JJB seals £31.5m lifeline as share sale saves it from administration nightmare

first_img SPORTSWEAR retailer JJB Sports has raised £31.5m in a share sale which has bought it time to try to reverse its fortunes. The firm, in which America’s richest man Bill Gates holds a stake of about 5.5 per cent, said yesterday the cash was raised in a firm placing and an open offer of 630m shares at five pence each. Of the 315m shares in the open offer, acceptances of just 3.7 per cent were received, with the balance of 96.3 per cent allocated to shareholders which backed JJB’s firm placing, including its two largest investors Harris Associates and Crystal Amber.The capital raising was backed by JJB’s shareholders last week.JJB has said it requires a larger capital raising, in addition to the £31.5m, along with creditor and investor support for a second company voluntary arrangement (CVA) in as many years if it is to avoid going into administration. The firm is also in takeover talks with thriving rival JD Sports Fashion. whatsapp Monday 21 February 2011 7:21 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap whatsapp KCS-content Sharecenter_img Tags: NULL Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam JJB seals £31.5m lifeline as share sale saves it from administration nightmare last_img read more

"JJB seals £31.5m lifeline as share sale saves it from administration nightmare"