UK: JJB Sports in GBP65m fundraising drive
Retailer JJB Sports today (6 April) launched a new GBP65m (US$106m) fundraising drive which it hopes will enable it to move ahead with the next stage of its restructuring plan.
The proposed issue of 162.5m new shares has secured the support of four of its biggest stakeholders - Harris Associates, Crystal Amber, Invesco Asset Management and Bill & Melinda Gates Foundation Trust - and will be voted on by shareholders on 26 April.
The move comes after the retailer agreed a company voluntary arrangement (CVA) deal with landlords earlier this month that saw them accept a reduction in rent payments in return for a share in the value of a restructured JJB.
"Together with the implementation of the CVA and continued availability of our banking facilities with BoS, this fundraising will mark the end of our financial restructuring process," explains JJB chairman Mike McTighe.
"Once complete, it will allow the company to press on with the next stage of implementing its revised business plan and allow management to focus solely on the turnaround of the group's retail business."
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