23rd Jan 2015 18:38
LONDON (Alliance News) - Sports Direct International PLC Friday increased its exposure to Debenhams PLC, opting to terminate one of its put options for a 6.6% stake in the company, instead taking up a new put-option agreement with Goldman Sachs International for a 10.5% stake.
The company reiterated that it does not intend to make an offer for Debenhams, and said that it would encourage Debenhams' leadership team to "concentrate fully on delivering their strategic plans."
Sports Direct said its maximum exposure under the new put option is limited to around GBP85 million.
The company said that, combined with the put option over a 6.1% stake it announced in November, the put options represent a 16.6% interest in Debenhams. Sports Direct's maximum exposure under the two put options is GBP131 million.
Shares in the company closed down 0.6% at 721.00 pence. Debenhams closed down 0.2% at 73.35 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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