post.

Alongside his financial strategy, Highfield has been pressing ahead enthusiastically with a transition from print to digital, including the use of user generated copy.

*In the original copy I wrote that Ashley Highfield "must be fuming." That is now deleted. For the reason, see comments below from Neil Fowler and from me.