27th Apr 2009 12:36
JJB Sports PLC
Company Voluntary Arrangement: Result of Creditor meetings
On 6 April 2009, JJB Sports PLC ("JJB" or the "Company"), announced that the directors of the Company and its wholly owned subsidiary, Blane Leisure Limited ("Blane"), had finalised the terms of company voluntary arrangements (the "CVA Proposal") and that the CVA Proposal document had been posted to unsecured creditors and shareholders of both the Company and Blane (the "CVA Proposal Document").
Meetings of creditors were held today to consider the CVA Proposal and the Company is pleased to announce that the CVA Proposal was approved without modification by a majority in excess of 75% in value of the unsecured creditors of each of the Company and Blane present at the meetings.
The detailed voting results will be announced and published on the Company's website in due course.
As set out in the CVA Proposal Document, CVA members' meetings will be held at 11:00 a.m. on Wednesday, 29 April 2009 and the results of these meetings will be announced as and when available. In accordance with section 4(A)(2) of the Insolvency Act 1986, if members do not approve the CVA Proposal, the decision of creditors will prevail, subject to the right of any member to apply to court to challenge the approval of the CVA Proposal.
Following the CVA members' meetings, the Chairman of the meetings intends to lodge the necessary reports of the meetings with the relevant courts on or around 30 April 2009. If the CVA Proposal is not subject to a successful challenge, it is expected to become effective on or around 28 May 2009.
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 by creditors of the CVA Proposal.
Commenting on the approval of the CVA Proposal by creditors, Sir David Jones, Executive Chairman, said:
"We are delighted by the result of the meetings and the overwhelming support given to the Company by our creditors, with every creditor present at the meeting supporting us. The approval of the CVA Proposal by creditors 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."
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 |
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