29th Apr 2009 12:12
JJB Sports PLC
Company Voluntary Arrangement: Result of members' meetings
JJB Sports PLC ("JJB" or the "Company") announced on 27 April 2009 that the CVA Proposal made by the directors of the Company and its wholly owned subsidiary, Blane Leisure Limited ("Blane"), had been approved by the requisite majority of creditors of each of the Company and Blane present at meetings held on 27 April 2009.
Further to that announcement, the Company is pleased to report that the CVA Proposal was approved by more than 50 per cent. in value of the members of each of the Company and Blane present in person or by proxy at the CVA members' meetings held this morning.
The detailed voting results of the members' meetings will be announced and published on the Company's website in due course.
The Chairman of the meetings intends to lodge the necessary reports of the meetings with the relevant courts tomorrow. If the CVA Proposal is not subject to a successful challenge, it is expected to become effective on or around 28 May 2009. An announcement will be made and CVA creditors will be notified in due course of the occurrence of the CVA implementation date.
The Company and Blane continue to trade under the control of their respective directors, operating as going concerns. The Company and Blane are not in and will not be in administration as a result of the approval of the CVA Proposal.
Commenting on the approval of the CVA Proposal by members, Sir David Jones, Executive Chairman, said:
"We are delighted by the result of the meetings and the support given to the Company by our creditors on Monday and our shareholders today. The approval of the CVA Proposal by creditors and by shareholders is a major step forward in the Board's strategy to secure JJB's long term future by creating a stable financial platform for the revitalisation of our core sports retail business".
The Company will hold a General Meeting this afternoon for shareholders to consider and vote on the proposal to grant warrants to an affiliate of Bank of Scotland, subject to certain conditions. Details of the General Meeting are set out in the circular sent to shareholders on 6 April 2009. The result of the General Meeting will be announced by the Company as and when available.
For further information, please contact:
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JJB Sports PLC |
01942 221 400 |
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Sir David Jones |
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Sir David Jones |
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Peter Williams |
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Maitland |
020 7379 5151 |
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Neil Bennett |
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Emma Burdett |
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KPMG |
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Katy Broomhead |
0161 246 4623 / 07824 537 963 |
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Sorrelle Cooper |
020 7694 8527 / 07932 078 218 |
Related Shares:
JJB.L