6th Jul 2009 07:00
JJB Sports plc: Statement in response to press speculation
JJB Sports plc (JJB or the Company) notes the press speculation regarding a potential capital raising of at least £50 million to fund the Company's turnaround plan. The Board confirms that, as highlighted in its recently published annual report and accounts for 2009, it is reviewing a range of possible options to provide additional capital for the Group. These include the disposal of further non-core assets, an extension in the maturity date of the Company's working capital facility beyond September 2010, and a possible equity capital raising by way of a placing and open offer. A further announcement will be made as and when appropriate.
In addition, the Company notes press speculation regarding the current status of the lease assignment process in relation to the disposal of the Fitness Clubs business, completed in March 2009. This process is ahead of plan. The Company confirms that 41 of the 53 leases have been assigned to Dave Whelan Sports Limited and approximately £17.6 million of the total £33.9 million deferred consideration has been released from the escrow account, and anticipates that it will repay the Barclays term loan ahead of its existing maturity date of 31st August 2009.
Enquiries:
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JJB Sports |
01942 221400 |
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Sir David Jones |
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Richard Manning |
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Maitland |
020 7379 5151 |
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Neil Bennett |
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Emma Burdett |
This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act"), or an exemption from, or in a transaction not subject to, registration. The Company has not registered and does not intend to register any securities under the Securities Act and does not intend to offer any securities to the public in the United States.
Related Shares:
JJB.L