UK: JJB shareholder in profit-taking move
One of the major shareholders of beleaguered retailer JJB Sports has scored a GBP2.2m (US$3.6m) profit by selling more than half its stake in the company.
But Crystal Amber Fund insisted that it was still backing the UK company's restructuring plans and pledged to buy nearly 28.5m shares in JJB's imminent GBP100m share placement.
The fund sold 22m shares in JJB last week, reducing its stake from 14% to 5.4% and making a profit of 45.3% in the process.
"We have been actively involved with recent developments at JJB and welcome the proposed fund raising," said Crystal Amber Fund chairman William Collins.
"We intend to continue to play a full role in helping JJB with its recovery programme.
"Following the placing, JJB will remain the largest holding of Crystal Amber Fund and we retain a significant shareholding in JJB's much enlarged capital base."
JJB shareholders will vote on the proposed GBP100m share placement on 28 October.
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