UK: Sports Direct eyes Blacks Leisure stake
Sporting goods retailer Sports Direct is looking to acquire an additional stake in outdoor apparel company Blacks Leisure Group, and said it intends to vote against resolutions at a forthcoming general meeting if it does.
According to a statement on the London Stock Exchange, the company is in dispute over the ownership of certain interests in both Blacks Leisure Group and JD Sports Fashion with Kaupthing Singer & Friedlander, which is in administration.
It wants to acquire 12,153,071 ordinary shares in Blacks and 5,775,255 ordinary shares in JD from Kaupthing, "on the basis that the acquisition would be without prejudice to certain existing rights of the parties".
If such rights in the shares are acquired, Sports Direct intends to vote against resolutions at a Blacks general meeting on Wedensday (24 February), the retailer added.
No further details were given but Blacks will look to pass resolutions related to fundraising plans at the meeting.
In response, the outdoor retailer said in a statement: "Blacks Leisure is seeking further clarification of the intentions of Sports Direct and SW1 and a further announcement will be made in due course."
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