7th Jul 2009 07:00
Statement re: Sir David Jones, Executive Chairman
The Board of JJB Sports plc (JJB or the Company) notes recent press comment regarding the £1.5 million business loan from Mr Mike Ashley to Sir David Jones for investment in Advanced Network Technologies (ANT), a private technology company in which Sir David and his family are majority investors.
Details of the loan, including interest rates and the option to convert the loan into shares in ANT, were made known to the Company's executive directors and its financial and legal advisers earlier this year. They viewed the arrangement as a private one concerning Mr Ashley and Sir David and not one requiring public disclosure.
The Board is clear that the arrangement, that was initiated before Sir David joined the Company as a non-executive director, has not given and does not give rise to any conflict of interest. The Board has been informed by Sir David that he intends to repay the loan as soon as possible in order to avoid further distraction for the Company and its business. The Board considers the matter closed.
The Board expresses its unanimous support for Sir David and takes the opportunity to thank him for leading the Company through the successful disposal of the Group's fitness clubs business, the CVA process and a bank refinancing in his first six months as Executive Chairman. The Board believes that he is the right person to lead the Company through the next phase of the Group's restructuring and to turnaround its sports retail business.
Contacts:
|
Maitland |
0207 379 5151 |
|
Neil Bennett |
|
|
Emma Burdett |
Related Shares:
JJB.L